American Express rides a boom in Platinum cards to its strongest spending growth in years

By Emily Bary

Cardholder perks are resonating, an executive says. 'It's really about access.'

Amex recently conducted a refresh of its Platinum card.

American Express customers just registered their highest spending growth in three years - and the company is seeing particularly strong interest in its Platinum cards.

The credit-card giant has been investing in premium customers, with the Platinum card portfolio now the fastest-growing franchise in the broader business. The card comes with an annual fee of $895, and Amex (AXP) recently refreshed its array of perks, which now include things like a quarterly Lululemon credit and $200 annually toward an Oura Ring.

Other perks are resonating, as well, with the Amex customer base. Having an Amex card can help customers speed through airport security and get concert tickets more reliably through dedicated member presales. "It's really about access," CFO Christophe Le Caillec told MarketWatch.

About three-quarters of new Platinum and Gold cardholders are either millennials or members of Generation Z, according to the company. "It gives us a lot of confidence about the future," Le Caillec said.

Amex reported Friday that its second-quarter revenue was up 10% to $19.64 billion, and the company now expects a 10% increase for the year, as well. Its prior forecast was for 9% to 10% growth.

After currency adjustments, spending on Amex cards was up 9%, which the company said was its fastest growth on that metric in three years. U.S. cardholders grew spending at a 11.4% clip. Retail spending grew 13% in the second quarter, while restaurant spending was up 10%.

Amex beat expectations on the bottom line, turning in $4.53 in earnings per share versus the $4.40 FactSet consensus. EPS was up 11% from a year before.

The company left unchanged its profit forecast for the year, disclosing that it would reinvest its recent outperformance back into the business. Shares were down about 2% in premarket action.

Le Caillec said he was "very confident" that the company will see strong returns on the stepped-up investments it plans to make in categories including marketing. The company will "double down on what we do really well," he said.

Don't miss: Robinhood's new $695 Platinum card vs. $895 Amex Platinum. Which one has better perks?

-Emily Bary

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07-24-26 0811ET