CUSTOMER SATISFACTION STUDY OF AMERICAN EXPRESS CARDMEMBERS

FINAL PROJECT REPORT (MARKETING)

BRIJENDRA SINGH DAHIYA ROLL NUMBER: 991083 PGDBM (FMG WAVE 8

F!"# $%&!!' !( )*+*,#)#+-

CERTIFICATE OF COMPLETION
Certified that the project report entitled customer satisfaction study of American E !ress cards"# submitted by $ri%endra &in'( )a(iya# Roll No. **+,-., PGDBM pro ramme, is the compilation of !or" done by him under my o#erall super#ision.

)r/ M/ L/ 0arma (Interna1 'uide)

N*)#: R!'' N!2 D*-#: P'*%#:

B"./#+0"* S.+,& D*&.1* 991083

N#3 D#'&.

TABLE OF CONTENTS

12 E4#%5-.6# $5))*"1 72 C5$-!)#" $*-.$(*%-.!+ 32 I+0.*+ %"#0.- %*"0 $%#+*".! 82 S.,+.(.%*+%# !( -&# 9"!/#%:2 P"!/#%- !;/#%-.6#$ <2 A;!5- A)#".%*+ E49"#$$ =2 M#-&!0!'!,1 82 S5"6#1 "#$5'-$ 92 A+*'1$.$ !( 0*-* 102 112 C!+%'5$.!+$ *+0 "#%!))#+0*-.!+$ A99#+0.4

A%>+!3'#0,#)#+-$

I 2ou1d 1i3e to e !ress my 'ratitude to )r/ M/ L/ 0arma# my interna1 'uide# for (is 3ind mentors(i! and 'uidance in assistin' me 2it( my fina1 !ro%ect/ 4is academic in!uts !ro5ided me 2it( insi'(ts t(at 2ere in5a1ua61e for com!1etin' t(is !ro%ect/

I 2is( to e !ress my dee! 'ratitude and sincere t(an3s to American E !ress $an3 for 'i5in' me t(e o!!ortunity to en(ance my s3i11s in t(e fie1d of credit card mar3etin'

I 2ou1d a1so 2is( to t(an3 Mr/ Ra%es( )aryani# Aut(ori7ation (ead# American E !ress for !ro5idin' me 2it( 5a1ua61e in!uts re1atin' to t(e functionin' of American E !ress as an or'anisation/

E8EC9TI0E &9MMAR:
$he credit card industry in %ndia has re istered an encoura in ro!th in recent times, but the

usa e pattern of credit cards remains a point of concern, those in the industry say. $here has been a se#en&fold increase, !ith the number of cardholders touchin o#er '( la"h. $hese fi ures point to!ards the fact that the credit card industry in %ndia is ro!in at a bris" annual rate of ') per cent and is e*pected to ro! at a similar rate in the comin years. +hile issuin the cards may seem to be easy, the challen e for the ban"s lies in bein able to mana e their portfolios by "eepin the delin,uency le#els at the lo!est and customer satisfaction le#els at the hi hest. Customer satisfaction is the "ey to success. -ou !ant customers to be happy !ith the products and ser#ices you pro#ide. %f they feel they ha#e recei#ed ood #alue for their money, your business !ill prosper. Gettin your customers to tell you !hat.s ood about your business, and !here you need impro#ement, helps you to be sure that your business measures up to their e*pectations. /part from attractin potential card users, customer retention is also one of the most

important factor influencin a card issuer.s success. /merican 0*press entered the %ndian Mar"et earlier than most other players present today. /m0* has been able to enerate a lar e base of cardmembers till date. +ith the influ* of ne! financial institutions in the card mar"et, people ha#e started usin cards on a more re ular basis. $he le#el of ser#ices pro#ided by these or anisations is increasin day by day. /m0* needs to "eep pace !ith, if not score o#er these companies on ser#ice le#els bein pro#ided to the customers. %n order to ensure that the e*istin customers stay loyal, /m0* has to ascertain !hether its e*istin customers are satisfied !ith its current ser#ice offerin s. $his research has tried to study the satisfaction le#els of a sample of 1)) /merican 0*press cardmembers. $hese respondents each hold /m0* cards, !hich may be of different "inds. $hese could be any one of the ( different cards offered by /merican 0*press.

C9&TOMER &ATI&FACTION
Customer satisfaction is the "ey to success. Gettin your customers to tell you !hat2s ood about your products or ser#ices, and !here you need impro#ement, helps you to ensure that your business measures up to their e*pectations. No matter !hat type of business you2re in, sur#eys are a #aluable tool that help you collect the information you need to understand, e#aluate, and enhance customer satisfaction. Customer satisfaction sur#eys help to3 1. %mpro#e customer, client, or employee loyalty. 4. React ,uic"ly to chan es in the mar"et. '. %dentify and capitali5e on opportunities. 6. Beat the competition. 7. Retain or ain mar"et share. 8. %ncrease re#enue. 9. Reduce costs.

%t ta"es a lot less money to increase your retention of current customers than to find ne! ones&but % "no! % don2t i#e it as much effort as % should because it does ta"e a lot of ener y and effort: Customers li"e to interact !ith people !ho do more than process and handle transactions. $hey often re,uire access to technical information and e*pect ood interpersonal and communication s"ills. $o accomplish these objecti#es, companies need to share missions, #isions and oals. $hey need to monitor chan in customer e*pectations and modify the deli#ery of ser#ice and product ,uality to match these e*pectations on an on oin basis.

I+0.*+ C"#0.- C*"0 S%#+*".!

$he credit card industry in %ndia has re istered an encoura in ro!th in recent times, but the

usa e pattern of credit cards remains a point of concern, those in the industry say. ;e#en years bac", %ndia had a base of around fi#e la"h credit cards. $here has been a se#en&fold increase, !ith the number of cardholders touchin o#er '( la"h. $hese fi ures point to!ards the fact that the credit card industry in %ndia is ro!in at a bris" annual rate of ') per cent and is e*pected to ro! at a similar rate in the comin years. $his fortifies the #ie! that conser#ati#e purchasin ideas are i#in !ay to the bi in&thin . But it is the usability that raises doubts. /ccordin to a sur#ey by the Credit Card < Mana ement Consultancy =CCMC>, 91 per cent of first time credit card applicants in the country ha#e e*pressed the need for ad#ice on appropriate card selection despite the plethora of cards a#ailable in the mar"et. $hrou h this sur#ey it has come to realise a lon felt need of potential and e*istin cardholders for ad#ice on suitable selection of a credit cards. $he !hole idea behind the introduction of the credit cards !as to increase the purchasin capacity of the cardholder. +ith this in mind, the forei n ban"s launched a credit card blit5"rie on the %ndian customer. $he inno#ations ha#e already be un to sho! their effect. $he ;tandard Chartered Ban" has seen its credit card base shoot up after the launch of its Global Rupee Card in March last year. %t has seen the fresh issuance of lobal card increase by more than one la"h, and the ban" no! has a base of more than half a billion. But the real challen e for the ban"s is to ma"e the holder spend more on the card. Goin by estimates, %ndia has a lon !ay to be any!here near the matured mar"ets. $he mar"ets li"e the ?nited ;tates and 0n land ha#e an a#era e annual card spend of 1,')) and ',8)) dollars respecti#ely. $he credit card players !ill ha#e to thin" about simplifyin the forei n e*chan e

transactions. +hen one uses the card, it is entirely his responsibility to ma"e sure that e*chan e controls ha#e been complied !ith. $he ban"s that issue the cards, ha#e made it

abundantly clear that one has to loo" out for himself. %t is upto him to find out the facts of re ulatory life. $he real point of !orry is the spendin on the credit cards. /ccordin to estimates, the a#era e card spendin in %ndia is e#en less than that in %ndonesia. $hose in the credit card business say that per capita credit card spendin in %ndia is about fi#e hundred dollars =Rs 41,7))>, !hereas in %ndonesia, it is about 89( dollars =Rs 4@,176>. /t present there are o#er a do5en players in the credit card mar"et in %ndia, and the fact is the forei n ban"s are clearly the leaders. $he leaders !ill surely be identified by the inno#ations for the card users. But the alarm has been raised for the ban"s by the fi ures that sho! that !hile the a#era e usa e in Malaysia is 49 times annually, in %ndia it is only 11 times. ;ome of the "ey factors impactin the cards business in %ndia are limited credit, !ide eo raphical spread, limited telecommunication infrastructure and emer in re ulatory controls. $he other players feel that the card acceptance base in %ndia has to be !idened. ;u usa e at petrol pumps and rail!ay boo"in s. $hey also point out that thou h the cards business has been in the country for lon , but e#en today the insurance premium cannot be paid by card. $hou h A%C is tal"in about the introduction of this facility to customers, but its turnin into reality may ta"e time. $here is tal" of !idenin the card business !ith ne! features, but the present scenario does not paint a positi#e picture, !ith many loopholes remainin to be plu ed. estions include credit card

Bf the t!enty million ta* payers in %ndia, more than ten per cent of them are cardholders. $hose in the industry point out that this fi ure is not bad, considerin the fact that, the cards business is still in its initial sta es. Co!e#er, the players feel that the business has not reached an optimum le#el to say that they are ma"in money. 0#en the lar est player in the %ndian mar"et does not still ha#e the economies to ma"e the card business really profitable in %ndia, despite the fact that it has more than one million credit card holders. Aess than t!o per cent of pri#ate consumption spendin in %ndia is done on cards. +hile issuin the cards may seem to be easy, the challen e for the ban"s lies in bein able to mana e their portfolios by "eepin the delin,uency le#els at the lo!est. Cu e in#estments in

systems and infrastructure are, therefore, a necessity. $he increase is bein attributed to ne! ideas such as round&the&cloc" functionin of card issuin ban"s and pullin out all stops e#en at a loss, to rab a si5eable share of the e*pandin pie. Not to be left behind in this race, e#en the bi brother, the ;tate Ban" of %ndia in association !ith G0 Capital entered the card business. $he spurt in the card business has athered momentum durin the past couple of years. Dor instance, the Con Eon < ;han hai Ban"in Corporation =C;BC>, !as in the credit cards business since se#en years, but from 7),))) card holders in 1@@9, it has about three la"h card holders no!. %ndia.s fastest ro!in credit card company & ;B% Cards 4.7 la"h credit cardsF47 citiesF18 months. $he joint #enture bet!een %ndia.s lar est ban" G ;tate Ban" of %ndia and one of the !orld.s leadin financial ser#ices companies G G0 Capital, ;B% Cards < Payment ;er#ices =;B% Cards> has issued 4.7 la"h credit cards across 47 cities =the lar est distribution net!or" in the payment card industry> !ithin 18 months. $hereby achie#in the tar et in the fastest period seen in %ndia.s payment card industry. ;B% Cards < Payments ;er#ices attributed this success to ;B%.s enormous brand e,uity, and unparalleled retail branch net!or" coupled !ith G0 Capital.s payment card process and technolo y e*pertise. Ce also hi hli hted ;peed, ;implicity and ;er#ice as the "ey dri#ers of ro!th for the ;B% Card. ;peed ?ni,ue and e*clusi#e 16&day a#era e turnaround time, coupled !ith a#ailability of the ;B% Card in 47 cities in just 18 months. ;implicity ;imple application process !ith minimum documentation. ;er#ice 46 hours a dayH9 days a !ee" local call access to the ;B% Card Celpline across 47 cities. /s a result of the focus on the ;peed, ;implicity and ;er#ice ro!th platform, ;B% Cards today offers the lar est distribution and !idest cash ad#ance net!or" for %ndia.s middle class customers. ;B% Cardholders can access cash for emer ency purposes from o#er 17( ;B% branches across 8( locations in %ndia. INTERME)IARIE&3

%n their attempt to increase their mar"et share, credit card companies are optin for Direct ;ales / ents. $hese D;/s are paid a flat rate a ainst the appro#ed applications. $hey are also pro#ided !ith bonuses either in cash or in "ind at re ular inter#al or if they cross a certain minimum limit. $he D;/ team comprises a ressi#e salesmen !ho #isit different or anisations and professionals. $hey collect filled forms and produce them to the ban" for appro#al. /fter cards are issued they also deli#er the same to the indi#iduals. PROMOTION $he chan in trends in the payment systems are lobal and e#en in %ndia re#ol#e around the chan e in customer needs and the e#olution of financial mar"ets. $raditionally %ndians li"e to pay in cash or at the most a#ail the ser#ices of a ban". /s a result credit card companies had to educate the consumers and spread a!areness of the uses of its products. $he companies ha#e tried to address this issue throu h promotional campai ns3 Placin of ta"e a!ay firms of credit card at more than a thousand merchant

establishments. /ppointin of D;/s ?sin business ma a5ines and ne!s papers for ad#ertisement. Mailin of forms alon !ith contests to professionals and middle mana ement e*ecuti#es etc. $appin the et member route Reducin structure. %ntroduction of photocards. $yin up !ith durable consumer oods manufacturer = e. . Bnida, Philips > to sell their products. Pro#idin /$M facility to their card holders $ra#el assistance #ia teleban"in / their minimum eli ibility criteria and chan in income documentation

C!)9*"*-.6# P!$.-.!+ !( F!"#.,+ B*+>$ .+ I+0.* (!" FY 7000 (R$ )+

HSBC 12476 1215 8373 87547 43023 49185 3%1 5%3 14%51 10%3 CITI STAN 18778 11965 2513 1853 9915 7170 102032 50060 66201 43188 42300 31400 4%7 4%8 7 25%35 10%5 12%2 25%84 9%5 ABN 7302 1188 5760 34229 38964 27171 3%9 2 20%63 10%1 BNP DEUB 2622 6609 215 511 1973 5432 10601 21673 6751 17621 10577 20992 2%7 4%8 0%3 10%90 9%5 17%2 9%41 10%4 BOA AN?G AMEX 8715 14630 4450 1528 1801 277 6867 11323 2579 25117 84777 14183 36574 42334 8919 13013 48862 12266 3%6 3%8 3%6 10 22%25 12%9 0%1 15%91 10%9 14%9 10%74 10%1

Income Net Profit Net Worth Deposits Adv nces Investments !pre d "#$ NPAs & Net 'orth "#$ ()NW "#$ *A( "#$

C4ARGE CAR)&
Char e cards are similar to Credit cards, e*cept that on the due date for payment, you ha#e to pay the !hole outstandin amount. -ou can2t part settle the amount and pay the rest later.

