18 Business English Magazine

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1  to mirror  /tə mɪrə/ | odzwierciedlać2  the digital age /ðə ˈdɪdʒɪtl eɪdʒ/  | era cyfrowa3  to get on board  /tə get ɒn bɔːd/ | wsiąść na pokład

4  stagecoach  /ˈsteɪdʒkəʊtʃ/ | dyliżans

American Express – From the Wild West to the Money TreeThe story of American Express mirrors1 the journey of the United States itself from frontiers of the Wild West to the outer limits of the digital age2. George Sandford gets on board3 to take a ride with the company that went from stagecoaches4 to money trees.

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Business English Magazine 19

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A Watchdog5 in the Wild WestIf you’ve ever watched a western, you’ll know that the days of the Wild West were lawless6 and dangerous times. The US post-al service7 was far from speedy and often ran the risk of8 attack; transferring money from one side of the country to the other was a hazardous9 and difficult proposition. Enter the posse10 of founders11, Wells, Fargo and Butterfield to come to the rescue12 in 1850. Using stagecoaches and individual riders, the American Express Company

quickly and safely transported post and money around the ever growing13 network of towns and cities throughout the United States. A picture of a watchdog on top of a blue box reinforced14 their image of being trusted with the customer’s money. It stood to reason15 that one of their main

client groups would be banks and this consequently led to them transporting cash, certificates and gold. However, like all postal services, they discovered that it was far more profitable16 to move major consignments17 between large cities than two bit18 letters from a one horse town19 to the back of beyond20.

The Move into MoneyIt became apparent that there was no need to physically carry cash around when you could more safely travel with a money order21. (A written order for the payment of a sum to a named individual; obtainable 22and payable at a post office or bank) Furthermore, it occurred to the smart business owners that there was no need to deliver for other banks when they could create their own money orders, which they did in 1882 and in 1991 brought in the world’s first trav-eller’s cheques23; a form of payment which endured for a hundred years. By the turn of the century24, America was undergoing25 major waves of immigra-tion from Europeans and this provided the context for it to expand its services to a European and transatlantic one. Many of the immigrants proved to

5  watchdog  /ˈwɒtʃdɒɡ/ | pies stróżujący; instytucja nadzorująca

6  lawless  /ˈlɔːləs/ | bezprawny7  postal service  /ˈpəʊstl ˈsɜːvɪs/ | usługi pocztowe8  to run the risk of  /tə rʌn ðə rɪsk əv/ | być narażonym na ryzyko

9  hazardous  /ˈhæzədəs/ | ryzykowny, niebezpieczny

10  posse  /ˈpɒsi/ | grupa, oddział11  founder  /ˈfaʊndə/ | założyciel12  to come to the rescue  /tə kʌm tə ðə ˈreskjuː/  | przyjść na pomoc

13  ever growing  /ˈevə ˈɡrəʊɪŋ/ | rosnący14  to reinforce  /tə riːɪnˈfɔːs/ | wzmacniać15  it stood to reason  /ɪt stʊd tə ˈriːzn/ | zrozumiałe było, że…

16  profitable  /ˈprɒfɪtəbl/ | zyskowny17  consignment  /kənˈsaɪnmənt/ | przesyłka towarowa

18  two bit  /tuː bɪt/ | mało znaczący19  a one horse town  /wʌn hɔːs taʊn/ | dziura zabita dechami

20  the back of beyond  /ðə bæk əv bɪˈjɒnd/  | zapadła prowincja

21  money order  /ˈmʌni ˈɔːdə/ | przekaz pieniężny22  obtainable  /əbˈteɪnəbl/ | do uzyskania23  traveler’s cheque  /ˈtrævələz tʃek/ | czek podróżny

24  by the turn of the century  /baɪ ðə tɜːn əv ðə ˈsentri/ | na przełomie stuleci

25  to undergo  /tə ʌndəˈɡəʊ/ | przechodzić, poddawać się czemuś

The US postal service was far from speedy and often ran the risk of attack.

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20 Business English Magazine

be easy pickings26 for rogue 27 money traders and as a protective measure28, in 1905, the US government granted Amex a licence to act in currency exchange29. By this time, the company had totally established itself 30as a reputable31 and trustworthy32 money services provider33. The First World War also provided fur-ther opportunities for the company to demonstrate itself as a trusted34 partner for war time deliveries and provision35 of cash for stranded36 tourists. As if through a stream of consciousness37, this provided the direction for the next organic activity development.

The First Age of TravelThe First World War and post war years heralded38 the beginning of a boom in foreign travel and American Express officially entered the travel industry in 1915. This of course, included the provi-sion of travellers’ cheques but also the organisation of tours, cruises39 and accom-modation to exotic locations such as the Caribbean, South America, the Eastern Mediterranean and the Far East. Now, not only was the company synonymous with40 reliability but also luxury, a factor that would be used to their advantage in later years but there in the short term41, there was trouble on the horizon.

