The first VISA or MasterCards to be replaced with an American Express card is underway in the Northeast. This week, American Express and ShopRite Supermarkets unveiled a cobranded Platinum ShopRite Credit Card. Last summer, New Jersey-based Valley National Bank sold the cobranded ShopRite MasterCard credit card portfolio to AmEx. The sale of the ShopRite credit card portfolio was finalized this week. As part of the transaction, ShopRite cardholders will automatically receive a Platinum ShopRite AmEx Credit Card to replace their ShopRite MasterCard. The no-annual-fee credit card enables cardholders to earn a 1% reward on ShopRite purchases and a 0.5% reward on all other purchases. For every $5 earned on the credit card, a Reward Certificate redeemable for merchandise at ShopRite stores will be issued to the cardholder and mailed as part of their next month's card statement. To celebrate the new Platinum ShopRite Credit Card through Feb. 28, cardholders will earn rewards twice as fast with a 2% reward for their ShopRite spending and 1% reward for their out of store spending. ShopRite Supermarkets are members of Wakefern Food Corporation, a retailer-owned cooperative and wholesale merchandiser.  ShopRite Supermarkets are located in New Jersey, New York, Pennsylvania, Connecticut and Delaware.