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@plasticguy wrote:
"We will be hurt less than our competitors because 80 percent of our revenues are generated from fees."
And that"s the important sentence. Also with the focus on the charge card business they have much less credit loss than other companys.
They should have more clearly define "fees" is most of that 80% AFs and Merchant fees or penalty fees fees
Know their business model, most of us know it's first,But in the land of credit just saying "most of your profits are from fees" just doesn't good .it feels subprime
@Anonymous wrote:They should have more clearly define "fees" is most of that 80% AFs and Merchant fees or penalty fees fees
Know their business model, most of us know it's first,But in the land of credit just saying "most of your profits are from fees" just doesn't good .it feels subprime
I had to chuckle when I read that too. "What do American Express and First Premier have in common? Answer: More than 80% of their revenue comes from fees."
Did that guy actually say that customers who need credit won't get it?
Please! These boards are full of comments from stellar AMEX customers for whom AMEX has found it appropriate to raise interest rates, decrease limits, freeze accounts, and on and on! AMEX is already taking credit away from good, proven customers! Why would they worry about new, unproven ones and getting business from them?
I will second that.
Actually I find it kind of funny that so many people are railing on AMEX, when 6 months ago they would be [edited], pay the annual fee, etc just because they thought it "said something about them".
I remember my son in college several years ago bragging how he had just got an AMEX card and how "prestigious" it was. I asked him how "prestigious" a credit card can be when they give it to college kids who have never held a job, are deep in debt and have no credit history.
Kinda makes one think.
@nathan wrote:
Who cares about amex? I will love to see them out of business.
Me too! Since I owe them $25k on a business account which I have the money to pay but am only paying $1,000 a month. They just offered me $800 (4 months of finance charges) if I pay $12k on it. Then they will reduce my limit to $14k and GUARANTEE I will have that limit for a year.
Nope - The interest is tax deductible business expense, so I'll pay it as I see fit