Cramer Sounds Warning on Amex Despite Millennial Paradise

Jim Cramer has expressed caution about investing in American Express Company (NYSE:AXP) despite praising its CEO, Steve Squeri. In November 2025, Cramer described American Express as a 'millennial paradise' due to its growing popularity among younger users. However, with the shares down by more than 18% year-to-date, Cramer is now uncertain about the stock's current valuation.

Cramer believes that American Express's international billings are being driven by younger users, which could create long-term tailwinds for the company. The firm has reported a 50% growth in international billings over the past three years, with millennials and Gen Z accounting for 65% of new accounts.

However, Cramer is concerned about the rising expenses that could cap American Express's valuation. Management failed to raise the full-year earnings guide, and the firm's total consolidated expenses jumped by 12% during the second quarter.