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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended March 31, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York13-4922250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares (par value $0.20 per share)AXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at April 15, 2024
Common Shares (par value $0.20 per share)719,303,053 Shares




Table of Contents

AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card, banking and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are offered globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are offered through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party service providers and business partners, direct mail, telephone, in-house sales teams, and direct response advertising.
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative mechanisms, systems and products that leverage new technologies, business models and customer relationships to create payment, financing or banking solutions. The payments industry continues to undergo dynamic changes in response to evolving technologies, consumer habits and merchant needs, such as an increased shift to digital payments.
Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards. We are also subject to evolving and extensive government regulation and supervision in jurisdictions around the world.
1

Table of Contents

Table 1: Summary of Financial Performance
As of or for the Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages, per share amounts and where indicated)20242023
Selected Income Statement Data
Total revenues net of interest expense$15,801$14,281$1,520 11 %
Provisions for credit losses1,2691,055214 20 
Total expenses11,38711,059328 
Pretax income3,1452,167978 45 
Income tax provision708351357 #
Net income2,4371,816621 34 
Earnings per common share — diluted (a)
$3.33$2.40$0.93 39 %
Selected Balance Sheet Data
Cash and cash equivalents$54,213$40,836$13,377 33 %
Card Member receivables59,77557,4942,281 
Card Member loans126,619109,05017,569 16 
Customer deposits134,418120,80613,612 11 
Long-term debt$48,826$41,138$7,688 19 %
Common Share Statistics (b)
Cash dividends declared per common share$0.70$0.60$0.10 17 
Average common shares outstanding:
Basic721743(22)(3)
Diluted722744(22)(3)
Selected Metrics and Ratios
Network volumes (Billions)
$419.2$398.9$20 %
Billed business (Billions)
$367.0$345.5$22 %
Card Member loans and receivables
Net write-off rate — principal, interest and fees (c)
2.3 %1.7 %
Net write-off rate — principal only - consumer and small business (c)(d)
2.1 %1.6 %
30+ days past due as a % of total - consumer and small business (e)
1.3 %1.2 %
Effective tax rate
22.5 %16.2 %
Return on average equity (f)
34.3 %28.7 %
Common Equity Tier 1 10.6 %10.6 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $18 million and $14 million for the three months ended March 31, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended March 31, 2024 and 2023.
(b)Our common stock trades principally on The New York Stock Exchange under the trading symbol AXP.
(c)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(d)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(f)Return on average equity (ROE) is calculated by dividing (i) annualized net income for the period by (ii) average shareholders’ equity for the period.

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Business Environment
Our results for the first quarter reflect our continued investments in value propositions, marketing, technology capabilities and our brand, which are driving high levels of customer engagement and loyalty. The successful execution of our growth strategy, along with the strength of our premium customer base and differentiated business model, drove net income of $2.4 billion, or $3.33 per share, compared with net income of $1.8 billion, or $2.40 per share, a year ago.
Billed business, the most significant driver of our financial results, increased 6 percent year-over-year (7 percent on an FX-adjusted basis), in line with the overall spend environment we have seen the past few quarters.1 U.S. Consumer Services billed business grew by 8 percent year-over-year, reflecting continued strength in spending trends across all generational cohorts, with the largest portion of this growth coming from our Millennial and Gen-Z Card Members. International Card Services billed business grew by 11 percent year-over-year (13 percent on an FX-adjusted basis), driven by continued growth in spend across all regions and customer types outside the United States.1 Commercial Services billed business grew by 2 percent on a year-over-year basis, reflecting continued modest growth from U.S. small and mid-sized enterprise (SME) Card Members.
Total revenues net of interest expense increased 11 percent year-over-year. The growth in billed business drove a 5 percent increase in Discount revenue, our largest revenue line. Net card fees increased 15 percent year-over-year, reflecting high levels of new card acquisition and Card Member retention, as well as our cycle of product refreshes. Net interest income increased 26 percent versus the prior year, primarily reflecting growth in our revolving loan balances, which has moderated over the last several quarters, as well as continued net yield expansion versus the prior year.
Total loans and Card Member receivables increased 12 percent year-over-year, as our Card Members continue to spend and build balances. Provisions for credit losses increased, primarily driven by higher net write-offs, partially offset by a lower net reserve build in the current year. Net write-off and delinquency rates remained best-in-class, supported by our premium global customer base, our strong focus on risk management and disciplined growth strategy.
Card Member rewards, Card Member services and Business development expenses are generally correlated to volumes or are variable based on usage and collectively increased year-over-year primarily due to growth in billed business and premium card accounts, as well as higher usage of travel-related benefits. The year-over-year growth in these variable customer engagement expenses for the quarter was partially offset by a benefit related to enhancements to the models that estimate future redemptions of Membership Rewards points by U.S. Card Members resulting from our periodic evaluation of our liability estimation process and assumptions. Marketing expense increased 10 percent year-over-year, as we continue to invest in acquiring high spending, high quality customers and other growth initiatives. During the quarter we acquired 3.4 million proprietary new cards. Operating expenses were flat year-over-year, reflecting higher compensation costs to support business growth, offset by net losses on Amex Ventures investments in the prior year. We remain focused on driving marketing and operating expense efficiencies over time, while continuing to invest in our growth strategy.
During the first quarter, we maintained our capital ratios within our current target range of 10 to 11 percent and returned $1.6 billion of capital to our shareholders in the form of share repurchases and common stock dividends. We also increased our quarterly common stock dividend by 17 percent. We plan to continue to return to shareholders the excess capital we generate while managing our CET1 capital ratio within our target range and supporting balance sheet growth. Our robust capital, funding and liquidity positions provide us with significant flexibility to maintain a strong balance sheet.
As previously announced, we signed an agreement to sell fraud prevention solutions provider Accertify Inc., a wholly owned subsidiary we acquired in 2010, the operations of which are reported within the Global Merchant and Network Services segment. The transaction is subject to customary closing conditions and is expected to close in the second quarter of 2024. Upon closing, we expect to recognize a sizeable pre-tax gain, which will be recorded as a reduction to Other expense and is expected to be substantially reinvested back into our business.
Our performance continues to give us confidence in our business model and while we recognize the uncertainty of the geopolitical and macroeconomic environment and the evolving regulatory and competitive landscape, we remain committed to executing on our strategy to deliver sustainable and profitable long-term growth.
See “Certain Legislative, Regulatory and Other Developments” and “Risk Factors” for information on certain matters that could have a material adverse effect on our results of operations and financial condition.
1The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. We believe the presentation of information on a foreign currency adjusted basis is helpful to investors by making it easier to compare our performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.
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Results of Operations
The discussions in both “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three months ended March 31, 2024 compared to the same period in the prior year, as presented in the accompanying tables.
