Core Insights - American Express reported a 16% increase in third-quarter profits, reaching $2.9 billion, driven by higher card spending among affluent customers [1][5] - The company raised its full-year profit forecasts, expecting earnings per share between $15.20 and $15.50 [6] Financial Performance - Earnings for the quarter were $2.9 billion, up from $2.51 billion a year earlier, with earnings per share increasing to $4.14 from $3.49 [1] - Average spending on AmEx cards rose by 5% year-over-year, reaching $6,387 [5] - Total loans reported by the company increased by 8% year-over-year, amounting to $138.95 billion [5] Product and Market Dynamics - AmEx's refreshed Platinum Card, which now has an annual fee of $895, has not deterred customer interest, as evidenced by 500,000 requests for card conversions within three weeks [2][4] - The high net worth credit card market is experiencing heightened competition, with major players like JPMorgan Chase and Citigroup launching new or revamped products [3] Customer Engagement - The demand for the new U.S. Platinum account has doubled compared to pre-refresh levels, indicating strong customer engagement [5]