COMPARISON &e1ect Card Acce!tance /merican 0*press %nternational /merican 0*press %nternational Ban" Bf %ndia Ban" Bf %ndia Canara Ban" Canara Ban" Issuers $rand Gold Green %ndia card $aj Premium Can card Can card Card Ty!e /me* /me* Master Master Master Iisa Domestic Domestic Domestic Domestic

Citiban" N/ ?nion ban" of %ndia

Diner.s Club %ndia card

Diner.s Master

Domestic Domestic

COMPARISON OF CREDIT CARDS

C*"0 I$$5#"$
/merican 0*press /merican 0*press /NJ Grindlays Ban" /NJ Grindlays Ban" /NJ Grindlays Ban" /NJ Grindlays Ban" Ban" Bf %ndia Ban" Bf %ndia Ban" Bf %ndia Bennett Coleman Ban" Bf Baroda Ban" Bf Baroda Ban" Bf Baroda Ban" Bf Baroda Ban" Bf Baroda Citiban" N/ Citiban" N/ Citiban" N/ Citiban" N/ Citiban" N/ Citiban" N/ Citiban" N/ C;BC C;BC C;BC C;BC C;BC C;BC C;BC C;BC %C%C% %C%C% %C%C% ;B% ;tandard Chartered ;tandard Chartered ;tandard Chartered ;tandard Chartered

B"*+0
Gold Green Gold Gold ;il#er ;il#er Gold Na#y ;tandard Na#y Iisa Gold $imes Bharat Premium B!n 0*clusi#e Global Gold GoldHPreferred GoldHPreferred %ndian Bil ;il#erHClassic ;il#erHClassic +omen ++D Classic Classic Classic Classic Gold Gold Gold Gold ;olid Gold ;terlin ;il#er $rue Blue Classic Classic Classic Cric"et 0*ecuti#e

C*"0 T19#
/me* /me* Master Iisa Master Iisa Iisa Iisa Iisa Master Iisa BBB Master Iisa Iisa Master Iisa Master Master Iisa Iisa Iisa Master Master Iisa Iisa Master Master Iisa Iisa Iisa Iisa Iisa Iisa Master Iisa Iisa Master

A%%#9-*+%#
%nternational %nternational Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic Domestic %nternational Domestic %nternational %nternational Domestic %nternational %nternational Domestic Domestic Domestic %nternational Domestic %nternational Domestic %nternational Domestic %nternational %nternational Domestic Domestic Domestic %nternational %nternational %nternational %nternational

;tandard Chartered ;tandard Chartered

0*ecuti#e Gold

Iisa Iisa

%nternational %nternational

With the credit c rd tr+,- .ecomin/

n intern tion , citi0en1 iss+ers h ve .e/+n ,on/ 'ith the . sic prod+ct% Whi,e

hi/h,i/htin/ the v ,+e2 dded fe t+res offered their re' rd schemes% With

some of them re offerin/ ttr ctive interest r tes1 others re ,+rin/ c+stomers .p,ethor of choices on offer it is not e s- to come to decision on n- p rtic+, r c rd% C!)9*".$!+ .+ $#"6.%# !((#".+,: 1% 3irst1 there4s the %"#0.- '.).-% A,, . n5s h ve different ,imits set for c+stomers dependin/ +pon the t-pe of c rd in their possession% 6ven 'ithin p rtic+, r t-pe of c rd1 ,imits m - v r- dependin/ +pon the credit 'orthiness of the individ+ ,% 7his depends1 mon/ other thin/s1 on the /ross income of the individ+ , nd the period for 'hich he&she is +sin/ the c rd% 8o'ever1 some . n5s ,i5e *iti. n5 nd Americ n 69press h ve c rds th t h ve no set credit ,imit% Ame9 h s "provided the ho,der rep -s the mo+nt t one /o$% 2% !econd criteri co+,d .e the '!$- %*"0 '.*;.'.-1% If one is tr ve,,in/ nd h s ,ost his&her credit c rd then reportin/ the ,oss 'i,, not .e m+ch of inform tion on one4s c rd s 'e,, pro.,em% 8!:*1 *iti. n51 !t nch rt nd Ame9 c n .e re ched from n- corner of the 'or,d for s for reportin/ the ,oss% )thers 'i,, m i, ,ost c rd is ni, for *iti. n51 8!:*1 rep, cement c rd to the ho,der4s m i,in/ ddress 'here s Ame9 'i,, rep, ce the c rd 'ithin 48 ho+rs free of cost% ;i .i,it- for 8o'ever1 the non2photo c rd c rries Ame9 "once the . n5 is informed .o+t the ,oss$ nd the !t nch rt photo c rd% ,i .i,it- of (s 11000% ch r/e c rd1 'hich h s no +pper ,imit nd ,,o's one to spend s m+ch s one ,i5es

3% No' d -s1 ,most ,, c rds come 'ith v rio+s ,!!0.#$ tt ched% 7hese inc,+de ir,ine tic5et .oo5in/ nd ins+r nce .enefits on ,ost ,+// /e nd ccident , de ths% 8!:*1 for e9 mp,e1 offers disco+nts of 3%5# on domestic irf res nd

6%5# on intern tion , ones if tic5ets re ch r/ed to their c rds% 7he , test in ,ine of v ,+e dded fe t+res re the re' rds pro/r ms% 8ere cert in n+m.er of points .- spendin/ e9 mp,e +ses s<+ red / inst c rdho,der e rns p rtic+, r s+m of mone-% !t nch rt1 for ,,o's points co,,ected to .e ' rds one point on

conversion of (s% 125 "spent in Indi $ or (s% 80 "spent .ro d$ disco+nt on the disco+nt on the nn+ , fees% A minim+m of 350 points is nn+ , fee% *iti. n5

for one point% 8!:*1 on the other h nd1 on,needed to /et spendin/ (s100%

7he t .,e .e,o' /ives n indic tion of the v rio+s v ,+e2 dded services on offer from v rio+s . n5s% V*'5# A00#0 F#*-5"#$ C.-.;*+> S-*+%&*"8ote, disco+nts 2 2 7r ve, f re disco+nts =es =es 3ree /,o. , c ,,in/ c rd =es ">$ 2 ;ost . // /e ins+r nce =es =es Accident ins+r nce =es =es Ins+r nce on /oods p+rch sed =es =es W iver of p -ment in c se of ccident , de th 2 2 8o+seho,d ins+r nce =es ">$ 2 (G) - Gold card / * Rs20,000 for Classic and Rs40,000 for Gold HSBC 2 =es =es =es =es =es =es? 2 A)#4 =es =es =es 2 2 2 2 2

D#%.0.+, !+ -&# ".,&- C"#0.- %*"0 +/ 4o2 muc( is t(e %oinin' fee and t(e annua1 fee; Generally, a card !ith a hi her annual fee enjoys more benefits li"e hi her credit limit, hi her accident insurance co#er, accessibility to airport loun es, tra#el discounts etc. BD at least the used to be the case. +ith cutthroat competition bet!een the card issuin ban"s, players are ready to !ai#e joinin fees and also one&year membership fees for anyone. Grab these offers, or ne otiate this for yourself. </ 4o2 muc( is t(e Add=on card fee; %f you are interested in buyin add&on cards for your children, spouse or friend, as" for the add&on card fee. Remember that you !ill be settlin the bills on the add&on card that you so touchin ly ift to someone dear to you & the statement !ill come to you, and the responsibility for payment is yours =as far as the credit card company is concerned> ./ >(at is t(e interest rate; $his is actually a ,uestion that you should be as"in fairly soon in the discussion. Remember, !hile the up front one off fees are bread and butter for the credit card Company, this is the jam: %f you2re the sort !ho for ets to pay on time, or li"es to li#e it up and li#e off credit, the interest rate !ould be of paramount importance. Most credit card companies char e any!here bet!een 4K to ' K per month. =Read a !hoppin '7K to 6'K per year>. $hat2s !here they ma"e their ra#y, and that2s !here you pay: %t is al!ays ad#isable to pay off the entire amount on due date, or, if you ha#e a lar e ban" balance, loo" for card companies that pro#ide the transfer balance facility. $he balance transfer rate is lo!er for a certain period =say si* months> and then the normal rates apply. But a ain this is a temporary solution to a chronic problem. 82 >(at is t(e reac(; Not an important ,uestion & most outlets in %ndia accept both the Master card and the Iisa card, and most credit card companies pro#ide Iisa or Master cards. ;o its fairly simple, and doesn.t need much head scratchin & they2re all more or less the same. Bne thin you could do is to chec" out for the /utomated $eller Machines nearest to your house or !or" place

=/$Ms & almost all credit card companies no! pro#ide you the facility of !ithdra!in cash from machines & % uess for thin s that cards just cant buy. $hese machines are called /$Ms, and are helpfully scattered all o#er the cityHcountryH!orld>. Ca#in more /$M outlets in $hailand !ouldn.t be of any rele#ance to a person !ho rarely tra#els abroad, thou h it may certainly be a oal to !or" to!ards after buyin the card. Please also remember that /me* credit cards are not part of the IisaH Master chain, and ha#e a separate chain of outlets !here it.s accepted. 7.Is it a G1o6a1 card; No! this could be useful to you if you are an o#erseas tra#eler. / Global card can be used for payin e*penses in forei n currency just li"e you use a credit card to pay in rupees. No!adays, a Global card is bein issued at the same cost as for a similar domestic one. %t is better to ha#e a lobal card, especially if there is no premium attached. 8.4o2 usefu1 are 6randed or affinity cards; / partnership bet!een a card issuer and the non&profit, social or lifestyle association is !hat results in an affinity card. $his is for pro#idin financial re!ards to the roup or association. 0. . Citiban" +omen.s card, Citiban" ++D cards. Citiban" ++D Iisa card donates a percenta e of the transaction #alue made throu h the card to the ++D fund for its en#ironmental conser#ation acti#ities. / subscription to such cards helps ease the conscience thou h it pro#ides no monetary #alue. / partnership bet!een a ban" card issuer and a commercial partner result in a co&branded card. $his entitles the cardholder to lots of freebies, pri5es, discounts on co&branded products. Ao ic3 %f a customer is loyal to one brand, he !ill !ant to purchase the other. ;o if you !ere loyal to a particular brand, it !ould ma"e sense oin for those co&branded cards. e. . Citiban" and %BC, Ban" of %ndia and $aj roup of hotels etc. 9. >(at"s t(e 1ost card 1ia6i1ityL Most Card issuers mention in the brochures that lost card liability is Rs 1))). Be careful, that is actually /D$0R it is reported to the Ban". $he liability is actually unlimited before reportin =in cases li"e this, you !ould actually than" the credit limit because thou h the

liability is unlimited, the ceilin

should lo ically be your credit limit, and the outlets

acceptin your stolen card should actually chec" that you =or the person !ho stole your card> ha#en.t e*ceeded your credit limit>. /#oid ban"s that ma"e you liable for card misuse for a sin le minute after reportin it. (. Are t(ere any free6ies; Citiban" i#es a Pond.s ift hamper free on subscription to its Citiban" +omen card. !ith the Personal accident insurance for /ir, Road or Bther!ise is pac"a ed alon

subscription. /lso Ba a e co#er, Purchase Protection co#er and credit shield is bundled free of cost alon !ith the card. %f you feel one these parameters are important, then settle for the one that i#es a hi her co#er. @. Is immediate cas( 2it(dra2a1 !ossi61e; Chec" out if the Ban" has any /$Ms near your house or !or"place. $his surely helps in times of emer ency. $he cost component for a cash !ithdra!al could be classified as follo!s3 ;er#ice fee =transaction fee> each time you pull out money, and %nterest rate for the period for !hich you ha#e used the money & until settlement date. %f you are oin to !ithdra! cash fre,uently, better !atch out for this cost. 1). 4o2 1on' is t(e free credit !eriod; $he days of credit one ets depends on the statement date and the date of transaction. Bn an a#era e, you could assume you2d et around 4) days of free credit. Co!e#er, if you buy just after the statement date, you could end up ettin upto 7) days of credit. Aoo" for cards that i#e you the hi hest free credit period: 11. Is a 4e1!1ine a5ai1a61e; / 46&hour Celpline ser#ice from the Card Company helps the cardholders durin the non& ban"in hours. Reportin of theft, chec"in of a#ailable credit limit and other en,uiries can be made by the cardholder round&the&cloc". %n the end, li"e e#erythin else in life, the card you !ant is really up to you & !hat matters the most to you & credit, reach, the freebees, international reach or a combination of parameters. ?se our card cate ory on the left bar to simply list out the names of the cards, or choose by ban" name and see the cards they offer.

