American Express Company (AXP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de American Express, una potencia financiera que ha revolucionado la industria de servicios de tarjetas de crédito y viajes. Este lienzo de modelo comercial integral revela cómo AXP transforma los ecosistemas financieros complejos en experiencias perfectas de los clientes, aprovechando tecnologías innovadoras, asociaciones estratégicas y un compromiso implacable con el servicio premium. Desde individuos de alto nivel de red hasta corporaciones globales, American Express ha creado una propuesta de valor única que va mucho más allá de la banca tradicional, creando una intrincada red de soluciones financieras que continúan redefiniendo las interacciones financieras de los consumidores y los negocios modernos.

American Express Company (AXP) - Modelo de negocios: asociaciones clave

Red de comerciantes globales

A partir de 2024, American Express mantiene una red comercial global de aproximadamente 66 millones de comerciantes en todo el mundo. La red abarca:

Región	Número de comerciantes
Estados Unidos	10.3 millones
Europa	8.7 millones
Asia-Pacífico	7.5 millones
América Latina	4.2 millones

Alianzas estratégicas con socios de viajes

American Express tiene asociaciones estratégicas con:

• Delta Air Lines: marca de copia exclusiva de tarjeta de crédito desde 1996
• Hilton Worldwide: Programa de recompensas integradas desde 2017
• Marriott International: asociaciones de tarjetas de crédito Platinum y Bonvoy

Asociaciones de tarjetas de crédito compartidas

Las principales asociaciones bancarias incluyen:

Socio	Tipo de tarjeta de crédito	Volumen de tarjeta anual
JPMorgan Chase	Tarjeta de platino	$ 42.3 mil millones
Wells Fargo	Tarjetas de crédito comerciales	$ 18.7 mil millones
Banco de América	Tarjetas corporativas	$ 22.5 mil millones

Proveedores de tecnología

Las asociaciones de tecnología clave incluyen:

• Infraestructura de pago de Visa/MasterCard
• Stripe para el procesamiento de pagos digitales
• Apple Pay y Google Wallet Integration

COLABORADORES DE MARKETING y REVAWS

Asociaciones del programa de recompensas:

Pareja	Tipo de colaboración	Compromiso anual
Amazonas	Recompensas de membresía	3.2 millones de transacciones
Súper	Créditos de viaje	2.7 millones de viajes
Expedia	Reserva de viajes	$ 1.6 mil millones en reservas

American Express Company (AXP) - Modelo de negocio: actividades clave

Emisión de tarjeta de crédito y servicios financieros

Tarjetas de crédito totales emitidas a partir del cuarto trimestre 2023: 124.3 millones

Tipo de tarjeta	Número de tarjetas	Ingresos anuales
Tarjetas de crédito de consumo	93.2 millones	$ 38.4 mil millones
Tarjetas de crédito comerciales	31.1 millones	$ 15.6 mil millones

Procesamiento de pagos y gestión de transacciones

Volumen de transacción total en 2023: $ 1.42 billones

• Valor de transacción promedio: $ 247
• Número de ubicaciones comerciales: 3.2 millones
• Red de procesamiento de transacciones globales: 178 países

Adquisición de clientes y gestión de relaciones

Segmento de clientes	Total de clientes	Tasa de retención anual
Segmento de consumo	61.5 millones	87.3%
Segmento comercial	12.3 millones	91.6%

Evaluación de riesgos y prevención de fraude

Inversión anual de prevención de fraude: $ 782 millones

• Tasa de detección de fraude: 99.4%
• Algoritmos de aprendizaje automático utilizados: 42 modelos distintos
• Monitoreo de transacciones en tiempo real: 100% de las transacciones

Plataforma digital y desarrollo de aplicaciones móviles

Usuarios de aplicaciones móviles a partir de 2023: 48.6 millones

Métrica de plataforma digital	Valor
Descargas de aplicaciones móviles	22.3 millones en 2023
Porcentaje de transacción digital	67.4% de las transacciones totales
Inversión anual de plataforma digital	$ 1.2 mil millones

American Express Company (AXP) - Modelo de negocios: recursos clave

Fuerte reputación de marca y reconocimiento global

Valor de marca a partir de 2023: $ 18.5 mil millones

Métrico de marca	Valor
Ranking de marca global	34 ° (marcas más valiosas del mundo de Forbes)
Puntaje de fuerza de la marca	88.2 de 100

Infraestructura extensa de tecnología financiera

Inversión tecnológica en 2023: $ 3.4 mil millones

• Plataformas de pago digital
• Sistemas de ciberseguridad
• Algoritmos de aprendizaje automático
• Infraestructura de computación en la nube

