U.S. credit card giant plans big effort to swipe customers from big banks north of border
Oct 02, 2009 04:30 AM
RITA TRICHUR - BUSINESS REPORTER
American Express Co., eyeing more growth in Canada's multibillion-dollar credit card market, is launching a new advertising campaign this month to poach more business from this country's biggest banks.
The New York-based credit card giant, coping with higher write-offs in its U.S. card business, said Thursday it is banking on Canada and three other international markets – Mexico, the United Kingdom and Australia – to fuel future growth.
"Canada is one of the most important international markets for American Express and I think it is because we've grown as a market," said Denise Pickett, president of American Express Canada.
Despite the onset of the recession, purchase transactions generated by Visa, MasterCard, and American Express cards in Canada increased 9.3 per cent to 2.65 billion in 2008, according to the Nilson Report. Amex disclosed the details of its marketing plan to reporters just one day after Finance Minister Jim Flaherty said new credit card regulations would take effect next year.
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