AMERICAN EXPRESS MARKS FINANCIAL LITERACY MONTH BY BROADENING EDUCATIONAL PROGRAMS AND INITIATIVES
American Express encourages customers to go online to keep finances "in line" with consumer resources and programs
NEW YORK, April 02, 2008 -- To commemorate Financial Literacy Month in April, American Express today announced new and expanded initiatives that deepen its long-standing commitment to educate consumers about the right tools for a responsible approach to personal finance. Together with Consumer Action, American Express is increasing the reach and impact of their joint program, "Credit Cards: What You Need to Know," and in concert with the National Consumers League (NCL), is a major sponsor of the 2008 National LifeSmarts Championship.
American Express offers many educational tools on its Consumer Resources site -- americanexpress.com/consumerresources -- that educate Cardmembers and consumers about the prudent use of credit. By going online, consumers can keep their finances "in line" and take advantage of resources that include brochures, tips and advice on managing and improving their financial situation.
"For more than 25 years, our Company has been working in partnership with consumer leaders to support their efforts to promote consumer financial education," said Larry Sharnak, Executive Vice President and General Manager, Consumer Cards, American Express. "We want to make sure our Cardmembers – and all consumers -- understand the financial products and services available to them, and that they use them responsibly."
American Express and Consumer Action Partnership
American Express and Consumer Action are kicking off the third year of their joint "Credit Cards: What You Need to Know" program that began in 2005 in an effort to encourage consumers to make responsible decisions when choosing and using credit cards. The program relies on a unique "train-the-trainer" approach in which American Express and Consumer Action provide curricula, information and instructional material to community and consumer advocacy leaders for use in educating area residents.
"We're pleased to be expanding our relationship with American Express to reach more consumers this year," said Linda Sherry, Director of National Priorities, Consumer Action. "By continuing to educate people about credit cards, we are empowering them to make responsible financial decisions."
During Financial Literacy Month in April, a train-the-trainer session will be held on April 28 in Birmingham, Ala., with additional sessions to be held later in Greensboro, N.C., and Salt Lake City, Utah. The program previously held train-the-trainer sessions in New York, Washington, D.C., Dallas, Phoenix, Oakland, Calif., and Plantation, Fla. At these meetings, 350 community group staff members were trained on how best to use the project's materials in the community. Consumer Action and American Express have provided nearly 250,000 publications in five languages: English, Spanish, Chinese, Korean and Vietnamese.
American Express and National Consumers League's LifeSmarts Program
American Express is also proud to announce its role as a major sponsor of the National Consumers League's 2008 National LifeSmarts Championship, held this year from April 12 to 15 in Minneapolis, Minn. In LifeSmarts, teens form teams and compete online for a chance to represent their states at nationals, where high school students from all over the country go head-to-head in the game show-like competition that tests their knowledge of real-life consumer issues in areas such as personal finance, health, the environment, technology, and consumer rights and responsibilities. American Express will sponsor the final day of nationals: the semi-finals and final rounds of the championship, the awards luncheon, and the keynote speech by U.S. Treasurer Anna Escobedo Cabral.
"We're pleased to have the support of American Express for our efforts to educate today's teens to be responsible, well-informed consumers," said Lisa Hertzberg, Director of NCL's LifeSmarts program. "American Express' contributions to the program will help us to grow the competition year-round and is helping us to ensure that this year's national competition in Minneapolis will be the best yet!"
American Express Consumer Resources
American Express is committed to educating consumers about the responsible use of credit cards and money management. At americanexpress.com/consumerresources, consumers can find information, insights and tips about selecting and using credit cards so that consumers can easily identify the optimal credit or charge card to meet their financial and lifestyle needs. Available resources include:
- Get your questions answered, such as:
- What is an APR?
- How can you avoid credit card fees?
- Tips and advice, such as:
- "Credit Cards: What You Need to Know," created in partnership with Consumer Action
- "Families and Credit Cards," created in partnership with Consumer Action for parents to teach their children about credit cards and other payment options
- "Ten Simple Ways to Make Your Travels Safer"
- Manage your account
- Information about available tools that Cardmembers may not be aware of, such as "Account Alerts," which can track spending, provide balance updates and alert Cardmembers when they are nearing a credit limit
For more information about American Express' consumer education programs and online resources, visit americanexpress.com or americanexpress.com/consumerresources.
About American Express
American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.
American Express is committed to consumer financial education programs and has been developing and sponsoring education initiatives for decades. Recent programs include: Families and Credit Cards – a guide for parents to teach their children about credit cards and other payment options; Credit Matters – a guide for adults and first-time credit users that explains how to qualify for a credit card, secure the best deal, and establish a good credit history; Identity Theft – an on-line tool that helps consumers protect themselves from identity theft; Shop Safely Online – guide for on-line shopping that provides useful information about security, privacy, and how credit laws protect consumers shopping online; and Customer Privacy Principles – description of privacy principles developed by American Express to protect the personal information of its customers.
About Consumer Action
Consumer Action (www.consumer-action.org) is a non-profit 501(c)(3) advocacy and education organization, with offices in San Francisco, Los Angeles and Washington, DC that has served consumers since 1971. CA distributes one million free educational brochures annually on consumer financial services and other issues, through its national network of 10,000 community-based organizations. Consumer Action has been conducting surveys of credit card rates and terms since the 1980s, to track trends in the industry and assist consumers in comparing cards and understanding their rights when using credit.
About National Consumers League
The National Consumers League, founded in 1899, is America's pioneer consumer organization. Our mission is to protect and promote social and economic justice for consumers and workers in the United States and abroad. NCL is the national coordinator of LifeSmarts, an educational program that develops the consumer and marketplace knowledge and skills of teenagers. The competition begins online at the state level, where teens form teams and are quizzed at www.lifesmarts.org on issues ranging from personal finance and health and safety to the environment, technology, and consumer rights and responsibilities. For more information, visit www.nclnet.org.
