Your Tech Story

credit card

American Express

American Express – Offering Payment Card Services Since 1878.

Leave a Comment / Story, Tech Story / By

American Express (Amex) is a popular company offering payment card services. One thing that has stayed constant throughout the company’s evolution from logistics operations to travel to cards to cutting-edge digital products and services: is its steadfast dedication to gaining its clients’ long-term loyalty.

About The Company

Founded in 1850, American Express is a reputed American multinational company headquartered in New York City, USA. The company is part of the 30 prominent companies listed in the Dow Jones Index. Its logo, which was adopted in 1958, is a gladiator which can be found on its popular products like credit cards, charge cards, and traveler’s cheques. In 2016, 22.9% of all credit card payments in the United States were made using credit cards connected to the American Express network. As of 2019, the corporation had 114.4 million active cards worldwide. IN 2020, the company was ranked 28th in the Forbes list of the World’s Most Valuable Brands. It was ranked 8th by the Fortune 100 Best Companies to Work For in 2022.

American Express
Image source: gobankingrates.com

History Of The Company

American Express was founded in 1850 by the merger of three companies. Initially, the company’s main line of business involved the delivery of goods, packages, and valuables. It started selling financial solutions to its customers in 1878. It developed a business-to-business service with agents purchasing goods for their customers at competitive prices.

The company introduced Travelers Cheque in 1891, making it easier for travelers to feel secure with their cash. When World War I broke out in 1914, the corporation used its contacts abroad to assist more than 150,000 stranded Americans. They assisted clients with cashing their Travelers Cheques and setting for secure transportation home. Amex launched its first credit card, the Charge Card, in 1958, giving clients greater flexibility than Travelers Cheques and contributing to the development of credit cards in the financial industry. The business also began selling its Corporate Card, a credit card, to business clients in 1966.

Although the company’s global reach dates back to 1895, it only began to develop its credit card program internationally in 1972, paving the path for other companies to follow. In 1991, American Express introduced its first loyalty program and membership rewards, providing its clients more significant advantages and incentives for using their cards. American Express rewards continue to be among the most lucrative even today. From modest beginnings with quick delivery, American Express has grown its capabilities and transformed its business strategy to grow into a recognizable brand worldwide.

American Express Cards

American Express unveiled the Gold Card in 1966. The corporation introduced the Platinum Card in 1984, establishing distinct market groups within its own organization—a strategy that has spread across a wide range of businesses now. The Platinum Card had a $250 yearly cost and was advertised as super-exclusive. Prior to 2019, it was only available by invitation to American Express cardholders who had been using the card for at least two years, had made sizable purchases, and had a good payment history. As of 2019, anyone can apply for this card. The Optima card was the first credit card product offered by American Express that did not require full payment at the end of the month. It was launched in 1987.

Founders – William Fargo, Henry Wells, John Butterfield

American Express was founded on March 18, 1850, by William Fargo, Henry Wells, and John Butterfield. It was a merger of three companies named Wells & Co (owned by Henry Wells); Livingston, Fargo & Co( owned by William Fargo).; and Butterfield, Wasson & Co( owned by John Butterfield. The company’s President was Henry Wells, and its Secretary was William G. Fargo.

CEO – Stephen Squeri

The CEO of American Express is Stephen Squeri. He has been serving as the company’s CEO since 2018. In 1985, Squeri started working for American Express as a manager in the Travelers Cheque Group. He has also been the company’s vice-chairman since 2015; before that, he served as group president of the company’s global corporate services division.

Apple Card

The US Citizens Can Now Finally Use the Apple Card

Leave a Comment / News, Product, Tech News / By

Apple finally launched its most anticipated Apple card on Tuesday. For now, it will only be available for the users in the U.S. The users can apply for the card directly from their Apple Wallet app on their iPhone. They do not have to wait for the physical card to arrive as they can use it virtually through the Apple Pay as soon they request for the card.

The new card is the digital-first card that the iPhone users will get, and it will even make the credits private for the users. According to Apple, no system will keep the record of from where and when a user has shopped and what amount did he pay, like, in the cash system, it will keep the credits anonymous. So the users don’t have to worry about their data being sold by the company. But the users can see their spendings and balance in the card through the Apple Card app. They can also keep the record of the cash backs they got and see where they spent their money in Apple Maps.

Apple has partnered with Goldman Sachs and Mastercard to design and process the card. There is no annual fee, cash advances fees, over the limit fees or late fees, that the user needs to pay to use the card. And moreover, according to the claims made by the company, it has got even lesser interest on the purchases. In fact, the company will be providing incentives and cash rewards to users for using the new card. The card is acceptable at every merchant accepting Mastercard.

Apple Card
Image Source: interestingengineering.com

The new card also renders some interesting features, like it changes colour for different types of spendings. For example, if a user is using the card for a restaurant bill, the card will turn orange. And if the spending is on entertainment, the card colour will be a mix of orange and pink. Apple has already started 3% cashback on purchase through the virtual card at selected merchants, including Uber and Uber Eats. With the physical card, the cashback will be 1%.

The new app to use the card is available for the users, who own an Apple 6 or a newer model running iOS 12.4. To use the app, you need to go to the Apple Wallet and tap on the (+) icon on the upper right corner on the screen. Then, a Continue button will appear along with a small description of the Apple Card. Upon tapping on the Continue button, a list of Card Type will appear, where you need to select Apple Card. Then you must verify and confirm your details by filling in the information and accept the Apple Card terms and conditions on the next screen.

After that, Apple will send you a description of the credit limit and interest rates based on your information, where you need to tap on Accept Apple Card. This way, the card will be ready for use.

Paytm Launches First Card; Ties-up with Citi Bank to Retain its Old Customers

News, Tech News / By

Apple recently launched its credit card for its iOS users, and amid the rising competition, from Google and the other digital wallet providing companies, India’s largest digital wallet Paytm is now launching its first credit card named First Card. The company announced on Tuesday that it will be launching its first credit card for its wallet users that too with 1 per cent ‘universal unlimited’ cash back on every purchase.

Paytm First Card
Image Source: inc42.com

The company has been struggling with maintaining its position in the Indian eCommerce market. And, the company has been trying new strategies to deal with the rising competition. It even launched its own eCommerce platform, Paytm Mall, that too providing huge cash backs for the users. But still, the threats from its rivals are only growing.

“We are delighted to partner with Citi to launch the Paytm First Card. Our new offering is designed to bring the utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.” said Vijay Shekhar Sharma, Chairman and CEO – One97 Communications, the parent of Paytm.

Though there are only 50 million people, who actually have credit cards and use for purchases in India, Paytm hopes to make 25 million of Indians to avail its new credit card service. To launch the credit card, the company has partnered with the global payments company Citi Bank. The company will charge an annual fee of INR 500 to the First Card users, and if the spendings of the users will go above INR 50000 per year, the fee will be waved off for those users. The users will also be provided with the offers on dining, shopping, and travel on the platforms having tie-up with Citi Bank.

The customers can apply for the credit card directly through the Paytm app, and the Paytm account passbook will reflect the offers from both Paytm and Citi Bank for the credit card holders. The users with minimum INR 10000 expenditure in a month will be able to avail promo codes of worth INR 10000. The users of First Card will also get the option to pay for goods in easy instalments.

The Citi Bank First card is powered by Visa and is valid internationally. Noticeably, Paytm had just joined its hands with Visa to launch its debit cards last week. The partnership between Citi Bank and Paytm has a long history, and this time, it is an initiative taken to support Paytm’s new subscription-based loyalty program ‘Paytm First’ and retain its users who have been shifting to the other payment apps.