American Express Announces 4Q2008 Financial Results

After the market close today, American Express announced its financial results for the fourth quarter of 2008.

Overall Amex cardholder spending declined 10% year over year - or 5% when adjusted for foreign exchange rates. In the US, card billed business (including cash advances) declined 8% year over year, falling from $123 billion to $112.7 billion in the fourth quarter 2008. In terms of average cardholder spending, Amex reported it declined 15% to $2,792 for the quarter. The average merchant discount rate remained essentially unchanged at 2.53%.