Consolidated Results of Operations
Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages)20242023
Discount revenue$8,380 $7,947 $433 %
Net card fees
1,974 1,713 261 15 
Service fees and other revenue1,292 1,218 74 
Processed revenue386 420 (34)(8)
Total non-interest revenues12,032 11,298 734 
Total interest income5,775 4,416 1,359 31 
Total interest expense2,006 1,433 573 40 
Net interest income3,769 2,983 786 26 
Total revenues net of interest expense$15,801 $14,281 $1,520 11 %
Total Revenues Net of Interest Expense
Discount revenue increased, primarily driven by an increase in billed business of 6 percent. See Tables 5 and 6 for more details on billed business performance.
Net card fees increased, primarily driven by growth in our premium card portfolios. See Table 5 for more details on proprietary cards-in-force and average fee per card.
Service fees and other revenue increased, primarily driven by increases in travel commissions and fees from our consumer travel business, revenue from the sale of reward points, foreign exchange related revenues associated with Card Member cross-currency spending and merchant service fees, partially offset by a benefit in the prior year related to a portion of the revenue allocated to a joint venture partner as described in Business development expense below.
Processed revenue decreased, primarily driven by a decrease in volumes associated with the decommission of one of our alternative payment solutions as well as a decrease in network partner volumes. See Tables 5 and 6 for more details on processed volume performance.
Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased, primarily driven by higher interest rates paid on, and growth in, customer deposits.
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Table 3: Provisions for Credit Losses Summary
Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages)20242023
Card Member loans
Net write-offs
$855 $486 $369 76 %
Reserve build (release) (a)
159 300 (141)(47)
Total
1,014 786 228 29 
Card Member receivables
Net write-offs
217 230 (13)(6)
Reserve (release) build (a)
(21)(8)(13)#
Total
196 222 (26)(12)
Other
Net write-offs - Other loans
43 16 27 #
Net write-offs - Other receivables
6 #
Reserve build (release) - Other loans (a)
10 24 (14)(58)
Reserve build (release) - Other receivables (a)
 (4)#
Total
59 47 12 26 
Total provisions for credit losses$1,269 $1,055 $214 20 %
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve build (release).
Provisions for Credit Losses
Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve build in the current period was primarily driven by an increase in loans outstanding and slightly higher delinquencies. The reserve build in the prior period was primarily driven by higher delinquencies and an increase in loans outstanding.
Card Member receivables provision for credit losses decreased, primarily due to lower net write-offs and a higher reserve release in the current period. The reserve release in the current period was primarily driven by a decrease in receivables outstanding. The reserve release in the prior period was primarily driven by a decrease in receivables outstanding, partially offset by higher delinquencies.
Other provisions for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in both the current and prior periods were primarily driven by increases in non-card loans outstanding in the respective periods.
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Table 4: Expenses Summary
Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages)20242023
Card Member rewards$3,774 $3,766 $— %
Business development1,392 1,393 (1)— 
Card Member services1,171 983 188 19 
Marketing1,476 1,341 135 10 
Salaries and employee benefits2,098 2,014 84 
Other, net1,476 1,562 (86)(6)
Total expenses$11,387 $11,059 $328 %
Expenses
Card Member rewards expense was relatively flat, driven by an increase in cobrand rewards expense of $137 million, largely offset by a decrease in Membership Rewards and cash back rewards expenses, collectively, of $129 million. The increase in cobrand rewards expense was primarily driven by higher billed business. The decrease in Membership Rewards expense was driven by a $196 million benefit from enhancements to the models that estimate future redemptions of Membership Reward points by U.S. Card Members as well as lower redemption costs, partially offset by higher billed business.

The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded down) at both March 31, 2024 and 2023.
Business development expense was flat, primarily due to increased partner payments driven by higher network volumes and contractual rates, offset by a prior-year charge related to revenue allocated to a joint venture partner.
Card Member services expense increased, primarily due to growth in premium card accounts and higher usage of travel-related benefits by existing Card Members.
Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits expense increased, primarily driven by higher compensation costs, reflecting the continued investment in our colleagues to support business growth.
Other expenses decreased, primarily driven by net losses on Amex Ventures investments in the prior period.

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Income Taxes
The effective tax rate was 22.5 percent and 16.2 percent for the three months ended March 31, 2024 and 2023, respectively. The increase in the effective tax rate primarily reflected discrete tax benefits in the prior period related to the resolution of certain prior-year tax items.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
March 31,
Change
2024
vs.
2023
20242023
Network volumes (billions)
$419.2$398.9%
Billed business$367.0$345.5
Processed volumes$52.2$53.4(2)
Cards-in-force (millions)
142.4135.7
Proprietary cards-in-force81.178.0
Basic cards-in-force (millions)
119.8113.7
Proprietary basic cards-in-force62.360.1
Average proprietary basic Card Member spending (dollars)
$5,919$5,792
Average fee per card (dollars) (a)
$98$8811 %
Discount revenue as a % of Billed business2.28%2.30%
(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.
Table 6: Network Volumes-Related Statistical Information
Three Months Ended
March 31, 2024
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Network volumes5 %6 %
Total billed business6 7 
U.S. Consumer Services8 
Commercial Services2 2 
International Card Services11 13 
Processed volumes(2)2 
Merchant industry billed business metrics
G&S spend (72% of billed business)
6 6 
T&E spend (28% of billed business)
8 8 
Airline spend (8% of billed business)
8 %9 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of conversion into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
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Table 7: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
March 31,
Change
2024
vs.
2023
(Millions, except percentages and where indicated)20242023
Card Member loans and receivables:
Net write-off rate — principal, interest and fees (a)
2.3 %1.7 %
Net write-off rate — principal only - consumer and small business (a)(b)
2.1 %1.6 %
30+ days past due as a % of total - consumer and small business (c)
1.3 %1.2 %
Card Member loans:
Card Member loans (billions)
$126.6$109.116 %
Credit loss reserves:
Beginning balance
$5,118$3,74737 
Provisions - principal, interest and fees1,01478629 
Net write-offs — principal less recoveries(705)(397)78 
Net write-offs — interest and fees less recoveries(150)(89)69 
Other (d)
(6)6#
Ending balance$5,271$4,05330 
% of loans4.2 %3.7 %
% of past due297 %330 %
Average loans (billions)
$124.7$107.716 
Net write-off rate — principal, interest and fees (a)
2.7 %1.8 %
Net write-off rate — principal only (a)
2.3 %1.5 %
30+ days past due as a % of total
1.4 %1.1 %
Card Member receivables:
Card Member receivables (billions)
$59.8$57.5
Credit loss reserves:
Beginning balance$174$229(24)
Provisions - principal and fees196222(12)
Net write-offs — principal and fees less recoveries
(217)(230)(6)
Other (d)
(2)2#
Ending balance$151$223(32)%
% of receivables0.3 %0.4 %
Net write-off rate — principal and fees (a)
1.5 %1.6 %
Net write-off rate — principal only - consumer and small business (a)(b)
1.7 %1.9 %
30+ days past due as a % of total - consumer and small business (c)
1.1 %1.4 %
# Denotes a variance of 100 percent or more
(a)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(b)A net write-off rate based on principal losses only is not available for corporate receivables due to system constraints.
