Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
American Express is adding cash back, a popular credit card feature, to its prepaid debit cards as it seeks users beyond its traditional customers.
The company has long relied on the corporate traveler and the well-to-do, but increased competition has forced it to look at new customers. Prepaid cards, which appeal to lower-income Americans and people who don't have traditional bank accounts, are a small and growing business.
CEO Kenneth Chernault has said American Express would spend heavily this year to create new products and keep its already existing customer base.
On Wednesday, AmEx will release a new Serve card that will give users 1 percent cash back on all purchases. It's the first time a prepaid debit card has offered cash back for every buy. Some prepaid cards offer cash back at certain retailers.
The monthly fee will be $5.95, so you have to spend roughly $600 a month to break even on the card.
AmEx entered the prepaid debit card market three years ago with a co-branded card with Wal-Mart called BlueBird. It launched Serve cards in 2013 aimed at consumers looking for a cheap alternative to a bank account. They have a monthly fee of $1, among the lowest in the industry.
Prepaid debit cards have become a product of interest for banks and regulators alike in recent years. Originally a product with high fees and limited uses, they have in many ways become bank account replacements.
Other recent card tweaks: Another new Serve prepaid card, announced earlier in August, that allows unlimited reloads. It's aimed at workers paid more often in cash, like waiters or bartenders, and has a monthly fee of $4.95.
Cash reloads on the current Serve card were $3.95 each, so the new card's monthly cost could be significantly cheaper for certain customers.
AmEx Serve customers have loaded $7 billion on their cards since launch and year-over-year spending tripled, said Stefan Happ, AmEx's chief commercial officer of enterprise growth.
Still, Serve and BlueBird don't have a significant impact on the company's profitability.