RIYADH,13 December 2007 — A diversified travel and financial services company, American Express, a leader in charge and credit cards, travelers checks and financial planning; has introduced a multi-featured corporate card into the Saudi market, a move that had made Amex (Saudi Arabia) Ltd., the first firm to debut the business in the Kingdom. “In fact, Amex has developed a robust American Express Corporate Card that is also used by over 70 percent of the Fortune 500 companies,” said Fahad Mubarak Al-Ghuthami, Amex chief operating officer, in an interview, here.
The corporate card, Fahad said, has been developed to meet the rising demand for business travel from companies operating in the country, and it is quite different from the current traditional cards issued by various financial institutions globally that are mainly consumer cards with corporate labels. “American Express, through its local presence, Amex (Saudi Arabia), has offered the new corporate cards to Saudi businesses, which have become immensely popular,” he said.
Referring to the American Express, which has become a world leader in providing corporate cards to ease the whole process of organizing and managing business expenses, Fahad emphasized that “Amex is offering two secure cards with added features and functions”. The first is American Express Corporate Card, which is “a flexible tool providing an end-to-end expense management solution that also simplifies travel and entertainment expense management”.
He said that the corporate card is equipped with innovative features such as “spending controls, managed cash access and automated expense reporting,” besides contributing to a significant reduction in costs. “The corporate card is very useful as business travel market and the local economy as a whole is growing tremendously in Saudi Arabia, and I have every reason to believe that there will be more movement next year, given the market growth, the flow of heavy investment and the rising number of air routes.”
Fahad said that the design of the cards leverages the infrastructure already in place for the personal card and add functionality to meet corporate clients’ critical needs. “The members are allowed to choose his/her account currency, given access to airport lounges regardless of class of travel and given emergency assistance with referral to medical and legal services in conjunction with the American Express network of over 17,00 offices worldwide,” he said.
These benefits are in addition to the door-to-door business travel accident insurance, travel inconvenience insurance, corporate partner program, express cash service, emergency card replacement and membership reward program. He also pointed out that American Express offers a range of settlement options to the cardholders, which has been another major strength of this product.
Spelling out the salient features of another highly popular card, ‘American Express Business Card’, Fahad said that “this card is packed with features that can help businessmen lighten their workload, smooth out cash flow, balance books and keep costs down or use while traveling as tourists”. “As a Business Card holder, one is not restricted to any pre-set spending limit,” said the Amex COO, adding that one can set his/her own limit by his normal spending pattern with the American Express Business Card.
“It works hard for you when you’re at your home base and it works harder still when you’re traveling,” Fahad said, adding that the Business Card also offers emergency assistance and business travel accident insurance. The Business Card holders are also entitled for travel inconvenience insurance, emergency card replacement, express cash and emergency check cashing at American Express offices worldwide. Moreover, Amex policies and initiatives also ensure protection against fraud, safeguard against charge-backs and effectively manage merchant and customer inquiries.
Referring to the American Express Membership Rewards Program, COO Fahad said that “this program is growing fast and well. “We’re delighted to introduce a range of new partners to the Membership Rewards Program,” said the Amex official. Details can be seen on www.americanexpress.com.sa. He said that those, who use Basic Personal Card, Gold Card, Gold Credit Card, Platinum Card, Platinum Credit Card, Business Card and other Cards that Amex (Saudi Arabia) Ltd may issue from time to time are eligible for participation.
“Basic Corporate Card members may also enrol in the program unless their company has chosen not to participate,” said the Amex official. Supplementary cards will automatically be included with the basic cards on enrolment, but supplementary cards cannot be enrolled separately from the basic cards. “Rewards may be earned faster by enrolling in one or more of our airline or hotel partners’ programs. Then when you purchase tickets from the respective airline partner or stay at the respective hotel, and charge it to an enrolled American Express Card, you will collect miles or points from their program as well as Membership Rewards points”, he said.
This will enable a customer to be rewarded twice for the same transaction. “Also, don’t forget that Membership Rewards Program points are earned whenever and wherever you use an enrolled Card, so the more you use it, the faster you earn rewards,” Fahad said. “One can also collect rewards points by enrolling additional cards into the program. If you would like a card for separate business and personal expenditure, or a supplementary card for members of your family, all you have to do is give us a call,” he said.
Asked about the expanding operation of American Express in Saudi Arabia, he said that the Amex has expanded services offered to its cardholders and businesses accepting it by establishing a fully autonomous service center in Riyadh. A large number of organizations including hospitals, supermarkets, retail outlets, hotels and service establishments accept American Express cards electronically. Amex cardholders are also known to spend significantly more using Amex cards than using other cards.
Therefore, merchants welcoming American Express cards have a significant advantage. “The system of payment also facilitates issuance of easy-to-read receipts for American Express card members, while merchants receive direct settlement into their bank accounts,” explained Fahad. Amex (Saudi Arabia) is investing significantly on technology over the next few years to continuously improve member experience with Amex, while launching new products and services.
Also, Amex has launched an innovative international ‘American Express Selects Program’ that provides its card members with access to thousands of high quality shopping, dining and travel offers in over 50 countries worldwide. With a tag line of ‘The World offers, We select, You enjoy’, the program allows American Express card members to benefit from a wide range of tailor-made exclusive discounts and value-added offers, when they use their American Express cards.
Fahad said that card members could easily view the offers by browsing the Selects Section at www.americanexpress.com.sa and obtain detailed information. He said, “The American Express brand is recognized for the privileges it gives to its card members.” “This is a very important addition to our services in the Kingdom that caters to the unique lifestyle of our card members,” he noted, adding, “We are keen on utilizing our global experience in providing premium value to our card members in the Saudi market.”
American Express is a diversified worldwide travel, financial and network services company founded way back in 1850. It is a world leader in charge and credit cards, travelers checks, travel, financial planning, business services, insurance and international banking. Amex Saudi Ltd was established in 1999 as a joint venture, equally owned by Amex (Middle East) E.C. and the Saudi Investment Bank. It owns and operates the American Express card and merchant business in Saudi Arabia.
