Word: skillern
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Dates: during 1994-1994
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...revolving credit at rates expected to rival AmEx's less tony rivals. And where business travelers were once AmEx's preferred clientele, every creditworthy American will now be wooed. "There were four major areas where we were not up with the competition: fees, coverage, revolving accounts and rewards," Frank Skillern, president of AmEx's U.S. consumer-card group, admits with eat-plastic humility. "We're a little late in recognizing marketplace change, but here we are, recognizing it and making changes...
...market is saturated with 1 billion pieces of plastic, issued by 6,500 companies. "Industry competition has turned into quite a fray," says Mark Tonnesen, president of credit-card services for Bank One in Columbus, Ohio. "The winner in all of this is the consumer." Even AmEx's Skillern acknowledges that "the world probably doesn't need a new credit card," though he remains confident that "consumers will welcome a new series of value propositions." (That's industry-speak for such card bonuses as the frequent-flyer miles and discount phone calls that have proliferated over the past decade...
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