Amex, challenged by Chase, is losing the snob war

New York

TO understand the anxiety inside American Express (Amex) - which has announced its second consecutive year of declining revenue - you need to know about a story that made its way through the company's headquarters last fall.

A few Amex executives heard that a rival company had enticed a group of young, affluent professionals - the kind of millennials whom credit card companies salivate over these days - to a fancy meal. At the evening's conclusion, everyone was asked which of the many credit cards in their wallets they might consider using to pay.