Net write-offs, however, did move slightly in may, from April’s 2.4 percent to 2.5 percent, and the small business card delinquency rate went up to 1.3 percent from 1.2 percent in the same time period.
In other Amex news, the company announced in May that it had inked an agreement to acquire the Resy reservation platform. The deal, which is expected to be completed this summer, is part of the company’s aim to become an essential part of the digital lives of card members and merchants, the company said in an announcement.
American Express Senior Vice President of Global Loyalty and Benefits Chris Cracchiolo said in the announcement, “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 card members with access to incredible dining experiences through our exclusive benefits and programs.”
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, Amex announced it had acquired personal travel assistant app Mezi, a service that helps people plan and book their trips. Terms of the deal were not disclosed at the time. In a press release, American Express said the app enabled travelers to message their requests for flights, hotel and restaurant reservations. It also will make travel arrangements based on customers’ requests and provide recommendations.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More