Payment Methods

Amex Card Delinquencies Flat In May

American Express card

American Express said its May card delinquency rate was unchanged from April, according to reports. The rate held steady at 1.4 percent.

Net write-offs, however, did move slightly in may, from April’s 2.4 percent to 2.5 percent, and the small business card delinquency rate went up to 1.3 percent from 1.2 percent in the same time period.

Small business card net write-offs also increased, from 1.8 percent in April to 2 percent in May.

In other Amex news, the company announced in May that it had inked an agreement to acquire the Resy reservation platform. The deal, which is expected to be completed this summer, is part of the company’s aim to become an essential part of the digital lives of card members and merchants, the company said in an announcement.

American Express Senior Vice President of Global Loyalty and Benefits Chris Cracchiolo said in the announcement, “Resy was created to both connect people who love dining out with new, notable and hard-to-get-into restaurants across the globe, as well as help restaurants’ businesses grow and thrive. Similarly, American Express has strong relationships with premium dining partners and restaurants across the globe, and provides our card members with access to incredible dining experiences through our exclusive benefits and programs.”

Resy, which was started in 2014, features a suite of table management, CRM and booking technology for restaurants. It comes with a consumer-facing reservation app and website.

The platform works with roughly 4,000 restaurants in 10 countries and 154 U.S. cities, and seats more than 2.6 million diners a week.

The acquisition is said to build upon a number of others the company has made in the dining, travel and lifestyle space. In January of 2018, Amex announced it had acquired personal travel assistant app Mezi, a service that helps people plan and book their trips. Terms of the deal were not disclosed at the time. In a press release, American Express said the app enabled travelers to message their requests for flights, hotel and restaurant reservations. It also will make travel arrangements based on customers’ requests and provide recommendations.

——————————–

Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.

TRENDING RIGHT NOW