By Emily Bary
Cardmember perks are resonating, an Amex 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 a $895 annual fee 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 got concert tickets more reliably through dedicated member presales. “It’s really about access,” CFO Christophe Le Caillec told MarketWatch.
About two thirds of new Platinum and Gold cardholders are either millennials or members of Gen Z, he noted. “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, cardmember spending was up 9%, which the company said was its fastest growth on the metric in three years. U.S. cardmembers 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% versus 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 things like 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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