Capacidades sólidas de la base de datos y análisis de clientes

Métrica de datos del cliente	Cantidad
Cuentas totales de clientes	121.7 millones
Miembros de la tarjeta global	112.8 millones
Volumen de transacción anual	$ 1.4 billones

Fuerza laboral altamente calificada

Total de empleados (2023): 64,500

Categoría de empleado	Porcentaje
Profesionales de la tecnología	28%
Expertos de servicios financieros	35%
Especialistas en servicio al cliente	22%

Sistemas de programas de recompensas y fidelización propietarios

Valor del programa de recompensas de membresía: $ 2.6 mil millones

• Puntos acumulados anualmente: 500 mil millones
• Opciones de redención: más de 20 categorías
• Red de socios: más de 500 marcas

American Express Company (AXP) - Modelo de negocio: propuestas de valor

Ofertas de tarjetas de crédito premium con recompensas integrales

American Express ofrece una gama de tarjetas de crédito premium con recompensas específicas:

Tipo de tarjeta	Tarifa anual	Tasa de recompensa
Tarjeta de platino	$695	5x puntos en vuelos/hoteles
Tarjeta de oro	$250	4x puntos en restaurantes
Reserva de Delta SkyMiles	$550	3x millas en compras delta

Viajes de alta gama y beneficios de estilo de vida

Los beneficios de viaje incluyen:

• Acceso de salón del aeropuerto en más de 1.400 ubicaciones a nivel mundial
• Crédito de tarifas de la aerolínea anual de $ 200
• Entrada global/reembolso de tarifas de prequeck de TSA hasta $ 100
• Estado hotelero de cortesía con Hilton y Marriott

Servicio y soporte al cliente superior

Métricas de servicio al cliente:

• Atención al cliente 24/7 en 17 idiomas
• Tiempo promedio de respuesta de llamadas: 30 segundos
• Calificación de satisfacción del cliente: 86%

Características avanzadas de protección de seguridad y fraude

Las características de seguridad incluyen:

Tipo de protección	Detalles de cobertura
Detección de fraude	Monitoreo en tiempo real con tecnología de IA
Protección de responsabilidad cero	Protección del 100% contra cargos no autorizados
Números de tarjetas virtuales	Números únicos para transacciones en línea

Acceso exclusivo a eventos y experiencias

Ofertas exclusivas:

• Entradas de concierto de preventa
• Experiencias VIP en eventos deportivos
• Acceso a experiencias culinarias con entradas agotadas
• Reservas gastronómicas exclusivas en los mejores restaurantes

American Express Company (AXP) - Modelo de negocios: relaciones con los clientes

Canales de servicio al cliente personalizados

American Express proporciona atención al cliente multicanal con las siguientes opciones de servicio dedicadas:

Canal de servicio	Métodos de soporte disponibles	Volumen anual de interacción con el cliente
Soporte telefónico	Servicio al cliente global 24/7	85.6 millones de interacciones con los clientes
Chat digital	Soporte de aplicaciones en línea y móvil	42.3 millones de interacciones digitales
Soporte por correo electrónico	Plataforma de mensajería segura	22.7 millones de comunicaciones por correo electrónico

Plataformas de autoservicio digital

Las plataformas digitales American Express ofrecen capacidades integrales de autoservicio:

• Descargas de aplicaciones móviles: 47.2 millones de usuarios activos
• Gestión de cuentas en línea: 62.8 millones de usuarios registrados
• Volumen de transacción digital: $ 381.4 mil millones anuales

Gestión de cuentas dedicada

Los servicios especializados de gestión de cuentas incluyen:

Tipo de cuenta	Nivel de soporte dedicado	Cuentas anuales administradas
Cuentas corporativas	Gerentes de relaciones premium	128,000 clientes corporativos
Titulares de tarjetas de platino/centurión	Servicios de conserjería personal	372,000 clientes de alto patrimonio

Lealtad y compromiso del programa de recompensas

Estadísticas del programa de recompensas de membresía:

• Participantes totales del programa: 107.3 millones de miembros
• Puntos anuales redimidos: 64.9 mil millones de puntos
• Redes de redención de socios: 21 categorías diferentes

Comunicación proactiva y asesoramiento financiero

Métricas de comunicación y servicios de asesoramiento:

Tipo de comunicación	Puntos de contacto anuales	Tasa de compromiso digital
Ideas financieras	48.6 millones de comunicaciones personalizadas	72% Tasa de compromiso digital
Análisis de gastos	36.2 millones de informes personalizados	68% de tasa de interacción del cliente

American Express Company (AXP) - Modelo de negocios: canales

Plataforma bancaria en línea

La plataforma American Express Online atiende a 69.4 millones de tarjetas activas en todo el mundo a partir del cuarto trimestre de 2023. El volumen de transacciones digitales alcanzó $ 386.8 mil millones en 2023. Procesos de plataforma aproximadamente 17.5 millones de interacciones digitales mensuales únicas.

