American Express

"Amex" redirects here. For other uses, see AMEX.

American Express Company
Company typePublic
Industry
Predecessor
  • Livingston, Fargo & Company
  • Wells, Butterfield & Company
  • Wells & Company
FoundedMarch 18, 1850; 174 years ago (1850-03-18), in Buffalo, New York, U.S.
Headquarters200 Vesey Street,
New York City
,
U.S.
Area served
Worldwide
Key people
Stephen J. Squeri
(chairman & CEO)
Jeffrey C. Campbell
(EVP & CFO)
Products
Services
RevenueIncrease US$60.52 billion (2023)
Increase US$10.51 billion (2023)
Increase US$8.374 billion (2023)
Total assetsIncrease US$261.1 billion (2023)
Total equityIncrease US$28.06 billion (2023)
Number of employees
74,600 (2023)
Subsidiaries
Websiteamericanexpress.com
Footnotes / references
[1][2][3][4][5]

The American Express Company[6] or Amex is an American bank holding company and multinational financial services corporation that specializes in payment cards. It is headquartered at 200 Vesey Street, also known as American Express Tower, in the Battery Park City neighborhood of Lower Manhattan. Amex is the fourth-largest card network globally based on purchase volume, behind China UnionPay, Visa, and Mastercard. 141.2 million Amex cards were in force worldwide as of December 31, 2023, with an average annual spend per card member of US$24,059. That year, Amex handled over $1.7 trillion in purchase volume on its network.[2] Amex is one of the largest US banks, and is ranked 77th on the Fortune 500[7] and 28th on the list of the most valuable brands by Forbes.[8] In 2023, it was ranked 63rd in the Forbes Global 2000.[9] Amex also owns a direct bank.

Founded in 1850 as a freight forwarding company, Amex introduced financial and travel services during the early 1900s. It developed its first paper charge card in 1958, gold card in 1966, green card in 1969, platinum card in 1984, and Centurion Card in 1999. The "Don't Leave Home Without It" advertising campaign was introduced in 1975 and renewed in 2005. In the 1980s, Amex acquired and then divested a stake in Shearson.[10] In the 1990s, it stopped reducing interchange fees for merchants who exclusively accepted Amex cards and expanded market share through targeted marketing campaigns. Amex converted to a bank holding company during the 2007–2008 financial crisis. Amex began operating airport lounges in 2013, offering access to certain cardholders.

Amex had a 4.61% worldwide market share by payment volume in 2022, compared to 38.73% for Visa and 24% for Mastercard. While American Express credit cards are accepted at 99% of US merchants that accept credit cards (Costco being a notable exception), they are much less accepted in Europe and Asia.[11][12] American Express offers various types of cards including travel and dining cards, everyday spending points cards, and cash back cards. Each category has several card options with different benefits and reward structures. High-profile cards like the Green, Gold, and Platinum cards cater to frequent travelers and diners with perks tailored to these activities.[13]

  1. ^ "AXP Financials". nasdaq.com. SEC EDGAR Online. 2022.
  2. ^ a b "US SEC: Form 10-K American Express Company". U.S. Securities and Exchange Commission. February 9, 2024.
  3. ^ Grossman, Peter Z. (2006) [1987]. "2". American Express: The Unofficial History of the People Who Built the Great Financial Empire (Reprint). New York, USA: Beard Books. ISBN 1-58798-283-8.
  4. ^ Loomis, Noel M. (1968). Wells Fargo. New York: Clarkson N. Potter, Inc.
  5. ^ "Dow Jones Industrial Average". CNN. Archived from the original on October 14, 2013.
  6. ^ "Form 10-K". www.sec.gov. Retrieved October 4, 2024.
  7. ^ "American Express". Fortune.
  8. ^ "Forbes Rankings - The World's Most Valuable Brands". Forbes.
  9. ^ "The Global 2000 2023". Forbes. Archived from the original on January 29, 2024. Retrieved February 7, 2024.
  10. ^ "COMPANY NEWS; AMERICAN EXPRESS FINISHES LEHMAN BROTHERS SPINOFF". The New York Times. June 1, 1994.
  11. ^ Houlis, AnnaMarie (September 15, 2023). "Is American Express Accepted Everywhere?". Forbes.
  12. ^ "Pay with Plastic or Cash?". Rick Steves.
  13. ^ "'Level Up' Your Understanding of Amex Card Levels". www.americanexpress.com. Retrieved November 28, 2023.