American Express Plans to Refresh Up to 50 Credit Cards
American Express said in its latest earnings call that it saw a bump in consumer spending during the holidays and it expects those spending habits to continue in 2025.
Billed business, or the transaction volume on credit cards and other products issued by the firm, rose 8% to $408.4 billion in the fourth quarter. Fourth-quarter net income of $2.17 billion, or $3.04 a share, slightly missed estimates. Full-year revenue is expected to increase between 8% and 10%, the company said.
“Currently, we’re refreshing between 35 and 50 products a year, and we’re planning to maintain that pace in 2025, along with other enhancements to our membership model, for both our consumer and commercial customers,” said Stephen J. Squeri, Chairman and CEO of American Express. “We’re confident that we will continue to bring in large numbers of new premium customers, especially millennial and Gen Z consumers and small businesses”.
One analyst asked Squeri is a refresh in coming this year for the U.S. Platinum card, noting that he has previously mentioned refreshing that product every three to four years. Squeri’s said that he would not comment on that and would instead just “let you speculate on what’s going to happen.” He added that American Express looks to “refresh products on an ongoing basis and when we feel the need that those products need refresh.”
You can see the full transcript here.
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