I had to bump this. With the loss of Serve and Bluebird, how is Amex going to report the earnings loss? I'm sure they used MS loads as actual income and the purchases of gift cards on other Amex as member usage. Do they really understand Serve/Bluebird gave them almost 5k of pretend spend from thousands of members a month?

Amex CC could report x.x in consumer purchases and debt each month, and Amex Serve/BB could report x.x in consumer loads and fee's each month. I wonder how that is gonna balance out long term for the Amex portfolio.

That's 60k a year of fake spending per cardmember that I'm sure Amex was reporting. There aren't many valuable ways to MS on Amex anymore.