Credit QualityBest in class credit quality warrants American Express’s premium to peer valuation.
Loan GrowthLoan balances in August outperformed historic seasonality, indicating strong growth.
Product StrategyRefreshing products remains a key strategy for Amex as it drives new customers and increases member engagement, and Amex is expected to win its fair share given its superior value proposition, brand loyalty, and ability to evolve with consumer preferences.