skyfox2020 Posted January 6, 2007 Report Share Posted January 6, 2007 Has anyone else heard the rumor that Neiman's will be updating their charge card to an American Express card? I think it is because Neiman's will no longer exclusively accept Amex as payment. Link to comment Share on other sites More sharing options...
direred Posted January 6, 2007 Report Share Posted January 6, 2007 NM has accepted only their card and Amex for in-store purchases, but they accept many more cards if you use their online store. Link to comment Share on other sites More sharing options...
skyfox2020 Posted January 6, 2007 Author Report Share Posted January 6, 2007 Yes that is how they did it in the past, but they just decided not to renew the contract they had with AMEX. So I was wondering if the rumor that they will brand their charge card w/ AMEX is true. Link to comment Share on other sites More sharing options...
direred Posted January 6, 2007 Report Share Posted January 6, 2007 Yes that is how they did it in the past, but they just decided not to renew the contract they had with AMEX.Where'd you hear that? Link to comment Share on other sites More sharing options...
skyfox2020 Posted January 6, 2007 Author Report Share Posted January 6, 2007 Perhaps I should have said "they may not renew." But here is what (and where) I read:"Likewise, Neiman Marcus only accepts American Express and their store card; however, the current exclusive agreement with American Express is due to expire soon and may not be renewed as an exclusive agreement."http://en.wikipedia.org/wiki/American_Express(under the heading "The Boston Fee Party") Link to comment Share on other sites More sharing options...
direred Posted January 6, 2007 Report Share Posted January 6, 2007 Given what they get out of Amex, I'd be surprised if they broadened it, unless it was to include Diner's Club. Link to comment Share on other sites More sharing options...
skyfox2020 Posted January 6, 2007 Author Report Share Posted January 6, 2007 What does an exclusive deal w/Amex offer them? I remember before I got my Amex or my NM card that I was so frustrated that they didn't take my Visa debit card... Link to comment Share on other sites More sharing options...
direred Posted January 6, 2007 Report Share Posted January 6, 2007 It means they can negotiate a lower payment discount with Amex than they'd normally get, and probably lower than they'd get with Visa or MC. Plus they get exclusive cross-branding tie-ins to help bring in new customers.Since most of their customers will be accustomed to using NM or Amex, and will therefore likely continue to do so, their discount rate could triple if they didn't have the exclusivity agreement.Per Target, one of their highest costs is merchant fees -- thus one of the reasons they offer repeat customers Target cards. Link to comment Share on other sites More sharing options...
skyfox2020 Posted January 6, 2007 Author Report Share Posted January 6, 2007 Very interesting... That makes sense. I love Amex but they do charge an arm and a leg in merchant fees. Link to comment Share on other sites More sharing options...
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