American Express Reports Financial Results
American Express reported first quarter financial results - including a 15 percent growth in worldwide billed business to $146.2B, a 10 percent increase in total cards in force to 79.9MM, worldwide average spending per proprietary basic card in force increased 8%, worldwide lending balances of $42.3B on an owned basis increased 29%; on a managed basis, and worldwide lending balances of $63.2B were up 18%. American Express reported its average merchant discount rate was 2.58% in 1Q ’07 and in 1Q ‘06 compared to 2.55% in 4Q ’06 - saying it reflects the seasonally higher retail spend levels during the fourth quarter
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