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American Express Eliminates Monthly Gift Card Fees, Partners with Simon
October 15, 2009
By Donna M. Airoldi
American Express has eliminated monthly fees on all of its gift cards, so users no longer have to worry about their cards declining in value if they don’t use them quickly. The change is effective immediately and includes all cards already in stores, those heading to stores and cards already purchased.
“Customers told us that monthly fees undermine the value of gift cards, plain and simple,” said Alpesh Chokshi, president of Global Prepaid, American Express. “We believe this sets a new gold standard among gift cards and provides a win for consumers and our business. Recipients now have a gift card that’s 100 percent gift, 0 percent fees.”
There are no fees for activation, no fees for checking a balance, no fees for monthly servicing, no fees for card replacement, and the funds on the cards never expire. The company says it is now the only major issuer of universal, or “general purpose,” gift cards to eliminate all fees after purchase.
In addition, American Express announced it is now the primary provider of gift cards for Simon Property Group (SPG), owner of regional malls, Premium Outlet Centers and The Mills. SPG has sold more than 41 million cards since it launched its gift card program in 2003.
“Simon has been an innovator in this space, and through our expanded relationship with American Express we will continue to reinforce our leadership position,” said Mikael Thygesen, SPG chief marketing officer. “The elimination of monthly fees on the American Express/Simon gift card will be a major differentiator in the marketplace and will drive our growth this season and beyond.”
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