AMERICAN EXPRESS

 
American Express Company (Amex) is a prominent American bank holding company and multinational financial services corporation, specializing in payment cards. Headquartered at 200 Vesey Street in Battery Park City, Manhattan, Amex ranks as the fourth-largest card network globally by purchase volume, following China UnionPay, Visa, and Mastercard.

As of December 31, 2023, Amex had 141.2 million cards in circulation worldwide, with an average annual spend per card member of $24,059. The company processed over $1.7 trillion in purchase volume that year. Amex is one of the largest banks in the United States, ranking 77th on the Fortune 500 and 28th on Forbes’ list of most valuable brands. In 2023, it was positioned 63rd in the Forbes Global 2000.

Founded in 1850 as a freight forwarding company, Amex expanded into financial and travel services in the early 1900s. It launched its first paper charge card in 1958 and introduced several notable products over the decades, including the Gold Card (1966), Platinum Card (1984), and Centurion Card (1999). The iconic “Don’t Leave Home Without It” advertising campaign debuted in 1975 and was revived in 2005.

Amex converted to a bank holding company during the 2007–2008 financial crisis and began operating airport lounges in 2013, providing access to select cardholders. In 2022, Amex held a 4.61% global market share by payment volume, significantly lower than Visa’s 38.73% and Mastercard’s 24%. While accepted at 99% of U.S. merchants that accept credit cards, Amex’s acceptance is notably less prevalent in Europe and Asia.

The company offers a diverse range of cards, including travel and dining, everyday spending points, and cash back cards, each with unique benefits tailored to specific consumer needs. High-profile options like the Green, Gold, and Platinum cards cater to frequent travelers and diners.