American Express Gold Card--TheCreditShifu.com

American Express provided an update on the impact of COVID-19 (or Coronavirus) on its financial performance and discussed recent business trends, expectations, and long-term strategies during an Investor Update Call earlier today. 

While Amex performance in January and February of this year showed strong momentum consistent with 2019, American Express now expects its first-quarter revenue growth to be in the range of 2% – 4% on an FX-adjusted basis, and adjusted earnings per share to be in the range of $1.90 to $2.10 (below the FactSet EPS consensus), excluding reserve builds in the quarter. The credit card company cited “softness in spending volumes in the last few days of February… accelerated into March” to be the reason. 

Given the ongoing uncertainty surrounding the duration, magnitude and geographic reach of COVID-19, American Express says it’s “not able to forecast its future financial results beyond the first quarter at this time”. 

“We have a long track record of navigating through uncertain economic periods by focusing on our disciplined operational and strategic execution, our dedicated colleagues, and the deep relationships we have with our customers and partners,” said Stephen J. Squeri, Chairman and Chief Executive Officer.

American Express plans to provide further updates on the COVID-19 impact on its first-quarter earnings call in April.


Leave a Reply
You May Also Like

Chase Extends Bonus Spend Period on Some Cards Due to Coronavirus

The content on this page is accurate as of the posting date;…

New Chase 1.5¢ per Point Redemption Option: Select Charities Added to ‘Pay Yourself Back’

Chase Sapphire Reserve and Chase Sapphire Preferred cardmembers now have the option of donating…

How to do Chase Credit Card Referrals and Earn Points!

Referrals has long been a good way to increase the amounts of points you earn, without resorting to more sketchy tactics like manufactured spend. You can simply give a referral links for a card you have to a friend of family member and if they are approved, you can earn $100 in cash back or 10,000 points for example, usually up to an annual limit. In this guide we will look at how to do referrals for Chase cards, although American Express also has a similar system and many of the same principles apply.

New Air France KLM Mastercard, 25k Sign Up Bonus

There is a new credit card in town. Air France KLM has teamed up with Bank of America to release their first ever credit card in North America. Although you can transfer Chase, Citi, Marriott and Amex points to Flying Blue (the joint loyalty program of these two airlines) this is the first and only credit card in the US  that earns their points directly.