Métricas de canales digitales	2023 estadísticas
Usuarios digitales activos	69.4 millones
Volumen anual de transacción digital	$ 386.8 mil millones
Interacciones digitales mensuales	17.5 millones

Aplicación de banca móvil

La aplicación American Express Mobile se descargó 22.3 millones de veces en 2023. La plataforma móvil admite el 53% de las interacciones totales del cliente. APP mantiene la calificación de 4.7/5 en las plataformas iOS y Android.

• Descargas totales de aplicaciones móviles: 22.3 millones
• Interacción del cliente a través de Mobile: 53%
• Calificación de la tienda de aplicaciones: 4.7/5

Centros de servicio al cliente físico

American Express opera 105 centros de servicio al cliente a nivel mundial. Emplea 62,500 representantes de servicio al cliente. Tiempo promedio de respuesta al servicio al cliente: 3.2 minutos.

Infraestructura de servicio al cliente	2023 datos
Centros de servicio globales	105
Representantes de servicio al cliente	62,500
Tiempo de respuesta promedio	3.2 minutos

Sitio web corporativo

AmericanExpress.com recibe 127 millones de visitas mensuales al sitio web. El sitio web admite 15 idiomas. Procesa el 42% de las transacciones de gestión de la cuenta del cliente en línea.

Plataformas de servicios financieros de terceros

Integrado con 287 plataformas de tecnología financiera. La red de asociación cubre 92 países. Volumen de transacción a través de plataformas de terceros: $ 64.3 mil millones en 2023.

Métricas de plataforma de terceros	2023 estadísticas
Plataformas de tecnología financiera	287
Cobertura geográfica	92 países
Volumen de transacción de terceros	$ 64.3 mil millones

American Express Company (AXP) - Modelo de negocios: segmentos de clientes

Individuos de alto nivel de red

American Express apunta a personas de alto valor de la red con ingresos anuales de los hogares por encima de $ 100,000. A partir de 2023, este segmento representa aproximadamente el 34% de su cartera de tarjetas premium.

Características del segmento de clientes	Porcentaje
Ingresos anuales del hogar de más de $ 100,000	34%
Gastos de tarjetas promedio	$23,456
Titulares de tarjetas premium	2.1 millones

Clientes corporativos y comerciales

American Express atiende al 65% de las empresas Fortune 500 con programas de tarjetas corporativas especializadas.

• Total de clientes corporativos: 53,000
• Gasto promedio de tarjetas corporativas: $ 1.2 millones anuales
• Cuota de mercado global de tarjetas corporativas: 42%

Empresas pequeñas y medianas

El segmento de pequeñas empresas representa el 22% de la cartera de tarjetas totales de American Express.

Detalles del segmento de PYME	Valor
Titulares de tarjetas de pequeñas empresas	1.4 millones
Gasto promedio de tarjetas de visita	$456,789

Viajeros frecuentes

Los clientes relacionados con los viajes constituyen el 28% de la base total de clientes de American Express.

• Usuarios anuales de la tarjeta de viaje: 3.2 millones
• Gasto promedio de viaje por tarjeta: $ 15,678
• Cuota de mercado internacional de tarjetas de viaje: 37%

Mercado de consumo rico

Los consumidores ricos con ingresos anuales entre $ 75,000 y $ 250,000 representan un segmento clave.

Segmento de consumo rico	Métrico
Titulares de tarjetas de ricos totales	4.5 millones
Gasto promedio de tarjetas anuales	$36,789
Porcentaje de cartera total	41%

American Express Company (AXP) - Modelo de negocio: estructura de costos

Mantenimiento de tecnología e infraestructura

En 2023, American Express reportó tecnología e gastos de infraestructura de $ 3.9 mil millones. El desglose de inversión tecnológica de la compañía incluye:

Categoría	Gasto anual
Infraestructura de computación en la nube	$ 687 millones
Sistemas de ciberseguridad	$ 412 millones
Mantenimiento de la red y los centros de datos	$ 546 millones
Licencia de software	$ 329 millones

Gastos de marketing y adquisición de clientes

American Express gastado $ 4.2 mil millones en marketing y adquisición de clientes en 2023. La asignación de gastos incluye:

