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AmEx (AXP) Adds Benefits to Serve Platinum Card Members

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American Express Company AXP recently introduced twin benefits in a bid to help the U.S. Consumer Platinum Card Members. The benefits were made available from Oct 7, 2021.

Shares of American Express gained 0.5% on Oct 8.

The newly unveiled benefits equip the Card Members with a statement credit through which they can avail Walmart+ monthly membership and buy the SoulCycle at-home bike.

Walmart+ membership offers the benefit of free shipping and accelerated delivery facilities, which can now be availed by U.S. Consumer Platinum Card Members. Members will be able to enjoy hassle free shopping with the Walmart+ membership, which provides enhanced mobile and contactless check-out experiences. Meanwhile, SoulCycle paves the way for members to take care of their health through a fitness program.

The recent move highlights American Express’ focus on including benefits in its U.S. Consumer Platinum Card, which was relaunched by the company this July with extended everyday and travel benefits. With the latest move, the Card Members will experience more convenience and flexibility every time they utilize the card for conducting daily and lifestyle purchases.

The latest move also reflects its commitment to cater to consumers’ shift toward online shopping. With the COVID-19 pandemic inducing uncertainties and restrictions across the globe, consumers were compelled to embrace digital means across almost every sphere of life in order to meet their needs. The ease, speed and affordability that online shopping affords, the trend is likely to sustain even after the pandemic recedes. Per the Amex Trendex, three in four adults stated that they resorted to increased online shopping during 2020 compared to the previous years.

American Express has been committed to addressing the evolving needs of Card Members by rolling out innovative card offerings and upgrading the existing ones. It has been focused on technology upgradations and introductions of secured digital payment options to cater to the growing adoption of digital means. It has also pursued several buyouts and partnerships in the past, which were aimed at solidifying its digital capabilities and offering increased card locations to its Card Members.

Zacks Rank & Price Performance

Shares of American Express, which carries a Zacks Rank #3 (Hold), have surged 64.3% in a year compared with the industry’s growth of 8.7%.

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Stocks to Consider

Some better-ranked stocks in the same space include Jefferies Financial Group Inc. JEF, Houlihan Lokey, Inc. HLI and CIT Group Inc. CIT. While Jefferies Financial sports a Zacks Rank #1 (Strong Buy), Houlihan Lokey and CIT Group carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Jefferies Financial, Houlihan Lokey and CIT Group have a trailing four-quarter earnings surprise of 222.85%, 38.33% and 224.59%, on average, respectively.

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American Express Company (AXP) : Free Stock Analysis Report

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Jefferies Financial Group Inc. (JEF) : Free Stock Analysis Report

Houlihan Lokey, Inc. (HLI) : Free Stock Analysis Report

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