Br loo" for cards offerin the lo!est interest rate. Bf the lo!est char es on cash !ithdra!al =belie#e me, it ets to be a serious consideration as one oes alon >. Go to our shortlist card section, and search for cards based on any criteria that you !ant. Cappy huntin , and stay careful & you may li"e to use our section on ho! to use the card carefully to minimi5e the chance of its misuse by someone else.

DEBIT CARDS

Debit card is an /$M card on the mo#e. $oday more than 8) million people ha#e debit cards that carry the lo os of the t!o major payment card companies. $hat number is e*pected to ro! dramatically as debit cards become increasin ly popular. Many debit cardholders confuse debit cards !ith standard /$M cards. Not all debit cards are e,ual. Debit cards !ith the lo o of one of the t!o major payment card companies are /$M cards !ith clout. $hey can be used to obtain cash from /$M machines, and also to ma"e purchases any!here the lo os on these cards are accepted && o#er 18 million merchants !orld!ide. Debit Card i#es you the freedom to access your ;a#in s or Current /ccount at merchant locations and /$Ms. +hene#er you ma"e payments, the amount !ill be instantly debited to your account. /ll your purchases and cash !ithdra!als !ill be in the currency of the country you are in, !hile your account !ill be debited in rupees. ;o you needn2t carry tra#eler.s Che,ues or forei n e*chan e the ne*t time you tra#el. $here aren2t many Debit cards in %ndia as of no!. $he CDDC %nternational Debit Card comes at an annual fee of around Rs. 47)H&. $his char e is !ai#ed off on one additional card ta"en on your account. $here are char es in#ol#ed on cash !ithdra!als and balance ,ueries. Normally the cash !ithdra!al char es are around Rs 77H& and a mea er char e of Rs.1)H& for balance. %f you already ha#e a sa#in s or current account !ith the debit card issuer, you mi ht just ha#e to file an application form. $he company then couriers the card across to you in around a !ee".s time. %f you don.t ha#e an account, you !ill ha#e to open an account first and re,uest for the debit card to be issued to your residence. $he Debit card does ha#e a daily limit, !hich could be some!here around Rs. 17,))) at /$Ms, and Rs. 1),))) at merchant locations. $his a ain is subject to the balance a#ailable in your account.

SIGNIFICANCE OF THE PROJECT

/merican 0*press Ban" has been facin stiff competition from ne! entrants. $hey are all #yin for a lar e share in the fast ro!in %ndian card mar"et. $he %ndian card mar"et has been ro!in at the rate of ')K per annum. /m0* needs to "eep pace !ith, if not score o#er these companies on ser#ice le#els bein pro#ided to the customers. Research has re#ealed that consumers today are more discernin than e#er before about !hat they !ant from their credit cards. +hat they are loo"in for in a card issuer is & real #alue, enuine sa#in s and e*ceptionally ood ser#ice le#els. /part from attractin potential card users, customer retention is also one of the most

important factor influencin a card issuer.s success. %n order to pre#ent its cardmembers to shift to the ser#ices of other %ssuers, /m0* !ants to ensure that their ser#ice establishment is better than that of the other players in the %ndian mar"et. $herefore, /m0* !ants to find out the satisfaction le#els of its customers. Bbtainin the accurate data on the satisfaction le#els of its cardmembers, !ill ensure /m0* to ma"e appropriate chan es in its ser#ice offerin s if necessary and in turn !ill help /m0* in increasin the amount of customer loyalty. %n order to ensure that the e*istin customers stay loyal, /m0* has to ascertain !hether its e*istin customers are satisfied !ith its current ser#ice offerin s. /merican 0*press !ants to ascertain !hether its ser#ices are upto the mar" and !ants to pro#ide a means for deli#erin better #alue to its customers. $his project !ill help /m0* in understandin the satisfaction le#els of its e*istin customers.

OBJECTIVES OF THE PROJECT

T(e o6%ecti5es of t(is !ro%ect are? a> $o ascertain !hether the e*istin customers =cardmembers> of /merican 0*press are satisfied !ith the ser#ice offerin as re ards the Cards Bperations di#ision. b> $o identify the areas of impro#ement and formulatin recommendations for the ser#ice offerin s of the Cards Bperations Di#ision of /merican 0*press Ban". c> /t the corporate le#el, the objecti#e of this project is to ascertain !hether the ser#ice offerin s of /merican 0*press. Cards Bperations Di#ision are upto the mar" and to pro#ide a means for deli#erin better #alue to its customers. d> /t the academic le#el, the objecti#e of this project is to i#e insi hts to the students on ho! to ascertain the le#el of satisfaction of a ser#ice or anisation. Gettin your customers to tell you !hat2s ood about your products or ser#ices, and !here you need impro#ement, helps you to ensure that your business measures up to their e*pectations. No matter !hat type of business you2re in, sur#eys are a #aluable tool that help you collect the information you need in order to understand, e#aluate, and enhance customer satisfaction.

A)#".%*+ E49"#$$ B*+> "6st .,ished 1921$

MISSION STATEMENT

Pro5ide t(e 6est as defined 6y t(e customer/ At t(e 1o2est cost for 5a1ue de1i5ered/ >it( t(e fastest time to mar3et for ne2 !roducts and ser5ices/

/merican 0*press Company is a di#ersified !orld!ide tra#el, financial and net!or" ser#ices company founded in 1(7). %t is a !orld leader in char e cards and credit cards, $ra#elers Che,ues, tra#el, financial plannin , business ser#ices, insurance and international ban"in .

P!$.-.!+ *$ !+ 3120327000 Deposits Adv nces Net Profit

A)!5+- .+ C"!"#$ 161(.'6 (@1.@6 49.9) B"*+%&#$ !emi @r. n @r. n Nil nil

7ot , 6

(+r , nil

Aetro 6

7ot , (@7

)fficers 7@1

S-*(( *,eric , )thers Women 474 74 N./.

!*&!7 N./.

F.+*+%.*' P*"*)#-#"$ 1999@7000 7ier I 7ier II 7ot , Net NPAs& Net Interest Income & W% Non2Int% Income Adv nces 3+nds &W% 3+nds @.@1K ).1(K 1).)@K 6.'4K 1).@8K 7.16K )per tin/ (et+rn Profit&W% 3+nds on Assets 4.9)K 1.)4K :+siness Per emp,o-ee 4@).46 lacs Profit Per emp,o-ee '.19 lacs

$ranc(es in India
Ca1cutta
PB Bo* 4'11, 41 Cemath Basu ;arani =Bld Court Couse ;t>, Calcutta 9)) ))1, +est Ben alM $el3 N@1 '' 46')4''M Da*3 N@1 '' 46(((@8M $l*3 =@7'> 419796

C(ennai
1(9 Mount Rd, Chennai 8)) ))8, $amil NaduM $el3 N@1 66 (746'1'M Da*3 N@1 66 (746')8M $l*3 =@7'> )618))8 Mum6ai 9th Dloor, Ma"er Chambers %I, Nariman Point, Mumbai 6)) )41, MaharashtraM $el3 N@1 44 4(''4@'M Da*3 N@1 44 4(94@8(M $l*3 =@7'> )11('()( Postal /ddress3 PB Bo* 7)9, Mumbai 6)) ))1, MaharashtraM

Ne2 )e1(i
PB Bo* 41, Camilton Cse, / Bloc", Connau ht Place, Ne! Delhi 11) ))1M $el3 N@1 11 ''498)4M Da*3 N@1 11 '917'74M $l*3 =@7'> )'18864)

T4E 4I&TOR: OF AMERICAN E8PRE&&

$he Cistory of /merican 0*press is a fascinatin one, filled !ith interestin and sometimes ,uir"y characters !ho throu h a combination of brains, perse#erance and luc" shaped the company.s de#elopment durin the past century and a half. $heir #ision of !hat /merican 0*press should become has chan ed o#er time, resultin in a company that has had many faces durin its lon history. %t all dates bac" to 1(61& to the city of Buffalo, Ne! -or" !hen Cenry +ells established a ser#ice to carry full of oods, money, #aluable and financial paper from the 0ast to the +est Coast of /merica. Cis first trip too" him and a carpetba & old, sil#er and securities from /lbany to Buffalo. $he trip too" four days and it brou ht O0*pressP ser#ice to Buffalo. %n 1(7), Cenry +ells !hose firm, +ells and Company had earned a reputation as an inno#ator in the 0*press trade mer ed !ith its major competitors to form a ne! entity called /merican 0*press Company. Cenry +ells !as elected its President !ith +illiam Dar o as its Iice President. / fe! years later Qohn Butterfield, another founder of /merican 0*press Company, instituted an additional separate enterprise& $he B#erland Mail& !ith the Pony 0*press& !hich !as to contribute one of the most colorful episodes in the history of the /merican Drontier. $oday this roup pro#ides ban"in ser#ices outside the ?nited ;tates throu h its branches and the offices of subsidiaries in 47 countries, and throu h more than 4))), correspondent ban"in import and !or"in relationships. %mportant acti#ities include e*port& capital finance, corporate and project finance, forei n

e*chan e and operations ser#ice. Ban"in operations started in %ndia in Bombay in the year 1@44.

