American Express Working Capital Loans Commercial – American Express Corporation (Amex) is an American bank holding company and multinational financial services company specializing in payment cards. It is located at 200 West Street, also known as the American Express Tower, in the Battery Park neighborhood of Lower Manhattan. AMEX cards are primarily classified in the order of Grey, Gold, Platinum, and Black (Cturion), with higher ranks indicating higher levels of priority.
Amex is the world’s fourth largest card network by purchase volume after China UnionPay, Visa and Mastercard, and has 133.3 million cards worldwide as of December 31, 2022, per card in 2022. Members average growth from 23,496. By 2022, it will cover more than 1.5 trillion in purchase volume on its network.
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It is on the list of largest banks in the United States. The company is ranked 77 on the Fortune 500
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Founded in 1850 as a shipping company, the company introduced financial and travel services to the public in the early 1900s. American Express introduced its first paper charge card in 1958, the gold card in 1966, the gre card in 1969, the platinum card in 1984, and the Cturion card in 1999. The “Don’t Leave Home Without It” advertising campaign was introduced in 1975 and redesigned in 2005. In the 1980s, the company bought and sold a stake in Shearson.
In the 1990s, the company began reducing interchange fees at merchants that exclusively accepted Amex cards and expanded market share through targeted marketing campaigns. Amex became a bank holding company during the 2007-2008 financial crisis. Amex began working with airport lounges in 2013, offering access to certain cardholders.
The company’s logo, adopted in 1958, is a gladiator or chevron, the image of which appears on the company’s traveler’s checks, charge cards, and credit cards.
Amex had a 4.61% share of the global market by payment volume in 2022, compared to 38.73% for Visa and 24% for MasterCard. While American Express credit cards are accepted at 99% of US merchants that accept credit cards (Costco is a notable exception), they are much less accepted in Europe and Asia.
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It was formed as a joint stock company by the merger of cash transfer companies owned by Henry Wells (Wells & Company), William G. Fargo (Livingston, Fargo & Company) and John War Butterfield (Wells, Butterfield). & Co., successor to Butterfield, Wasson & Co. in 1850).
Wells and Fargo also founded Wells Fargo & Company. In 1852 when Butterfield and other executives opposed a proposal by the American Express to expand its operations into California. American Express originally established its headquarters in a building at the intersection of J Street and Hudson Street in what later became known as the Tribeca section of Manhattan. For years it enjoyed a virtual monopoly on the movement of express vessels (trade, securities, currency, etc.) through New York State. In 1874, American Express moved its headquarters to 65 Broadway in what became Manhattan’s financial district, a location it maintained over two buildings.
In 1854, the American Express Company purchased a lot on Vesey Street in New York City as a site for its stables. The company’s first headquarters in New York was an 1858 marble Italianate palazzo at 55-61 Hudson Street, with a busy freight depot along the Hudson River Railroad on the ground floor. A warehouse was built in 1867, five blocks north at 4-8 Hubert Street. The company grew so much that its headquarters were moved in 1874 from the wholesale shipbuilding district of the New Financial District to offices in two five-story brownstone commercial buildings at 63 and 65 Broadway owned by the Harmony family.
In 1880, American Express built a new warehouse behind the Broadway building at 46 Trinity Place. Its designer is unknown, but it has a facade of brick arches reminiscent of pre-New York skyscrapers. American Express has long since moved from this building, but it still bears the terra cotta stamp with the American Express eagle.
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In 1890-1891, the company was founded by Edward H. Kdal on the site of its former headquarters on Hudson Street. By 1903, the company had assets of about $28 million, second only to the National City Bank of New York among the city’s financial institutions. To reflect this, the company bought a building and location on Broadway.
On the day of Wells-Fargo’s takeover in 1914, the newly aggressive president, George Chadbourne Taylor (1868-1923), who had risen through the ranks of the company over the previous thirty years, decided to build a new headquarters. The old buildings, designated by the New York Times as the “Old Places” of Lower Broadway, were ill-suited to such a rapidly expanding concern.
After a brief delay due to World War I, the 21-story neoclassical American Express Co. In 1916-1917 James L. Aspinwall, the firm of Rwick, Aspinwall & Tucker, successor to the architectural practice of the renowned James Rwick Jr. The building combined two old buildings into one address: 65 Broadway. This building was part of the “Express” at that time. Row” part of Lower Broadway. The building completed the continuous architectural wall that fronted the block and helped transform Broadway into the “canyon” of neoclassical architectural office towers known to this day.
American Express sold the building in 1975, but maintained travel services there. The building has also been the headquarters of other prominent firms over the years, including investment bankers J&W. Seligman & Co. (1940-74), American Bureau of Shipping, a maritime concern (1977-86), and later J.J. Knee and Standard & Poor’s, the latter of whom toured the building for himself.
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American Express expanded its reach nationally with contractual agreements with other express companies (including Wells Fargo – the successor to two former companies that merged to form American Express), railroads, and steamboat companies.
In 1857, American Express expanded into financial services by starting a money order business.
Competing with US Postal Money Orders. Sometime between 1888 and 1890, JC Fargo traveled to Europe and returned disaffected. Despite the fact that he was the president of American Express and had the customary documents with him, he found it difficult to get cash anywhere except in the big cities. Fargo sent Marcellus Fleming Berry and asked him to create a better letter of credit solution. Barry introduced the American Express traveler’s check in 1891 in denominations of $10, $20, $50 and $100.
Travelers checks established American Express as a truly international company. In 1914, at the beginning of World War I, American Express was one of the few companies in Europe that proudly held American letters of credit (issued by various banks), as other financial Institutions did not help these travelers. The British government designated American Express as its official carrier at the start of World War I. They would transport letters, money and parcels with the help of British prisoners of war. Their staff went to the camps to collect money for British and French prisoners and arranged for them to receive money from home. By the end of the war, they were delivering 150 tons of bags a day to prisoners in six countries.
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Albert K. Dawson invested in expanding business operations abroad, and in tourism relations with the Soviet Union. During World War I, Dawson was a photographer and film reporter with the German Army.
American Express was one of the monopolies that President Theodore Roosevelt asked the Interstate Commerce Commission (ICC) to investigate during his administration. The ICC’s interest was attracted by the strict control of the railroad’s express business. However, the solution did not come immediately.
The solution to this problem came coincidentally with other problems during World War I. During the winter of 1917, the United States faced a severe coal shortage, and on December 26, President Woodrow Wilson ordered the railroads on behalf of the United States government to withdraw federal forces, their supplies and transport coal. Secretary of the Treasury William Gibbs McAdoo was tasked with strengthening the railroads for the war effort. All contracts between express companies and railroads were voided and McAdoo proposed that all existing express companies be consolidated into a single company to serve the needs of the country. This destroyed American Express’ express business and took away from the ICC’s interests. The result was that in July 1918, a new company was formed called the American Rail Express Agcy. It had express trade rights over 71,280 miles (114,710 km) of railway line and had 10,000 offices with more than 30,000 employees).
American Express executives discussed the possibility of introducing a travel charge card as early as 1946, but it was not until March 1950 that the Diners Club launched a card, American Express.
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