"AmEx already faces a number of challenges. It has been trying to recover from recent losses of large card partnerships and now finds itself on the defensive in a market it has long dominated. AmEx on Wednesday released first-quarter results that beat market estimates, though revenue net of interest expense was down 2% from a year prior, the fourth consecutive quarterly decline."And the card battles are personal with much of the competition coming from AmEx alums. Gordon Smith, currently head of J.P. Morgan's consumer and community banking division, was with AmEx for more than 25 years until 2007. John Steward, U.S. Bank’s president of retail payment solutions, who is spearheading the Altitude Reserve launch, spent 26 years at AmEx. Similarly, Citi's chief executive of cards, Jud Linville, was previously chief executive of consumer services at AmEx."
"It will be a tough ask for some consumers to check out another luxury credit card with a hefty annual fee, experts say. 'Nobody quite knows how big the market is for these high annual fee credit cards or if somebody who has already applied for another one would be willing to do it again,' said Matt Schulz, a senior industry analyst at the credit card site CreditCards.com. 'That might be challenging for this card.'"
"The Altitude reserve visa infinite metal card, with an annual fee of $400, and $325 travel credit, is definitely a no-brainer even without other perks, such as 12 annual gogo wifi passes, low-end PPS membership, silver car discount, TSA pre reimbursement, etc. And what makes it too good to be true is the mobile wallet spending bonus 3x, unlimited...think about all things you can do with mobile pay, you can get 3x and 4.5% if redeemed in travel category. Again! It's [a] no-brainer."
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