Amex Reports Strong Q2 Numbers Amid Premium Card Fee Hikes

American Express (NYSE:AXP) has reported significant developments in its financials and business operations. In July, the company's Lending Trust principal reached $24.9 billion with an annualized default rate of 1.1%. This marks a notable milestone for the company's lending arm.

In addition to this update, American Express has also increased the annual fee for its Platinum card amid industry-wide premium-card price hikes. This decision follows similar moves by other major financial institutions such as JPMorgan Chase, which raised the fee for its Sapphire Reserve card.

The company has also expanded its merchant acceptance in Thailand through partnerships with local banks, increasing the number of merchants that accept American Express cards.