Amex Pulls Back On Adding New Credit Card Customers

Amex has pulled back on adding new credit card customers because American Express “can’t get a clear picture of consumers’ financial health and employment trends”, according to a Bloomberg report. Companies in the U.S.A. who have received CARES funding had an obligation to keep workers employed until the end of September. Credit card issuers across the nation now have concerns over a possible surge in layoffs starting October. 

“The question is, Where does the economy go over the next six to twelve months?” Chief Financial Officer Jeff Campbell said at a virtual investor conference on Wednesday. “Have we had the main shock of unemployment and stress on the small businesses” or, he added, “are you going to see further shocks?”

Amex’s CFO statement comes just days after Amex announced that the credit card issuer will now have a four card limit instead of the previous five card limit. It is worth noting that this restriction doesn’t include Amex’s charge cards in the count.

***

Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.