American Express will begin a £6m launch of its new credit card in the UK this week, almost a year after the plan was first mooted (MW, May 13 1994).
A TV and print advertising campaign created by Ogilvy & Mather starts tomorrow (Thursday). Wunderman Cato Johnson will handle direct marketing.
The new card will differ from Amex’s Optima True Grace credit card as it will be open to non-Amex customers. Amex hopes to differentiate its card by enabling customers to tailor credit services by choosing spending limits and influencing interest rates. Customers will also have access to Amex’s Membership Rewards scheme.
Interest rates will be competitive at 16.7 per cent annual percentage rate (APR) for customers with no outstanding fees.
“It is not rocket science,” says Nicolas Sireyjol, vice president, revolve and lending products for American Express Europe. “We are offering a low interest rate and competitor’s cards are all more or less the same.” According to Sireyjol, the card is intended to help make American Express more flexible and accessible, but Amex will continue to target affluent customers.