A Surprise AttackThe Great Depression of the twenties and the calamitous42 stock market43 crash44 of 1929, seriously dented the company’s stability but not as much as the actions of Chase National Bank who, in the same year, it became apparent45, had for some time been aiming to46 acquire47 Amex by stealthily48 buying up49 company shares50. However, the government’s Glass-Steagall Act of 1933 prevented banks form get-ting involved in51 non-financial business and despite its involvement with52 money orders, Amex was not classed as53 a bank

and Chase were forced to sell the shares that they’d acquired. All the same, it was a wake-up call54 for the com-pany who thereafter55 paid much more attention to defending its interests.

The Golden Days of CardsThe f ifties saw recovery56 from the bad times and a new consumer boom

– a fer tile ground 57 for the growth58 of credit and charge cards59.

Amex issued its first credit card in 1958, showing Elvis Presley as one of their headlining60 card holders61 and later fol-lowed this with their exclusive Gold (charge) Card in 1966. Consistent with62 its line in travel, it was branded63 as a prestige64 card and targeted at65 richer than average people. The liking for66 featuring67 celebs in Amex adverts was

26  easy pickings  /ˈiːzi pɪkɪŋz/ | łatwy łup27  rogue  /rəʊɡ/ | łajdacki28  protective measure  /prəˈtektɪv ˈmeʒə/ | środek zaradczy

29  currency exchange  /ˈkʌrənsi ɪksˈtʃeɪndʒ/  | wymiana walut

30  to establish oneself  /tə ɪˈstæblɪʃ wʌnˈself/  | wyrobić sobie renomę

31  reputable  /ˈrepjətəbl/ | renomowany32  trustworthy  /ˈtrʌstwɜːði/ | godny zaufania33  money services provider  /ˈmʌni ˈsɜːvɪsɪz prəˈvaɪdə/ | instytucja świadcząca usługi finansowe

34  trusted  /ˈtrʌstɪd/ | zaufany35  provision  /prəˈvɪʒn/ | dostarczanie36  stranded  /strændɪd/ | porzucony, opuszczony37  stream of consciousness  /striːm əv ˈkɒnʃəsnəs/ | strumień świadomości

38  to herald  /tə ˈherəld/ | zapowiadać39  cruise  /kruːz/ | rejs40  synonymous with  /sɪˈnɒnɪməs wɪð/  | równoznaczny z

41  in the short term  /ɪn ðə ʃɔːt tɜːm/ | na krótką metę

42  calamitous  /kəˈlæmɪtəs/ | katastrofalny43  stock market  /stɒk ˈmɑːkɪt/ | giełda44  crash  /kræʃ/ | krach45  apparent  /əˈpærənt/ | oczywisty

46  to aim to /tə eɪm tə/ | mieć na celu47  to acquire  /tə əˈkwaɪə/ | nabyć48  stealthily  /ˈstelθili/ | ukradkiem49  to buy up  /tə baɪ ʌp/ | skupować50  shares  /ʃeəz/ | akcje51  to get involved in  /tə get ɪnˈvɒlvd ɪn/ | wdać się w52  involvement with  /ɪnˈvɒlvmənt wɪð/ | udział w53  to class something as  /tə klɑːs ˈsʌmθɪŋ əz/  | klasyfikować

54  a wake-up call  /ə weɪk ʌp kɔːl/ | dzwonek alarmowy

55  thereafter  /ðeərˈɑːftə/ | potem, następnie56  recovery  /rɪˈkʌvəri/ | poprawa57  a fertile ground  /ə ˈfɜːtaɪl ɡraʊnd/ | żyzny grunt58  growth  /ɡrəʊθ/ | wzrost, rozwój59  charge card  /tʃɑːdʒ kɑːd/ | karta kredytowa60  headlining  /ˈhedlaɪnɪŋ/ | główny, najważniejszy

61  card holder  /kɑːd həʊldə/ | posiadacz karty62  consistent with  /kənˈsɪstənt wɪð/ | zgodny z63  to brand something as  /tə brænd ˈsʌmθɪŋ əz/  | promować coś pod marką

64  prestige  /preˈstiːʒ/ | prestiżowy65  to target something at  /tə ˈtɑːɡɪt ˈsʌmθɪŋ ət/  | kierować coś do kogoś

66  liking for  /laɪkɪŋ fə/ | upodobanie do67  to feature  /tə ˈfiːtʃə/ | prezentować, umieszczać

It became apparent that there was no need to physically carry cash around when you could more safely travel with a money order.

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Business English Magazine 21

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perpetuated68 with famous stars over the years including Jerry Seinfield, Kate Winslet and Beyoncé. It’s not going too far to say that having an American Ex-press Card had something of an elitist69, snob value as firstly only people within a certain income70 level were eligible71 to have one and secondly, account clear-ance72 had to be made in full73 at the end of each month. Furthermore, the companies that accepted Amex as a form of payment were typically expensive, designer brands74 which reinforced the status and lifestyle attributes.

