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American Express' (AXP) New Rewards System to Benefit Members

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American Express Company’s (AXP - Free Report) American Express Rewards Checking Account for U.S. consumer Card Members came up with a way to earn Membership Rewards points and purchase protection with zero maintenance fees or minimums. AXP launched this solution after understanding that customers were looking for a safe digital experience with high annual percentage yield.

This unique digital experience is available from the American Express App. The Card Membership model is targeted at meeting customer requirements with matching products. It is needless to say that AXP has always focused on bringing value to membership ever since the first AXP card was launched in 1958. The financial miscellaneous has often come up with solutions to cater to the changing requirements of customers.

American Express Rewards Checking also added features to the everyday membership experience available to current and approved American Express U.S. Consumer Primary Card Members. They can now earn rewards and benefits on regular purchases. The digital experience that consists of account tracking will surely attract more customers. With American Express Rewards Checking, members get a debit card that enables them to avail contactless payment option at certain merchants.

Customers can now manage their accounts with just a few clicks. Qualified members will also get access to fee-free ATM withdrawals with their Debit Card at 37,000 MoneyPass ATMs across the nation. The integrated payments player continues launching innovative card offerings and enhancing the existing ones to cater to the evolving needs of its card members.

To cash in on the growing popularity of contactless payments, American Express pursues a series of measures focused on technology advancements, introduction of secure digital solutions and assistance in businesses to regulate payments. Given the current situation, AXP will continue to gain from the rise of contactless payment solutions.

Higher Card Member rewards and Card Member services are expected to stay now, given that network volumes and travel-related spending are catching up.

These initiatives bolstered the financial services provider’s digital suite and global foothold of.

American Express carries a Zacks Rank #3 (Hold) at present.

The stock has gained 10% in the year-to-date period against the industry’s dip of 0.7%.

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Stocks to Consider

Some better-ranked stocks in the finance space are Houlihan Lokey, Inc. (HLI - Free Report) , Virtu Financial, Inc. (VIRT - Free Report) and Equitable Holdings, Inc. (EQH - Free Report) . While Houlihan Lokey and Virtu Financial sport a Zacks Rank #1 (Strong Buy), Equitable Holdings carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Houlihan Lokey’s earnings surpassed estimates in each of the last four quarters, the average being 28.08%. The Zacks Consensus Estimate for HLI’s 2022 earnings has moved 11.7% north in the past 30 days.

Virtu Financial’s earnings beat estimates in three of its four trailing quarters (missing the mark in one), the average surprise being 24.76%. The stock has witnessed its 2022 earnings estimate move 21.9% north over the past 30 days.

Equitable Holdings beat on earnings in three of its trailing four quarters (missing the mark in one), the average surprise being 16.21%. Over the past 30 days, EQH has witnessed its 2022 earnings estimate move 0.1% north.

Shares of VIRT have gained 24.3% while the stocks of HLI and EQH have shed 1% and 3.1% of value in the year-to-date period.