(ATLANTA, May 22, 2000) Not only has the American Express Blue card

already exceeded its distribution goals for all of 2000, the card has

attracted a substantial number of revolvers and transferred balances from

major competitors. These independent findings emerged in the analysis

section of a just published consumer study conducted by Brittain Associates.

When launched in September of 1999, Amex predicted that by the end of 2000

there would be 1.5 to 2.0 million Blue card accounts opened. Recent Amex

statements revised that estimate to "3 to 4 million", a volume that the

Brittain Associates study indicates is very likely, given the measured count

of Blue card ownership of just over 2.0 million through mid-April.

"One half of these Blue owners were not Amex customers before they got their

Blue card," says Bruce Brittain, president of the Atlanta-based research

firm. "Even better, for Amex, is the $1.8 billion in transferred balances

that have resulted to date. Add to that the revolved balances resulting

from Blue spending, and the revolved outstandings are likely to now be $2

billion or more.

In total, 45% of Blue owners say that the new card has replaced another card

in their wallet. The competitive brands most impacted by Blue are

MasterCard and Visa cards issued by Citibank, MBNA and Chase plus the

Discover card. And, while there has been some cannibalization of other Amex

cards by Blue, this has been more than offset by the addition of new

relationships.

"American Express introduced a card with very attractive pricing, a unique

look and an internet related feature, the computer chip," says Brittain,

"and the combination seems likely to succeed on several levels."

The consumer study, involving more than 3,000 interviews both by telephone

and online, was conducted in March and April. Follow-up studies are

scheduled for September of this year and first quarter of 2001 when the Blue

card will be 18 months into its launch.

Brittain Associates is a full-service research firm specializing in

financial services.