(c)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. Refer to Table 12 for 90+ days past billing metrics for corporate receivables.
(d)Other includes foreign currency translation adjustments.
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Table 8: Net Interest Yield on Average Card Member Loans
Three Months Ended
March 31,
(Millions, except percentages and where indicated)20242023
Net interest income$3,769$2,983
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
882624
Interest income not attributable to our Card Member loan portfolio (b)
(916)(602)
Adjusted net interest income (c)
$3,735$3,005
Average Card Member loans (billions)
$124.7$107.7
Net interest income divided by average Card Member loans (c)
12.2 %11.2 %
Net interest yield on average Card Member loans (c)
12.0 %11.3 %
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
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Business Segment Results of Operations
Effective as of the second quarter of 2023, our U.S. travel and lifestyle services (TLS) results, which were previously reported within the U.S. Consumer Services (USCS) segment, are now reported within both the USCS and Commercial Services (CS) segments, allocated based on customer usage.
U.S. Consumer Services
Table 9: USCS Selected Income Statement Data
Three Months Ended
March 31,
Change
(Millions, except percentages)20242023
2024 vs. 2023
Revenues
Non-interest revenues$4,766$4,359$407 %
Interest income3,4812,775706 25 
Interest expense748551197 36 
Net interest income2,7332,224509 23 
Total revenues net of interest expense7,4996,583916 14 
Provisions for credit losses727584143 24 
Total revenues net of interest expense after provisions for credit losses6,7725,999773 13 
Expenses
Card Member rewards, business development, Card Member services and marketing4,0753,813262 
Salaries and employee benefits and other operating expenses1,0841,05628 
Total expenses5,1594,869290 
Pretax segment income$1,613$1,130$483 43 %
U.S. Consumer Services issues a wide range of proprietary consumer cards and provides services to U.S. consumers, including travel and lifestyle services as well as banking and non-card financing products.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased across all revenue categories, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 7 percent, primarily driven by an increase in U.S. consumer billed business. See Tables 5, 6 and 10 for more details on billed business performance.
Net card fees increased 16 percent, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 8 percent, primarily driven by increases in travel commissions and fees from our consumer travel business and revenue from the sale of reward points, partially offset by the change in the allocation of TLS revenues described above.
Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased, primarily driven by a higher cost of funds.
PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve build in the current period was primarily driven by slightly higher delinquencies. The reserve build in the prior period was primarily driven by higher delinquencies and an increase in loans outstanding.
Card Member receivables provision for credit losses increased, primarily due to higher net write-offs, partially offset by a higher reserve release in the current period. The reserve releases in both the current and prior periods were primarily driven by decreases in receivables outstanding in the respective periods.

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EXPENSES
Total expenses increased, primarily driven by higher Card Member services, Business development and Operating expenses.
Card Member rewards expense increased, driven by an increase in cobrand rewards expense, partially offset by a decrease in Membership Rewards and cash back rewards expense. The increase in cobrand rewards expense was primarily driven by higher billed business. The decrease in Membership Rewards expense was driven by the above-mentioned benefit from enhancements to the U.S. URR models as well as lower redemption costs, partially offset by higher billed business.
Business development expense increased, primarily due to increased partner payments driven by higher billed business and contractual rates.
Card Member services expense increased, primarily due to growth in premium card accounts and higher usage of travel-related benefits by existing Card Members.
Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits and other expenses increased, primarily due to an increase in allocated service costs, which includes an allocation of TLS servicing costs as described above, partially offset by lower compensation costs.

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Table 10: USCS Selected Statistical Information
As of or for the
Three Months Ended
March 31,
Change
2024
vs.
2023
(Millions, except percentages and where indicated)20242023
Billed business (billions)
$153.4$142.3%
Proprietary cards-in-force44.442.4
Proprietary basic cards-in-force31.129.7
Average proprietary basic Card Member spending (dollars)
$4,962$4,822
Total segment assets (billions)
$104.3$90.615 
Card Member loans:
Total loans (billions)
$82.3$72.014 
Average loans (billions)
$81.7$71.614 
Net write-off rate — principal, interest and fees (a)
2.8 %1.9 %
Net write-off rate — principal only (a)
2.3 %1.5 %
30+ days past due as a % of total1.4 %1.1 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$2,733$2,224
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
3636
Interest income not attributable to our Card Member loan portfolio (c)
(122)(82)
Adjusted net interest income (d)
$2,647$2,178
Average Card Member loans (billions)
$81.7$71.6
Net interest income divided by average Card Member loans (d)
13.4 %12.6 %
Net interest yield on average Card Member loans (d)
13.0 %12.3 %
Card Member receivables:
Total receivables (billions)
$13.6$13.3%
Net write-off rate — principal and fees (a)
1.5 %1.3 %
Net write-off rate — principal only (a)
1.3 %1.2 %
30+ days past due as a % of total0.8 %1.0 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
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Commercial Services
Table 11: CS Selected Income Statement Data
Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages)20242023
Revenues
Non-interest revenues$3,194$3,107$87 %
Interest income1,005706299 42 
Interest expense41432193 29 
Net interest income591385206 54 
Total revenues net of interest expense3,7853,492293 
Provisions for credit losses35528372 25 
Total revenues net of interest expense after provisions for credit losses3,4303,209221 
Expenses
Card Member rewards, business development, Card Member services and marketing
1,8191,854(35)(2)
Salaries and employee benefits and other operating expenses
733725
Total expenses2,5522,579(27)(1)
Pretax segment income$878$630$248 39 %
Commercial Services issues a wide range of proprietary corporate and small business cards and provides services to U.S. businesses, including payment and expense management, banking and non-card financing products. CS also issues proprietary corporate cards and provides services to select global corporate clients.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased, primarily driven by higher Discount revenue, Net card fees and Service fees and other revenue.
Discount revenue increased 1 percent, primarily driven by an increase in commercial billed business. See Tables 5, 6 and 12 for more details on billed business performance.
Net card fees increased 12 percent, primarily driven by growth in our premium card portfolios.
Service fees and other revenue increased 29 percent, largely driven by the change in the allocation of TLS revenues described above.
Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased, primarily driven by a higher cost of funds.
PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a lower reserve build in the current period. The reserve builds in both the current and prior periods were primarily driven by higher delinquencies and increases in loans outstanding in the respective periods.
Card Member receivables provision for credit losses decreased, primarily due to a reserve release in the current period, versus a reserve build in the prior period, and lower net write-offs. The reserve release in the current period was primarily driven by lower delinquencies.


