Seven months after Banco Popular entered into an agreement with American Airlines Inc. to become the exclusive issuer of AAdvantage co-branded credit cards in Puerto Rico and the U.S. Virgin Islands, and the acquisition of the Citi/AAdvantage co-branded credit card portfolio, the bank announced Wednesday the conversion has been completed.
This means clients included in the approximately $130 million credit card portfolio will now receive a Banco Popular-issued card, as well as support out of Puerto Rico. In addition, every cardholder moved to Popular has been upgraded to a higher level and received a “Mastercard Black” or “Visa Signature” card with more benefits at the same annual fee, company officials said.
“We officially welcome Popular/AAdvantage cardholders. We’re sure the services and benefits we have designed for our clients meet the demands of the frequent travelers segment,” said Fabio García, first vice president of Banco Popular’s Credit Card Division.
The Popular/AAdvantage cards allow clients to accumulate miles in the American Airlines AAdvantage program with each dollar in purchases. Additionally, cardholders have access to personal concierge service, car rental insurance, baggage loss and delay insurance and travel emergency medical Insurance, among others, at no additional cost.
Upon announcing the deal in August 2011, Popular began converting and incorporating former Citibank-branded AAdvantage cards into its own network. So far, customer acceptance has been “extremely favorable,” García said.
“We’re very pleased with the way that clients have reacted to the product. This confirms there is a market that is eager to receive such products with multiple benefits,” he said.