AmEx (AXP) adds benefits to serve Platinum card members

American Express Company AXP recently introduced Twin Benefits with the aim of helping US members to platinum card consumers. The benefits were made available from October 7, 2021.

American Express shares gained 0.5% on October 8.

The newly unveiled benefits provide cardholders with statement credit through which they can qualify for a monthly Walmart + membership and purchase the SoulCycle home bike.

Walmart + membership offers the benefit of free shipping and expedited shipping facilities, which can now be used by Platinum Card members in the United States. Members will be able to shop hassle-free with the Walmart + membership, which offers enhanced mobile and contactless payment experiences. Meanwhile, SoulCycle is leading the way for members to take care of their health through a fitness program.

This recent move highlights American Express’s focus on including benefits in its US Consumer Platinum Card, which was relaunched by the company in July with extended daily and travel benefits. With the latest evolution, cardholders will enjoy more convenience and flexibility every time they use the card for everyday and lifestyle purchases.

The latest move also reflects its commitment to responding to consumers’ shift towards online shopping. With the COVID-19 pandemic inducing uncertainties and restrictions around the world, consumers have been forced to embrace digital means in almost all areas of life in order to meet their needs. The ease, speed and affordability offered by online shopping, the trend is expected to continue even after the pandemic has receded. According to Amex Trendex, three in four adults said they had experienced an increase in online shopping in 2020 compared to previous years.

American Express is committed to meeting the evolving needs of cardholders by deploying innovative card offerings and enhancing existing ones. He focused on technology upgrades and the introduction of secure digital payment options to meet the growing adoption of digital means. It also pursued several buyouts and partnerships in the past, which aimed to consolidate its digital capabilities and offer more card slots to its cardholders.

Zacks Ranking and Price Performance

Shares of American Express, which carries a Zacks Rank # 3 (Hold), jumped 64.3% in one year from the industry8.7% growth.

Image source: Zacks Investment Research

Actions to consider

Some higher ranked actions in the same space include Jefferies Financial Group Inc. I F, Houlihan Lokey, Inc. HLI and CIT Group Inc. CIT. While Jefferies Financial has a Zacks Rank # 1 (strong buy), Houlihan Lokey and CIT Group have a Zacks Rank # 2 (buy). You can see The full list of today’s Zacks # 1 Rank stocks here.

Jefferies Financial, Houlihan Lokey and CIT Group have surprise earnings over the last four quarters of 222.85%, 38.33% and 224.59%, on average, respectively.

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If you had put $ 5,000 in XPEV when it went public in September 2020, you could have withdrawn $ 19,970 in November.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Richard V. Johnson

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