American Express profits jump 34%

"The jump in profits for AmEx came largely from higher cardmember spending on their accounts as well as more balances collecting interest. The company had $15.8 billion in revenue in the quarter, up 11% from a year earlier.

AmEx customers spent $419.2 billion on their cards in the quarter, up 5% from a year earlier. AmEx takes a small percentage of each transaction spent on their cards as a fee from merchants, which was its primary business model for decades.

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THAT DOESN'T SOUND LIKE A LONG LASTING PROPOSITION, TO ME. IT SOUNDS MORE LIKE A CUSTOMERS' FUTURE THOUGHT OF: "WE'LL JUST EVENTUALLY FILE BANKRUPTCY, BUT... WE CAN LIVE HIGH ON THE HOG UNTIL THEN."