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American Express Company’s AXP subsidiary American Express Canada recently expanded its longstanding ties with Canada’s largest airport, Toronto Pearson. The motive remains to offer continued exclusive benefits and services for American Express Cardmembers, who can enjoy an enhanced airport experience.
As part of the renewed collaboration, eligible American Express Cardmembers will have expedited access to the Priority Security Lane at Terminals 1 and 3, which can be accessed by requesting single-use QR codes online. Cardmembers departing from Toronto Pearson’s Terminal 1 can also take advantage of complimentary valet car service. To utilize this benefit, vehicles must be dropped off at the valet stand, and the parking fee must be charged to an eligible American Express Card, which will automatically waive the valet service fees.
Additionally, Cardmembers can enjoy a 15% discount on parking rates when using the Express Park facility in Terminal 1 or the Daily Park facilities in Terminals 1 and 3. This discount will be reflected as a statement credit. For those seeking car cleaning and detailing services, a 15% discount is also available on car care services provided at Terminal 1, ensuring that vehicles are well-maintained while travelers are away.
The bundled benefits in the form of complimentary valet, parking discounts, car care savings and more are expected to make travel more convenient and enjoyable for passengers. American Express seems to occupy a strong foothold across the transit system of Canada, and an enhanced digital suite, built through constant tie ups and significant investments, is likely to have helped it solidify its nationwide presence.
Benefits of the Recent Move to American Express
The recent expansion of the partnership with Toronto Pearson reflects American Express’ sincere efforts to sustain the lucrativeness of its card offerings and therefore may retain the existing Cardmembers or attract new ones.
With the card-issuing business remaining an important source of revenues for American Express, the latest move is expected to contribute to its top-line growth. Management remains confident in achieving long-term revenue growth of 10%.
AXP’s Share Price Performance & Zacks Rank
Shares of American Express have gained 73.2% in the past year, compared with the industry’s 24.5% growth. AXP currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the Finance space are Washington Trust Bancorp, Inc. WASH, Brookline Bancorp, Inc. BRKL and Guaranty Bancshares, Inc. GNTY. While Washington Trust Bancorp sports a Zacks Rank #1 (Strong Buy) at present, Brookline Bancorp and Guaranty Bancshares carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.