%n the first half of the 4) t h century /merican 0*press continued to ro! rapidly. %t !as the only company to pro#ide financial ser#ices in some cities durin the lo! point of the Great Depression. $hrou hout the 1@7)s, the company !as consistently ro!in in all areas of

business interest&$ra#el, $ra#el Related Dinancial ;er#ices and %nternational Ban"in . %t !as in 1@7) that /merican 0*press made its entry into %ndia.s capital city, Ne! Delhi. 1@7( !as a hallmar" in the history of /merican 0*press. $he /merican 0*press Credit Card !as introduced in ?; dollars and Canadian dollars and !on immediate acceptance =%n 1@8@, the !ord OCreditP !as dropped from the name of the /merican 0*press Card>. 1@8) sa! the emer ence of a ne! mana ement headed by the Company.s

se#enth President, Co!ard A Clar". ?nder his ne! direction !as planned e*pansion of $ra#el Related ;er#ices and its e*tension into ne! ser#ice areas to meet the demands of an increasin ly sophisticated and affluent clientele. $he use of the /merican 0*press $ra#elers Che,ue re! phenomenally after 1@8), lar ely under the impetus of stren thened and inno#ati#e mar"etin . %t !as in 1@(' that the /merican 0*press $ra#el Related ;er#ices Company, %nc. came into e*istence as a subsidiary of the /merican 0*press Company. %D; Dinancial ;er#ices %nc., a leader in the financial plannin financial plans, products and ser#ices to fulfil those plans. /merican 0*press !as the first company to ma"e Personal Ban"in Aine on board Cunard.s fla ship #essel, Rueen 0li5abeth %%. %n May 1@(7, /0%BC !as renamed /merican 0*press Ban" Aimited =/DBA>, to enable the Company more directly capitali5e on the /merican 0*press name. and field because a

part of /merican 0*press in 1@(6. %t offers indi#iduals and businesses sound

Dinancial ;er#ices a#ailable at sea. $his !as done in conjunction !ith Cunard

%n 1@(8, for the first time, the company passed the milestone of one billion dollars in net income. %n 1@(8, it also relocated to its ne! Cead,uarters buildin in Ne! -or" City.s +orld Dinancial Center. %n Qune 1@(9, the $R; company introduced an e*citin ne! product, the Bptima Card a#ailable to /merican 0*press Card members in the ?nited ;tates. %n addition to enjoyin the same unparalleled benefits that the /merican 0*press Card pro#ides, the Bptima Card offers Card members the added facility of e*tended payments on purchases at an e*tremely attracti#e rate of interest. %n No#ember 1@(9, the /merican 0*press $R; in %ndia introduced the ?; Dollar billed Corporate Card to the %ndian Corporates. $he Card !as a re#olution in the then nascent Card mar"et as /merican 0*press !as the only Card issued in %ndia that could be used o#erseas. $he Card usa e had certain restrictions as the Card issuance and usa e !as strictly under the Reser#e Ban" of %ndia uidelines. %n May 1@@', the %ndian Rupee Personal Card !as introduced. $he Card !as pro#ided to a set of e*clusi#e customers and e#en the /d#ertisin campai n that ran said& ORuite fran"ly the /merican 0*press Card is not for e#eryoneP. $he Company continued ma"in ne! forays into the re!ards and benefits that the the Card members could enjoy. $his Card and all subse,uent Card products billed in %ndian rupees !ere #alid for use in %ndia. Nepal and Bhutan, thus ma"in /merican 0*press Cards the only products to be #alid in Bhutan. %n /u ust 1@@8, /merican 0*press Corporate Card billed in %ndian Rupees !as launched for Corporates in %ndia. $his is a Char e Card Product and does not ha#e a competition till date in the mar"et. $his product pro#ides e*clusi#e $ra#el and 0ntertainment benefits to the Corporate $ra#eler. %n /pril 1@@(, the %ndian Rupee Gold Card !as launched. %n No#ember 1@@(, the %ndian Rupee OGlobal Re#ol#in Credit CardP G the GRCC& !as launched. $he product proposition !as termed the best Mar"etin Proposition for the year.

%n Bctober 1@@@, Card products.

Global Ialidity !as introduced on all %ndian Rupee billed

%n Bctober 4))), the /merican 0*press Gold Credit card !as launched. $his product Oredefines Gold ;tandards in Credit Cards in %ndiaP. By contrast, the rou h and tumble frei ht for!ardin the /merican 0*press story are lon times and chan in businesses that launched

one. Bther acti#ities that !ere once the uided /merican 0*press to rein#ent

mainstays of the Company are no lon er its primary lines of business. Chan in customer needs ha#e itself continually, and that capacity for rein#ention ma"es /merican 0*press uni,ue. %t has demonstrated a remar"able ability to sur#i#e and e#en thri#e despite si nificant setbac"s and chan in ta"eo#ersM scandals and e#en !ars. $hrou h this lon journey there is, ho!e#er, one characteristic of /merican e*traordinary e*ternal forces& mer ers and o#ernment inter#entionsM industry turmoil and consolidationsM

0*press that has remained constant its commitment to pro#idin !as just as true in 1@16, !hen /merican 0*press !as helpin !ere assistin customers durin the national crisis in %ndonesia.

ser#ice to its customers, no matter !ho or !here those customers may be. %t stranded tourists in 0urope at the outbrea" of +orld +ar 1, as it !as in 1@@(, !hen employees

$he /merican 0*press Card has no! been in e*istence for o#er 6) year. %n %ndia, the /merican 0*press Card presence has been since 1@(9. $he Br ani5ational structure of the Company #is&S&#is Card business has al!ays been chan in !ith respect to the chan es in the Company.s ;trate ic Bbjecti#es o#er the years.

T4E AMERICAN E8PRE&& CAR) $9&INE&&

T(e 9ni@ue O!eratin' Pro!osition

7 core elements distin uish ho! the /merican 0*press Card !or"s to ser#e Card members.

+/ <A (ours Customer &er5ice +e offer 46 hrs Customer ;er#ice in 7 cities =Delhi, Mumbai, Chennai, Calcutta and Ban alore>. +e employ superior technolo y =Call Re&routers> to ser#ice our Customers in these cities from Delhi. </ Card mem6er Reco'nition /merican 0*press Card is an e*clusi#e Card Product. Most /merican 0*press Card members are the top&of&the&line customers in the mar"et. /me* Card members are Ci h Net !orth %ndi#iduals. Research pro#es that /me* Card members spend appro*imately 4.7 times on their Card compared to I%;/ or Master Card holders. ./ No !re=set s!endin' 1imit /me* Char e Cards do not ha#e a pre&set spendin limit =Char e Card>. $he

char es on the Card are appro#ed on the basis of the financials pro#ided by the CM initially and the subse,uent spendin and the payment patterns. A/ T(e C(ar'e Card difference $he /me* Card !orld!ide is predominantly a Char e Card. $he Credit Card =BptimaHGRCC> ha#e been launched !ell after ') years of bein Bur mainline re#enue is still the Char e Card. B/ G1o6a1 Tra5e1 &er5ice Office (T&O) Net2or3 in e*istence.

/merican 0*press is the !orld.s lar est $ra#el ;er#ice Net!or". +e ha#e o#er 19)) offices in more than 1') countries.

T4E AMERICAN E8PRE&& CAR)

Co! to et oneL $o become an /merican 0*press Card member, the prospect must meet the follo!in criteria $he prospect must send in an /pplication Must be abo#e 1( years of a e Must meet the /merican 0*press Card /ppro#al Criteria Iarious /me* Cards ha#e different /ppro#al Criteria $he issuance and usa e of the Card is o#ernin bodies, re ulations and uidelines. +hen appro#ed, is pro#ided !ith a Card and a Card membership number. Cards are #alid for ' years $he Card member can use the Card at all /merican 0*press ;er#ice 0stablishments. 4O> )O AME8 GET& IT& CAR) MEM$ER&; /m0* sources its Card members throu h the follo!in channels Mar"etin , ;ales and /d#ertisin 0*ternal ;ales / encies Direct Mailers Call&ins +al"&ins o#erned by the local mar"et

$a"e ones Representati#e offices G Rep Get Member Member Get Member ;taff Get Member Con#ersions Cross ;ellin Bpportunities

AMERICAN E8PRE&& CAR)

+orld&!ide pri#ile es =Many of these pri#ile es may or may not be a#ailable on the %ndian Rupee Card Products. $here may be other pri#ile es e*clusi#ely for the %ndia mar"et>. /merican 0*press Cards !orld!ide pro#ide a host of pri#ile es to its Card members. Many of these pri#ile es ha#e o#er the time, ha#e ro!n to be brand names in themsel#es&li"e the Money ram. $hey not only pro#ide immense #alue to our 66 million Card members, they ha#e also in the past acted as life sa#ers for many /merican 0*press Card members& li"e Global /ssist that pro#ides Doctors&on&call to the card members. $he #arious pri#ile es that the /me* Card pro#ides to its Card members are3 +/ Assumed 4ote1 Reser5ations +hen a CM boo"s his Cotel room !ith the /me* Card as the Payment %nstrument, he is assured of the follo!in . $he room reser#ation is uaranteed and is held till 14))hs the ne*t day. %f upon the arri#al of the CM, the hotel does not ha#e a room for him, the hotel pro#ides him !ith similar accommodation in a hotel !hich is !ithin the

same district of the city, pays for his transportation to the ne! hotel and pays for one $elephone Call any!here in the !orld. $he /ssured Cotel Reser#ations is a pri#ile e pro#ided by select participatin hotels under a specific /merican 0*press Mar"etin Pro ram called the ;CRP& ;elect Cotels Rate Pro ram. /ll participatin hotels are bound by the contract to pro#ide these basic facilities to all /me* Card members. </ C1ient Mai1 /me* CMs can use the /me* $;Bs as their Post office. Aiterally. /ll CMs !ho do not ha#e permanent addresses in the to!n they are in can use the /me* $;B as their address for contact. /ll mail for such CMs is "ept at the $;B and the CMs can chec" !ith the card members Des" in person and collect their mail. %n all such cases, !here the mail is re,uired to be for!arded to another /me* $;B address =and not any other address& esp. !hen the CM mo#es from one to!n to the other>, /me* char es the Card members /ccount !ith 1 ?; dollar. /ll mail, !hich remains uncollected after a month of its arri#al, is returned to sender.

./ )etai1ed 6i11in' statement (ICR&) /me* Card ;tatements are called the %nternational Customer Relationship ;tatements =%CR;>. $he statements are detailed to the e*tent that all the information pertainin to all char es incurred by the CM and those that ha#e been posted into the /me* ;ystems, reflect on the statements.

A/ )irect )e6it ())) /me* CMs enjoy the pri#ile e of their Ban" /ccounts directly debited for all the char es they incur on their Card !ithin any Billin Cycle. $he CM si ns a tri&partite contract !ith /me* and the Ban" !here he holds his /ccount. /me* sends the monthly statements of account to the Ban" directly, under ad#ice to

the CM. $he Ban" sends the payments to /me*. $he CM is thus, sa#ed the bother to follo! up on his statements and payments.

B/ Emer'ency Card Re!1acement (ECR) %rrespecti#e of !here they lose their Card, /me* promises the lost Card replacement !ithin 4 business days to the CMs. $his is a major #alue addition to the pri#ile es that !e offer as !e do not char e for a replacement Card and also not for the courier char es location. if !e are to replace the Card at a remote

C/ Emer'ency C(e@ue Cas(in' (ECC) $ra#ellin CMs can a#ail of 0mer ency Che,ue Cashin on the card. $hey need to produce the Card and also !rite a Personal Che,ue in order to !ithdra! cash. $he amount on the che,ue is the face #alue of the Cash that they !ithdra! plus a transaction fees amount. $he absence of a Personal Che,ue can be compensated by a Counter Che,ue that the CM Des" !ould ha#e !ith them. / fe! points that ha#e to be remembered durin the 0CC transaction are3 $he 0CC is a#ailable only at the Card members Des" at the /me* $;Bs. $he amount that a CM can !ithdra! on his Card is determined and re ulated by hisHher card issuin mar"et. $he transaction fees is usually 4.7K of the transaction amount but may #ary from mar"et to mar"et. $he personal che,ue can be of any ban" in the !orld. %t is presented to the Cm.s Ban" immediately on the sameH ne*t !or" day. /ll bounced personal Che,ues on the 0CC facility are recei#ables. i#en prominence for collections and

/n authori5ation has to be ta"en from the nearest authori5ations center for e#ery 0CC transaction.

D/ E !ress Cas( 0*press cash is another mode of a#ailin /$M. /me* has more than (),))) /$Ms !orld!ide and !e are in the process of launchin more /$Ms in %ndia in the near future. Both currency and tra#elers che,ue can be !ithdra!n from the /$Ms. Currency could be the local currency or in major international currencies. $ra#elers che,ues are in 14 international currencies and attract a 1K transaction fees. B#erall, the /$M transaction attracts 4.7K transaction fees. -/ E !ress c(ec3=in# c(ec3=out faci1ity By the #irtue of bein an /me* CM, all participatin hotels in the ;CRP cash on the card. Cere the CM does

not need to carry any personal che,ue but can !ithdra! the needed cash from an

Pro ram pro#ide all /me* CMs !ith an e*press chec" in and chec"out facility. $he CM just needs to present hisHher /me* Card at the reception upon arri#al and inform them o#er the phone at the $ime of Departure and the Cotel ta"es care of the rest. $his sa#es the CM a lot of #aluable time. */ E tended Payment P1an (EPP) %n the ?; and certain other mar"ets, CMs are pro#ided !ith a facility to pay their $ra#el and /irline char es at re ular fi*ed inter#als of time =!ith an amount of interest>. $his is essentially under the assumption that the $ra#el and /irline char es are of non& fre,uent cate ory and the 0PP aims to pro#ide a fle*ibility to repay these char es at inter#als. Co!e#er, the rest of the char es on the CM.s statement need to be paid upon receipt of the statement. +,/ G1o6a1 Assist

Global /ssist is an %nternational a ency !ith its office in the ?;, !hich pro#ides Ae al and Medical assistance upon re,uest. +hen CMs re,uire any such assistance, they need to call /me* at the local mar"et 46 hrs number. $he Global /ssist number is then pro#ided to the CMs !ho !ould ha#e databases of such utilities. ++/ Insurance &er5ices /me* pro#ides a #ariety of %nsurance ;er#ices on all its products. By the #irtue of bein a CM, an indi#idual is insured a ainst Personal /ccident. +hen /me* et additional Personal /ccident ets more insurance. +hen CMs tra#el, CMs buy /irline tic"ets on the card, they %nsurance. $ra#elers che,ue purchases et in touch !ith G/. G/ then leads them to the nearest Doctor or Aa!yer in the mar"et, as they

!e also assist them !ith Medical %nsurance ;er#ices. %n all such cases of /ccident, the CMs deal directly !ith the %nsurance / encies and not !ith /me*. +</ Money'ram Money ram is almost a Brand Name. %t allo!s /me* CMs to !ire money from one $;B to the other any!here in the !orld. $he !irin at the recei#in of money hardly ta"es any time as the money mo#es !ithin /me*. $he recei#er can collect the money $;B !ithin seconds of the money $ransfer. %n order to protect attempts. /me* restricts the CMs from sendin amounts any money launderin

reater than ?;D 1))) per transaction.

