Overview
American Express issues credit and pay-in-full charge cards to consumers and businesses, and unlike most card issuers it also runs the payment network its cards use. Its Travelers Cheque, launched in 1891, made carrying money abroad safer, and in 1959 it became the first major issuer of plastic cards. Cardholders earn points toward flights and hotels plus perks such as airport lounges, while companies use its corporate cards for employee travel and expenses. American Express earns a fee from merchants on each purchase, plus annual fees and interest on balances cardholders carry. Henry Wells and William Fargo, who later started Wells Fargo, co-founded it in 1850 as a freight delivery business; it is based in New York City.
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Simplify's Take
What believers are saying
- Customers pay up for premium cards: annual card fee revenue rose 15% to $2.9 billion in the June 2026 quarter.
- Hybrid dominates listings: 408 of Amex's 451 roles in October 2026 mixed office and home days.
- Room to grow in AI: Amex listed 56 AI and machine-learning jobs among 451 openings in October 2026.
What critics are saying
- Stock grants lost value: Amex fell 17% through October 8, 2026; Visa rose 7% over the same period.
- Generosity is expensive: rewards, perks and partner payments took 45% of revenue in the June 2026 quarter.
- Regulators are watching closely: Amex's bank agreed to a $350 million penalty over money-laundering controls in October 2026.
What makes American Express unique
- Merchants pay more than borrowers: merchant fees were 52% of Amex's revenue in the June 2026 quarter, interest 24%.
- It leans on one airline: Delta-branded cards were 13% of Amex card spending and 21% of its loans in 2025.
- Most staff work outside the US: 50,900 of Amex's 76,800 employees were abroad at the end of 2025.
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