American Express Travel Insurance Quote – The American Express Company, is a financial company that today is best known for its credit card business. Sometimes called Amex cards, these credit cards make up nearly a quarter of all credit card transactions in the USA. Since 1958 the company`s mascot has been a Roman centurion.
History of American Express Company
Early years of the company
When the American Express Company was founded in 1850 it was an “express business”. This meant that it was a private company whose business was to carry money, packages, or valuable things from one place to another. The US Postal Service had only recently begun. They delivered letters, but not large parcels. This is why some people started small “express businesses”. An express messenger would carry money in a money bag.
He would travel by train or stagecoach. The trains were very slow and often came off the rails. The stagecoaches traveled on terrible roads which were much too bumpy for the horses to trot. It was a time when many people were going to California and other areas in the west of the US. There was a lot of demand for money to be transferred from one part of the country to another. This is why the American Express company was started.
Two very important people in the express business at the time were Henry Wells and William G. Fargo. They had formed a partnership in 1844. When the American Express was formed its headquarters were in a building in Manhattan, New York. Three other companies merged to form the new company. They soon bought several other buildings nearby to use as stables for their horses. For many years it was the most successful company transporting goods, securities, money, etc. (these were called “express shipments”). In 1874 the American Express moved its headquarters to 65 Broadway in the financial district of Manhattan. It has been there ever since.
Move to financial services of American Express Company
Gradually American Express began to focus its attention on banks and other big financial groups because they found American Express very reliable and paid them good money for their services. American Express gradually transformed into a financial company. In the late 1890s, they began competing with banks by issuing money orders. They had large offices in London, Paris, Antwerp, Zurich, and Berlin.
In 1890 the company needed a new building, so they demolished the old building and built a new 10-story building in its place. By 1903, the company’s assets were approximately $ 28 million. A new building was built in 191617. It was made of concrete and steel and was shaped like an H. This building was sold in 1975.
When their director J. C. Fargo traveled to Europe around 1890 he found it very difficult to get cash. He was very angry about having a letter of credit and felt that it shouldn’t have been a problem as president of American Express.
Fargo went to Marcellus Flemming Berry and requested him to invent a higher manner of getting coins. Berry invented the Traveler`s Cheque. The traveler`s cheque becomes a totally secure manner of having coins from a financial institution whilst journeying. The American Express Traveller`s Cheque, which began out in 1891, become for use global for almost a century, whilst credit score playing cards took over. Traveler’s cheques made American Express a wonderful worldwide company.
Effects of World War I
In 1914, whilst World War I began, many individuals who befell to be journeying couldn’t get at their cash, however, American Express places of work in Europe had been a number of the few agencies to honor the letters of credit score in order that American vacationers ought to get cash to journey returned home.
The struggle is made American Express input the journey enterprise. In 1922 they supplied a luxurious steamship to take vacationers spherical the world. The traveler`s cheque enterprise made them an extremely a hit for lots of years.
Modern times: Charge card offerings
The concept of a price card for a journey become mentioned as early as 1946 however it become now no longer till 1958 when American Express added their first playing cards. The early ones had been paper. In 1959 plastic playing cards had been added.
In 1966, American Express added the Gold Card, and in 1984 the Platinum Card. The Platinum Card had a $250 annual rate (these days it is $550). It becomes most effective presented to dependent on clients. Today clients can observe it.
In 1987, American Express added a credit score card, referred to as the Optima card. Customers did now no longer need to pay in complete each month. They ought to now wait to pay later.
“Boston Fee Party”
From the early Eighties till the early 1990s, American Express presented traders and eating places a reduction in the event that they well-known the most effective American Express and no different credit score or price playing cards. However, in 1991, numerous eating places in Boston began accepting Visa and Master Cards, even encouraging their clients to apply for them.
These playing cards had a far decreased rate than American Express fees, which at the time charged 4% for every transaction. Some eating places even stopped accepting American Express playing cards. This riot become referred to as the “Boston Fee Party” (a pun on the name “Boston Tea Party”). In the stop, American Express determined to lessen their charges.
American Express these days
The director of American Express is Kenneth Chenault. American Express is still one of the world`s largest economic agencies.
See more: https://simple.wikipedia.org/wiki/American_Express
American Express Travel Insurance Quote and Plan
The American Express Company (Amex) is an American multinational corporation specializing in payment card services headquartered at 200 Vesey Street in the Battery Park City neighborhood of Lower Manhattan in New York City. The company was founded in 1850 and is one of the 30 components of the Dow Jones Industrial Average. The company`s logo, adopted in 1958, is a gladiator or centurion whose image appears on the company’s well-known traveler’s cheques, charge cards, and credit cards.
During the 1980s, Amex invested in the brokerage industry, acquiring what became, in increments, Shearson Lehman Hutton and then divesting these into what became Smith Barney Shearson (owned by Primerica) and a revived Lehman Brothers. By 2008 neither the Shearson nor the Lehman name existed. In 2016, credit cards using the American Express network accounted for 22.9% of the total dollar volume of credit card transactions in the United States. As of December 31, 2019, the company had 114.4 million cards in force, including 54.7 million cards in force in the United States, each with average annual spending of $19,972.
In 2017, Forbes named American Express as the 23rd most valuable brand in the world (and the highest within financial services), estimating the brand to be worth US$24.5 billion. In 2020, Fortune magazine ranked American Express at number 9 on their Fortune List of the Top 100 Companies to Work For in 2020 based on an employee survey of satisfaction. Traveler’s cheques American Express is the largest provider of traveler’s cheques in the world.
In 2005, American Express released the American Express Travelers Cheque Card, a stored-value card that serves the same purposes as a traveler’s cheque but can be used in stores like a credit card. Amex abolished the card in October 2007 due to “changes in market conditions” and issued a refund check to cardholders for the remaining balance. trips American Express established the Travel Department in 1915, combining all previous efforts to promote travel and soon establishing the first travel agency.
By the 1930s, the travel sector had grown significantly. Albert K. Dawson was instrumental in expanding his business abroad and investing in tourism with the Soviet Union. During World War I, Dawson was a German photographer and film correspondent. In March 2014, American Express announced that it had established a business travel joint venture and signed an agreement to separate its business travel business from American Express’s Global Business Travel. Travel insurance Please note that American Express no longer offers travel insurance purchased separately. The policy is currently exclusively provided by AXA, which can be contacted at 02034094532.
Read more: https://en.wikipedia.org/wiki/American_Express#Traveller’s_cheques