BANKING & FINANCE - Jan. 13, 1994
From Times Staff and Wire Reports
New Card Takes Aim at Business Purchasing Market: American Express Co. unveiled its first new card in seven years, one designed to grab a share of the $250 billion companies spend on small purchases every year. The American Express Corporate Purchasing Card takes aim at the costly and inefficient process many large corporations use to make purchases of $1,000 or less, for example, to buy supplies such as staplers and computer paper. Visa International, the bank card association that is a major competitor of American Express, said it found little new in the announcement. Visa’s 6-year-old purchasing card project has sales volume exceeding $1 billion a year and is growing rapidly.
