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April 24, 2007

Top 5 Reasons American Express Is a Crack Whore

posted by MR WAVETHEORY at 4/24/2007 08:12:00 PM
American Express Company (NYSE AXP) is in major trouble. It's credit quality is deteriorating faster than you can say "SOS." It has gotten into trouble by granting credit to everybody under they sun and here are 5 reasons American Express is like a crack whore. In fact, I will prove to you that the credit card business is quite similar to the drug business :-) (I mean this in a lighthearted way, so don't get carried away at the analogies!)

1) American Express gives 12 months of 0% interest. Yay! Free Money? Crack whores? First hit is free.

2) American Express raises interest to 20% after 12 months. Oh crap! Crack whores? Second hit will cost you money.

3) American Express gives you points for spending. Crack whores let you score with them when you spend!

4) American Express gives you a personal concierge so that you can arrange a nice menage et trois any where you want to be. Crack whores? Well .... they'll show you a good time!

5) American Express will take away your credit immediately you lose your job. Crack whores? No money. No honey!

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