American Express Co - AXP STOCK NEWS

American Express has kicked off its sponsorship of the 2022 US Open Tennis Championships, providing Card Members exclusive access to complimentary court reservations through a partnership with Break the Love. Card Members can reserve time at over 500 tennis and pickleball courts until September 13, 2022, unlocking peak reservation times. The on-site experience will include immersive activities, American Express Lounges, and unique perks such as a $20 rebate offer on $100 or more spent at the event. The partnership aims to connect more fans to tennis.

American Express (NYSE:AXP) announces The Resy Drive-Thru New York, a culinary event on September 16-17, 2022, at Brooklyn’s Skyline Drive-In. Gold Card Members gain early access to tickets starting August 15, with perks including a 10-course tasting menu from top NYC restaurants. The event reflects consumer enthusiasm for unique dining experiences, with 73% of Gen Z and Millennials willing to spend more on such experiences compared to last year. Tickets are priced at $110 per person.

American Express (NYSE: AXP) launched American Express Global Pay, a new digital solution for U.S. businesses to execute secure domestic and international B2B payments. This platform supports payments to suppliers in over 40 countries and offers benefits such as Membership Rewards points and same business-day delivery for eligible transactions. According to a June 2022 survey, 64% of U.S. small businesses anticipate increased spending abroad, while many cite payment complexity as a barrier. The platform aims to simplify this process with transparent fees and a user-friendly interface.

American Express Company (NYSE: AXP) reported a second-quarter net income of $2.0 billion, or $2.57 per share, down from $2.3 billion, or $2.80 per share, a year ago. Total revenues increased by 31% to $13.4 billion, driven by a 30% rise in Card Member spending, especially in travel and entertainment. Provisions for credit losses were $410 million compared to a benefit of $606 million last year. The company raised its full-year revenue growth guidance to 23%-25% and maintained EPS guidance of $9.25 to $9.65. Overall, the credit performance remained strong despite increased expenses.

Marriott Bonvoy and American Express have enhanced the Marriott Bonvoy Business American Express Card for small business owners, effective July 21, 2022. Key updates include a 7% room rate discount on eligible bookings, 4X points at restaurants worldwide, and complimentary Gold Elite status, all while maintaining the $125 annual fee. New Card Members can earn 125,000 points after spending $5,000 within three months, available until August 31, 2022. This move responds to a strong interest from small business leaders for discounted travel options, as shown in a recent survey.

American Express (AXP) is partnering with SiriusXM for the 'Small Stage Series' to promote local businesses through live performances in five U.S. cities this summer. The initiative includes a $30 gift card incentive for eligible Card Members at participating small businesses. A recent survey indicates that shopping small could contribute up to $793 billion to the economy this summer. Despite inflation concerns, 77% of small business owners are optimistic about sales, with 62% expecting higher revenues compared to last year.

American Express has launched an enhanced version of the Blue Cash Everyday Card, now offering 3% cash back on U.S. online retail purchases, supermarkets, and gas stations on up to $18,000 per year. New monthly statement credits include $15 for Home Chef online meal kit purchases and $7 for The Disney Bundle subscriptions. Card Members can earn over $250 in value annually without an annual fee. The card now features a sleek design and additional benefits, aligning with consumer demand for cash back on everyday purchases.

American Express (NYSE: AXP) announced its "Backing Historic Small Restaurants" grant program, awarding $1 million in total funding to 25 historic independent restaurants across the U.S. Each restaurant will receive $40,000 to improve their physical spaces and support operating costs. This program, now in its second year, aims to assist these significant establishments in enhancing customer service and ensuring their longevity within the community. The initiative reflects American Express's commitment to supporting small businesses.