Taking a Look at American Express

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American Express has become one of the leaders in credit and debit card transactions of the financial world. As the most innovative company in the business, they were the first to develop a large-scale traveller’s check. Over the years the company became more of a financial company and with the advent of consumer credit and debit cards they became a major player in supplying this service to it's members. American Express produced a niche market of "card members" to fit the needs of various financial desires. American Express has had to diversify it's products and services over the years to stay competitive with Visa and Master Card, who still control over 75% of the market share. The "elite" consumer still carries an American Express card, and the services and extra benefits associated with "being a member" are still an attractive bonus to many users. With it's financial services, travel business, and it's new Internet business sites American Express continues to grow and even through the recent meltdown in the financial markets they have seemed to emerge as strong as ever and will remain competitive through the 21st century. Once appeared as a travel service company associated with entertainment expenses, and even had several celebrities appeared in their advertisement campaigns. However today it seems as though the company attempts to convey that their service provides an easy and rewarding spending experience.
The growth of American Express has allowed them to invest in many far-reaching causes around the world. Unlike other companies they tend to invest in more cultural and social causes than sporting or high profile events. In 2012 they issued grants to special needs groups in Singapore, invested in repairing the Brighton Do...

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...llenge is even seen today. In 2012, travel and commissions fees declined by 2 percent compared to the prior year due to the decline in worldwide travel sales (1).
In addition, a number of years ago owning a gold American Express card was a status symbol, however today people are less inclined to try to impress others by owning a certain type of credit card. So people go with the best rate they can find and the one that gives them the most monthly credit. Because major competitors are starting to offer the same type of special services that American Express is known for, is can pose a risk on the company’s future growth. Therefore, I find the future of American Express very interesting because in order to compete against the companies who control most of the market share, American Express will have to keep innovating and differentiating their products and services.

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