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EXPENSES
Total expenses decreased, primarily driven by lower Card Member rewards expense, partially offset by higher Marketing and Operating expenses.
Card Member rewards expense decreased, driven by a decrease in Membership Rewards and cash back rewards expense, partially offset by an increase in cobrand rewards expense. The decrease in Membership Rewards expense was driven by the above-mentioned benefit from enhancements to the U.S. URR models as well as lower redemption costs, partially offset by higher billed business. The increase in cobrand rewards expense was primarily driven by higher billed business.
Business development expense increased, primarily due to increased partner payments, primarily driven by an increase in billed business and higher contractual rates, partially offset by lower client incentives.
Card Member services expense increased, primarily due to higher usage of travel-related benefits.
Marketing expense increased, primarily reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits and other expenses increased, primarily due to an increase in allocated service costs, which includes an allocation of TLS servicing costs as described above, partially offset by lower compensation costs.
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Table 12: CS Selected Statistical Information
As of or for the
Three Months Ended
March 31,
Change
2024
vs
2023
(Millions, except percentages and where indicated)20242023
Billed business (billions)
$127.1$125.0%
Proprietary cards-in-force15.415.2
Average Card Member spending (dollars)
$8,261$8,283— 
Total segment assets (billions)
$58.1$53.8
Card Member loans:
Total loans (billions)
$27.6$23.119 
Average loans (billions)
$26.6$22.120 
Net write-off rate — principal, interest and fees (a)
2.6 %1.4 %
Net write-off rate — principal only (a)
2.3 %1.2 %
30+ days past due as a % of total1.5 %1.1 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$591$385
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
184162
Interest income not attributable to our Card Member loan portfolio (c)
(74)(38)
Adjusted net interest income (d)
$701$509
Average Card Member loans (billions)
$26.6$22.1
Net interest income divided by average Card Member loans (d)
9.0 %7.1 %
Net interest yield on average Card Member loans (d)
10.6 %9.4 %
Card Member receivables:
Total receivables (billions)
$27.0$27.5(2)%
Net write-off rate — principal and fees (e)
1.4 %1.5 %
Net write-off rate — principal only (a) - small business
2.1 %2.1 %
30+ days past due as a % of total - small business
1.4 %1.8 %
90+ days past billing as a % of total (e) - corporate
0.5 %0.5 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
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International Card Services
Table 13: ICS Selected Income Statement Data
Three Months Ended
March 31,
Change
(Millions, except percentages)20242023
2024 vs. 2023
Revenues
Non-interest revenues$2,437$2,267$170 %
Interest income583467116 25 
Interest expense30722483 37 
Net interest income27624333 14 
Total revenues net of interest expense2,7132,510203 
Provisions for credit losses182181
Total revenues net of interest expense after provisions for credit losses2,5312,329202 
Expenses
Card Member rewards, business development, Card Member services and marketing1,5551,419136 10 
Salaries and employee benefits and other operating expenses724721— 
Total expenses2,2792,140139 
Pretax segment income$252$189$63 33 %
International Card Services (ICS) issues a wide range of proprietary consumer, small business and corporate cards outside the United States. ICS also provides services to our international customers, including travel and lifestyle services, and manages certain international joint ventures and our loyalty coalition businesses.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased, primarily driven by higher Discount revenue and Net card fees.
Discount revenue increased 11 percent, primarily reflecting an increase in international billed business. See Tables 5, 6 and 14 for more details on billed business performance.
Net card fees increased 15 percent (18 percent on an FX-adjusted basis), primarily driven by growth in our premium card portfolios.2
Service fees and other revenue decreased 4 percent, primarily driven by a benefit in the prior year related to a portion of the revenue allocated to a joint venture partner as described in Business development expense below, partially offset by higher loyalty coalition-related fees and an increase in foreign exchange-related revenues associated with Card Member cross-currency spending.
Interest income increased, primarily driven by growth in revolving loan balances and higher interest rates.
Interest expense increased, primarily driven by a higher cost of funds.
PROVISIONS FOR CREDIT LOSSES
Card Member loans provision for credit losses increased, primarily due to higher net write-offs, partially offset by a reserve release in the current period, versus a reserve build in the prior period. The reserve release in the current period was driven by the performance of portfolios in certain international markets. The reserve build in the prior period was driven by higher delinquencies and an increase in loans outstanding.
Card Member receivables provision for credit losses decreased, primarily due to lower net write-offs.


2Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.
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EXPENSES
Total expenses increased, primarily driven by higher Card Member rewards and Marketing expenses, partially offset by lower Business development expense.
Card Member rewards expense increased, primarily driven by higher billed business.
Business development expense decreased, primarily driven by a prior-year charge related to revenue allocated to a joint venture partner.
Card Member services expense increased, primarily due to higher usage of travel-related benefits.
Marketing expense increased, reflecting higher levels of spending on customer acquisition and other growth initiatives.
Salaries and employee benefits and other expenses increased, primarily due to an increase in allocated service costs, partially offset by lower compensation costs.
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Table 14: ICS Selected Statistical Information
As of or for the
Three Months Ended
March 31,
Change
2024
vs.
2023
(Millions, except percentages and where indicated)20242023
Billed business (billions)
$85.4$76.911 %
Proprietary cards-in-force21.320.4
Proprietary basic cards-in-force15.815.2
Average proprietary basic Card Member spending (dollars)
$5,436$5,110
Total segment assets (billions)
$41.5$36.314 
Card Member loans - consumer and small business:
Total loans (billions)
$16.7$14.019 
Average loans (billions)
$16.4$13.918 
Net write-off rate - principal, interest and fees (a)
2.6 %2.1 %
Net write-off rate - principal only (a)
2.2 %1.8 %
30+ days past due as a % of total1.3 %1.4 %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income$276$243
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
12688
Interest income not attributable to our Card Member loan portfolio (c)
(15)(13)
Adjusted net interest income (d)
$387$318
Average Card Member loans (billions)
$16.4$14.0
Net interest income divided by average Card Member loans (d)
6.8 %7.0 %
Net interest yield on average Card Member loans (d)
9.5 %9.2 %
Card Member receivables:
Total receivables (billions)
$19.2$16.715 %
Net write-off rate — principal and fees (e)
1.6 %2.1 %
Net write-off rate — principal only (a) - consumer and small business
1.7 %2.4 %
30+ days past due as a % of total - consumer and small business
1.0 %1.3 %
90+ days past billing as a % of total (e) - corporate
0.5 %0.4 %
(a)Refer to Table 7 footnote (a).
(b)Refer to Table 8 footnote (a).
(c)Refer to Table 8 footnote (b).
(d)Refer to Table 8 footnote (c).