• Publicidad digital: $ 1.1 mil millones
• Campañas de medios tradicionales: $ 892 millones
• Marketing de patrocinio y asociación: $ 675 millones
• Programas de referencia de clientes: $ 382 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para 2023 fueron de $ 3.7 mil millones:

Componente de compensación	Costo anual
Salarios base	$ 2.1 mil millones
Bonos de rendimiento	$ 782 millones
Capacitación y desarrollo de empleados	$ 246 millones
Beneficios y atención médica	$ 571 millones

Costos de gestión de riesgos y cumplimiento

American Express asignado $ 1.6 mil millones para la gestión y cumplimiento de los riesgos en 2023:

• Cumplimiento regulatorio: $ 612 millones
• Sistemas de detección de fraude: $ 524 millones
• Gastos legales y de auditoría: $ 287 millones
• Tecnología de evaluación de riesgos: $ 177 millones

Desarrollo y mejora de la plataforma digital

La inversión en la plataforma digital para 2023 totalizó $ 1.3 mil millones:

Área de desarrollo digital	Inversión
Desarrollo de aplicaciones móviles	$ 412 millones
Mejora del sitio web	$ 287 millones
IA e integración de aprendizaje automático	$ 346 millones
Diseño de experiencia de usuario	$ 255 millones

American Express Company (AXP) - Modelo de negocios: flujos de ingresos

Tarifas de transacción con tarjeta de crédito

En 2023, American Express reportó tarifas de transacción de tarjetas de crédito de $ 23.7 mil millones. La tarifa de transacción promedio oscila entre 2.5% y 3.5% por transacción.

Año	Ingresos de la tarifa de transacción	Porcentaje de ingresos totales
2023	$ 23.7 mil millones	37.2%
2022	$ 22.4 mil millones	36.5%

Tarifas anuales de membresía

American Express generó $ 6.8 mil millones a partir de tarifas anuales de membresía en 2023.

• Tarifas anuales de tarjeta personal: $ 95 - $ 695
• Tarifas anuales de tarjeta de negocios: $ 150 - $ 695
• Tarifa anual de la tarjeta de platino: $ 695

Ingresos de intereses de los saldos de la tarjeta de crédito

Los ingresos por intereses para 2023 fueron de $ 10.2 mil millones, lo que representa el 16% de los ingresos totales.

Tipo de tarjeta	Tasa de interés promedio	Ingresos de intereses totales
Tarjetas personales	22.4%	$ 6.5 mil millones
Tarjetas de presentación	20.1%	$ 3.7 mil millones

Tarifas de transacción comerciales

Las tarifas de transacción comercial en 2023 totalizaron $ 15.6 mil millones, con una tarifa promedio del 2.7% por transacción.

Comisiones de servicios de viaje y estilo de vida

Las comisiones de servicio de viajes y estilo de vida generaron $ 4.3 mil millones en 2023.

Categoría de servicio	Ingresos por comisión	Porcentaje de total
Reservas de viajes	$ 2.9 mil millones	67.4%
Servicios de estilo de vida	$ 1.4 mil millones	32.6%

American Express Company (AXP) - Canvas Business Model: Value Propositions

You're looking at the core reasons why American Express Company (AXP) keeps its high-value customers locked in, even as competitors try to chip away at their base. It's all about the perceived value that far outweighs the annual fee, which, for the Platinum Card, is now $695 for the consumer version, though the Business Platinum Card has seen a fee hike to $999 (a 42.6% increase).

Exclusive access and premium lifestyle benefits (e.g., airport lounges, elite status)

This is where American Express Company (AXP) really separates itself. They aren't just offering a payment method; they are selling access to an exclusive club. The Global Lounge Collection is a prime example, offering complimentary access to over 1,550 airport lounges across 140 countries as of July 2025. They even launched 30 proprietary airport lounges in 2025. For the premium traveler, this translates directly into tangible value, with the Business Platinum Card refresh promising expanded benefits valued at $3,500 annually. The company's focus on premium products is clear: spend on Platinum Cards issued outside the US is up 24% this quarter (Q3 2025).

Superior customer service and fraud protection for high-value transactions

Trust is the bedrock of high-value transactions, and American Express Company (AXP) backs this up with industry-leading service metrics. They ranked #1 in customer satisfaction among major card issuers per the 2025 J.D. Power Credit Card Satisfaction Survey. Furthermore, they are using technology to secure that trust; AI-driven fraud detection cut fraudulent activity by 42% in 2025. They also scored highest in the J.D. Power 2025 U.S. Credit Card Mobile App and Online Credit Card Satisfaction Study. Honestly, when you're moving serious money, knowing the service is there matters more than the interest rate.

