The news: American Express’ total revenues increased 11% in Q3 2025, per its earnings release.
Increased card member spending, higher net interest income, revolving loan balances, and card fees supported growth, the company said.
- US consumer network volume increased 9% YoY in Q3.
- International consumer network volume grew 14% YoY.
- Total loans and card member receivables rose 10% YoY.
- And net card fees increased 18% YoY.
Consumer financial health check: Amex cardholders are demonstrating no signs of consumer distress:
- 30-plus-day delinquency rates stayed flat at 1.3% QoQ and YoY.
- Net write-off rates stayed flat on the year at 1.9%, but down from 2% in Q2 2025.
Amex members’ low delinquency and write-off rates come as little surprise considering its cardholder base is composed of more affluent consumers. Analysts would anticipate co-branded or private label cardholder portfolios like Synchrony’s to display signs of consumer distress before premium issuers’, as those cards tend to include more lower-income consumers with thin credit histories. So far, both issuers’ cardholders are demonstrating resiliency, suggesting that President Donald Trump’s tariff policies have yet to truly wallop vulnerable consumers or dampen wealth-effect spending rates of the wealthy.
However, a small note of caution: Spending growth for dining has now outstripped travel YoY for three quarters.
Platinum card performance: Within the first three weeks (September 18 through October 8) of its refresh, the Platinum card is showing strong signs of connecting with consumers:
- The issuer noted roughly $580 billion in global Platinum franchise annual billings.
- Amex reported approximately 2x the amount of new account acquisitions post-refresh.
- Daily average rate of Platinum accounts linking to Resy jumped 5x compared with pre-refresh.
- And the issuer noted record-high bookings on Amex Travel.
The Platinum card’s initial results signal that its precedent-setting annual fee of $895 didn’t scare away premium consumers. During the earnings call, CEO Stephen Squeri confirmed that “new US Platinum account acquisitions doubl[ed] compared to pre-refresh levels.” Amex’s formula of leaning into experiential rewards and cultural timeliness is also propelling valuable new account openings among young adults: Millennials and Gen Zers accounted for 64% of new global accounts acquired during Q3.
Our take: The uptick in dining indicates that even the wealthy are looking to pull back on bigger indulgences like vacation and looking for more local opportunities to splurge. To make up for lost travel volume, issuers should encourage spending on fine dining with exclusive dining pop-ups and experiences through their dining apps, focusing on local vendors—similar to Square’s Neighborhoods’ launch, but elevated.
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