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AmEx Is Losing Its Millionaires

As American Express courts ordinary spenders, rivals poach its wealthiest clients
Bloomberg business news

Why Amex Is Losing Its Grip on the Wealthy

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Hedge-fund manager Whitney Tilson used his American Express card for three decades to buy groceries, trips to Europe and just about everything else. A few months ago, he switched.

“I charge a lot of money on my credit card,” said Tilson, 48, who manages more than $83 million at Kase Capital Management in New York. He said the Barclaycard Arrival Plus World MasterCard gives him more cash perks while rewarding him for the money he spends on travel. “The difference between getting 1 percent and 2 percent cash back is thousands of dollars and for that amount of money, Barclaycard has a better offer,” he said.