American Express 2008 Annual Report Download - page 10

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american express company
8
deal extends our exclusive co-brand credit card
portfolio for consumers and small businesses,
as well as card acceptance and participation in
American Express’ Membership Rewards pro-
gram. The recent merger between Delta and
Northwest Airlines also creates an opportunity
for us to increase customer acquisition and grow
spending in the Midwest.
Forging new co-branded rewards partner-
ships in key international markets, including
Cathay Pacific Airways in Hong Kong and
Australian retailer David Jones Limited.
Signing 13 new partnerships and launching
130 new products with banks that issue Ameri-
can Express-branded cards around the world.
Investing in our servicing capabilities, which
helped us earn the J.D. Power and Associates
award for highest customer satisfaction among
major U.S. credit card issuers.
Investing in our industry-leading rewards
programs and capabilities, thereby adding re-
demption options and improving service for
our cardmembers.
Increasing merchant acceptance of American
Express cards, with initiatives aimed at merchants
in the B2B sector, as well as in markets where we
have co-brand and network card agreements.
the road ahead
Today, we face the most bracing set of challenges
in many years. But just as good economic times
don’t last forever, neither do bad times. So, as we
take the steps necessary to protect and defend
our business today, we also envision substantial
opportunities for growth in payments, network
services, and travel and expense management
over the long run.
Consider our past experience in post-reces-
sionary environments. Coming out of the last
U.S. recessions in 1990-91 and 2001, spending
timely investments in b2b:
new tools for
expense
management
Recognizing the growing potential in helping
corporations better manage expenses, we acquired
GE’s commercial card and corporate purchasing
businesses, and entered an exclusive alliance with
Concur Technologies, a leading provider of
on-demand T&E expense management services.
highest in credit card
customer satisfaction
American Express again ranked highest in
customer satisfaction among credit card
issuers in the U.S. in a study by J.D. Power and
Associates, one of the world’s most respected
consumer research firms.
flexibility and convenience
in cardmember rewards
Pay with Points, a popular feature of our
Membership Rewards program, gives
cardmembers greater convenience and
flexibility in redeeming travel and other awards.