Key Takeaways AmEx pairs high leverage with strong liquidity to boost returns while managing cycle pressures.Younger users drove 64% of 3.2M new cards as AmEx targets future premium cohorts.Deep hospitality integration strengthens AmEx's brand and appeal versus payments-only rivals.American Express Company (AXP) , also known as AmEx, holds a distinct position in the payments world. Unlike Visa Inc. (V) and Mastercard Incorporated (MA) , which operate asset-light networks, AmEx carries loans on its own balan ...