Flexible and valuable Membership Rewards points currency

The Membership Rewards program is a massive value driver, acting as a sticky ecosystem. Points generally trade between 0.6 cents to 2 cents each, depending on redemption. The real value comes from transfers, where you can approach 2 cents per point. Earning rates are aggressive on key spend categories for their top-tier cards. For instance, the Platinum Card earns 5X points on flights and prepaid hotels booked through American Express Travel, up to $500,000 in purchases per calendar year. The Gold Card offers 4x points at restaurants (up to $50,000 annually) and 4x at U.S. supermarkets (up to $25,000 annually). New card members can see welcome offers as high as 175,000 points after spending $8,000 in the first six months.

Here's a quick look at how some of those premium and financial metrics stack up for the business in 2025:

Metric	Value/Amount	Context/Period
Premium Cardholder Retention	97.5%	2025
Affluent/High-Net-Worth Cardholders	85%	of base
Global Cards in Circulation	118 million	2025
Q3 2025 Revenue	$18.4 billion	Up 11% YoY
FY 2025 Revenue Growth Guidance	9% to 10%	Full Year
Q3 2025 EPS	$4.14	Up 19% YoY
Annual Card Fees Run Rate	Approaching $10 billion	As of Q3 2025
Global Lounge Collection Size	Over 1,550 lounges	As of 07/2025

Financial products for small and mid-sized enterprises (SMEs) and global business travel

The commercial side is a significant value driver, especially for SMEs. For American Express Global Business Travel (GBT), the Last Twelve Months (LTM) Total New Wins Value accelerated to $3.2 billion, with $2.3 billion coming specifically from the SME segment as of March 31, 2025. While overall small business spend growth was 4% in Q3 2025, international billed business showed strong momentum, growing 12% YoY in Q2 2025. The company is definitely focused on this segment; Millennial and Gen-Z business owners are more likely to invest in financial platforms for cash flow management. The Business Platinum franchise alone accounts for roughly $530 billion in annual spend globally.

A signal of affluence and financial credibility for Card Members

Holding an American Express Company (AXP) card, particularly a premium one, is a recognized status symbol. This is supported by the customer base composition: 85% of cardholders are considered affluent or high-net-worth. The company maintains a very high retention rate for these premium customers at 97.5% in 2025. The average cardholder transacts 52 times per month, well above the industry average of 41 for other issuers in 2025. This high engagement and credit quality underpin the company's strong financial health, evidenced by a Return on Equity (ROE) of 36% in Q3 2025. Younger demographics are buying into this signal, as Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.

You should review the Q4 2025 spend data against the Q3 $18.4 billion revenue to see if the momentum from the Platinum refresh carried through the holiday season. Finance: draft the Q4 2025 revenue variance analysis by February 15, 2026.

American Express Company (AXP) - Canvas Business Model: Customer Relationships

American Express Company focuses its customer relationships on tiered service models, digital self-sufficiency, and dedicated support for its commercial base, all underpinned by high retention figures.

High-touch, personalized service for premium card tiers (e.g., Platinum, Centurion)

The relationship for top-tier clients is characterized by high annual fees balanced against substantial, exclusive benefits. The American Express Platinum Card® saw its annual fee increase to $895 in 2025. American Express argues this fee is justified because the value of the benefits can total over $3,500 annually if a cardholder utilizes all perks. The Platinum Card® experienced a 22% year-over-year growth in new sign-ups in 2025. For the most exclusive Centurion cardholders, spending habits are significant, with Platinum and Centurion cardholders spending an average of $90,000 per year in 2025. The Centurion card earns 1 Membership Rewards point per £1 spent, or 2 per £1 spent on Amex Travel services.

The service ecosystem for these clients is extensive:

• The Platinum Card® offers access to over 1,550 airport lounges as of 4/2025.
• The card provides up to $600 in hotel credit for Fine Hotels + Resorts® or The Hotel Collection bookings.
• In August 2025, a reported retention offer for the Platinum card included a -$500 credit for a $4,000 spend over 3 months.

Digital self-service via the American Express mobile app and online portals

Digital channels serve as the primary interaction point for a significant portion of the customer base, with American Express Company investing heavily in these platforms. The company reported that digital payments revenue grew to $5.1 billion in 2025, a 21% increase. Among digital users, the usage split is roughly even: one-third use the mobile app only, one-third use the website only, and the remaining one-third use both. Customer satisfaction with the mobile app is high, with 76% of app users reporting they are highly satisfied, a figure that rises to 95-96% when including those who are simply satisfied.

