MBNA in deal to issue American Express cards

MBNA Corp on Thursday said it will offer American Express Co credit cards, marking the first time a major issuer of Visa or MasterCard credit cards will market the cards in the United States.
The cards, expected to be rolled out in 2004, will carry the American Express logo and be accepted on the American Express network.
But the cards will not be offered until legal issues between American Express and Visa and MasterCard are resolved.
Last year a federal appeals court struck down a rule by Visa and MasterCard that prohibited its card-issuing banks from putting out other branded cards, such as American Express or Morgan Stanley's Discover.
Visa and MasterCard have asked a US appeals court in New York not to put the ruling into effect while they plan an appeal to the US Supreme Court.
"We are confident that the legal issues will be resolved some time in 2004," said Ken Chenault, chairman and chief executive of American Express, in an interview.