|
Travelers Cheques
While we made progress over the past few
years in broadening our distribution channels for travelers
cheques, 2000 represented a revival for American Express'
oldest product. During 2000, travelers cheque sales
increased by six percent globally, aided by new advertising
and marketing programs, gift cheque promotions, and the use
of Internet sales capabilities. This is a significant
accomplishment for what has long been considered a mature
product.
|
|
During 2000, sales of American Express  Travelers Cheques
increased to $24.6 billion, up from $23.3 billion at
year-end 1999. New marketing programs, gift cheque
promotions and the use of Internet sales capabilities helped
spur new growth for the company's oldest product. At the behest of American Express President J.C. Fargo - who had
returned from a trip to Europe frustrated that he was unable
to use his letters of credit to obtain cash anywhere except
the major cities - Marcellus F. Berry invented the travelers
cheque in 1891. |