All that Glistens Is Not Gold75

Perhaps carried away76 by their own success or influenced by the corporate fashion of the time, the company sought

to77 expand its business empire still fur-ther through unrelated diversification78 buying up79 a range of businesses, some in financial services but others not. In short, they got their fingers burnt80 and were forced to offload81 a number of unsuccessful acquisitions82 and go back to focussing on the core brand83. This was allied to84 some fairly brutal cost cutting85 and business reorganisation plus strategic partnerships86 and mutual advertising87 with businesses such as airlines, banks and top brand retailers88. However, the eighties and nineties saw increased com-petition from other card providers and increasing retailer resistance89 against the more expensive processing costs90 of Amex. In order to increase its client base91, it was obliged to widen its avail-ability92 and in so doing, lost some of its exclusivity93 but right back from the

start, the company has shown its ability to adapt to changing times.

Jumping on the Technology Bandwagon94

Never slow to adopt new technology, in 1999, the company launched95 its Blue Card which was the first smart card in America. The current digital age is a million miles away from the dusty96 state tracks97 that lone98 riders once travailed but the trusty Amex watchdog is keen to enter the garden.

In something of a bizarre turn99, the com-pany has cooperated with Zynga’s Face-book game, FarmVille to offer a prepaid card linked to100 the game. This will mean that card purchases in the high street101 will accrue102 in game ‘virtual cash’ credits, while the planting of a Money Tree in FarmVille and harvesting103 it, will result in the potential for real cash credits go-ing back to the card account. Perhaps all that’s needed now is a virtual stagecoach in American Express livery104 to transfer your money safely from the virtual world to the real one and back again; who said money doesn’t grow on trees105? n

68  to perpetuate  /tə pəˈpetʃueɪt/  | kontynuować, utrwalać

69  elitist  /eɪˈlɪtɪst/ | elitarny70  income  /ˈɪnkʌm/ | dochód71  eligible  /ˈelɪdʒəbl/ | kwalifikujący się72  account clearance  /əˈkaʊnt ˈklɪərəns/  | rozliczenie rachunku

73  in full  /ɪn fʊl/ | w pełni, w całości74  designer brand  /dɪˈzaɪnə brænd/ | marka z wyższej półki

75  all that glistens is not gold  /ɔːl ðæt ˈɡlɪsənz ɪz nɒt gəʊld/ | nie wszystko złoto, co się świeci

76  to get carried away  /tə get ˈkærɪd əˈweɪ/ | dać się ponieść emocjom

77  to seek to  /tə siːk tə/ | tu: próbować78  unrelated diversification  /ʌnrɪˈleɪtɪd daɪvɜːsɪfɪˈkeɪʃn/ | dywersyfikacja niezależna (uzyskiwanie dochodów z produkcji i sprzedaży kilku niezwiązanych ze sobą produktów)

79  to buy up  /tə baɪ ʌp/ | skupować80  to get one’s fingers burnt  /tə get wʌnz fɪŋgəz bɜːnt/ | sparzyć się na czymś

81  to offload  /tə ɒfˈləʊd/ | tu: pozbyć się82  acquisition  /ækwɪˈzɪʃn/ | nabytek83  core brand  /kɔː brænd/ | marka podstawowa84  allied to  /əˈlaɪd tə/ | związany z85  cost cutting  /kost ˈkʌtɪŋ/ | redukcja kosztów

86  strategic partnership  /strəˈtiːdʒɪk ˈpɑːtnəʃɪp/  | partnerstwo strategiczne

87  mutual advertising  /ˈmjuːtʃuəl ˈædvətaɪzɪŋ/  | wzajemne świadczenie usług reklamowych

88  top brand retailers  /tɒp brænd ˈri:teɪləz/  | najbardziej znaczące marki detaliczne

89  resistance  /rɪˈzɪstəns/ | opór90  processing costs  /ˈprəʊsesɪŋ kɒsts/ | opłaty manipualcyjne

91  client base  /ˈklaɪənt beɪs/ | klientela92  availability  /əveɪləˈbɪləti/ | dostępność

93  exclusivity  /ekskluːˈsɪvəti/ | ekskluzywność, wyłączność

94  to jump on the bandwagon  /tə dʒʌmp ɒn ðə ˈbændwæɡən/ | podążać za trendem

95  to launch  /tə lɔːntʃ/ | wprowadzić, zapoczątkować

96  dusty  /ˈdʌsti/ | zakurzony97  track  /træk/ | szlak, tor98  lone  /ləʊn/ | samotny99  in something of a bizarre turn of events /ɪn ˈsʌmθɪŋ əv ə bɪˈzɑː tɜːn əv ɪˈvents/ | dziwnym zbiegiem okoliczności

100  linked to  /lɪŋkt tə/ | połączony z101  high street  /'haɪ stri:t/ | tu: sklepy, centra handlowe

102  to accrue  /tə əˈkruː/ | narastać, gromadzić się103  to harvest  /tə ˈhɑːvɪst/ | zbierać plon104  livery  /ˈlɪvəri/ | barwy firmowe105  money doesn’t grow on trees  /ˈmʌni ˈdʌznt ɡrəʊ ɒn triːz/ | pieniądze nie spadają z nieba

Amex issued its first credit card in 1958, showing Elvis Presley as one of their headlining card holders.

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