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Spending on American Express corporate cards continued to slowly recover during the fourth quarter of 2020, the commercial payments giant revealed on Tuesday. Amex s Global Commercial Services (GCS) division reported $109.1 billion in Q4 billed business, up from $98.5 billion in the previous quarter and continuing a bounce-back from the Covid-19-ravaged Q2, which saw just $82.8 billion in GCS-billed business.
Overall, Amex corporate card spending remained hobbled by the ongoing pandemic in Q4, coming in 18 per cent lower than the final quarter of 2019 but that figure too was an improvement over Q3 s 23 per cent year-over-year drop-off. Average cardholder spending also showed sustained recovery from Q2 lows, increasing to $7,515 from $6,776 in the prior quarter. Yearly comparisons also showed positive signs; average spend in Q4 2020 was down just 16 per cent from a year earlier, compared to Q3 s 21 per cent year-ov
Dive Brief:
Days before The Wall Street Journal reported federal investigators were looking into American Express sales to business owners, the company introduced more incentives for small businesses, including 30% off social media management tools from Sprout Social and four months of free access to BigCommerce for building an online store, the financial services company said Tuesday.
In addition to offering resources for growing merchants online presence, the company is also giving sellers up to 400,000 rewards points for business-related expenses such as office supplies, shipping and advertising. Business customers can now earn up to $250 cash back on select business purchases, too, per the company s Tuesday announcement.
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American Express Company with ticker code (AXP) have now 26 analysts covering the stock. The analyst consensus points to a rating of ‘Buy’. The target price ranges between 175 and 88 calculating the mean target price we have 118.08. Now with the previous closing price of 121.84 this would indicate that there is a downside of -3.1%. The 50 day moving average now sits at 111.5 and the 200 day MA is 102.75. The company has a market cap of $96,809m. Find out more information at: http://www.americanexpress.com
American Express Company, together with its subsidiaries, provides charge and credit payment card products, and travel-related services worldwide. The company operates through three segments: Global Consumer Services Group, Global Commercial Services, and Global Merchant and Network Services. Its products and services include payment and financing products; network services; expense management products and services; and lifestyle services. The company’