+. &i'nature on Fi1e

/me* CMs can a#ail of $ra#el ;er#ices from the $;Bs !ithout actually

oin

across to one. /ll they need to do is to i#e /me* a call. $he /irline tic"ets and other $ra#el Documents are prepared and sent across tot he CM !ithin the CityH $o!n limits, by courier. / nominal fee is char ed to the CM.s account each time any such ser#ice is a#ailed. +A/ &u!!1ementary Card Mem6ers(i!

/ll /me* Basic CMs =the primary Card /ccount Colders> can pro#ide cards to their spouses, friends and relati#e sand near and dear ones. $he policy on the scope of the supplementary card membership #aries from mar"et to mar"et. / basic CM can i#e as many as @@ supplementary cards on hisH her account. Co!e#er, the basic CM is responsible for all payments on the card account.

+B/ Transfer Out (Con5ersions) CMs mo#in from one mar"et to the other /me* mar"et can easily con#ert the

currency of their card. $his facilitates a smooth transfer of DebitH Credit balances if any on the pre#ious card account !hich are then con#erted and billed in the local currency in !hich the CM has no! ac,uired the card. Co!e#er, all such transfers of card currencies !ould be dependent on the local mar"et card issuance policies. +C/ >or1d 2ide tra5e1 assistance %rrespecti#e of !hich mar"et issues the card, all /me* CMs !orld!ide are entitled to +orld class tra#el ser#ice facilities at o#er 19)) o!ned and representati#e offices of /merican 0*press $R; in more than 14) countries in the !orld.

+D/ Mem6ers(i! Re2ards (MR) Bne of the most re!ardin benefits of the /me* Card membership, the the CMs for spendin on

membership re!ards is a pro ram of /me* re!ardin

the card. 0ach ?; dollar =con#erted into the local currency> spent on the card and paid bac", earns the CM, one MR point. $hese points can then be redeemed a ainst a host of retail and leisure purchases from a list of such options that the card mar"etin team "eep)s modifyin !ith time. +-/ Limited 1ia6i1ity %n an e#ent of the loss of the card, /me* pro#ides the CM the benefit of limited hisH her liability on the card. Before the report of the loss of the card, the CM is

liable to an amount of %NR 1))) =or other amounts, !hich are product specific>. %n case the card is misread after the report of loss of the card, the CM is not liable to pay anythin . $he limits differ on cards issued in #arious mar"ets.

AMERICAN E8PRE&& CAR) PRO)9CT& IN IN)IA $he #arious card products that /merican 0*press issues in %ndia are3 %NR personal card %NR old card %NR corporate card Corporate purchasin card %NR GRCC =Green and Gold> ?; dollar corporate card Co&branded cards =M$NA> /ffinity cards.

C4ARGE) CAR)
Global Validity Launch Date American Express Card Yes 1988 Rs. 1500 Rs. 3100 Rs.1500 (%ee Rs.+00 'o 'o li$it 0$a. 991 Rs. 003000 3.54 o% Rs.100 5hiche-e% is highe% Yes Be/o%e %e#o%ting loss Rs.10003 a/te% %e#o%ting loss7nil 8 ac%oss 8 cities Yes Yes American Express Green Yes 1993 Rs.1 000 Rs. 100 Rs.950 (%ee Rs.+00 'o 'o li$it 0$a. 991 Rs. 1003000 3.54 o% Rs. 100 5hiche-e% is highe% Yes Be/o%e %e#o%ting loss Rs.10003 a/te% %e#o%ting loss7nil 8 ac%oss 8 cities Yes Yes

F##$ IHR
Joining Basic !nnual Basic "u##le$enta%y !nnual &R'()* &R()* !nnual (ee ,ai-e% &a.i$u$ 'o. o/ su##s &in. indi-idual inco$e Re2d. Delin2uency cha%ges Di%ect debit6standing instant Lost ca%d liability D%o#bo. locations in 8ndia + 9ou% custo$e% se%-ice :o$$ission /%ee t%a-el che2ue

Du#licate "*! Y;"*: &onthly :& &ag 'e5slette% &ail o#tion hate% )%a-el se%-ices 'o. o/ t%a-el o//ices !)& net5o%< access Insurance !ccidental death6disability =e%$anent disable$ent 9o$e #%otection =u%chase #%otection Baggage loss insu%ance :%edit li/e insu%ance ;$e%gency $edical @ Legal !sst. Re#lace$ent6Lost ca%d /acility Gua%anteed 9otel %ese%-ations ;.#%ess chec< in 6out 9otel6t%a-el discounts !i%#o%t6Business lounges !//inity o% Aoint ca%d Bed che2ues Re5a%ds #%og%a$$e (ee %e/und on #%oduct change

Yes3 /%ee o/ cha%ge Yes Yes Yes Yes Yes3 th%ough 8 o5ned )"*s and Re# o//ices in + cities Yes !i%7+3 &&3 'on7ai%7300< Rs.100< Rs.100> ?#to Rs.150 > /o% 90 days ?#to Rs. 5000 Yes u#to Rs.5000 Yes Yes3+8 9ou%s Yes Yes Yes Yes 'o Rs. 150 Yes *n a #%o%ate basis Yes3 /%ee o/ cha%ge Yes Yes Yes Yes Yes3 th%ough 8 o5ned )"*s and Re# o//ices in + cities Yes !i%7+3 &&3 'on7ai%7300< Rs.100< Rs.100> ?#to Rs.150 > /o% 90 days ?#to Rs. 5000 Yes u#to Rs.5000 Yes Yes3+8 9ou%s Yes Yes Yes Yes 'o Rs. 150 Yes *n a #%o%ate basis

CRE)IT PRO)9CT& COMPARI&ON

Product V8:;"6R;B?8R;&; ')" :a%ds ':9 Date !nnual 0B!"8:1 !nnual 0"u##le$enta%y1 Gold 00 000 1000 Gold 1993 000 1000 Gold 199 1500 500 G%een 1998 :lassic 1991 C50 350 :lassic 199 500 00 Gold GRCC Citibank Gold SCB Gold HSBC Gold Green GRCC Citibank classic HSBC classic

Product

G o ld GR C C

C itib an k G o ld

S CB G o ld

HS B C G o ld &a.. o / 'o

G r een GR C C

C itibank classi c &a. o /

HS BC clas sic &a. o /

&in i$u $ n o . o/ su # #s

&in i$u $ i n d i -i du al in c o$ e %e 2 u i %e d #e% ann u $

'o l i $ it a-ai l ab le to s# o us e an d de # en d e nt /a$ i l y $ e $b e %s " al a%i e d D Rs . 15 0 30 0 0 "e l / e $ # lo ye d D Rs . 10 0 30 0 0

&a.i $ u $ o /

" al a%i e d D Rs . 1 5 E 30 00 " e l / e$ # l o ye d D R s . 1 5E 30 0 0

Rs 1 C 5 30 0

li$ it a-ailab le to s# o us e an d de # en d e nt /a$ ily $ e $b e %s " ala%ie d D La%g e 6 &' : 0F3 0 17 C > 30 7 35 7 9E > *t h e %s G 9E >H "e l/ e $ # lo ye d D =%o / 0F3 0 1 G C >

" ala%ie d D C 30 0 0 " e l/ e$ # lo yed D 9E 30 0 0

Rs . C 30 0 0

&on t h l y i nt e %es t %ate

)i e %1 7 )i e % 7 9 0 8n t %o B )7 1 .C 9 1 d ays Rs . 1 0 0 o % 3 .5 4 5h i ch e -e % i s $o %e

95 95 0 d ays .95 5 o % R s . 1 00 in $o nt h o ne 3 .9 5 4 o % Rs . 1 5 0 i n $o nt h t 5o

50 90 0 d ays

8n te %e st %ate # ay$ en t 8*D ! -e %ag e s

B iI " -e s G 9 E > *t h e %s G 9E > )ie %1 C 9 )ie % 90 8n t %o B ) .C9 1 d ays Rs . 1 0 0 o % 3 .5 4 5h ich e -e % is $ o %e

95 95 0 d ays

C5 C5 0 d ays R s . 1 00

&onthly ne5slette% )%a-el se%-ice

Yes Yes

'o. o/ o//ices

t%a-el

!d-ances 08'R1

Yes7th%u o5ned 8 )"*Js @ Re# o//ices in + citiesK 04 o/ L*:

Yes Yes7th%u alliance 5ith t%a-el house in 10 cities )%a-el 9ouse locations 10 cities Rs. 103000 in yea% one and E04 o/ L*: a/te% yea% one 31 in C cities 0/o% &aste%:a%d it is 150 ac%oss 1 cities1 ?#to .5 ti$es $onthly sala%y

Yes

Yes Yes

'o

'o

"ita t%a-els in cities and )ho$as coo< in C cities ?#to E04 o/ L*:

Yes7th%u o5ned 8 )"*Js @ Re# o//ices in + cities 104 o/ L*:

)%a-el 9ouse locations in 10 cities

"ita )%a-els locations in cities

'et5o%< !ccess

35in C citi%es

31 in C cities

35 in C cities

:%edit /acility

?#to .5 ti$es $onthly sala%y

?#to .5 ti$es $onthly sala%y

?#to .5 ti$es $onthly sala%y

!ccidental liability

death6

!i%D && 'on !i% D 300> =e%$anent Disable$ent D 100>

!i% D && 'on !i%D 00>

!i% D 1.0 && 'on !i% D 300> =e%$anent Disable$ent D '8L

!i% D 1.0 && 'on !i% D 00>

!i% D 0.5 && 'on !i% D 100> =e%$anent Disable$ent D '8L ?#to Rs. 153000 /o% 90 days

!i% D 0.E && 'on !i% D 00>

=e%$anent Disable$entD '8L

=e%$anent Disable$ent D '8L

=u%chase #%otection 08'R1 ";RV8:;"6R;B?8R; &;')" :%edit li/e insu%ance 08'R1 0,ai-e% o/ o6s u#on :& de$ise1 ;$e%gency legal and &edical assistance Re#lace$ent6Lost :a%d (acility Gua%anteed Rese%-ations 9otel

?#to Rs. (o% 90 days

Rs. +03000 /o% 90 days

?#to Rs. 503 00 /o% 180 days

?#to Rs. 503000 /o% 90 days

'o

=%e$iu$ cha%ged Rs. 50 /o% u#to Rs. 503000 'o

(%ee u#to Rs. +0000

'o

=%e$iu$ cha%ged7Rs. 50 /o% u#to Rs. 503000 'o

(%ee u#to Rs. 0000 'o

'!

)h%ough V;"=6&aste% !ssist +87 C hou%s Rs. 100 Yes

'!

+8 hou%s 0 biI days1 Yes 0,9R=6"9 R=1 Yes 0,9R=6"9 R=1 Yes 0,9R=6"9

+87C hou%s

+8 hou%s 0 days1

biI

+87C

hou%s

Yes th%ough 8B): do$estic Yes

Yes 0,9R=6"9R=1 Yes 0,9R=6"9R=1 Yes

Yes th%ough 8B): do$estic Yes

Yes

;.#%ess chec< in6out

Yes

'o

9otel6)%a-el Disc.

Yes th%ough 8B):

Yes th%ough 8B):

R=1 !i%#o%t lounges6business lounges ";RV8:;"6R;B?8R; &;')" !//inity ca%ds o% Aoint '! C in 8ndia

do$estic C in 8ndia 1

0,9R*=6"9R=1 C in 8ndia

do$estic '! '!