(e)For corporate receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. Corporate receivables delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
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Global Merchant and Network Services
Table 15: GMNS Selected Income Statement and Other Data
Three Months Ended
March 31,
Change
2024 vs. 2023
(Millions, except percentages and where indicated)20242023
Revenues
Non-interest revenues$1,655$1,596$59 %
Interest income171421 
Interest expense(198)(131)(67)(51)
Net interest income21514570 48 
Total revenues net of interest expense1,8701,741129 
Provisions for credit losses66— 
Total revenues net of interest expense after provisions for credit losses1,8641,735129 
Expenses
Business development, Card Member services and marketing352388(36)(9)
Salaries and employee benefits and other operating expenses49546233 
Total expenses847850(3)— 
Pretax segment income1,017885132 15 
Network volumes (billions)
419.2398.9$20 
Total segment assets (billions)
$24.9$17.146 %
Global Merchant and Network Services (GMNS) operates a global payments network that processes and settles card transactions, acquires merchants and provides multi-channel marketing programs and capabilities, services and data analytics, leveraging our global integrated network. GMNS manages our partnership relationships with third-party card issuers (including our network partnership agreements in China), merchant acquirers and a prepaid reloadable and gift card program manager, licensing the American Express brand and extending the reach of the global network.
TOTAL REVENUES NET OF INTEREST EXPENSE
Non-interest revenues increased, primarily driven by Service fees and other revenues and Discount revenue, partially offset by lower Processed revenue.
Discount revenue increased 4 percent, primarily driven by an increase in billed business. See Tables 5 and 6 for more details on billed business performance.
Service fees and other revenue increased 13 percent, primarily due to higher merchant service fees and an increase in foreign exchange-related revenues associated with Card Member cross-currency spending.
Processed revenue decreased 4 percent and increased 2 percent on an FX-adjusted basis, primarily driven by an increase in FX-adjusted processed volumes.3
GMNS receives an interest expense credit relating to internal transfer pricing due to its merchant payables. Net interest income increased, primarily due to a higher interest expense credit, primarily driven by higher interest rates and an increase in average merchant payables.
EXPENSES
Total expenses were relatively flat, primarily driven by lower Business development and Marketing expenses, largely offset by higher Operating expenses.
Business development expense decreased, primarily due to decreased partner payments driven by lower contractual rates.
Marketing expense decreased, reflecting lower levels of spending on merchant engagement initiatives.
Salaries and employee benefits and other expenses increased, primarily driven by an increase in allocated service expense, higher joint venture related expense, and higher compensation costs.
3Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.
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Corporate & Other
Corporate functions and certain other businesses are included in Corporate & Other.
Corporate & Other pretax loss was $615 million and $667 million for the three months ended March 31, 2024 and 2023, respectively. The decrease in pretax loss was primarily driven by net losses on Amex Ventures investments in the prior period, partially offset by higher compensation costs in the current period.
CONSOLIDATED CAPITAL RESOURCES AND LIQUIDITY
Our balance sheet management objectives are to maintain:
A solid and flexible equity capital profile;
A broad, deep and diverse set of funding sources to finance our assets and meet operating requirements; and
Liquidity programs that enable us to continuously meet expected future financing obligations and business requirements for at least a twelve month period under a variety of adverse circumstances.
We continue to see volatility in the capital markets due to a variety of factors and manage our balance sheet to reflect evolving circumstances.
Capital
We believe capital allocated to growing businesses with a return on risk-adjusted equity in excess of our costs will generate shareholder value. Our objective is to retain sufficient levels of capital generated through net income and other sources, such as the exercise of stock options by colleagues, to maintain a strong balance sheet, provide flexibility to support future business growth, and distribute excess capital to shareholders through dividends and share repurchases. See “Dividends and Share Repurchases” below.
We seek to maintain capital levels and ratios in excess of our minimum regulatory requirements, specifically within a 10 to 11 percent target range for American Express Company’s Common Equity Tier 1 (CET1) risk-based capital ratio.
We maintain certain flexibility to shift capital across our businesses as appropriate. For example, we may infuse additional capital into subsidiaries to maintain capital at targeted levels in consideration of debt ratings and regulatory requirements. These infused amounts can affect the capital and liquidity positions at American Express Company or at our subsidiaries.
We report our capital ratios using the Basel III capital definitions and the Basel III standardized approach for calculating risk-weighted assets.
On July 27, 2023, the U.S. federal bank regulatory agencies issued a notice of proposed rulemaking that would significantly revise U.S. regulatory capital requirements for large banking organizations, including American Express Company and American Express National Bank (AENB). See the “Supervision and Regulation ― Capital and Liquidity Regulation” section of our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Form 10-K) for more information.
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The following table presents our regulatory risk-based capital and leverage ratios and those of AENB, as of March 31, 2024:
Table 16: Regulatory Risk-Based Capital and Leverage Ratios
Effective Minimum (a)
Ratios as of March 31, 2024
Risk-Based Capital
Common Equity Tier 17.0 %
American Express Company10.6 %
American Express National Bank11.2 
Tier 18.5 %
American Express Company11.3 
American Express National Bank11.2 
Total10.5 %
American Express Company13.2 
American Express National Bank12.9 
Tier 1 Leverage4.0 %
American Express Company9.8 
American Express National Bank9.0 %
(a)Represents Basel III minimum requirements and applicable regulatory buffers as defined by the federal banking regulators, which includes the stress capital buffer (SCB) for American Express Company and the capital conservation buffer for AENB.
The following table presents American Express Company’s regulatory risk-based capital and risk-weighted assets as of March 31, 2024:
Table 17: Regulatory Risk-Based Capital Components and Risk Weighted Assets
American Express Company
($ in Billions)
March 31, 2024
Risk-Based Capital
Common Equity Tier 1$23.7 
Tier 1 Capital25.3 
Tier 2 Capital
4.1 
Total Capital29.4 
Risk-Weighted Assets223.4 
Average Total Assets to calculate the Tier 1 Leverage Ratio$257.6 
The following are definitions for our regulatory risk-based capital ratios and leverage ratio, which are calculated as per standard regulatory guidance:
Risk-Weighted Assets — Assets are weighted for risk according to a formula used by the Federal Reserve to conform to capital adequacy guidelines. On- and off-balance sheet items are weighted for risk, with off-balance sheet items converted to balance sheet equivalents, using risk conversion factors, before being allocated a risk-adjusted weight. Off-balance sheet exposures comprise a minimal part of the total risk-weighted assets.
Common Equity Tier 1 Risk-Based Capital Ratio — Calculated as CET1 capital, divided by risk-weighted assets. CET1 capital is common shareholders’ equity, adjusted for ineligible goodwill and intangible assets and certain deferred tax assets. CET1 capital is also adjusted for the Current Expected Credit Loss (CECL) final rules, as described below.
