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AmEx Says Its Cardholders Are Stockpiling Their Points and Miles

  • Customers aren’t using their rewards for online purchases: CFO
  • ‘They’re just stocking up the points to travel,’ Campbell says
Photographer: Patrick T. Fallon/Bloomberg

AmEx customers are sitting on a pile of points.

Customers of American Express Co.’s travel-related co-brand cards, as well as the firm’s Platinum, Gold and other proprietary cards, have been stockpiling their points and miles during the pandemic, according to Chief Financial Officer Jeff Campbell. That means the rewards are likely to be used eventually for big vacations, he said.