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Photo Credit: Yannick McCabe-Costa/Pixabay
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