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AmEx (AXP) Launches Rewards Card for Australia's Gen Z & Millennials
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American Express Company (AXP - Free Report) recently introduced the American Express Essential Rewards Credit Card, which is infused with lucrative rewards that can be availed for expenses incurred on dining, retail and streaming services. The card carries a monthly fee of $9.
Cardholders can earn five points per dollar spent at restaurants, cafes, bars, fast-food outlets and select food delivery services in Australia. Additionally, they can earn three points per dollar on some of the specific major streaming services, two points per dollar at popular retailers like Myer, Kmart, The Iconic, Amazon, Bunnings and Uniqlo, and one point per dollar on all other purchases.
The card also includes complimentary insurance, such as Smartphone Screen Cover, purchase protection and fraud protection, thereby offering added security and peace of mind to the cardholders.
By integrating such widespread benefits within the new card, American Express tends to capture the Gen Z and Millennial customer base of Australia. This card is ideal for young consumers who want to maximize the rewards they earn on their everyday spending.
Initiatives similar to the latest one reflect American Express’ sincere efforts to launch card offerings and cater to the evolving needs of the card members. This may attract new clients or retain the existing ones. Since the card-issuing business is an important source of revenues for AXP, the recent move is expected to drive its top line in the days ahead. Management anticipates revenue growth to be in the range of 9-11% in 2024. The new card is a key part of AXP’s ongoing efforts to maintain brand relevance across different generations.
According to a research conducted by American Express on the spending habits of 1,500 Australians (aged between 24 and 35 years), young Australians are keen to enjoy life while working toward financial independence. Half of those surveyed indulged in small treats weekly, such as dining out (60%), buying new clothes (47%), or ordering takeaway drinks (45%).
Shares of American Express have risen 37.2% in the past year compared with the industry’s 12.1% growth.
Northrim Bancorp’s earnings surpassed estimates in two of the trailing four quarters and missed the mark twice, the average surprise being 6.33%. The Zacks Consensus Estimate for NRIM’s 2024 earnings suggests an improvement of 24.9% year over year, and the same for revenues implies growth of 9.2%. The consensus mark for NRIM’s earnings has moved 12.2% north in the past 60 days.
The bottom line of Essex Property Trust outpaced estimates in each of the last four quarters, the average surprise being 1.07%. The Zacks Consensus Estimate for ESS’ 2024 earnings suggests an improvement of 2.5% year over year, and the same for revenues implies growth of 3.6%. The consensus mark for ESS’ earnings has moved 0.3% north in the past 30 days.
SEI Investments’ earnings outpaced estimates in two of the last four quarters and matched the mark twice, the average surprise being 1.69%. The Zacks Consensus Estimate for SEIC’s 2024 earnings suggests an improvement of 19.9% from the year-ago reported figure, and the same for revenues implies growth of 9.1%. The consensus mark for SEIC’s earnings has moved 0.5% north in the past 30 days.
Shares of Northrim Bancorp, Essex Property Trust and SEI Investments have rallied 39.3%, 15.9% and 9.6%, respectively, in the past year.
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AmEx (AXP) Launches Rewards Card for Australia's Gen Z & Millennials
American Express Company (AXP - Free Report) recently introduced the American Express Essential Rewards Credit Card, which is infused with lucrative rewards that can be availed for expenses incurred on dining, retail and streaming services. The card carries a monthly fee of $9.
Cardholders can earn five points per dollar spent at restaurants, cafes, bars, fast-food outlets and select food delivery services in Australia. Additionally, they can earn three points per dollar on some of the specific major streaming services, two points per dollar at popular retailers like Myer, Kmart, The Iconic, Amazon, Bunnings and Uniqlo, and one point per dollar on all other purchases.
The card also includes complimentary insurance, such as Smartphone Screen Cover, purchase protection and fraud protection, thereby offering added security and peace of mind to the cardholders.
By integrating such widespread benefits within the new card, American Express tends to capture the Gen Z and Millennial customer base of Australia. This card is ideal for young consumers who want to maximize the rewards they earn on their everyday spending.
Initiatives similar to the latest one reflect American Express’ sincere efforts to launch card offerings and cater to the evolving needs of the card members. This may attract new clients or retain the existing ones. Since the card-issuing business is an important source of revenues for AXP, the recent move is expected to drive its top line in the days ahead. Management anticipates revenue growth to be in the range of 9-11% in 2024. The new card is a key part of AXP’s ongoing efforts to maintain brand relevance across different generations.
According to a research conducted by American Express on the spending habits of 1,500 Australians (aged between 24 and 35 years), young Australians are keen to enjoy life while working toward financial independence. Half of those surveyed indulged in small treats weekly, such as dining out (60%), buying new clothes (47%), or ordering takeaway drinks (45%).
Shares of American Express have risen 37.2% in the past year compared with the industry’s 12.1% growth.
Image Source: Zacks Investment Research
AXP currently has a Zacks Rank #4 (Sell).
Stocks to Consider
Some better-ranked stocks from the Finance space are Northrim BanCorp, Inc. (NRIM - Free Report) , Essex Property Trust, Inc. (ESS - Free Report) and SEI Investments Company (SEIC - Free Report) . While Northrim Bancorp sports a Zacks Rank #1 (Strong Buy) at present, Essex Property Trust and SEI Investments carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Northrim Bancorp’s earnings surpassed estimates in two of the trailing four quarters and missed the mark twice, the average surprise being 6.33%. The Zacks Consensus Estimate for NRIM’s 2024 earnings suggests an improvement of 24.9% year over year, and the same for revenues implies growth of 9.2%. The consensus mark for NRIM’s earnings has moved 12.2% north in the past 60 days.
The bottom line of Essex Property Trust outpaced estimates in each of the last four quarters, the average surprise being 1.07%. The Zacks Consensus Estimate for ESS’ 2024 earnings suggests an improvement of 2.5% year over year, and the same for revenues implies growth of 3.6%. The consensus mark for ESS’ earnings has moved 0.3% north in the past 30 days.
SEI Investments’ earnings outpaced estimates in two of the last four quarters and matched the mark twice, the average surprise being 1.69%. The Zacks Consensus Estimate for SEIC’s 2024 earnings suggests an improvement of 19.9% from the year-ago reported figure, and the same for revenues implies growth of 9.1%. The consensus mark for SEIC’s earnings has moved 0.5% north in the past 30 days.
Shares of Northrim Bancorp, Essex Property Trust and SEI Investments have rallied 39.3%, 15.9% and 9.6%, respectively, in the past year.