How the once mighty American Express card has fallen. It seems that perks the plastic once garnered are quickly dwindling.
FOX News Radio's Gurnal Scott explains:
It was an 80's tagline so famous -- even the Muppets got in on it...
(Commercial) "The American Express card. Don't leave home without it!"
Now consumers are struggling to find a reason to take it with them.
Retailers like Costco and airlines that granted special access to cardholders are steadily defecting to other credit card companies. Competition is the main reason -- Visa and CitiGroup are more aggressively pursuing AmEx clients.
A legal setback in an anti-trust suit could also open the door for merchants to choose a preferred credit card company. American Express is appealing. A loss there could mean a revenue hit by lowering card processing fees in an effort to keep customers.
Gurnal Scott, FOX News Radio.