AXP · Earnings call · 2026Q3T · Full report

Premium Card Competition

AMERICAN EXPRESS CO · 2026-10-23 · Importance 10 · Surprise 6

Management described competition for premium card members as intense but not materially different from the environment of recent years, naming Citi, Capital One, and Chase as competitors. It said increased competition has also brought more creditworthy customers with premium characteristics into the market. American Express competes through spend, fee-paying products, borrowing relationships, and differentiated benefits rather than points alone. Management said the company is obtaining the share of revenue it seeks and continues to invest in innovation and marketing.

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