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2005 Spend Velocity
• AXP’s business model focuses on driving cardmember spending, unlike most of
our competitors, whose models are primarily based on lending.
• This is an important distinction as our model generally produces higher returns
and is less capital intensive.
6.0x
AXP Citi JPM MBNA Discover COF*
Note: Spend velocity is defined as annual billed business divided d by average managed receivables. AXP spend velocity determined using average
GAAP (i.e., owned) receivables was 8.1x for 2005.
*Capital One Finance: U.S. Cards portfolio only.
Source: Company data and public filings.
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