American Express Q3 Earnings Hit by Lower Airfares and Co-Branded Card Costs in Travel
Skift Take
American Express pushed its travel business off the official books to a great extent with its joint venture for American Express Global Business Travel but Amex's credit card business is still very much tied to airline relationships.
Declining airfares and increased costs related to renewing co-branded credit cards with Delta, Starwood, Cathay Pacific and Iberia were among the factors that negatively impacted American Express' third quarter results.
In the U.S., airline spending accounts for 7 percent of the company's total volumes. But while the number of U.S. trans