'!

'!

8ndian *il &aste% :a%d3 =hili#s Visa6&aste%ca%d3 8ndian !i%/o%ce6!%$y3 ,o$enJs :a%d 0Visa1 Rs.10067 '()*D (%ee ()*D '()* (%ee ()* D (%ee 54 o% Rs. 10067 5hiche-e% is $o%e

"ho##e%Js "to# 0&aste%ca%d3 8ndian !i%/o%ce6!%$y 3 ,o$enJs :a%d 0Visa1

Bad che2ues 08'R1 Re5a%ds =%og%a$$e

Rs. 15067 '!

Rs. 10067 '()*7(%ee ()* G(%ee

Rs.15067 !-ailable only /o% /ee %ede$#tion 54 o% Rs. 10067 5hiche-e% is $o%e Be/o%e %e#o%t lossD ?nli$ited !/te% %e#o%ting loss D 'il

!-ailable only /o% (%ee %ede$#tion 54 o% Rs. 10067 5hiche-e% is $o%e Be/o%e %e#o%t o/ lossD ?nli$ited

&in. %e#ay$ent !&)

54 o% Rs. 10067 5hiche-e% is $o%e Be/o%e %e#o%t o/ lossD 1000 !/te% %e#o%ting loss D 'il

54 o% Rs. 10067 5hiche-e% is $o%e

54 o% Rs. 10067 5hiche-e% is $o%e

:a%d liability

Be/o%e %e#o%t o/ lossD ?nli$ited !/te% %e#o%ting loss D 1000

Be/o%e %e#o%t o/ lossD ?nli$ited !/te% %e#o%ting loss D 1000

Be/o%e %e#o%t o/ lossD ?nli$ited !/te% %e#o%ting loss D 1000

AMERICAN E8PRE&& IN)IA AN) T4E MARKET /merican 0*press. strate y for the %ndian mar"et !as to build on the success of the char e card business and to offer a !ider ran e of financial products and ser#ices de#eloped by /merican 0*press and its alliances !ith leadin players. /m0* had carefully shielded itself from the battle by nurturin a small niche at the top end of the mar"et & the brand perception of their card !as & a status symbol for a select fe!.. But today, !hen the consumerist !a#e is hittin the country, and credit card usa e is e*pandin in the bur eonin middle class, /m0* is ,uietly jun"in most of the essential of this niche strate y. %t.s distinctly upscale positionin is radually bein made more mass mar"et. But to pre#ent the /m0* brand from bein e*clusi#e status, it is slo!in do!n the pace of chan e. More specifically the ad#ertisin today has shifted emphasis & /m0* is tal"in more about the tan ible benefits that the card offers rather than the premium se ment that it belon s to. %nstead of the traditional policy of in#itin select members to join up, it has appointed sales a ents. %n addition, it has launched its member& et&member scheme. /merican 0*press launched the /merican 0*pressT Credit Card in %ndia in 1@@(, the first card product to be mar"eted by /merican 0*press here. +ith a monthly interest rate of 1.@@ percent on re#ol#in balances the lo!est in %ndia. $he card also offers a balance transfer ser#ice !ith an interest rate of 1.67 percent. /n inno#ati#e scheme offered by /merican 0*press, called Balance $ransfer ;er#ice, helps the cardholder to pay off outstandin s on other credit cards. /me* !ill pay the card issuer and transfer the amount due to the /me* card. /nd for the first si* months the /me* cardholder ets the benefit of a lo!er interest rate of 1.@@K per month. Dor fre,uent users, /me* has a scheme for !ai#in the annual fees if the cardholder spends more than Rs. 67,))) in the precedin 14 months. Research has re#ealed that consumers today are more discernin than e#er before about !hat they !ant from their credit cards. $hey are loo"in for real #alue and enuine sa#in s. $he completely robbed of it.s

/merican 0*press Credit Card not only offers reat #alue, but also pro#ides a !ide ran e of pri#ile es, ser#ices and re!ards. /t 1.67 percent for the first si* months and 1.@@ percent thereafter, the ne! card.s interest rate !as si nificantly lo!er than the 4.@7 percent char ed by most other credit card issuers. /nd the balance transfer feature !as the first of its "ind in %ndia. Bther card benefits included access to the a!ard&!innin Membership Rewards pro ram, free tra#el insurance and related tra#el ser#ice benefits, Purchase Protection, limited loss liability, cash ad#ances at /$Ms, card acceptance at as stations and, as al!ays, 46&hour customer ser#ice. %t.s %ndian operations ha#e sta ed a turnaround durin the year ended March '1, 4))), postin a net profit of Rs 49.9 crore, a three&fold rise o#er the pre#ious year.s net profit of Rs (.4 crore. $he ban".s operatin profit durin the year stood at Rs 96.9 crore, a 47 per cent increase o#er the pre#ious year.s correspondin fi ure of Rs 7@.7 crore. /me*.s total income durin the year ho!e#er dropped four per cent to Rs 667.1 crore from Rs 681 crore in 1@@(&@@, lar ely on account of a 16 per cent drop in interest income to Rs ')4.@ crore =Rs '67.' crore>. Non&interest income durin this period rose 4' per cent to Rs 164.4 crore from Rs 117.( crore the pre#ious year. %nterest e*penses durin the year fell by ') per cent to Rs 1@8.6 crore from Rs 476.6 crore the pre#ious year. $he sharp fall in the ban".s interest e*penses !as mainly on account of the drop in its deposit base durin the year. Bperatin e*penses durin the year !ere hi her by 1( per cent at Rs 196 crore =Rs 169.1 crore> !hich included Rs 11.6 crore relatin to the ban".s #oluntary retirement and se#erance scheme announced in 1@@@. Durin the year ended March '1, 4))), /me*. total deposits fell 44 per cent to Rs 1,61(.' crore from Rs 1,9''.4 crore the pre#ious year. /d#ances also fell ei ht per cent to Rs (,@1@.6 crore from Rs @,816.7 crore in 1@@(&@@. /merican 0*press Ban".s net non&performin assets durin the year increased to 6.'4 per cent from 4.'4 per cent the pre#ious year.

%t is !idely percei#ed that Citiban" is the most established player in the credit card business in the countryM so !hen a tra#el&related ser#ices company li"e /merican 0*press, !hich is only

6'

into char e cards in %ndia till date, claims it is the lar est card issuer in %ndia today, it merits a second loo". /m0* bases its claim on the fact that cardmember spendin is a more realistic measure of the #olume of business than the number of cards && plastics && issued. %n other !ords, plastics cost money !hereas increased spendin by cardmembers ets you money. /nd that2s also the basis of /m0*2s claim of bein the !orld2s lar est card issuer !ith billin s of o#er ?;D 4)( billion. ;ince /m0* introduced the rupee&billed Green Card in 1@@' and the rupee& billed corporate card in 1@@8, its business in terms of billin s has ro!n by 97 per cent a ainst an industry a#era e of o#er 6) per cent. +hat the company doesn2t say so e*plicitly is that a> since /m0* cards are char e cards positioned as a lifestyle product and ha#e a membership profile of fre,uent tra#elers and hi h spenders on entertainment, the return from each card !ould be that much hi her and b> since other cards a#ailable in the mar"et are lar ely credit cards !ith a re#ol#in credit facility tar eted more at the middle class user, the returns !ould accrue on a lon er term. Durther, the fi*ed income from a card in terms of annual subscription fee is more than double for an /m0* personal card compared to that of a normal credit card. %ts offerin s already positioned as lifestyle products, /m0* has just introduced the Gold Card, clearly for the hi h&income spenders. $here are other Gold cards in the mar"et. $hou h /m0* pioneered the Gold Card concept lobally, most other leadin players in the card business in %ndia already ha#e their old cards. But the difference is that brand /m0* in %ndia already has a hi h&end premium ima e on account of its e*clusi#e card operations instead of routin them throu h Iisa or MasterCard, li"e other card issuers do. ;o penetration for a product that consolidates its premium ima e could be easier. Ai"e other cards from /m0*, the Gold Card is a ain a char e card, !ith no pre&set spendin limit and !ith !orld class ser#ices. Bne /m0* card that could possibly shed the premium ima e is the corporate card, !hich a client or company issues to its employees !ho tra#el e*tensi#ely on business. $he employees & from a sales e*ecuti#e to a senior mana er & ha#e to necessarily use the card because the company2s tra#el and entertainment e*penses are monitored throu h the spendin on the card. ;ince its

66

introduction in 1@@8, o#er 8)) small and lar e business houses in %ndia ha#e one in for the /m0* Corporate Card. $appin such potential li"e /m 0* does, means offerin competiti#e, if not the best ser#ices. $he mar"etin efforts of the company are t!o&pron ed? EEFirst is to ac@uire t(e ri'(t customer and t(e second is to ensure customer 1oya1ty/FF /nd this has to be practiced in a scenario !here the mar"et is platforms. ettin increasin ly se mented on price, usa e purpose and the con#enience

67

AMERICAN E8PRE&& $ANK Lia6i1ities and assets =/mount in Rs. la"h> Di ures in brac"et indicate percent share in total -ear +/ </ Ca!ita1 Reser5es and &ur!1us 4.1. 4.4. 4.'. 4.6. 4.7. )e!osits ./+/ 1@@( =7> +BC=).7> A<--D =1'.'> @441 9@9 & 961 '414@ +*-+++ =81.7> .,.*< '4)8 491(8 *-DA +BD-AC 187' 1781@' 1@(111 & C,,<B =1(.8> 8))47 64)) 6)))) 17(47 & +*CAA =8.1> 1()) 1619 (678 9@91 .<<<.C =1)).)> CB. =).4> <.B<< =9.'> 1@@@ =8> +BC=).7> <.+BB =9.1> @'(6 17'( & & 144'' +D..<, =74.@> .*.-D 6)41 '7'88 ++D*D +<<+.B 7)9 14184@ 19''4) & +,D.<C ='4.(> 1)7814 4)9() 6)78( 66486 1916 <<+*. =8.(> 4)@6 179' @868 ((() .<DBC< =1)).)> -AD =).'> +B.<+ =6.9>

;tatutory Reser#es Capital Reser#es ;hare Premium Re#enue and other Reser#es Balance of Profit

./

./</ ./.

'./. '.B A/ $orro2in's 6.1.

)emand de!osits =i> Drom ban"s =ii> Drom others &a5in's 6an3 de!osits Term de!osits =i> Drom ban"s =ii> Drom others Deposits of branches in %ndia Deposits of branches outside %ndia

B/

+/ </

6.4. Ot(er 1ia6i1ities 7.1. 7.4. 7.'. 7.6. Tota1 Lia6i1ities Cas( in (and $a1ances 2it(

Borro!in s in %ndia =i> Drom Reser#e Ban" of %ndia =ii> Drom other ban"s =iii> Drom other institutions and a encies Borro!in s outside %ndia

Bills payable %nter&office adjustments %nterest accrued Bthers =includin pro#isions>

68

R$I '. 6. 7. C/ Money at call and short notice Balances !ith ban"s outside In5estments 8./. %n#estments in %ndia =i> Go#ernment securities =ii>Bther appro#ed securities =iii> ;hares =i#> Debentures and bonds =#> ;ubsidiaries and joint #entures =#i> Bthers %n#estments outside %ndia =i> Go#ernment securities =ii> ;ubsidiaries and joint #entures =iii> Bthers 68) =).1> 7916) =19.9> 86'1 =4.)> *-A.A =').7> @(6'6 89477 & 41' 4@)1' & 1@76 & & & & +,.,A+ ='4.)> (4(7 94418 4476) <*+-A CD,+ =4.1> 47(4 & 611@ <B-BB =(.)> & '1(' 9@)7 & 16989 .<<<.C =1)).)> 1@89 =).8> 6(766 =16.(> 167@ =).6> +.,<<< ='@.(> 1')444 94847 & 41' 6)179 & 19449 & & & & *C+AB =4@.6> 161)8 89176 16((7 <-C-+ DC-+ =4.'> 4767 & 71'8 <B.DC =9.9> & 48() 9()8 & 16(@) .<DBC< =1)).)>

8.B.

