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I like all the major CC companies, MA, V, AXP and even DFS, and I agree with you on the long term prospects of MA, but AXP is the better value at the moment and offers a somewhat better dividend, so that's the one I'm buying right now.
I like all the major CC companies, MA, V, AXP and even DFS, and I agree with you on the long term prospects of MA, but AXP is the better value at the moment and offers a somewhat better dividend, so that's the one I'm buying right now.
Ed Gilligan, the President of AmEx, just died (today) at the young age of 55.
I don't like AXP, so many businesses don't accept them because they charge so much. They lost Costco, which I think was 1/3 of their transactions (could be wrong), but anyways it's a big chunk to lose nonetheless. I'll be canceling my AXP cards once Costco switches to V.
They lost Costco, which I think was 1/3 of their transactions
Not quite that high:
"The Costco partnership accounts for about 10 percent of the company’s total cards, Campbell said. That would be about 11 million of the 112.2 million cards in circulation at year-end, according to figures AmEx disclosed last month. The portfolio accounts for about 8 percent of AmEx’s global customer spending and 20 percent of worldwide loans, Campbell said. Consumers spent $1.02 trillion on AmEx cards last year."
Buy when there's blood in the streets, right? What better opportunity to get long on a great name like AXP? Heck, I actually kind of respect their decision to walk away from the relationship. Costco was attempting to hammer down the transaction costs, which I don't blame them for, and AXP defended their margins and refused. Nothing wrong with deciding to let the competition handle the low margin business. JMO, off course.
Update: MA is around $93 currently and has held up fairly well with the recent downturn.
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