American Express Merchant Discount Rate

In yesterday's investor conference call talking points (PDF), American Express CFO Gary Crittenden briefly discussed the average merchant discount rate - which remained flat year over year at 2.55% - with the additional comment that while the longer term trend on the discount rate is negative due to repricing and mix changes among various merchant categories, "the rate has been buoyed more recently by the fact that in some merchant segments, repricing activities have had a positive effect in recognition of the substantial value we bring to those merchants."