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Author: rnam ✧  😊 😞
Number: of 15055 
Subject: Re: Amex excels in Q1
Date: 04/19/2024 11:59 AM
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More details from AP news:

But AmEx is now also bringing hefty amounts of interest income, earned on customers who keep a balance and revolve on their accounts now. The company earned $5.06 billion in interest income last quarter on loans to cardmembers, up 28% from a year earlier. Roughly a third of AmEx’s revenue now comes from interest income.

The company added 3.4 million new cardmembers in the quarter, with roughly 7 out of every 10 new customers picking up a credit card that has an annual fee attached to it. AmEx executives point to the higher use of fee-based products as a sign that its customers see the value in the card despite the fee.

https://apnews.com/article/american-express-credit...
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