The credit card company turned in a quarterly profit of $716 million, outpacing Wall Street estimates, as consumers resumed spending.
With financial regulatory reform now law, the 'Fast' desk discusses how it will affect the credit card company's bottom line in the future.
American Express posted a sharp earnings spike that beat Wall Street expectations, as its customers resumed spending and fell less behind on paying their bills.
These offerings have both sizzle and steak.
If the results of an American Express survey are correct, consumers are making good on their promise to pay down their debts.
As millions of Americans have fallen behind on paying their bills, debt collection law firms have been clogging courtrooms with lawsuits seeking repayment. The New York Times reports.
The downward shift in credit scores reflects several factors: auto repossessions, bankruptcies, foreclosures and unemployment. "It is the perfect storm," says one consumer credit expert.
There are still major concerns about Europe's economy and sovereign default is still a possibility, but the U.S. may be heading into even stronger headwinds with the rollover of loans having the potential to become "subprime mark two," according to Yogi Dewan, founder of Hassium Asset Management in London.
The rising demand for credit and payment services worldwide makes global financial heavyweight Citigroup a solid buy, Richard Bove, senior vice president of equity research at Rochdale Securities, told CNBC Tuesday.
Gander Mountain charged that on co-branded cards—these are cards that can be used anywhere as a Gander Mountain Master Card—ADS won’t give credit to Gander Mountain customers with FICO scores above 800.
Consumers rarely emerge from debt settlement programs with their credit card balances eliminated, critics say, and many wind up worse off, with severely damaged credit, reports the New York Times.
Consumer borrowing posted an unexpected increase in March, only the second gain in the last 14 months. It could be a sign that households are feeling more confident about boosting spending, a key development needed to support a sustained economic recovery.
Most banks are seeing weaker demand for loans from both consumers and businesses, one of the forces restraining the vigor of the economic recovery.
American Express reported a profit and revenue that exceeded analysts' expectations on Thursday, sending the company's shares higher in after-hours trading.
The mood was decidedly upbeat at the economic symposium in Charlotte this week—a stark contrast to what happened in 2007.
US financial companies still have more than a $1 trillion on their balance sheets, but analysts say they are unlike to stem the recent rally in financials.
Since the first widely accepted plastic charge card was issued in 1958 by American Express, the use of credit cards has skyrocketed. Check out the world's top 10 credit card issuers.
Plus, get calls on tech, aerospace and more.
MasterCard is set to introduce a Web shopping mall on Monday that it says can pinpoint with considerable accuracy what its cardholders are likely to purchase. The NYT explains.
Consumer borrowing fell again in February, reflecting weakness in credit cards and auto loans. It marks a setback to hopes that consumers are beginning to feel more confident and will start spending more.