Even better, due to more competition and excess capacity in the North American car rental industry, American Express expects rates to remain unchanged in 2012.
Like the rest of the payments industry, American Express is racing to attract tech-savvy customers who in the future will be making purchases through their mobile phones in addition to the old-fashioned cash register.
After a disappointing set of Q3 results from FedEx last week driven by overcapacity in the international freight industry and an unfavorable volume-mix in the express package delivery segment, we have adjusted our price estimate for the company.
Certainly there are concerns that people express from time to time - has the industry really learned the lessons?
The entire travel industry adopted similar tactics, with credit card companies like American Express close behind.
"Waiting in line for a movie they have anticipated being part of for months is a way for fans to express their enthusiasm, " said one senior film-industry executive.
American Express charges merchants a higher fee on its card products at close to 2.25% compared to the industry average of 1.9% of the billed amount since American Express customers tend to be higher income and higher spending consumers on average.
However, a number of financial giants, led by American Express, are proving that there is indeed a way for the industry to innovate in a profitable and economically sustainable way: through social media.
"It was the backbone of the industry and it sank to an all-time low as writers wanted to express themselves on a bigger stage, " says Larry Novenstern, executive vice president and managing director of national and local TV investments at Optimedia.
If Cablevision officials could speak candidly, they might express some sympathy for their soon-to-be competitors--the cable industry went through the same process 20 and 30 years ago, when it first secured franchise agreements, offering towns incentives like community access channels in return for the right to pipe TV into their homes.
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