As it has been for several quarters, AmEx continues to get its cardmembers to spend heavily on their cards with perks and rewards. The company did a refresh of the Platinum Card in September, adding benefits like a $400 annual dining credit but at the same time increasing the annual fee to $895.
AmEx customers spent $506.2 billion on their cards in the fourth quarter, up from $464 billion in the same period a year ago. That brakes down to $6,696 per card member. Cardmembers are also keeping a balance as well. AmEx now has $213 billion in credit card loans on its books, compared to $199.1 billion a year earlier.
But despite the higher fee, the company continues to add customers, particularly younger ones. For the first time in company history, Gen-Z and Millennials are collectively spending more on their AmEx cards than Gen-X, historically the company's biggest spending cohort, said Chief Financial Officer Christophe Le Caillec.
AmEx gave a forecast for 2026, expecting earnings per share of $17.30 to $17.90. The company also plans to increase the quarterly dividend from 82 cents a share to 95 cents a share.