[2021-10-28] American Express CEO: Bank Won’t Offer Crypto-Linked Card Anytime

[waybesuricata]

American Express Chairman and CEO Stephen Squeri made it clear that American Express wouldn’t offer crypto-linked cards in the near future. However, it is examining the crypto market and could potentially offer rewards points, besides taking an interest in stablecoins.

American Express Chairman and CEO Stephen Squeri, speaking at the Yahoo Finance All Markets Summit on Oct 25, said that the market wouldn’t be seeing American Express crypto-linked credit cards soon. Squeri did say, however, that he saw major cryptocurrencies like bitcoin and ethereum as gold, as opposed to traditional cryptocurrencies.

The CEO showed restraint about such cards and put the market’s volatility as one of the major factors. He said,

I don’t see it as really something that’s going to make inroads with a credit card perspective in terms of payments. Why? Number one, there are still tremendous fluctuations. Number two, you have the service with it. You don’t have the dispute rights with it. You’re not getting rewards and you are not extending credit.

Source and continuation of news: https://beincrypto.com/american-express-crypto-linked-card/

[bbc.reporter]

Crypto linked cards would open a new passage way for moneylaunderers to move money from the cryptospace to fiat. It will also certainly be a problem on compliance for American Express similar to exchanges. However, FTX offers crypto debit cards linked to their exchange accounts for their American customers.

[DaveF]

AMEX cards are funny, they don't have the bets rewards for the most part but they do have some of the best 'perks' and their customer service is great.
So, I can see why they are going to be a bit slower to bring BTC / crypto onboard. He didn't say no, he just said not soon. As in let everyone else figure it out 1st.

Not 100% a bad thing from a business & customer service perspective. They really have the attitude of the customer is always right and the merchant is always wrong. Adding crypto price fluctuations is just another thing that may take away from the customer experience. So they are going slow.

With that being said, there are many AMEX branded cards being issued by other financial institutions and businesses. So you never know.

-Dave

[buwaytress]

^ Yeah, I've always been envious of Amex holders. I can get a Visa or Mastercard pretty easily these days (but I don't have one anyway) but the requirements for Amex have always been out of reach, being a freelancer, at least where I am now.

Nothing comes close to their privileges and airmiles, and they've seemed content over the years to maintain that air of exclusivity. I think you'r right. They don't mind sitting back and letting Visa/MC take the heat as early adopters, and then learn from them and perhaps even lure disgruntled users from their rival network.

I, too, read this as a "not yet" rather than a "never".