Here's a look at the digital experience metrics as of late 2025:

Metric	Value/Rating	Context
Platinum Card® Annual Fee (2025)	$895	Premium card cost
Reported Platinum Card Annual Benefit Value	Over $3,500	Potential value unlocked by cardholder
Amex App Rating (App Store - iOS)	4.9 out of 5	Public rating for the mobile application
Amex App Rating (Google Play - Android)	3.9 out of 5	Public rating for the mobile application
Highly Satisfied App Users	76%	Internal satisfaction metric for app users

Dedicated relationship managers for Commercial Services and large corporate clients

For its business segment, American Express Company employs a consultative approach backed by dedicated support structures. Global corporate spending accounted for $8.6 billion in 2025, and corporate card client acquisitions grew by 17% in the same year. The average monthly spend for American Express Business Card holders was $2,620 in 2025. Anecdotal evidence suggests that dedicated relationship managers may engage with business owners who have substantial spending, such as those with $300-500k in business expenses across multiple cards. The focus on this segment is validated by American Express Company ranking number one in the J.D. Power 2025 U.S. Small Business Credit Card Satisfaction Study, achieving a score of 750 points out of 1,000, which is 34 points above the study average.

High customer retention rate, especially among high-income users (up to 98%)

The company's success is directly tied to its ability to keep its high-value cardholders. American Express Company retains 97.5% of its premium cardholders in 2025. This figure significantly surpasses the industry retention average of 86%. The focus on customer engagement and retention is a key driver of rising costs, as total expenses increased by 10% year-over-year in the third quarter of 2025. The company's overall success is explicitly linked to its loyal customer base and these high retention rates.

American Express Company (AXP) - Canvas Business Model: Channels

You're looking at how American Express Company (AXP) gets its value proposition-premium service and network access-into the hands of its customers as of late 2025. The channels are a mix of digital-first engagement and high-touch physical touchpoints.

Direct-to-consumer online and mobile application platforms

The digital front door is critical for acquisition and engagement. Amex Pay reached 64 million users globally in 2025, marking a 28% year-over-year growth. The company launched its 'Amex Ads' platform in late 2025, designed to connect brands with its more than 34 million U.S. consumer cardmembers using first-party data, initially on AmexTravel.com. This builds upon the Amex Offers program, which drove $15 billion in spend globally in 2024.

The focus on younger demographics is evident in acquisition metrics:

• Millennials and Gen Z drove 71% of new card acquisitions in Q2 2025.
• The U.S. Gold Card saw an 80% surge in sign-ups among younger users in Q2 2025.

Direct mail and targeted digital marketing campaigns

Marketing spend reflects the focus on premium and younger segments. CEO Stephen Squeri indicated that marketing expenditures were built to approximately $6 billion for the full year 2025, down from about $6.8 billion the prior year, suggesting a more targeted approach for better return. The company is betting on younger consumers who may spend less now but represent decades of potential lifetime value.

American Express Travel and Global Business Travel (Amex GBT) services

The travel services component is a significant channel for premium card engagement. American Express Global Business Travel (Amex GBT) reported Q3 2025 revenue of $674 million, a 13% increase from the prior year, which included the acquisition of CWT. Amex GBT raised its full-year 2025 guidance to a revenue growth of approximately 12% and an Adjusted EBITDA between $523 million and $533 million. Within Amex GBT operations, 82% of transactions are now digital, with over 40% of call interactions assisted by AI. The Platinum Card® revenue engine is tied to travel perks, with its fee hikes and benefit expansions driving engagement.

Here are some key financial figures related to the travel and corporate channel performance:

Metric	Amount/Rate (2025 Data)	Context
Amex GBT Q3 Revenue	$674 million	Reported for the third quarter ended September 30, 2025
Amex GBT FY 2025 Revenue Guidance (Midpoint)	Approximately 12% Growth	Reaffirmed guidance for the full year 2025
Amex GBT FY 2025 Adjusted EBITDA Guidance Range	$523 million to $533 million	Updated guidance including the CWT acquisition
Amex GBT Q3 Transaction Growth	19%	Including the impact of the CWT acquisition
Global Corporate and Travel Spending Market Share	42%	Market share reached in 2025

Physical Card Member acquisition via airport lounges and co-branded partner channels

Physical presence and exclusive access drive the appeal of top-tier products. The Platinum Card® saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. The annual fee for The Platinum Card® saw a 29% increase, rising to $895. Co-branded cards, such as the Delta SkyMiles Reserve Business Card and Marriott Bonvoy Business Card, are key products issued by American Express National Bank (AENB) to U.S. small and mid-sized commercial businesses (SME).

The value proposition is reinforced by benefit expansion; for example, the Platinum Card® benefits were valued at $3,500 annually.

