Word: amexco
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American Express (890,000 cardholders) and Diners' Club (1,250,000) have also profited by tightening up their operations. Though its earnings are buried within Amexco's overall figures, Amexco's credit card last year turned its first profit since starting five years ago, had billings of $189 million. For its current business year, Diners' Club will probably show earnings of about $2,000,000 on billings of $200 million. Both companies have cut thousands of poor risks from their rolls, and Amexco has installed a sophisticated data processing system that sends out not only bills...
Unwitting Help. Since the IRS ruling was announced in November, applications have risen 40% for Diners' Club cards, 17% for Amexco cards. Applications for Carte Blanche have jumped 50% so far this month. And though many credit card industry executives had feared that businessmen would spend less with the Government looking over their shoulders, the average individual tab charged on Amexco cards in January climbed $1 to $23. Apparently, Mortimer Caplin has unwittingly helped the credit card industry to convince only too willing Americans that living on the card as well as on the cuff is the proper...
...Careful Caretaker. Amexco is conservative with the Float, invests it chiefly in government bonds and tax-free municipals. "We take good care of other people's money," says Clark, an earnest lawyer and C.P.A., who became president of Amexco three years...
...Amexco takes good care of its own money too. Earnings last year were $9,200,000, and 1962 promises to be even better. The travel business has bounced back from a slowdown last year, and even Amexco's credit card operation, a consistent money loser since its introduction in 1958, has finally moved into the black. To turn the trick, Clark a year ago increased credit card dues from $6 to $8 a year, tightened credit and ordered his 100-man security force to pick up cards from deadbeats...
Long Way to So. Under Clark, Amexco is putting increased emphasis on its financial operations. Though it is already licensed as a banking firm in 15 countries (not including the U.S.), Amexco, with $300 million in deposits, still ranks far below such globe-girdling banking networks as those operated by New York's Chase Manhattan or First National City. But Amexco's regional managers are currently engaged in a doorbell-ringing campaign to line up more commercial banking business. In line with this drive, the company recently announced plans to put up a new commercial banking office...