American Express is an interesting company. On one hand, they are still riding a wave of past perception. It used to be that having an American Express card was a huge deal, and that card was prestigious. While there are certainly cards in their portfolio that do still offer that, for the most part, American Express nowadays is much more appealing for the masses.
One of the biggest moves they’ve done over the last few years is make the American Express card more accessible, accepted in more places, and keeping their cards fresh with new credits and benefits. If you were worried about them slowing down, you may be in for a surprise.
It looks as though American Express will continue to improve their cards with new features within the coming year or two. This is a quote from the American Express CEO, Steve Squeri on an earnings call:
“And as we’ve talked about, we’ve been talking about refreshing those value propositions from a lifestyle perspective.
And so while not getting into specific details on value propositions for competitive reasons, what we’ve done in the short-term is some stopgap measures in terms of various credits and extension of benefits and things like that, which are support – doing two things: number one, showing our customers we’re thinking about them; but number two is actually getting more engagements in categories that we didn’t have as much engagement in. We’re – increased our engagement in wireless, and we increased our engagement in streaming.
But you will see us continue to morph our value propositions into next year by adding on to our premium-value propositions with more lifestyle, non-T&E aspects and developing other value propositions for other products and services”
In recent years, we’ve seen American Express add value to their cards in the form of credits to certain goods and services. While I could sit here and argue that sometimes the value proposition isn’t there, or that it’s hard to use their credits if they’re broken up the way that they are, it’s inarguable to say that they don’t give you the option. Of course they want to make it difficult for you to redeem these credits, and they can still go on to say that they offered them. It’s not their fault if you weren’t able to use them, right?
If you are able to maximize the credits on these cards, then there is a good chance American Express’ cards are worth it for you. If on the other hand, you aren’t able to use the credits, then their cards may not be worth it for you. Still, it’s good to see that American Express has no plans of slowing down with their card offerings. Hopefully we’ll see some pretty nice stuff coming our way in the future (Airline fee to general travel credit? Please?)
Are there any features, credits, or changes that you would like to see on American Express cards moving forward? Let us know down in the comment section below.