American Express is a well respected credit card company serving the United States and beyond. The company offers services in over 130 countries to all types of borrowers, including personal and business lines of credit. The American Express symbol itself has become synonymous with trust and protection.
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RelatedAmerican Express was established in 1850. Although the company today is a leading financial lender, at that time it was one of the first and perhaps even the most successful express delivery business. During this time, the country was moving west, and the United States Post Office was barely developed, not to mention one of the more expensive options for moving items. American Express became one of the most trusted and the fastest options for transporting freight, letters, golf and money from one place to the next.
During this early time, the most notable clients of American Express were in fact large banks. This included the movement of stock certificates and financial instruments, the company provided the safest passage to the west. Later, in 1882, the company founded its money order section. Within just ten years, it sold more than $6 million in money order checks each year. During this time, they also started banking relationships with a number of European banks.
By 1905, the company was offering official currency exchange services to those people coming into Ellis Island as immigrants. Perhaps one of the most significant occurrences in the company's history was the help they provided to thousands of stranded tourists who were trapped throughout Europe when World War I broke out. American Express was the only company to cash traveler's cheques which allowed people the funds they needed to flee. Banks had stopped accepting foreign letters of credit.
Throughout World War II and beyond, American Express faced various turmoils, including the near collapse of the company in 1929. Yet, through the hard work of its employees, the company remained open and survived to come out on top. Throughout this time, American Express offered traveler's cheques, but by 1950, the growing need for the credit card encouraged the company to begin lending.
Today, American Express has developed into one of the leading credit lenders in the world. What is still evident in American Express is the security that helped to push the company through two World Wars and the Great Depression. The company is strong, large and often one of the best investments for individuals and businesses.
Write to Sandy Burke at sandy@creditdonkey.com
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