Rebirth 79: I opened a bank in the United States

Chapter 969 American Express Black Flag Card
"It's not even an ordinary outsider. Strictly speaking, Iacocca was trained by Ford. His growth path was completed in Ford Motor. It can be said that he is in conflict with GM, and he is born at odds. He doesn't have the strength to compete with Ruisi!"

"A person who has no way out, even a mess with the management of the factory, and a person who has to rely on me to solve the auto union issue, why should he question my judgment?"

If Carter remembers correctly, the situation for Chrysler in the future is not very good.

First merged with Daimler, and within two years, Daimler ran away
It's clear that he can't move this pig teammate.
How can Carter not worry about such a future? !

Don't worry about it, isn't your investment in vain? !
With Chrysler, Carter will not be as easy to talk to as with General Electric.In Carter's eyes, Iacocca and Welch are more like the difference between a master of tactics and a master of strategy.
In the hands of Iacocca, Chrysler can only achieve an increase in sales, but in terms of overall strategic planning, it can be described as a mess.Otherwise, you wouldn't be playing yourself to the brink of bankruptcy, would you? !
And Welch is different. This guy is a typical example of making a fortune in silence.Even in the future, it is rare to see how amazing sales data General Electric has made under his leadership, but he is able to increase the market value of General Electric.
It belongs to that kind, not greedy every time, but it is a very stable kind of improvement
"Zairong, let me tell you this! Chrysler is like a blind giant. It has sufficient foundation. Whether it is brand history or technical reserves, it has no clear direction! I Investing in it is thinking that I can be those eyes! But now, this giant's legs don't obey the command of the eyes, and they still walk around, so what's the use of me keeping these legs?!"

"I don't have much time. According to regulations, my vacation is over long ago. After going to Express, we will pick up Yin Xin and return to South Korea. At that time, I have to trouble you to go to China for me. Changchun is far away from South Korea. It’s not too far away, if it’s so fast, it’s enough to go back and forth in one day.”

"Is it the person who contacted FAW?"

"That's right, this matter, you can't let the German guy cut it off! I will contact you in advance, and then I will give you the contact information, and you go for me."

Three days later, Carter boarded a flight back to South Korea.

At the same time, the preparatory work for the American Express Black Flag credit card is also underway.And this step can be said to be a matter of course. Heiqi and American Express are just a bastard looking at mung beans.
As the largest travel agency in the United States and even in the world, it is also an ancestor player of credit cards.American Express has more than 700 million cardholders, and the contracted merchants are all over the world. When acquiring the shares of American Express, Carter is focusing on its huge network of contracted merchants and customer base.

At the same time, as an ancient credit card player, American Express is also facing a rather embarrassing problem at this time.Because he is not a bank.
The early credit card, as mentioned earlier, is a delayed payment model.To put it simply, after the cardholder spends at the merchant, the merchant will only save a purchase order, on which the credit card account number and the cardholder's signature are printed.In the future, the merchant will uniformly take the purchase order to the American Express Company for verification.The money is paid by American Express. At the same time, American Express, on the one hand, collects an annual fee for the merchants to settle in, and on the other hand, it will take a commission on the bill.

Then, in the process of collecting payment from customers, American Express can also charge annual fees from customers.This method used to work very well, but with the popularity of credit cards, um, the popularity of credit cards issued by banks, the embarrassment of American Express has come!
People's bank, rich and powerful, timely payment and revolving quota, not only the merchants are happy, but the users are also happy!
For merchants, the settlement of the Amex card has a cycle, which will increase the time cost of their funds, but obviously, Amex will not pay for the time cost of the merchant.But with other bank credit cards, they can receive the funds paid by the bank in a timely manner, and they will be judged!

Even in order to compete for market share, these banks often require very low annual fees for merchants, at least lower than that of American Express.So that right now, many merchants have a tendency to leave American Express
On the customer side, the bank's credit card limit is often a revolving limit, which can be repaid as it is used, and the limit will be restored immediately after repayment, and can continue to be used.It is more convenient, and the Amex card itself is a delayed payment model without the existence of funds, which also leads to the speed of recovery of the amount of the Amex card far lower than that of ordinary bank credit cards
So back and forth.
Even now, with the promulgation of the Bank Equal Competition Act, the Federal Reserve has redefined the definition of banking institutions: all institutions participating in the Federal Deposit Insurance Program are uniformly defined as banks.

Today's American Express, at this point, has barely obtained the legal definition of a bank.Because the American Express model will collect payment from users. When the money is deposited in the American Express account, will there be a deposit balance? !To be on the safe side, they also insure the money.
But here comes the problem, it is still a travel company in essence!

Although it can be defined as a bank now, American Express does not have the qualifications for storage and storage, and it lacks a serious bank license!
Amex, which was thinking of ways to acquire qualifications for storage and storage for itself, and then use cash flow to change its payment card model, suddenly discovered that Black Flag Commercial Bank had joined its board of directors.
Isn't this asking for something? !
American Express lacks the cash flow guarantee brought by banks to support it to change the original payment card model; while Black Flag lacks a credit card customer base and a network of cooperative merchants.
The two are a perfect match!
As a pilot project of cooperation, the American Express Black Flag Credit Card will adopt an invitation system and invite original American Express card users to apply for it.If you apply for this card, you only need to fill out a supplementary agreement, and you can get a supplementary card at the same time.
The supplementary card supports consumption at all MasterCard contracted merchants, and the supplementary card and the main card share the limit.Open a wider channel at once.
Even in order to strengthen the temptation to consumers, Carter also proposed an idea: the card can be used to withdraw cash directly in the black flag commercial bank!
Instead of letting those merchants earn money from cashing out credit cards, Carter felt that he might as well do it himself!After all, the small loan business is what Carter likes the most!
Unsecured credit loans, due to concerns about risk control, can only be implemented on campus for the time being.But like this, for Express card customers, the credit qualification has been reviewed by Express, and through Express, customers who can also check their past credit performance.
After a comprehensive review, the amount of cash that can be withdrawn is given to him. The risk has been reduced too much. We can take the opportunity to use the credit card cash withdrawal model to try to promote the small loan business in American society.
Expanded credit card channels, opened up a new profitable business, revitalized the black flag credit card that was half dead, and also piloted the feasibility of microcredit loans in society.
this wave
It can be said that Qin Shihuang cut the wires and won numbness!

(End of this chapter)