Pursuits
AmEx Takes Aim at Visa and Mastercard in Battle for Mom-and-Pops
The master of the Black Card wants to win over more small business owners, and match the reach of its rivals.
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American Express long held a special place in the credit-card continuum. It wasn’t just any piece of plastic—to possess one you had to pay your balance every month as well as a notoriously painful annual fee. But laying it down on the counter became a gesture of wealth by the lucky cardholder, and there was the ultimate manifestation of success, its famous Black Card, to aspire to.
Those days may be over. With rivals such as Chase and its Sapphire Reserve card angling for a piece of its luxurious patch, AmEx has found itself on the defensive. Now, the granddaddy of charge cards is fighting back.