D/

Ad5ances 9.1. 9.4. 9.'. Bills purchased and discounted Cash credits, o#erdrafts < loans $erm loans

Priority sector ad5ances inc1uded Fi ed Assets -/ (.1. (.4. (.'. Ot(er Assets @.1. @.4. @.'. @.6. @.7. Tota1 Assets Premises Di*ed assets under construction Bther fi*ed assets

*/

%nter & office adjustments =net> %nterest accrued $a* paid ;tationery and stamps Bthers

Earnin's and E !enses

69

-ear I/ a> %nterestHdiscount on ad#ancesHbills

1@@( .<CC, 16@''

1@@@ .AB<D 1'8'8

6(

b> c> d> II/ Ot(er income a> b> c> d>

%ncome on in#estments %nterest on balances !ith RB% and other inter&ban" funds Bthers

1''79 '771 (4) +<B-C 889' 4))1 & =97> '8'@ '6( AB<AC <<,C. 1(117 '87) 4@( ++*<. 6)'' 1)@6 481 988 ('9 4 41 76 1746 668 11@ 4989 AAAC ..*-C C-+B AB<AC

1744) 6')@ 1'8' ++BD9'97 9(8 & =94> '68) 4@ AC+,B <BAA, 1948' 69)@ '68@ +AD** 7878 146' '9( 117) @@7 1 44 1@ 19@7 778 16) 4(6' B,A* A,<.* -+D AC+,B

E !enditure H Pro5isions III/

e> f> Tota1(IGII ) Interest e !ended %nterest on deposits a> b> %nterest on RB%Hinter&ban" borro!in s c> Bthers

Commission, e*chan e and bro"era e Net profit on sale of in#estments Net profit on re#aluation of in#estments Net profit on sale of land, buildin < other assets Net profit on e*chan e transaction Miscellaneous income

I0/

O!eratin' e a> !enses Payments to and pro#isions for employees b> Rent, ta*es and li htin c> Printin and stationery d> /d#ertisement and publicity e> Depreciation on ban"2s property f> Directors2 fees, allo!ances and e*penses > /uditors2 fees and e*penses h> Aa! char es i> Posta e, tele rams, telephones, etc. j> Repairs and maintenance "> %nsurance l> Bther e*penditure Pro5isions and Tota1 e !enses Profit Tota1

0/

0I/

MET4O)OLOG:

6@

RE&EARC4 )E&IGN / ood desi n is often characteri5ed by objecti#es li"e fle*ible, appropriate, efficient,

economical and so on. Generally the desi n that minimi5es biases and ma*imi5es reliability of the data collected < analysed is concerned a ood desi n. $he desi n that i#es the smallest e*perimental error is supposed to be the best desi n in many in#esti ations. $his research intends to hi hli ht #arious aspects related to ser#ice offerin s of /merican 0*press. Cards Bperations Di#ision. $he factors li"e customer perception, their attitude to!ards ser#ice offerin s of /m0* and their card preferences ha#e been analysed to jud e the satisfaction le#els of /merican 0*press. cardmembers. )ATA COLLECTION MET4O)? Data collection for this research !as done primarily throu h fillin up of ,uestionnaires. / sample of 1)) /merican 0*press customers !ere chosen for this research. $he data for this study !as collected in a manner that is ,ualified for the follo!in Ialidity3 Reliability3 Pace3 eneral ,ualities of data3 %t measures !hat it is supposed to measure. Repeatin the same methods produced the same results. Data !as collected ,uic"ly enou h and at an affordable cost.

%n this research, the major emphasis !as on unra#elin the cardmembers perception about the ser#ices associated !ith /m0*, in order to "no! their le#el of satisfaction. ;pecial emphasis !as laid on collectin e*tremely rele#ant specific data, in order to meet the objecti#es effecti#ely. $he data collection needs that can be classified more or less under the follo!in cate ories3 Facts? $hese include measurement of anythin that actually e*ists or has e*isted. $he types of facts co#ered for this study !ere beha#ioral that co#ered the data related to the /m0* cardmembers. perception about the ser#ices and other benefits associated !ith /m0*.

7)

 O!inion? %t co#ered the most important data that !as critical in understandin the beha#ior of /m0* cardmembers to!ards the ser#ice offerin s of /m0* and the Cardmembers. e*pectations from /m0*. &ECON)AR: )ATA $he research re,uired a lot of information about the Credit Card mar"et, status of Credit Card mechanisms in %ndia, trends in the mar"et and about the competition. $he sources of obtainin this secondary data !ere the %nternet and the /m0* manual PRIMAR: )ATA Primary data for this research !as collected by !ay of the ,uestionnaire method. Cerein, structured ,uestionnaires !ere distributed to /m0* cardmembers. $he sample for this research consisted of +,, e istin' customers of /m0* that included 0*ecuti#es and Professionals. $he samplin techni,ue used !as the Non=Pro6a6i1ity samplin . $his is so because the data about the 1)) e*istin database. $he primary data that !as collected, consisted of the customer perception re ardin /m0* cards and their le#els of satisfaction. customers of /m0* !as obtained from the company.s

LIMITATION& OF T4E PROIECT $here are t!o basic limitations of this project. $hey are3 1. $his research is restricted only to the National Capital Re ion. 4. %n this research, emphasis is on theoretical interpretations. Bnly a eneric analysis of data has been done. No ,uantitati#e techni,ues ha#e been used.

71

RESULTS OF THE SURVEY

74

J9E&TION +?

>4IC4 AMERICAN E8PRE&& CAR) )O :O9 O>N;

Bn bein as"ed !hich /merican 0*press card the respondents o!ned, the reply !as as follo!s3 IN( person , c rd IN( /o,d c rd IN( corpor te c rd *orpor te p+rch sin/ c rd IN( >(** ">reen B >o,d$ @! Do,, r *orpor te c rd Affinit- c rds *o2.r nded c rds "A7N;$ 16 respondents 24 10 05 15 10 16 04

7'

J9E&TION <? )O :O9 O>N &OME OT4ER $RAN) CAR)& AL&O;

Bn bein as"ed !hether they o!ned any other brand cards apart from that of /m0*, the reply !as3 =6! N) 84 16

J9E&TION .? >4IC4 OT4ER CAR)& )O :O9 O>N;

)ver ,,1 these 100 respondents o'n 220 c rds of other .r nds p rt from those offered .- Americ n 69press% *iti. n5 8!:* : n5 of : rod : n5 )f Indi !t nd rd *h rtered ANC >rind, -s 7imes c rd I*I*I 69 respondents 31 14 00 32 16 03 12

76

!:I

43

J9E&TION A? O0ERALL# 4O> &ATI&FIE) ARE :O9 >IT4 :O9R AMERICAN E8PRE&& CAR);

Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

22 respondents 53 17 08 00

J9E&TION B?

O0ERALL# 4O> &ATI&FIE) ARE :O9 >IT4

AMERICAN E8PRE&&" C9&TOMER &ER0ICE;

Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied

33 respondents 52 08
)9

77

Der- diss tisfied

00

J9E&TION C? 4O> LIKEL: >O9L) :O9 $E TO RECOMMEN) AMERICAN E8PRE&& CAR)& TO OT4ER&;

Der- ,i5e,!ome'h t ,i5e,Not s+re !ome'h t +n,i5e,Der- +n,i5e,-

28 respondents 57 03 12 00

J9E&TION D? TO >4AT E8TENT )OE& AMERICAN E8PRE&&F C9&TOMER &ER0ICE E8CEE) :O9R E8PECTATION&;
Der- /re t e9tent >re t e9tent !ome e9tent ;itt,e e9tent 00 (6!P)ND6N7! 37 43 20

78

Der- ,itt,e e9tent

00

J9E&TION -? >4IC4 OF T4E FOLLO>ING &TATEMENT&# ACCOR)ING TO :O9 MO&T REPRE&ENTATI0E OF AMERICAN E8PRE&&/

A tot , of 145 st tements 'ere se,ected .- the 100 respondents

7he- re 8e,pf+, nd 3riend,-% 7he- re po,ite1 cheerf+, nd re 5no',ed/e .,e oper tors In t+ne 'ith the needs of its c,ients Prompt in de ,in/ 'ith c+stomer comp, ints @n'i,,in/ to /o the e9tr mi,e for its c+stomers Poor c+stomer phone s+pport =o+ re often p+t on ho,d for ,on/ time

46 R0;PBND0N$; '8 4( 4( 1@ )) 10

79

J9E&TION *? 4O> &ATI&FIE) ARE :O9 >IT4 T4E EFFICIENC: OF CALL 4AN)LING >4EN PLACING CALL& TO AMERICAN E8PRE&&;

Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

29 (6!P)ND6N7! 41 27 03 00

J9E&TION +,? AMERICAN E8PRE&& 9N)ER&TAN)& M: &ER0ICE NEE)&/

!tron/,- /ree A/ree Ne+tr ,&Not s+re Dis /ree 00 (6!P)ND6N7! 77 18 05

7(

!tron/,- dis /ree%

00

J9E&TION ++? >4AT ARE T4E A))E) $ENEFIT& :O9 >I&4 TO ACJ9IRE FROM T4E CAR)/

Accept .i,it;on/er credit period 8i/her credit ,imit ;esser ch r/es :etter offers

18 (6!P)ND6N7! 32 59 10 16

7@

J9E&TION +<? PLEA&E RANK T4E &ER0ICE& OF T4E FOLLO>ING PREFERENCE/

".$ $he respondents ran"ed the follo!in brands as the most preferred3 Am69 *iti. n5 !:I 8!:* !t nd rd *h rtered I*I*I 30 respondents 21 19 08 13 09

CAR)

I&&9ER&

IN

OR)ER

OF

:O9R

".$ $he follo!in respondents ran"ed these brands as second most preferred. Am69 *iti. n5 8!:* 43 respondents 29 13

8)

!:I !t nd rd *h rtered

09 06

ANALYSIS OF RESULTS

81

J9E&TION +? >4IC4 AMERICAN E8PRE&& CAR) )O :O9 O>N;

A)E4 C5$-!)#"$
16# 10# 15# 4# 16#

IN( person , c rd IN( /o,d c rd IN( corpor te c rd *orpor te p+rch sin/ c rd IN( >(** ">reen B >o,d$ @! Do,, r *orpor te c rd Affinit- c rds

24# 5# 10#

/s is #isible, the sample includes /merican 0*press customers of all types. $his research has not stressed on only one particular type of card li"e the credit card but e#en on char e cards. $hrou h this research, customer feedbac" has been enerated from all different types of /m0* cardmembers

84

J9E&TION <? )O :O9 O>N &OME OT4ER $RAN) CAR)& AL&O;

CUSTOMERS WHO OWN OTHER BRANDS TOO

16# =6! N) 84#

8'

Bf the 1)) /m0* customersHrespondents, (6K of them use other branded cards also. Bnly 18K of them use just /m0* cards. $his trend "eeps on increasin as ne!er entrants come into the mar"et. $his pie chart sho!s that only 18K of the respondents are hard core /merican 0*press loyalists. Rest of them opt for other brands also. $his may be because of dissatisfaction !ith the ser#ice offerin s or because of better ser#ice offerin s by competitors.

J9E&TION .? >4IC4 OT4ER CAR)& )O :O9 O>N

86

OTHER BRANDS OWNED

*iti. n5 8!:* : n5 of : rod

20# 32# 5# 1# 7# 15# 14# 0# 6#

: n5 )f Indi !t nd rd *h rtered ANC >rind, -s% 7imes c rd I*I*I !:I

/ccordin to this sur#ey, '4 K of the /m0* customers o!n Citiban" cards also. 4)K of them o!n ;B% cards, 17K o!n ;tanchart and :6 K o!n C;BC Cards. Bther brand cards hold 41K share of this chun". $his i#es a brief o#er#ie! of the threat posed by other card issuers to /m0* cardmembers.

J9E&TION A? O0ERALL# 4O> &ATI&FIE) ARE :O9 >IT4 :O9R AMERICAN E8PRE&& CAR);

87

SATISFACTION WITH AMEX CARDS

Der- s tisfied 8# 0# 22# !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

17#

53#

$his research sho!s that at least 97K of the /m0* cardmembers are satisfied !ith their cards. Bnly (K of the respondents feel some!hat dissatisfied !ith their /m0* card, and 19K are neutral about their feelin s. /lthou h the customers are satisfied !ith the cards, !hat is important is the satisfaction !ith the customer ser#ice of /m0* as a !hole.

