Modified Monday: American Express
We all know American Express as one of the most popular credit card companies in the United States. But, did you know that they started out as a package delivery service?
The early days for American Express did business predominantly with banks. The bankers relied on American Express to deliver stock certificates, currency, and notes. By 1882, American Express decided to go into the money order business. They were the first to create what we know today as the “traveler’s check”.
Eventually, their venture into the banking world led them to have their own charge card service. In 1958, they were charging their customers $6 for an annual membership, which was a dollar more than their competitor- the Diner’s Club.
With the increase in price, their customers began to recognize American Express as the more prestigious card. To this day, everyone recognizes American Express for its exclusiveness.