American Express has successfully weathered the great credit cards reward war. Now rapid lending growth sets it up for future risks. In recent years, stepped-up competition in the premium card space, especially from major banks such as JPMorgan Chase and Citigroup, had raised concerns that Amex’s rewards to cardholders were insufficiently generous. Amex has proven these concerns to be overdone. Evidently the company’s strong brand, its reputation for customer service and some unique offerings like its chain of airport lounges...

Source: Wall Street Journal March 13, 2019 18:22 UTC