amex
The Justice Department filed an antitrust lawsuit against American Express Monday, alleging that the financial institution has been engaging in anticompetitive practices. Justice also said it reached a proposed settlement with Visa and MasterCard over similar charges.
When the economy hit the skids and credit card customers started defaulting in droves, the issuing banks started writing down big losses. One financial company that was spared the worst of the economic fallout was American Express.
As this article from the Wall Street Journal points out, AmEx has...
Increased consumer spending helped boost second quarter earnings for credit card giant American Express Thursday, which reported a $1 billion profit, nearly tripling the $337 million it reported for the a year ago quarter.
American Express' unimpeachable new rewards program, which everyone will likely approve of, is a piece of good news for an industry that has gotten a lot of negative attention recently.
There's plenty not to like about credit cards, so when we hear about a card company such as American Express...
American Express Results Show Upscale Americans Doing Better
6:15PM 1/21/2010
Affluent Americans are starting to spend more and pay back their debt on time. At least, that is what American Express's fourth-quarter results seem to indicate. The financial services giant's net income soared 198%.
AmEx pays $300 million for Steve Case's Revolution
11:00AM 11/19/2009
Remember Steve Case? He's the guy that used to send you diskettes in the mail to get you to sign up for America Online so you could dial-up to the Internet. Then, in January 2000, he sold AOL to Time Warner (TWX) -- ultimate parent of DailyFinance -- in a $166 billion deal. On Dec. 9, Case's...
Time Inc. shuts down Fortune Small Business magazine
12:20PM 11/04/2009
On Wednesday morning, during Time Warner (TWX)'s third-quarter earnings conference call, chairman Jeff Bewkes said, "We'll continue to take a look at non-strategic and less profitable titles."
Apparently, one of those non-strategic titles is Fortune Small Business. A Time Inc. spokesman confirms...
AmEx yanks merchant privileges from author who denies Holocaust
6:30PM 10/21/2009
David Irving is not a man with whom many of us would want to be associated. The British-born historian has made a career peddling books and speeches claiming that the Holocaust and Adolph Hilter's realm of genocide are fabrications. He's run afoul of strict laws in Austria forbidding statements of...
American Express may hurt itself by cutting business
9:00AM 3/02/2009
American Express (NYSE: AXP) is heading back to being a charge card company for people with good credit. In a recession, this move may be the right one to help its earnings today, but as the economy recovers, it may be leaving some very valuable business to Visa (NYSE: V) and large banks.
According...
There was a time when carrying an American Express card gave one a sense of elevated self-importance. So how do you suppose those customers feel today when the company offers them $300 if they will pay off their balance and get lost? The new program, offered to selected customers via a direct mail...
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