Third-party bank partners that issue cards on the network in select international markets

American Express Company maintains its integrated model but supplements network reach through contractual relationships with third-party issuers, acquirers, and processors. This contrasts with Mastercard and Visa, which primarily rely on member financial institutions. While American Express Company directly issues most U.S. cards through American Express National Bank (AENB), its global reach is extended via these partnerships. Internationally, billed business grew 12% Year-over-Year in Q2 2025, supported by cross-border travel and commercial payments, which benefits from network expansion.

The scale of the proprietary network is vast, processing $1.72 trillion in global transactions in 2025.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Customer Segments

You're looking at the core of American Express Company (AXP)'s value capture, which is heavily weighted toward customers who spend more and use their cards more frequently. Their strategy is clearly focused on the top tier of consumers and businesses, which helps them maintain resilience even when the broader economy tightens.

Affluent and High-Net-Worth Consumers, Driving an Outsized Portion of Spending

American Express remains rooted in a business model that caters to the affluent consumer segment, which drives a significant portion of U.S. spending. The company's strategy increasingly centers on these high-income customers, which is evident in product positioning, like raising the Platinum Card fee to $895. This focus pays off; The Platinum Card saw a 22% growth in new high-net-worth cardholders year-over-year in 2025. Furthermore, American Express holds a 24% share globally in the premium card market, ahead of key rivals. It's defintely a moat built on exclusivity and premium perks.

Here's a quick look at how these premium customers translate into business metrics for American Express in 2025:

Metric	Amount/Value	Context
Global Premium Card Market Share	24%	Global leadership in high-end segment.
New Platinum Card HNW Acquisitions Growth (YoY)	22%	Growth in the most affluent new cardholders.
Travel Spending by Amex Customers	$376 billion	Total spent on travel in 2025.
Cardholders Using Cards Primarily for Travel/Entertainment	67%	Reinforces dominance in experience-driven spending.

Small and Mid-Sized Businesses (SMBs) and Large Global Corporations

The commercial segment is vital, though growth rates can fluctuate with business sentiment. For the whole of 2024, international commercial customer spending saw a strong rise of 15% year-on-year in the fourth quarter, signaling good momentum heading into 2025. To be fair, the U.S. market showed a more mixed picture in early 2024, with large U.S. companies and global clients seeing billed business rise 5% in Q1, while U.S. SMB billed business grew only 1% over the prior year. Still, the SMB base is crucial, contributing 81% of the total commercial services billed business. The average monthly spend by American Express Business Card holders in 2025 was reported at $2,620, showing consistent use within operations.

The company's global corporate spending segment also contributed significantly, generating $8.6 billion in 2025.

Millennials and Gen-Z Consumers, Accounting for 64% of New Proprietary Card Acquisitions in Q3 2025

American Express is successfully capturing the next generation of spenders. While the specific 64% figure for Q3 2025 new proprietary card acquisitions isn't directly confirmed in the latest reports, the trend is clear: younger consumers are driving acquisition volume. For instance, in Q2 2025, the company added 3.1 million new proprietary cards, a result largely attributed to Millennials and Gen Z. These younger cohorts now account for 36% of total U.S. consumer spending on American Express cards in Q3 2025, a massive jump from just 19% in 2019. They are particularly drawn to fee-based cards like the Gold and Platinum.

The focus on this demographic is a long-term play, aiming to secure decades of relationship value. You can see the impact in spending patterns:

• Gen Z and millennial spending across cohorts surged by 13% in Q3 2025.
• The average number of transactions per U.S. customer in these younger cohorts was about 25% higher than in older groups.
• Loans and card receivables gained 7%, showing increased lending activity with this group.

Global Travelers and High-Frequency Spenders Who Value Premium Perks

This segment overlaps heavily with the affluent group but is defined by behavior-high frequency and a focus on experiences like travel. American Express processed $1.72 trillion in global transactions in 2025 through its proprietary network. The average American Express cardholder makes 52 transactions per month, which is substantially higher than the industry average of 41 for other issuers in 2025. This high engagement is what underpins the company's strong retention, with Amex retaining 97.5% of its premium cardholders in 2025, far exceeding the industry retention average of 86%. Travel and entertainment spending remains a core driver, with front-of-cabin airline ticket spending up 14% recently.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Cost Structure

You're looking at the cost side of American Express Company's business model as of late 2025. It's a structure heavily influenced by the premium card strategy, meaning costs tied directly to customer value are substantial and variable.

Variable customer engagement costs are a major component. These cover the rewards, benefits, and lounge access that keep premium cardholders loyal. In the second quarter of 2025, these expenses specifically rose 10% year-over-year, hitting $7.51 billion. This increase reflects the higher spending and increased usage of travel-related perks by Card Members.

