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Amex Write-Off Rate Is Down; Delinquency Rate Holds 

Amex Write-Offs Down; Delinquency Rate Holds

American Express has reported that its American consumer card delinquency rate was 1.4 percent for June, the same number it was in May, according to reports.

The company’s write-off rate has fallen, however, from 2.5 percent in May to 2.2 percent in June. The company’s average delinquency rate in the last three months was 1.4 percent, and the average net write-off rate was 2.37 percent.

The company released the information in its Form 8-K filing on Monday (July 15).

In other American Express news, the company recently announced it was acquiring the Resy reservation platform. The deal is part of the company’s goal to become an essential part of the digital lives of cardmembers and merchants, the company said in an announcement.

American Express Senior Vice President of Global Loyalty and Benefits Chris Cracchiolo said, “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 cardmembers 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, American Express announced it had acquired personal travel assistant app Mezi, a service that helps people plan and book their trips.

American Express Digital Labs Vice President Phil Norman said in a press release at the time, “Mezi’s AI-powered experience opens up exciting new ways for us to connect with and serve our cardmembers, and creates opportunities for us to build more meaningful relationships with them.”

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