Amex Thrives Despite Price Hikes as Premium Customer Spending Surges

American Express recently released its second-quarter earnings for 2026, revealing a boost in premium customer spending.

The company's Platinum Card fees rose from $695 to $895 at the start of this year, but customers have seemingly taken it well, with fee revenue up 15% year-over-year in Q2 and projected to accelerate further over the next two quarters.

American Express' premium customer base continues to thrive despite broader US consumer sentiment declining by around 20% over the past year. The company's net write-off rate has remained steady at 2%, while the percentage of card balances at least 30 days past due actually decreased from 1.3% to 1.2%.

The brand is particularly successful with Millennials and Gen Z, who account for approximately 65% of new consumer accounts added in Q2, with 75% of all new accounts being fee-paying products.