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17/11/2009 -
Following a positive report on credit card processing activity last week, American Express said Monday that next quarter is expected to see even more credit cards spending.American Express chief financial officer Dan Henry said at the Reuters Global Finance Summit in New York that spending trends are expected to increase in the fourth quarter, though the company is still maintaining a cautious approach, Reuters reported.
The company last week announced that worldwide annualized billings increased by 3 percent in October, the highest level so far this year.
"[The improvement] is really pretty broad based," Henry told Reuters. "We saw it in the U.S., as well as internationally, we saw it across all of our products. Probably more in charge cards compared to credit cards, but it was broad based in consumers, small business and our corporate cards."
Though credit card processing activity is expected to pick up soon, Henry was unsure of how long it would take for charge-off rates to sink back to normal levels - Reuters reported that American Express charge-offs fell to 7.8 percent in October, from 8.4 percent in September.
Other major credit card companies reporting lower charge-offs in October were Bank of America, Citigroup, Chase and Capital One, the Wall Street Journal reported.
