American Express executives were in Bermuda yesterday to publicise the launch of two new Corporate Cards.

The new American Express Platinum and Gold corporate cards offer a range of enhanced benefits to executives. One of the perks of the new cards is an executives expense management system.

This system addresses the need for executives to keep track of business expenses while travelling and provides a convenient alternative to keeping envelopes full for receipts to be submitted to the accounts department.

Instead, by paying for all business expenses on their corporate AMEX, the expenses are automatically reported. It's not only more convenient, but potentially will save companies money according to Guillermo Brenes, vice president of American Express Corporate Services for Latin America.

Mr. Brenes said that research by Ernst & Young had revealed that the costs of the paper process can mount to $35 per transaction, compared to $9 under the new AMEX system.

Other benefits include access to online statements and a range of benefits through the Cardmember Values Program. With this programme, cardholders enjoy hotel, car rental and airline upgrades. For Bermuda-based executives who have to travel frequently, privileges such as world-wide emergency assistance, concierge service and exclusive waiting lounges may also be highly useful.

As for how easy it is to use in Bermuda, the majority of businesses in Bermuda do accept American Express. However according to sources, unless the businesses have high volumes of transactions with AMEX, the percentage fee tends to be higher than with VISA.

According to Mr. Brenes, charges for accepting AMEX vary for local and multinational merchants and depend on volume.

He said that AMEX has a local team who are responsible for increasing the numbers of retailers who accept the card, but as far as he knew, most if not all of the hotels and airlines and hotels would accept American Express.

American Express currently shares an office with Franklin Meyer and there are no plans to increase its presence in Bermuda with an executive waiting lounge at Bermuda's airport.

But despite a fairly low profile on the home front, the new services may well make it the preferred credit card when it comes to travel abroad.