American Express Card Spending Surges to Fastest Growth in Three Years

American Express reported a 10% year‑over‑year increase in billed card spending for the quarter ending March 31, the strongest pace in three years, reaching $428 billion. Retail spending rose 11% and luxury‑segment spending jumped 18%, driven by affluent consumers. The Platinum Card showed accelerated growth, and 73% of new accounts were fee‑paying products, indicating solid demand for premium offerings.

Institutional investors also deepened their stakes: Vise Technologies added 44.6% to its position, holding 32,951 shares worth $12.19 million, while Norges Bank, Ameriprise Financial, Amundi, Danske Bank and PFA Pension reported new or increased holdings. American Express declared a quarterly dividend of $0.95 per share, reinforcing cash‑generation strength.

The company’s earnings showed a $4.28 EPS, beating expectations, and revenue grew 11.4% to $14.22 billion. CEO Stephen Squeri highlighted the firm’s focus on premium customers and a low net write‑off rate of 2%, suggesting resilience amid macro‑economic uncertainty.