Based on internal comparison of American Express small merchant locations in December 2016 to American Express small merchant locations in December 2018.
Nilson Report #1,147, February 2019. Spend per card derived from U.S. year-end purchase volume divided by year-end cards in force (CIF), not from individual consumer-level data. CIF represents the number of cards issued and outstanding with cardholders. Average Non-American Express spend per card includes Visa, Mastercard and Discover credit and charge card volume and CIF and excludes debit volume and CIF.
Spend capacity for US Small Businesses based on commercial information as of July 2016. AXP spend capacity based on analysis of US OPEN population. Competitor lines based on Small Business Financial Exchange (SBFE) data from Equifax; Spend capacity for our largest US Small Business Accounts based on December 2017 AXP OPEN data for customers with over $1MM annual revenue and more than $500k in annual spend. Competitor lines based on Small Business Financial Exchange (SBFE) data from Dun & Bradstreet.