American Express (AXP) Keeps You Shopping!!

Looks like heavy promotional activity like big discounts spurred shopping traffic last year and many people have been using credit cards. I’m most likely sure you’re one of them my friend! The more credit cards being used, the more profits credit card companies make. Consumer spending increased during the holidays to buy gifts or whatever is needed for Christmas. More shopping means more chances of using credit cards. Given the fact that unemployment claims have been settling since mid of 2009, credit card companies have better reasons to offer credit cards to consumers because if more people have jobs, more people make money. Thus, people have better spending ability and if they use credit cards, they can most likely pay it off with their salary. Since American Express Company (AXP) is one of the biggest credit/charge card company out there, it sure gets a big piece of the “credit card spending” pie.