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This statistic highlights American Express’ Average Fees per Card, reported on a quarterly basis from Q1 2016 onwards.
American Express Co. is the market leader in providing credit and charge card facilities all over the world. It has 2300 offices spread across 175 countries. Its brand value, as well as its characteristics of trust, security, and service, is immensely valuable. The company puts a lot of effort into managing, marketing, promoting, and defending its brand, which includes making sure that the products and services meet up to the brand promise. The American Express brand is routinely named among the world’s most valuable brands.
|Category||Q4 2019||Q1 2020||Q2 2020||Q3 2020||Q4 2020||Q1 2021||Q2 2021||Q3 2021|
|Average Fees Per Card||$58.0||$63.0||$65.0||$69.0||$67.0||$73.0||$74.0||$75.0|
American Express’ Average Fees per Card increased by 87.5%, between Q1 2016 and Q1 2021. It also showed an upward trend from $40 in Q1 2016 to $73 in Q1 2021. American Express’ Average Fees per Card increased from $58 in Q4 2019 to $63 in Q1 2020, leading to a growth rate of 8.6%. The growth rate declined to 3.1% in Q2 2020 and 6.1% in Q3 2020 (from 8.6% in Q1 2020) when the prices were $65 and $69 respectively.
However, the price dropped from $69 in Q3 2020 to $67 in Q4 2020, resulting in a decrease in price by 2.8%. But from Q4 2020 onwards, the average fees has been on a constant rise, showing an increase of 9.5% between Q4 2020 and Q1 2021. Since then, the growth percentage declined and has been constant at a 1.3% in both Q2 2021 and Q3 2021, when the average fees was $74 and $75 respectively.
From the above data, we can conclude that American Express has been increasing its average fees per card constantly since 2016, which has led to a tremendous increase of $35 between 2016 and 2021. The main factor contributing to this increase is the fact that the number of users of plastic money is growing at exponential rates per year. This high demand has contributed to a rise in price. Moreover, rising inflation rates which gained more momentum during the COVID 19 pandemic, have struck the entire world and impacted multiple sectors, including the Cashless Economy domain.
About American Express Co.
American Express is a company which offers globally integrated payments and provides customers with services that provide them access to products, insights and experiences which help them in living quality life and take their business to a successful path. It is the market leader in credit and charge cards services and its target consumers are normal consumers, small businesses, mid-sized companies and large corporations all over the globe. Company’s cards are issued not only by American Express but also by third-party banks and other institutions under American Express, thus increasing its market share. It operates in a global market with diverse customer groups through various channels: including smart phones; internet platforms; affiliate marketing; customer referral programs; third-party vendors and business partners; direct mail; telephone; in-house sales teams, and direct response advertising.
The company was founded in 1850 as a joint stock association and was incorporated in 1965 as a New York corporation. American Express’ business comprises of three reportable operating segments: Global Consumer Services Group (GCSG), Global Commercial Services (GCS) and Global Merchant and Network Services (GMNS).
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