Tier 1 Risk-Based Capital Ratio — Calculated as Tier 1 capital divided by risk-weighted assets. Tier 1 capital is the sum of CET1 capital, preferred shares and third-party non-controlling interests in consolidated subsidiaries, adjusted for capital held by insurance subsidiaries. The minimum requirement for the Tier 1 risk-based capital ratio is 1.5 percent higher than the minimum for the CET1 risk-based capital ratio. We have $1.6 billion of preferred shares outstanding to help address a portion of the Tier 1 capital requirements in excess of common equity requirements.
Total Risk-Based Capital Ratio — Calculated as the sum of Tier 1 capital and Tier 2 capital, divided by risk-weighted assets. Tier 2 capital is the sum of the allowance for credit losses adjusted for the CECL final rules (limited to 1.25 percent of risk-weighted assets) and $1,250 million of eligible subordinated notes, adjusted for capital held by insurance subsidiaries. The $1,250 million of eligible subordinated notes includes the $500 million subordinated debt issued in July 2023 and the $750 million subordinated debt issued in May 2022.
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Tier 1 Leverage Ratio — Calculated by dividing Tier 1 capital by our average total consolidated assets for the most recent quarter.
We elected to delay the recognition of $0.7 billion of reduction in regulatory capital from the adoption of the CECL methodology for two years, followed by a three-year phase-in period at 25 percent once per year beginning January 1, 2022, pursuant to rules issued by federal banking regulators (the CECL final rules). As of January 1, 2024, we have phased in 75 percent of such amount.
We continue to include accumulated other comprehensive income (loss) in regulatory capital.
We are subject to the Federal Reserve’s supervisory stress tests in 2024. We submitted our annual capital plan to the Federal Reserve on April 3, 2024. Our current SCB of 2.5 percent is effective until September 30, 2024. The Federal Reserve is expected to notify us in the second quarter of 2024 of the SCB that will be effective October 1, 2024 to September 30, 2025.
Dividends and Share Repurchases
We return capital to common shareholders through dividends and share repurchases. The share repurchases reduce common shares outstanding and generally more than offset the issuance of new shares as part of employee compensation plans.
During the three months ended March 31, 2024, we returned $1.6 billion to our shareholders in the form of share repurchases of $1.1 billion and common stock dividends of $0.5 billion. We repurchased 5.3 million common shares at an average price of $213.59 in the first quarter of 2024.
In addition, during the three months ended March 31, 2024, we paid $14 million in dividends on non-cumulative perpetual preferred shares outstanding.
Funding Strategy
Our principal funding objective is to maintain broad and well-diversified funding sources to allow us to finance our global businesses and to maintain a strong liquidity profile. Our funding strategy and activities are integrated into our asset-liability management activities. We have in place a funding policy covering American Express Company and all of our subsidiaries.
We aim to satisfy our financing needs with a diverse set of funding sources. The diversity of funding sources by type of instrument, by tenor and by investor base, among other factors, mitigates the impact of disruptions in any one type of instrument, tenor or investor. We seek to achieve diversity and cost efficiency in our funding sources by maintaining scale and market relevance in deposits, unsecured debt and asset securitizations, and access to secured borrowing facilities and a committed bank credit facility. In particular, we are focused on continuing to grow our direct retail deposit program as a funding source.
Summary of Consolidated Debt
We had the following customer deposits and consolidated debt outstanding as of March 31, 2024 and December 31, 2023:
Table 18: Summary of Customer Deposits and Consolidated Debt
(Billions)March 31, 2024December 31, 2023
Customer deposits$134.4 $129.1 
Short-term borrowings1.7 1.3 
Long-term debt48.8 47.9 
Total customer deposits and debt$184.9 $178.3 
We may redeem from time to time certain debt securities prior to the original contractual maturity dates in accordance with the optional redemption provisions of those debt securities.
Our funding needs are driven by, among other factors, maturing obligations, our liquidity position and the pace of growth in our loans and receivables balances. Actual funding activities can vary from our plans due to various factors, such as future business growth, the impact of global economic, political and other events on market capacity and funding needs, demand for securities offered by us, regulatory changes, ability to securitize and sell loans and receivables, and the performance of loans and receivables previously sold in securitization transactions. Many of these factors are beyond our control.

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The following table presents our debt issuances for the three months ended March 31, 2024:
Table 19: Debt Issuances
(Billions)Three Months Ended
March 31, 2024
American Express Company:
Floating Rate Senior Notes (compounded SOFR(a) plus 100 basis points)
$0.3 
Fixed-to-Floating Rate Senior Notes (coupon of 5.098% during the fixed rate period and compounded SOFR(a) plus 100 basis points during the floating rate period)
1.7 
Total$2.0 
(a)Secured overnight financing rate (SOFR).
Our equity capital and funding strategies are designed, among other things, to maintain appropriate and stable unsecured debt ratings from the major credit rating agencies: Moody’s Investor Services (Moody’s), Standard & Poor’s (S&P) and Fitch Ratings (Fitch). Such ratings help support our access to cost-effective unsecured funding as part of our overall funding strategy. Our asset securitization activities are rated separately.
Table 20: Unsecured Debt Ratings
American Express EntityMoody’sS&PFitch
American Express CompanyLong Term
A2
BBB+
A
Short Term
N/R
A-2
F1
Outlook
Stable
Stable
Stable
American Express Travel Related Services Company, Inc.Long Term
A2
A-
A
Short Term
P-1
A-2
F1
Outlook
Stable
Stable
Stable
American Express National BankLong Term
A3
A-
A
Short Term
P-1
A-2
F1
Outlook
Stable
Stable
Stable
American Express Credit CorporationLong Term
A2
A-
A
Short Term
N/R
N/R
N/R
Outlook
Stable
Stable
Stable
These ratings are not a recommendation to buy or hold any of our securities and they may be revised or revoked at any time at the sole discretion of the rating organization.
Downgrades in the ratings of our unsecured debt or asset securitization program securities could result in higher funding costs, as well as higher fees related to borrowings under our unused credit facilities. Declines in credit ratings could also reduce our borrowing capacity in the unsecured debt and asset securitization capital markets. We believe our funding mix, including the proportion of U.S. retail deposits insured by the Federal Deposit Insurance Corporation (FDIC) to total funding, should reduce the impact that credit rating downgrades would have on our funding capacity and costs.
On August 29, 2023, the U.S federal bank regulatory agencies issued a notice of proposed rulemaking that, if adopted as proposed, would require covered bank holding companies such as American Express Company to issue and maintain minimum amounts of eligible external long-term debt and certain insured depository institutions such as AENB to issue and maintain minimum amounts of eligible internal long-term debt. See the “Supervision and Regulation ― Capital and Liquidity Regulation” section of the 2023 Form 10-K for more information.
