Bluebird, the Walmart and American Express prepaid, reloadable card that offers mobile and smart-phone functionality, will now carry FDIC insurance and “worry-free” checking — creating even more of an alternative to standard banking.
Taxpayers expecting a refund from their federal income taxes are fewer this year, down to 59 percent, according to the latest American Express survey on spending and saving. That figure is down 8 percent from last year.
American Express Chairman and Chief Executive Ken Chenault received $28.5 million in 2012, an increase of 23.7 percent over the previous year, making him one of the highest paid chief executives of a U.S. financial services company.
Fortune magazine has released its list of the most admired companies and its tough to find the ones that provide financial services, mostly because there is only 4 in the top 50.
In a comment letter filed Feb. 19 with the Consumer Financial Protection Bureau, the bankers not surprisingly had more negative than positive views on credit card reform, which was aimed at decades of lender abuses, such as unreasonable and sudden penalty fees and interest rate hikes without proper notice.
Americans Express said it has partnered with Twitter to allow card customers to purchase some discounted products directly through the micro-blogging service, adding a new level to merchant-customer interaction on social media.
American Express said it will cut 5,400 jobs, mostly from its travel business in an industry that the charge card giant said is being “reinvented as a result of the digital revolution” and the growing prevalence of mobile payments.
Across the nation, merchants are making Small Business Saturday an integral part of their holiday sales plans, according to American Express, which launched the annual event two years ago.
Here’s a new twist on the every-expanding mobile payments market. Use your smart phone to turn your American Express “membership rewards points” into mobile gift cards.
American Express, the top credit card issuer by purchases, says credit card spending slowed in the third quarter, although it met Wall Street’s profit expectations.