Gold Card

American Express reported a 8% increase in second-quarter profit to $4.53 a share, driven by higher spending, fewer delinquencies, and growth in premium card sign-ups. The results exceeded analyst forecasts, and the company added 3 million customers, with 75% opting for annual-fee cards, despite rising competition and a 12% increase in quarterly expenses.

American Express reported a second-quarter profit of $4.53 per share, an 8% increase from the prior year, driven by higher spending, fewer delinquencies, and growth in premium card customers. The results exceeded analysts' expectations of $4.40 per share, with average customer spending rising to $6,759. The company added 3 million customers, 75% of whom enrolled in annual-fee cards, but faces competition from high-end credit cards like JPMorgan Chase's Sapphire Reserve and Citigroup's Strata.

President Donald Trump's 'Gold Card' has failed to attract the world's wealthy due to delays and legal questions, promising US residency in record time. The card has a price tag of $1 million. Its lack of success raises concerns about its viability.