Deposit Programs
We offer deposits within our U.S. bank subsidiary, AENB. These funds are currently insured up to an amount that is at least $250,000 per account holder through the FDIC; as of March 31, 2024, approximately 92 percent of these deposits were insured. Our ability to obtain deposit funding and offer competitive interest rates is dependent on, among other factors, the capital level of AENB. Direct retail deposits offered by AENB is our primary deposit product channel, which makes FDIC-insured high-yield savings account, certificates of deposit (CDs), business checking and consumer rewards checking account products available directly to customers. As of March 31, 2024, our direct retail deposit program had approximately 2.7 million accounts. AENB also sources deposits through third-party distribution channels as needed to meet our overall funding objectives. CDs carry stated maturities while high-yield savings account, checking account and third-party sweep deposit products do not. We manage the duration of our maturing obligations, including CDs, to reduce concentration and refinancing risk.
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As of March 31, 2024 and December 31, 2023, we had $134.4 billion and $129.1 billion, respectively, in deposits. Refer to Note 6 to the “Consolidated Financial Statements” for a further description of these deposits and scheduled maturities of certificates of deposits.
The following table sets forth the average interest rate we paid on different types of deposits during the three months ended March 31, 2024 and 2023. Changes in the average interest rate we paid on our deposits were primarily due to the impact of higher market interest rates offered for retail deposits.
Table 21: Average Interest Rates Paid on Deposits
Three Months Ended March 31,
20242023

(Millions, except percentages)
Average BalanceInterest Expense
Average Interest Rate (a)
Average BalanceInterest Expense
Average Interest Rate (a)
Savings and transaction accounts$97,385 $1,022 4.2 %$80,446 $670 3.4 %
Certificates of deposit:
Direct5,438574.2 3,407252.9 
Third-party (brokered)12,4811264.0 13,9301123.3 
Sweep accounts — Third-party (brokered)15,6962215.7 15,9741864.7 
Total U.S. retail interest-bearing deposits
$131,000 $1,426 4.4 %$113,757 $993 3.5 %
(a)Average interest rate reflects interest expense divided by average deposits, computed on an annualized basis.
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Liquidity Management
Our liquidity objective is to maintain access to a diverse set of on- and off-balance sheet liquidity sources. We seek to maintain liquidity sources in amounts sufficient to meet our expected future financial obligations and business requirements for liquidity for a period of at least twelve months under a variety of adverse circumstances. These include, but are not limited to, an event where we are unable to raise new funds under our regular funding programs during a substantial weakening in economic conditions.
Our liquidity management strategy includes a number of elements, including, but not limited to:
Maintaining diversified funding sources (refer to “Funding Strategy” above for more details);
Maintaining unencumbered liquid assets and off-balance sheet liquidity sources;
Projecting cash inflows and outflows under a variety of economic and market scenarios; and
Establishing clear objectives for liquidity risk management, including compliance with regulatory requirements.
We seek to maintain access to a diverse set of on-balance sheet and off-balance sheet liquidity sources, including cash and other liquid assets, secured borrowing facilities and a committed bank credit facility. Through our U.S. bank subsidiary, AENB, we also hold collateral eligible for use at the Federal Reserve’s discount window.
The amount and type of liquidity resources we maintain can vary over time, based upon the results of stress scenarios required under the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as additional stress scenarios required under our liquidity risk policy. Additionally, we anticipate becoming a Category III firm in 2024 and thus being subject to the regulatory requirements under the liquidity coverage ratio and net stable funding ratio rules. See the “Supervision and Regulation — Capital and Liquidity Regulation” section of the 2023 Form 10-K for more information. We believe that we currently maintain sufficient liquidity to meet all internal and regulatory liquidity requirements.
As of March 31, 2024 and December 31, 2023, we had $54.2 billion and $46.6 billion in Cash and cash equivalents, respectively. Refer to the “Cash Flows” section below for a discussion of the major drivers impacting cash flows for the three months ended March 31, 2024. The investment income we receive on liquidity resources has historically been less than the interest expense on the sources of funding for these balances. From time to time, including in this quarter, interest income may exceed the interest expense associated with the liquidity portfolio. Depending on the interest rate environment, our funding composition and the amount of liquidity resources we maintain, the level of future net interest income or expense associated with our liquidity resources will vary.
Securitized Borrowing Capacity
As of March 31, 2024, we maintained our committed, revolving, secured borrowing facility, with a maturity date of July 15, 2026, which gives us the right to sell up to $3.0 billion face amount of eligible AAA notes from the American Express Issuance Trust II (the Charge Trust). We also maintained our committed, revolving, secured borrowing facility, with a maturity date of September 15, 2026, which gives us the right to sell up to $3.0 billion face amount of eligible AAA certificates from American Express Credit Account Master Trust (the Lending Trust). These facilities enhance our contingent funding resources and are also used in the ordinary course of business to fund working capital needs. As of March 31, 2024, no amounts were drawn on the Charge Trust facility or Lending Trust facility.
Committed Bank Credit Facility
As of March 31, 2024, we maintained a committed syndicated bank credit facility of $4.0 billion with a maturity date of October 30, 2026. This facility enhances our contingent funding resources and is also used in the ordinary course of business to fund working capital needs. As of March 31, 2024, $350 million was drawn on this facility, which was subsequently repaid in full.
Other Sources of Liquidity
In addition to cash and other liquid assets and the secured borrowing facilities and committed bank credit facility described above, as an insured depository institution, AENB may borrow from the Federal Reserve Bank of San Francisco through the discount window against the U.S. credit card loans and charge card receivables that it pledged. As of March 31, 2024, AENB had available borrowing capacity of $60.0 billion based on the amount and collateral valuation of receivables that were pledged to the Federal Reserve Bank of San Francisco. Whether specific assets will be considered qualifying collateral and the amount that may be borrowed against the collateral remain at the discretion of the Federal Reserve. Due to regulatory restrictions, liquidity generated by AENB can generally be used only to fund obligations within AENB, and transfers to the parent company or non-bank affiliates may be subject to prior regulatory approval.
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Unused Credit Outstanding
As of March 31, 2024, we had approximately $408 billion of unused credit available to customers. Total unused credit does not represent potential future cash requirements, as a significant portion of this unused credit will likely not be drawn. Charge card products with no pre-set spending limits are not reflected in unused credit.
Cash Flows
The following table summarizes our cash flow activity, followed by a discussion of the major drivers impacting operating, investing and financing cash flows for the three months ended March 31:
Table 22: Cash Flows
(Billions)20242023
Total cash provided by (used in):
Operating activities$5.5 $(0.4)
Investing activities(3.1)(1.4)
Financing activities5.2 8.6 
Effect of foreign currency exchange rates on cash and cash equivalents 0.1 
Net increase in cash and cash equivalents$7.6 $6.9 
Cash Flows from Operating Activities
Our cash flows from operating activities primarily include net income adjusted for (i) non-cash items included in net income, such as provisions for credit losses, depreciation and amortization, stock-based compensation, deferred taxes and other non-cash items and (ii) changes in the balances of operating assets and liabilities, which can vary significantly in the normal course of business due to the amount and timing of payments.
