AXS Accsys Technologies Plc

RNS No 2484u
AMERICAN EXPRESS COMPANY
22nd June 1998


             AMERICAN EXPRESS LAUNCHES NEW CREDIT CARD
                    WITH LOWEST INTEREST RATES

Singapore, 10 June, 1998 - American Express, the world's leading card-issuer,
launches a new credit card in Singapore with the lowest interest rates for
revolving credit - up to 50 percent lower than similar products in the market.

The new blue American Express Credit Card is the best value credit card in
Singapore, providing a range of privileges, services and rewards.  It will also
change the credit card scene in Singapore through a number of new cost-saving
features:

Introductory interest rate - 15.9%
All Cardmembers will enjoy a six-month introductory interest rate of 15.9
percent for outstanding balances - the lowest in town.

Balance transfer - 11.9%
A Balance Transfer feature, the first by a Singapore credit card issuer, allows
Cardmembers to transfer their outstanding balances from other credit cards to
the America Express credit card.  Cardmembers will benefit from a six-month
introductory Balance Transfer rate of 11.9 percent, which is effectively a
saving of 50 percent on their revolving credit.

Annual fee waived
There will be a waiver of the first year annual fee during the six-month
promotional period.

Tiered interest rates
Another first in the local credit card scene is the American Express two-tiered
interest rate.  This innovative scheme is aimed at encouraging good credit
behaviour and rewarding Cardmembers who are financially responsible.  The
preferred rate is 21.9% as compared to the industry norm of 24 percent per
annum.  However, those who do not maintain a good credit history will pay 23.9
percent.

In addition to these money-saving benefits, Cardmembers can also access the
highly successful American Express Membership Rewards programme, 24-hour
Emergency Customer Service, Worldwide Customer Care and Global Assist.
Cardmembers will also receive a preferential rate for investment and lending
products as well as phone banking services from the Personal Financial Services
division of the American Express Bank.

Mr. Anthony Lee, Country Manager and Head of the Consumer Services Group of
American Express International, Inc., said "Consumers are becoming increasingly
demanding about what they want from their plastic.  They are constantly looking
for the best value.  We believe this is the best time to introduce cost-saving
features in credit cards.  They want low interest rates and benefits which suit
their financial needs."

"Almost all research that we know of shows that there is a large group of
potential customers who trust the American Express brand.  And they are
attracted to our renowned quality service and the flexibility of revolving
credit.  We are certainly confident that with the launch of the new credit
card, American Express' total share of the wallet will be even bigger," added
Mr. Lee.

The blue American Express credit card will complement other products of the
American Express card family, including the Green and Gold Charge Cards and
Corporate Card.  The introduction of the American Express Credit Card will also
expand and broaden its customer base as the company reaches out to a
financially-savvy group constantly looking for good value that appreciates brand
quality and presitge.

American Express' regional strategy is to offer a wide range of credit card
products besides its charge card products.  In Asia Pacific, the American
Express credit card has already been launched in Hong King, Taiwan and
Australia, and in the process has increased significantly its share of the
credit card market in the chosen countries.

In singapore, the launch of the American Express Credit Card will be supported
by a new television commercial, press advertisements and a major direct mail
campaign.

The American Express Company is a global travel, financial and network services
provider.  Founded in 1850, the company provides individuals with charge and
credit cards, travelers cheques and other stored valued products.  It also
offers financial planning, brokerage services, mutual funds, insurance and other
investment products.

END

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