American Express Q2 Expenses Jump 12% to $14.5 Billion as Platinum Card Marketing Rises
Updated
Updated · Bloomberg · Jul 24
American Express Q2 Expenses Jump 12% to $14.5 Billion as Platinum Card Marketing Rises
3 articles · Updated · Bloomberg · Jul 24
Summary
$14.5 billion in second-quarter expenses marked a 12% jump for American Express, driven by heavier spending to attract and retain premium cardholders.
Higher customer engagement costs also lifted expenses as card members spent more, used more benefits and AmEx updated its US Platinum card.
The cost increase came alongside stronger business momentum: Q2 profit rose 8% to $3.11 billion, helped by higher card spending, lower delinquencies and 3 million new premium card sign-ups.
The results show AmEx is spending more aggressively on premium customers even as those investments continue to support growth.