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NEW YORK—New evidence that the credit card rewards battle won’t slow down anytime soon–American Express’ latest quarterly report reveals that increasing its rewards offerings has helped it to offset the loss of its Costco business.

For much of the 1990s and even the early 2000s, it was a violation of the Federal Credit Union Act to hold a credit union gathering of any size—even two middle-managers meeting over coffee—without mentioning Southwest Airlines.