American Express Reports Financial Results for 3Q09
Earlier today, American Express reported financial results for the third quarter 2009. Overall for the quarter as compared to the prior year, billed business declined 11% to $156.6 billion, total cards in force declined 4% to 88.4 million and average basic cardholder spending declined 5% to $2,898. Receivables outstanding declined 31% in the Amex owned portfolio and 20% in the managed portfolio. The average merchant discount rate declined slightly from 2.56% to 2.54%.
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