J9E&TION B? O0ERALL# 4O> &ATI&FIE) ARE :O9 >IT4 AMERICAN E8PRE&&" C9&TOMER &ER0ICE;

88

SATISFACTION WITH AMEX SERVICES

6# 0# 16# 30#

Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

48#

$he data sho!s that 9(K of the customers are satisfied !ith /merican 0*press. ser#ice offerin s. But of these, ') K are #ery satisfied and 6(K are some!hat satisfied and only 8K are some!hat dissatisfied !ith the ser#ice offerin s of /m0*. $his sho!s hi h customer satisfaction le#els as re ards the

J9E&TION C? 4O> LIKEL: >O9L) :O9 $E TO RECOMMEN) AMERICAN E8PRE&& CAR)& TO OT4ER&;

89

RECOMMENDATION
12# 3# 0# 28# Der- ,i5e,!ome'h t ,i5e,Not s+re !ome'h t +n,i5e,Der- +n,i5e,-

57#

Bn bein as"ed !hether they !ould recommend /merican 0*press cards to others, 79K of them said that they !ere some!hat li"ely to recommend to others. 4(K said that they !ere #ery li"ely to recommend to others. +hile only 14K said that they !ere some!hat unli"ely to recommend /m0* cards to others. $his sho!s that at least (7K of the respondents !ere !illin recommend /m0* cards to others. to

8(

J9E&TION D? TO >4AT E8TENT )OE& AMERICAN E8PRE&&F C9&TOMER &ER0ICE E8CEE) :O9R E8PECTATION&;

EXPECTATIONS SURPASSED
0# 20# 0# 37# Der- /re t e9tent >re t e9tent !ome e9tent ;itt,e e9tent Der- ,itt,e e9tent

43#

$he data sho!s that '9K of the respondents felt that /m0* ser#ices surpassed their e*pectations to a reat e*tent. 6'K felt that the ser#ices surpassed e*pectations to some e*tent. /nd 4)K felt that /m0* ser#ices surpassed their e*pectations to a little e*tent. $his analysis sho!s that ho!e#er /m0* ser#ice offerin s surpassed the respondents. e*pectations, yet it !as on an a#era e not to a #ery reat e*tent. /m0* needs to impro#e its ser#ice offerin s in such a !ay that it surpasses the customer.s e*pectations to a reat e*tent.

8@

J9E&TION -? >4IC4 OF T4E FOLLO>ING &TATEMENT&# ACCOR)ING TO :O9 MO&T REPRE&ENTATI0E OF AMERICAN E8PRE&&/

REPRESENTATIVE STATEMENTS
7# 0# 13# 19# 19# 25# 17# 8e,pf+, Po,ite In t+ne Prompt @n'i,,in/ Poor s+pport P+t on ho,d

+hen as"ed to tic" the statements that !ere most representati#e of /m0*, 197 felt that people at /m0* are Celpful and Driendly. 47K felt that people at /m0* are polite, cheerful and are "no!led eable operators. 1@K felt that /m0* is in tune !ith the needs of its clients. /nother 1@K felt that /m0* is prompt in dealin !ith customer complaints. 1@K felt that people at /m0* are un!illin to o the e*tra mile for its customers. /nother 1)K felt that they !ere often put on hold for a lon time. /m0* needs to modify its ser#ice offerin s in such a manner that the customers retain no ne ati#e feelin s about their ser#ice offerin s.

9)

J9E&TION *? 4O> &ATI&FIE) ARE :O9 >IT4 T4E EFFICIENC: OF CALL 4AN)LING >4EN PLACING CALL& TO AMERICAN E8PRE&&;

CALL HANDLING
Der- s tisfied 3#0# 27# 29# !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

41#

B#erall, the satisfaction le#els re ardin the call handlin ser#ices of /merican 0*press are hi h. 9)K of the respondents !ere satisfied !ith the call handlin ser#ices of /m0*. But of these, 61K !ere some!hat satisfied, 4@K !ere #ery satisfied, 49K !ere neutral and 'K !ere some!hat dissatisfied !ith the call handlin ser#ices of /m0*. /m0* needs to con#ert the opinions of these ')K !ho !ere either neutral or dissatisfied, by impro#in their call handlin ser#ices.

91

J9E&TION +,? AMERICAN E8PRE&& 9N)ER&TAN)& M: &ER0ICE NEE)&/

SERVICE NEEDS UNDERSTOOD

5# 18#

0#

0#

!tron/,- /ree A/ree Ne+tr ,&Not s+re Dis /ree

77#

!tron/,dis /ree%

+hen as"ed !hether /m0* understood their ser#ice needs, 99K of the respondents a reed, 1(K disa reed and 7K disa reed !ith the statement. 0#en thou h more than 'H6 th of the respondents a ree to the fact that /m0* has understood their ser#ice needs, yet there remain a ood 4'K of them !ho don.t a ree to the statement. /m0* !ill ha#e to !or" harder to!ards ettin all their respondents to a ree to the fact that their ser#ice needs !ere understood.

94

J9E&TION ++? >4AT ARE T4E A))E) $ENEFIT& :O9 >I&4 TO ACJ9IRE FROM T4E CAR)/

EXTRA BENEFITS

Accept .i,it12# 13# 24# 44# ;esser ch r/es :etter offers ;on/er credit period 8i/her credit ,imit

7#

$his ,uestion pertains enerally to the /m0* credit card. 66K of the respondents !ant /m0* to pro#ide them !ith a hi her credit limit. 46K !ant a lon er credit period. 1'K!ant acceptability. 14K !ant /m0* to pro#ide better offers and 9K !ant lesser char es to be applied to their cards.

9'

J9E&TION +<? PLEA&E RANK T4E &ER0ICE& OF T4E FOLLO>ING CAR) I&&9ER& IN OR)ER OF :O9R PREFERENCE/

FIRST RANA
30 25 PERCENT 15 AGE 10 5 !t n*h rt *iti. n5 Am69 8!:* I*I*I !:I 0 20

$his ,uestion aims at findin out the perception of /m0* cardmembers re ardin their most preferred card. %t is e#ident from this data that ')K of the respondents ha#e ran"ed /m0* itself as their most preferred card. Close on the heels of /m0* are Citiban" and ;B%. /m0* needs to impro#e its ser#ice offerin s in such a !ay that the majority of its customers percei#e it as the best card issuer in the mar"et.
96

SECOND RANA
50 45 40 35 30 25 20 15 10 5 0
Am 69 n5 * rt !: . n* 8 h !: I

PERCENTAGE

!eries1

i ti

Majority of the respondents i.e. more than 6)K of them percei#ed /merican 0*press as the second most preferred card issuer. /nother 4@K of them percei#ed Citiban" as the second most preferred card issuer in %ndia. Considerin both the charts, at least 9) K of the respondents percei#ed /m0* to be amon st the top t!o most preferred Card&issuers. $his fi ure may sound ood but the fact here is that all the respondents are /m0* users. /nd still for 9)K of them it is not the most preferred card. $his perception amon st the customers could pro#e to be dan erous for /m0*. /m0* !ill ha#e to ta"e some stron measures to reinforce its superiority in the minds of its customers.

!t
97

DEMOGRAPHICS

AGE
A:)D6 50

40250

30240

20230 0 10 20 30
20230 30240 40250 50

40

50

39# of the respondents 'ere .et'een the /e of 36# of them 'ere .et'een the /e of 21# of them 'ere .et'een the /e of )n,- 4# of them 'ere .ove the /e of

98

INCOME
A.ove 601000

4010002601000

2510002401000

1510002251000 0 10 20 30 40 50 60

14# of the respondents h d income .et'een 21# of the respondents h d income .et'een 17# of the respondents h d income .et'een 04# of the respondents h d income .et'een

(s%1510002251000 (s% 2510002401000 (s% 4010002601000 A.ove (s%601000

99

RECOMMENDATIONS

9(

STEPS NEEDED TO BE TAAEN BY AMERICAN EXPRESS IN ORDER TO STRENGTHEN ITS CUSTOMER SATISFACTION:

1. OFFER 4ELPF9L &9GGE&TION&/ /m0* call handlers should offer helpful su to their callers since it ma"es customers feel better informed.

estions

4. COMM9NICATE REG9LARL:. ;tayin in touch !ith customers lets them "no! you are thin"in about them, not ta"in them for ranted. /m0* should send helpful information and not just ad#ertisin material. Customers li"e to "no! !hat you are thin"in , not just !hat you are sellin . $his !ill help in brin in the customers closer to their business. '. GENERATE ENT49&IA&M IN T4E EMPLO:EE&/ /merican 0*press should train its employees in the call centers in such a !ay that their interaction !ith the customers remains enthusiastic and the perception of un!illin ness to help be remo#ed. 6. RE&PON) PROMPTL:/ /m0* should try and reduce the time the customer is put on hold. / prompt response means someone cares and a delayed one tells the opposite story. 7. CREATE F9N AN) E8CITEMENT/ Dull dri#es customers a!ay. $he !ay to do more business is to ma"e it fun. 8. MAKE IN0OICE& &IMPLE# CLEAR AN) EA&: TO REA)/ $he in#oice is a company2s most important piece of paper&&and the most ne lected. 0*perts in communication should desi n in#oices. +hen customers recei#e in#oices, they should feel they recei#ed more than their money2s !orth. Cint3 $he description of !hat is purchased should seem

9@

bi er than the price char ed. %n#oices should be customi5ed to pass the communications test. 9. PER&ONALIKE ALL COMM9NICATION&/ 0#erythin recei#ed by a customer should be fully personali5ed. No UDear CustomerU letters. (. AME8 EMPLO:EE& &4O9L) $E TRAINE) TO $E PROACTI0E RAT4ER T4AN REACTI0E/ Don2t !ait for the customer to as" ho! to cut costsM ta"e the initiati#e. Be percei#ed as pro&acti#e by sho!in customers !ays to sa#e money. $hey2ll be less li"ely to bolt to a competitor for a lo!er price because they2ll "no! that you are loo"in out for them.

()

ANNEXURES

(1

J9E&TIONNAIRE
De r (espondent1 the o.Eective of this st+d- is to 5no' -o+r s tisf ction ,eve, <+estionn ire1 s -o+r res+,ts 'i,, he,p +s serve -o+ .etter% s

re/ rds the services of Americ n 69pressF services% Gind,- fi,, the fo,,o'in/

1% Which Americ n 69press c rd do -o+ o'nH IN( person , c rd IN( /o,d c rd IN( corpor te c rd *orpor te p+rch sin/ c rd IN( >(** ">reen B >o,d$ @! Do,, r *orpor te c rd Affinit- c rds *o2.r nded c rds "A7N;$ 2% Do -o+ o'n some other .r nd c rds ,soH =6! N)

3% Which other c rds do -o+ o'nH *iti. n5 8!:* : n5 of : rod : n5 )f Indi !t nd rd *h rtered ANC >rind, -s%

(4

7imes c rd I*I*I !:I 4% )ver ,,1 ho' s tisfied re -o+ 'ith -o+r Americ n 69press c rdH Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

5% )ver ,,1 ho' s tisfied re -o+ 'ith Americ n 69pressF c+stomer serviceH Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

6% 8o' ,i5e,- 'o+,d -o+ .e to recommend Americ n 69press c rds to othersH Der- ,i5e,!ome'h t ,i5e,Not s+re !ome'h t +n,i5e,Der- +n,i5e,-

7% 7o 'h t e9tent does Americ n 69press4 c+stomer service e9ceed -o+r e9pect tionsH Der- /re t e9tent

('

>re t e9tent !ome e9tent ;itt,e e9tent Der- ,itt,e e9tent

8% Which of the fo,,o'in/ st tements1 ccordin/ to -o+ most represent tive of Americ n 69press% 7he- re 8e,pf+, nd 3riend,-% 7he- re po,ite1 cheerf+, nd re 5no',ed/e .,e oper tors In t+ne 'ith the needs of its c,ients Prompt in de ,in/ 'ith c+stomer comp, ints @n'i,,in/ to /o the e9tr mi,e for its c+stomers Poor c+stomer phone s+pport =o+ re often p+t on ho,d for ,on/ time

9% 8o' s tisfied re -o+ 'ith the efficienc- of c ,, h nd,in/ 'hen p, cin/ c ,,s to Americ n 69pressH Der- s tisfied !ome'h t s tisfied Ne+tr , !ome'h t diss tisfied Der- diss tisfied

10% Americ n 69press +nderst nds m- service needs% !tron/,- /ree A/ree

(6

Ne+tr ,&Not s+re Dis /ree !tron/,- dis /ree% 11% Wh t re the dded .enefits -o+ 'ish to c<+ire from the c rd% Accept .i,it;on/er credit period 8i/her credit ,imit ;esser ch r/es :etter offers 12% P,e se r n5 the services of the fo,,o'in/ c rd iss+ers in order of -o+r preference% Am69 *iti. n5 8!:* : n5 of : rod : n5 )f Indi !t nd rd *h rtered ANC >rind, -s 7imes c rd I*I*I !:I

Person , det i,sI A/eI IncomeI 1510002251000 2510002401000

(7

4010002601000

A.ove 601000

T&*+> 1!5 (!" -*>.+, -&# -.)# -! %!)9'#-# -&.$ $5"6#1

(8