Armed with impressive rewards and a loyal customer base, Amex has achieved impressive growth over the years. The company’s revenue has increased over 32% since 2017 and shares of the company have shown resilience and growth in a tumultuous market. Yet Amex is far from dominating the credit card industry compared to the likes of Visa and Mastercard. So what is the secret to Amex’s success and where is it headed next? Watch the video to find out.
Produced by: Nathaniel Lee
Editor: Nora Rappaport
Supervising Producer: Lindsey Jacobson
Graphics: Alex Wood, Jason Reginato
Clarification: The card displayed at 6:03 should be the AmEx Platinum card, not the AmEx Delta Skymiles Platinum card.
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Why Wealthy Americans Love AmEx
44 comments
Patrick Bateman would be so proud.
This video was sponsored by AmEx
I started buying American Express stock recently in tiny increments, only at $1,017 (before Monday market open)…. They just released earnings results after hours on Friday and jumped over 10% due to amazing performance!! My only regrew now is not dumping a bunch of other shares and not betting the barn on this stock. I love it! And This video is a testament to what a great company it is, inside and out.
Credit card companies are absolutely brilliant… A lot of money to be made investing into them…
Have an Amex high yield savings account, have a few Amex shares, and Blue Cash Preferred mostly for grocery shopping, Uber, parking lots/mass transit, and Amex offers. I think the Amazon physical stores code under grocery (I got 6% back on that purchase).
If you have an Amex card, then you KNOW that Amex has NO competition — the level of service, the offers, the exclusivity … nobody comes close!
Most places don't take the card because the fees are more expensive even for the businesses. There is a reason why Costco dropped them too.
CNBC – More WOKE financial lies from Jared Berstine and more
Love my American Express…especially when you have to dispute charges they fight your battle vs visa or Mastercard.
I used to have Amex but no one takes it in my area (Oregon). Having a card without a limit Makes it hard to qualify for a mortgage. Perhaps I am not rich enough.
Yeah but honestly. Amex is horribly accepted Internationally. It was a pain in the ASS finding merchants that accept Amex over seas smh
Just brainless promotion
I’ve never seen a comment section that was 100% positive. This leads me to believe that there are a bunch of Amex bots in this section.
Many companies will NOT take my Amex, when I ask why they say higher fees for them. Wouldnt business sense dictate that Amex either lowers the merchant fee or more merchants continue to decline Amex. Visa and MC are taken almost anywhere including parking meters, parking garages, and every merchant I have ever gone to.
Now I know why American visitors often have AMEX and try to pay with it here in Germany, which leads to frustration when the card is not accepted. Locals typically pay with debit card or older people pay cash. Credit cards are accepted at a lot of places too, but Visa and Mastercard are preffered as AMEX charges horrendous fees to merchants, I have heard this from various store owners.
As a 20+ year Amex customer, the customer service of this company is second to none when compared to other financial institutions. The perks are well worth the card. Amex is not a good card for revolvers of credit, using the month to month payments.
Ngl there’s still a ton of places I go that merchants don’t accept Amex.
Meh, I thought the rewards were below average. Customer service was impossible to get thought on the phone. Maybe I just got the “wrong” Amex card. I just use it for Gas purchases. Since i get the most rewards.
Amex is great for rewards but horrible for fees to retailers.
Most businesses in my home town explicitly deny Amex.
It's hard to find businesses that do take it sometimes. What's the point then?
I once got into an accident with a rental car. The bill came out to be $2000 for property damage. Luckily amex paid most of it as i had used amex to book the rental. Massive love for amex
Years ago I had a AmEx blue card that I rarely used, 2008 came among and they pulled the card. My credit was perfect so I assume it was for disuse but that put a bad taste in my mouth for Amex. I talked to a guy that has a jet charter company and in the 2008 financial crisis he was using Amex cards for fuel purchase and he had to pay his account every 3 days to keep the account open.
I carried a Gold or Platinum card for year's. I carry the Blue Cash Everyday card today that has limited rewards but no annual fee. I think I have about $2,500 in credit balance on it. I only use it for convenience. American Express is a great company that still has great customer service and support.
Unfortunately, we are being taken over by communism and people who want to lie to you and make you think things that are not true are true and that is called control=communism.
😹
I spent $12000 on grocery, $2500 on gas annually on my gold amex, lot of perks for traveling and renting car. I pretty much use it exclusively and their app for the phone is phenomenal. I can add offers from merchants quickly before purchasing. In addition to that i am glad they have high interest rates keeps me motivated to pay off the balance.
Perks are great but their customer service is next level by far. I have 4 cards with AMEX and it's my preferred choice when choosing what to pay.
I have been an AMEX user since 1999 and will ALWAYS be an AMEX user. Their customer service is second to none. Love the perks! I get back more than their annual fee, so I don’t mind paying for it.
Amex is just super customer-friendly. I used to joke that the Amex hotline is who I call when my therapist isn't available.
9:49 I know what countries are in Europe.
I love Amex, I spend millions threw them a year
Crooked tie at 2:53!
Love all things financial and TIL that AmEx is closed loop! Interesting
This video is an advertisement. As someone who has used amex gold card and chase sapphire reserve. I canceled the gold card because it has inferior rewards.
Oooooh !
Cost 900 a year, it’s worth it if you use it😊
Just do something that will earn you money while you sleep, no matter how little. A pandemic is the perfect way to open your eyes to really see what life could be like without your usual income stream and everyone had to stay home. Well I never felt it because I invested in a trading company where I earn 4 digits per week. The best thing you can do for yourself is invest more and spend less.
I'm in Canada and only about half of the places I go accept AmEx, but there's a points system we have for groceries, movies, and all sorts of rewards, and the AmEx rewards card offers basically twice the points on everything, so by using it to buy groceries at places that accept it, I got free groceries at the place that takes the points. Although I did get a Costco MasterCard as that's they don't take AmEx or Visa.
I have always been curious about the uniqueness of the AMEX business model, but this video did nothing to answer my questions. It gave no actual examples of how they use the item-level data in their "closed loop" system to provide better perks. Vague "travel benefits" and Walmart membership were the only perks mentioned. How is this different than a premium card from a bank supported by VISA/MC? Seems like the main difference is more effective marketing to consumers who want to give the appearance of using a premium brand.
People,,,, think there home is their "castle" ,,, and many begin to think they are the "emperor"
I love my AMEX Gold
I’ve had Amex for almost 7 years. Customer service is great and good rewards.
There are numerous errors in this video, You claim that Amex name $52.9 billion in 2022, but the chart which you show right after that says $3.5 billion, so either the chart is wrong, or they 52.9 billion is wrong.
Also, you list Amex stock as AXP:NYSE, even though it should be written as NYSE:AXP.
You also claim that Amex functions as "the issuer, the acquirer, and the network combined." However in the previous slide you said that an "acquirer" was the merchants bank. However even of a merchant accepts Amex, they could still use a non-Amex bank, making your statement about them being an "acquirer" incorrect.
I've had an Amex card since 1974. Back then (and throughout the 1980s), it was one of the only cards I could reliably use when traveling around Asia. I've only had to call their Customer Service a handful of times, but their assistance and helpfulness has been outstanding. We always use Amex for anything travel related.
So it's the facebook/instagram of credit cards… ok don't need a 12 min video to explain that.