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American Express began in New York in 1850 as an express delivery service and quickly became one of the most successful to operate during a time of intense US westward expansion. As a majority of their clients were banks, American Express began to create and sell their own financial products such as money orders and travelers cheques.

In 1882, American Express launched the money order business, which proved an almost instant success. The company introduced the world’s first travelers cheque in 1891 and within ten years was selling more than $6 million in cheques annually.

American Express issued its first charge card in 1958. Within five years, more than 1 million cards were in use at approximately 85,000 establishments within and outside the United States. Soon, the company began introducing local currency cards in markets outside the United States, adding programs that made it possible for cardmembers to extend payment on large travel expenditures, and launching additional products, such as the American Express Gold Card in 1966.

American Express spun off its financial advisory unit in 2005 which now operates independently as Ameriprise Financial.

Best known for its upscale charge card, American Express provides financial, banking and travel services in over 130 countries.

American Express cards are used by many large corporations for their employees to make payments and track expenses. Card holders tend to be more affluent and charge more with American Express than using Mastercard or Visa. American Express also charges a higher processing fee to merchants than Mastercard and Visa.

American Express offers a Platinum card for high-net worth customers with privileges and services for $395 per year. The company also offers a coveted “black card” for super high-net worth customers with unlimited purchasing power.

In 2007, American Express reported revenues of $27.7 billion and net income of $4.0 billion. The company added 8.5 million new cards in 2007.

he company offers medical, dental and vision care.

Employees receive a base salary and merit increases yearly along with lump sum payments for oustanding performers. Incentive pay is also provided for departments that exceed their yearly goals.

A 401(k) plan is offered that matches dollar-for-dollar up to the first 3% of employee contributions along with 1% in a company stock fund. Vesting for this portion is immediate. Profit-sharing contributions are offered after one year of service which can be up to 7% depending upon company performance. Vesting for profit-sharing is 100% after five years of service.

The company also provides a retirement plan after one year of service with contributions ranging from 2.5-10% depending on age and years of service. This plan vests 100% after five years of service.

This post was submitted by Senthil.