Platinum 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.