what is this Deal American Express Delta Deal with American Express gives Delta $1-billion boost?

New deal with American Express gives Delta $1B liquidity boost Delta Air Lines Inc. got an immediate $1 billion boost in liquidity Tuesday in a new agreement with SkyMiles credit card provider American ExpressbizWatch American Express Latest from The Business Journals Visa shares soar on Fed?s proposed debit card feesCorporate Travel Planners announces new affiliation, agency brand Atlanta man guilty in multi-million dollar fraud/ID theft case Follow this company that could net the Atlanta-based carrier an additional $1 billion from contract improvements through 2010. During a presentation at the carrier’s Investor Day, Delta (NYSE: DAL) and American Express (NYSE: AXP) announced that the companies had come to terms on a multi-year extension of their credit card partnership. The companies started their credit card partnership in 1996. “As Delta integrates the Northwest WorldPerks program into Delta SkyMiles, our extended agreement with American Express offers continued financial benefits for both companies,” Delta President Edward H. Bastian said in a news release. “Pairing the world’s premier airline loyalty program with the world-class American Express brand continues a history of offering superior and innovative programs for our customers.” Delta President Richard Anderson called the agreement “the best affinity card deal in the history of the airline industry.” Terms include extensions of partnership arrangements, including American Express Membership Rewards, travel and merchant acceptance. In return for added liquidity, American Express earns greater value for its membership programs. Delta said American Express deal will increase options for members to book travel on the world’s largest carrier. American Express will also gain more merchant acceptance in the Midwest, Delta said. “Working with Delta since the early ‘90s has helped us strengthen Cardmember loyalty and build substantial amounts of business,” said Jud Linville, president and CEO of American Express Consumer Services in the release. “Our Delta Co-brand Cards are among our most successful products, and we are delighted to build on this position following Delta’s recent acquisition of Northwest. This is a great opportunity to expand in the Midwest, extend popular Membership Rewards options with new routes, and enhance unique Co-brand Card offers like the ability to redeem miles for any seat, any time on the world’s largest airline.” Delta plans to merge its SkyMiles frequent flier program with Northwest Airlines Corp.bizWatch Northwest Airlines Corp. Latest from The Business Journals Delta to pay 5M tied to Northwest loansDelta's move means less security for MN employeesDelta now world?s No. 1 airline Follow this company ’s WorldPerks. Delta acquired Northwest Oct. 29 in an all-stock transaction to become the world’s largest carrier. The merged company flies out of both terminals at Raleigh-Durham International Airport. Source: http://www.bizjournals.com/triad/stories/2008/12/08/daily20.html