All articles tagged with #amex
American Express has updated its Business Platinum card, now offering a $600 hotel credit among other benefits, with the site disclosing its financial relationships with credit card companies.
American Express has upgraded its U.S. Platinum cards, adding over $3,500 in annual perks such as dining credits, hotel benefits, and entertainment options, while increasing the annual fee by $200 to $895, aiming to strengthen its position in the premium credit card market.
Stock futures rose as Wall Street remained optimistic about the U.S. economy, with notable gains in Netflix, Norfolk Southern, Amex, Hess, and other companies, driven by strong earnings reports and strategic developments, despite some stock declines and ongoing market uncertainties.
The Nasdaq and S&P 500 declined as Netflix's disappointing quarterly forecast and chip-related stocks dragged down the market, while the Dow was lifted by American Express exceeding profit estimates. The possibility of a Federal Reserve interest rate cut diminished, leading to weekly losses for all three indexes. Amidst this, Paramount Global's shares surged on news of a potential buyout bid from Sony and Apollo, while Fifth Third Bancorp also saw gains after beating first-quarter profit estimates.
American Express has opened its largest Centurion Lounge at the Hartsfield-Jackson Atlanta International Airport, featuring a whiskey bar, outdoor terraces, and locally-inspired design. Access is available to Amex cardmembers, with Delta SkyMiles Reserve cardholders also eligible. The 26,000 square foot space offers amenities such as private phone booths, shower suites, and a Southern and international cuisine buffet curated by a James Beard Award-winning chef. The lounge aims to set a new standard for airport lounges, but faces increasing competition in the credit card-branded lounge space.
Delta Air Lines plans to introduce a new "premium" airport lounge at New York's JFK International Airport in June, featuring a full-service brasserie, market, and wellness areas. The airline faced backlash for tightening access to its Sky Club lounges, but is now moving towards a spend-based status model. Amex is offering updates to its Delta SkyMiles credit cards, including flight and restaurant credits, as part of its partnership with Delta. The close corporate relationship between Delta and Amex has been lucrative, with Delta reportedly receiving $6.8 billion from Amex in 2023.
American Express reported a 13% drop in Q1 profit, missing Wall Street estimates, as it set aside $1.1bn to cover potential losses from cardholders falling behind on debt repayments. The credit card giant has been hit by stubborn inflation and a rapid rise in borrowing costs, which have begun to pinch its customers. However, the company reaffirmed its profit forecast for 2023, expecting to earn $11 to $11.40 per share compared to analysts' estimate of $11.10.