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AmEx Platinum-Card Loyalty Not Enough to Halt Revenue Slide

  • Customers still pay up for premium card even during pandemic
  • Revenue, card spending each fell about 30% in second quarter
   
Photographer: Andrew Harrer/Bloomberg
Updated on

American Express Co. customers are still paying $550 a year for a premium travel card during the pandemic, they’re just not using it as much while stuck at home.

Revenue and spending on cards each fell roughly 30% in the second quarter despite the firm’s efforts in the early days of the Covid-19 outbreak to rework some of its most popular products, adding benefits such as credits for streaming services. Profit tumbled 85%.