NEW YORK (CNN/Money) - Now recognized as a major player in the airline industry, JetBlue joined the ranks of it competitors by offering the first credit card of its own, announcing a partnership with American Express.

The New-York based company, which flies to 32 destinations domestically, unveiled its first co-branded credit card Monday which is slated for release later this summer.

Shares of JetBlue (up $0.51 to $22.03, Research) climbed 2.3 percent in midday trading on Nasdaq.

Through the new agreement, cardholders will be able to earn points that can be applied towards free flights with the airline. Last year, JetBlue was added to American Express' rewards program, through which cardholders were able to redeem flights with the carrier.

The partnership marks an addition to American Express' (down $0.18 to $54.65, Research) list of co-branded cards that now include Costco, Delta Airlines and Hilton Hotels.

Want to catch up on all the latest business news? Click here.