Shopp​ers Tight​en Belt As US Enter​s Reces​sion & Mervy​ns Says It Will Close​ All 149 Store​s & American Express Cards Cancelled In Major US Cities

[Mrs. Sharon B. Hodge]

Shopp​ers Tight​en Belt As US Enter​s Reces​sion


Well, a recession, I mean DEPRESSION, is already on its way...


Shoppers add to recession fears
(01:35) Report
Oct. 17 - Recession concerns were heightened Friday after separate reports showed consumer attitudes in a record plunge and housing starts at a more than 17-year low, But President Bush tried to reassure Americans the economy will recover once recent, steps taken are given time to work. Conway Gittens reports from New York.




Mervyns Says It Will Close All 149 Stores


You're going to see a lot more of this happening as time goes on. We are in a bad shape and although it hasn't affected most people I am fairly confident it will.


http://www. youtube. com/watch?v=iN3OI87tq_Y




Ameri​can Expre​ss Cards​ Cance​lled In Major​ US Citie​s




Not news but sure is news to me... LA Chicago NYC sound like the perfect false flag targets too, by election November? Bankers always know best, right

****************************
AmEx's Hip Cards to End
****************************

Wall Street Journal
AUGUST 2, 2008

http://online. wsj. com/article/SB121764307446506839. html?mod=goog...

Niche Offerings Fail to Generate Enough

American Express Co.
is pulling the plug on a much-hyped line of credit cards that were aimed at attracting young and affluent customers in New York, Los Angeles and Chicago

The company, which has been weighed down by rising delinquencies and a slowdown in consumer spending, is also discontinuing three other niche cards that were aimed at engaged couples, newlyweds and avid golf fans

"Although the cards did help acquire new and different prospects for AmEx, we didn't see enough demand for us to continue to offer them," said spokeswoman Desiree Fish

The cards, which didn't have an annual fee, will be discontinued on Nov. 1. In addition to the so-called city cards, AmEx is dropping the Knot, the Nest and the Golf cards.
Cardholders will receive the company's traditional no-fee Blue credit card as a replacement

Losing the Gray
Long known for catering to gray-haired executives, AmEx launched the city cards with a lot of fanfare a few years ago.
The cards were aimed at hip, urban professionals younger than 25 who typically considered AmEx to be the card of their parents and who favored debit cards over credit cards

Slick on the Subway
The New York-based company introduced the slick, black IN:NYC card in 2005 with a whimsical advertising campaign throughout the city's subway system and on billboards around Manhattan.
The card had its own rewards program and tempted consumers with perks like yoga classes and happy-hour discounts

AmEx employees signed up new customers as they waited in line at popular nightclubs and other events

The problem was that the cards weren't considered distinctive enough to attract members of the hip crowd, who also were being flooded with other credit-card offers

Furthermore, the separate rewards programs meant that cardholders were locked out of AmEx's highly regarded Membership Rewards program

"In focus groups, customers said they wanted broader rewards. The Membership Rewards program makes more sense for them," said Ms.
Fish, the AmEx spokeswoman

It is also extremely expensive for credit-card companies to maintain rewards programs.
AmEx also has a variety of other niche cards, which aren't affected by the move

The decision to discontinue the cards comes as AmEx is reining in credit on a broad swath of its customer base.
In July, the company said second-quarter earnings tumbled 38% from year-earlier levels as even affluent consumers began to spend less on discretionary purchases

The cards that are being discontinued played a big role in AmEx's strategy to aggressively expand its lending portfolio.
Best known for charge cards that require customers to pay off the entire balance each month, AmEx in recent years has launched a slew of new credit cards that allow consumers to carry a balance

Pay the Bills?
Although AmEx executives say they didn't lower their lending standards to attract the new customers, delinquencies and defaults have been rising steadily in the company's lending portfolio as customers find it harder to pay their bills

AmEx doesn't break out details about credit quality on its different types of cards

It also doesn't disclose how much consumers are spending on the individual cards or the number in circulation

Write to Robin Sidel at [e-mail]