In 2024, the net cash provided by operating activities was driven by cash generated from net income for the period and higher net operating liabilities primarily driven by higher book overdrafts due to timing differences arising in the ordinary course of business and higher accounts payable to merchants to settle daily transaction volume, partially offset by payments related to annual incentive compensation.
In 2023, the net cash used in operating activities was driven by lower net operating liabilities, primarily related to the timing of normal course payments to our merchants to settle daily transaction volume and payments related to annual incentive compensation, partially offset by cash generated from net income for the period.
Cash Flows from Investing Activities
Our cash flows from investing activities primarily include changes in loans and Card Member receivables, as well as changes in our available-for-sale investment securities portfolio.
In 2024, the net cash used in investing activities was primarily driven by higher loans and Card Member receivables outstanding.
In 2023, the net cash used in investing activities was primarily driven by higher Card Member loans outstanding.
Cash Flows from Financing Activities
Our cash flows from financing activities primarily include changes in customer deposits, long-term debt and short-term borrowings, as well as dividend payments and share repurchases.
In 2024, the net cash provided by financing activities was primarily driven by growth in customer deposits and net debt issuances, partially offset by share repurchases and dividend payments.
In 2023, the net cash provided by financing activities was primarily driven by growth in customer deposits, partially offset by net debt repayments, dividend payments and share repurchases.

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OTHER MATTERS
Certain Legislative, Regulatory and Other Developments
Supervision & Regulation
We are subject to extensive government regulation and supervision in jurisdictions around the world, and the costs of compliance are substantial. The financial services industry is subject to rigorous scrutiny, high regulatory expectations, a range of regulations and a stringent and unpredictable enforcement environment.
Governments and regulators are increasingly requiring financial services firms and payment systems to be locally licensed and/or to localize aspects of their operations, compliance programs and governance frameworks. The development and enforcement of these and other similar laws, regulations and policies may increase our operational complexity and compliance costs, result in enforcement actions and penalties and adversely affect our ability to compete effectively and maintain and extend our global network.
Governmental authorities have also focused, and we believe will continue to focus, considerable attention on reviewing compliance by financial services firms and payment systems with laws and regulations, and as a result, we continually work to evolve and improve our risk management framework, governance structures, practices and procedures. Reviews by us and governmental authorities to assess compliance with laws and regulations, as well as our own internal reviews to assess compliance with internal policies, including errors or misconduct by colleagues or third parties or control failures, have resulted in, and are likely to continue to result in, changes to our products, practices and procedures, restitution to our customers and increased costs related to regulatory oversight, supervision and examination. We have also been subject to regulatory actions and may continue to be the subject of such actions, including governmental inquiries, investigations, enforcement proceedings and the imposition of fines or civil money penalties, in the event of noncompliance or alleged noncompliance with laws or regulations. For example, as previously disclosed, we are cooperating with governmental investigations related to our historical sales practices, which are described in more detail in Note 7 to the “Consolidated Financial Statements.” In addition, various bank regulators have announced they are reviewing credit card rewards programs for compliance with certain consumer protection laws and regulations. As previously disclosed, we identified during an internal review that certain U.S. Card Members were not credited certain Membership Rewards points they had earned and we have taken actions to remediate it and enhance our related procedures. We are cooperating with regulators in their ongoing regulatory examination of rewards and benefits programs. External publicity concerning investigations can increase the scope and scale of investigations and lead to further regulatory inquiries.
Please see the “Supervision and Regulation” and “Risk Factors” sections of the 2023 Form 10-K for further information.
Enhanced Prudential Standards
We are subject to the U.S. federal bank regulatory agencies’ rules that tailor the application of enhanced prudential standards to bank holding companies and depository institutions with $100 billion or more in total consolidated assets. Under these rules, American Express Company (and its depository institution subsidiary, AENB) is currently subject to Category IV standards; however, we anticipate becoming a Category III firm in 2024 following our total consolidated assets exceeding $250 billion, calculated based on a daily average of total consolidated assets for the trailing four quarters. Category III firms are subject to heightened capital, liquidity and prudential requirements, single-counterparty credit limits and additional stress tests, which in some cases are subject to a transition period following a financial institution becoming a Category III firm. Please see the “Supervision and Regulation” and “Risk Factors” sections of the 2023 Form 10-K for further information.
Consumer Financial Products Regulation
Our consumer-oriented activities are subject to regulation and supervision in the United States and internationally. In the United States, our marketing, sale and servicing of consumer financial products and our compliance with certain federal consumer financial laws are supervised and examined by the Consumer Financial Protection Bureau (CFPB), which has broad rulemaking and enforcement authority over providers of credit, savings and payment services and products and authority to prevent “unfair, deceptive or abusive” acts or practices. In addition, a number of U.S. states have significant consumer credit protection, disclosure and other laws (in certain cases more stringent than U.S. federal laws). U.S. federal law also regulates abusive debt collection practices, which along with bankruptcy and debtor relief laws, can affect our ability to collect amounts owed to us or subject us to regulatory scrutiny.
On March 5, 2024, the CFPB issued a final rule that lowers the safe harbor amount for credit card late fees that would be considered to be “reasonable and proportional” to the costs incurred by credit card issuers for late payments to $8, eliminates a higher late fee safe harbor amount for subsequent late payments and eliminates the annual inflation adjustment for the safe harbor amount. The final rule has an effective date of May 14, 2024; however, it is being challenged in litigation, which could delay or, if such challenge is successful, halt implementation of the final rule. We are assessing the impact of the final
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rule and how we intend to comply with it if it goes into effect. In the absence of providing a cost justification to support a late fee higher than the safe harbor amount, which would be permissible under the final rule, we would be required to reduce our late fees, resulting in a decrease to our delinquency fee revenue. In addition, a reduction in the late fee amount could alter Card Member behavior and impact repayment rates.
For more information on consumer financial products regulation, as well as the potential impacts on our results of operations and business, please see the “Supervision and Regulation” and “Risk Factors” sections of the 2023 Form 10-K.
Payments Regulation
Legislators and regulators in various countries in which we operate have focused on the operation of card networks, including through enforcement actions, legislation and regulations to change certain practices or pricing of card issuers, merchant acquirers and payment networks, and, in some cases, to establish broad regulatory regimes for payment systems.
The European Union (EU), Australia, Canada and other jurisdictions have focused on interchange fees (that is, the fee paid by the bankcard merchant acquirer to the card issuer in payment networks like Visa and Mastercard), as well as the rules, contract terms and practices governing merchant card acceptance. Regulation and other governmental actions relating to pricing or practices could affect all networks directly or indirectly, as well as adversely impact consumers and merchants. Among other things, regulation of bankcard fees has negatively impacted, and may continue to negatively impact, the discount revenue we earn, including as a result of downward pressure on our merchant discount rates from decreases in competitor pricing in connection with caps on interchange fees. In some cases, regulations also extend to certain aspects of our business, such as network and cobra