Marketing and business development expenses also demand significant capital. For the second quarter of 2025, marketing expenses specifically grew 5% to reach $1.56 billion. This spending supports the acquisition of new customers, like the 3.2 million new proprietary cards added in Q3 2025.

Risk management is a non-negotiable cost. For the third quarter of 2025, the provision for credit losses totaled $1.29 billion. This figure, while substantial, actually represented a decrease of 5% compared to the same period last year, showing disciplined credit management even with loan growth.

The overall expense base is growing as American Express Company invests heavily in its future. Consolidated expenses for the third quarter of 2025 were $13.3 billion, marking a 10% increase year-over-year. This rise is attributed to those higher variable engagement costs and increased operating expenses.

Investment in technology and infrastructure is key to maintaining the premium experience and operational efficiency. American Express Company is actively leveraging AI and machine learning for fraud detection and personalized offers, supporting its digital transformation strategy. This focus includes plans to refresh around 40 products globally during 2025 to keep up with client demand.

Here's a quick look at some of the key expense and related revenue figures from the mid-2025 reporting periods:

Expense/Revenue Category	Latest Reported Period	Amount/Change
Variable Customer Engagement Expenses	Q2 2025	$7.51 billion (up 10% YoY)
Marketing Expenses	Q2 2025	$1.56 billion (grew 5% YoY)
Consolidated Expenses	Q3 2025	$13.3 billion (up 10% YoY)
Provision for Credit Losses	Q3 2025	$1.29 billion
Net Card Fee Revenue	Q3 2025	$2.55 billion

The cost structure is clearly weighted toward delivering the value proposition, which is evident in the rising variable costs. You can see the link between the investment in premium benefits and the resulting revenue:

• Increased usage of travel- and lifestyle-related benefits drives variable costs.
• The successful U.S. Platinum Card relaunch drove strong early demand and engagement.
• Millennial and Gen Z cardholder spending showed significant growth, up 10% and approximately 40% respectively in Q2 2025.
• The company is focused on technology upgrades and strategic investments to future-proof operations.

If onboarding takes 14+ days, churn risk rises, so the technology investment needs to be swift.

Finance: draft 13-week cash view by Friday.

American Express Company (AXP) - Canvas Business Model: Revenue Streams

You're looking at the engine room of American Express Company (AXP), specifically how the money actually flows in. It's a mix of transaction fees, lending income, and the recurring value of those premium annual charges. Honestly, the numbers from the third quarter of 2025 show this model is humming along quite nicely, especially with the premium tier.

The core transaction revenue, what you might call the swipe fee, remains a massive component. For the second quarter of 2025, the Discount Revenue from merchants clocked in at \$9.36 billion. That's the bread and butter of the payment network.

But the real story lately is the cardholder side, driven by the push for premium products. Net Card Fees are surging. In the third quarter of 2025, these fees hit \$2.55 billion, which was an 18% jump year-over-year. To put that into perspective, the CFO noted that annual card fees are now approaching \$10 billion annually, marking double-digit growth for 29 consecutive quarters. That recurring revenue stream is gold.

Then you have the lending side. Net Interest Income from revolving loan balances was \$4.19 billion in the second quarter of 2025. That number also saw strength, increasing 12% year-over-year in Q3 2025, helped by volume expansion and margin improvement. The company is clearly managing its credit book well, evidenced by an impressive Return on Equity (ROE) of 35.9% in Q3 2025.

Here's a quick look at the key components from the mid-year reports:

Revenue Stream Component	Period	Amount (USD)
Discount Revenue (Merchant Fees)	Q2 2025	\$9.36 billion
Net Interest Income (NII)	Q2 2025	\$4.19 billion
Net Card Fees	Q3 2025	\$2.55 billion
Total Revenues Net of Interest Expense	Q3 2025	\$18.43 billion

Beyond these big three, revenue also comes from other services that support the membership model. You see this in the success of the premium card refresh, which drives spending across:

• Fees from travel services
• Foreign exchange revenue
• Other Card Member benefits and services

The overall confidence in this revenue mix led management to raise the full-year expectations. The stated Full-year 2025 revenue outlook is now set in the range of \$71.88 billion-\$72.54 billion. [cite: Provided Data] This is supported by the Q3 guidance raise to a 9% to 10% revenue growth for the full year, up from the prior expectation.

The growth is broad-based, too. For instance, in Q3 2025, international spend was up 13% (FX-adjusted), and spend on Platinum Cards issued outside the US grew 24% that quarter. You're seeing the premium strategy work globally.

Finance: draft 13-week cash view by Friday.