American Express is losing young customers to uber-popular Chase cards and fintech companies like PayPal. The company’s market share of total credit card purchases in the U.S. fell from 25.4% in 2015 to 22.9% last year, and their new CEO wants to rebuild the brand’s “cache” with Millennials by being “very focused on innovating.” The luxury card market is increasingly expensive to compete in, and the brand’s recent push for more lending makes shareholders “worried about future credit losses.” (WSJ)
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