Amex Steps Up Marketing, Tech Spending in Second Half

American Express’s growth model relies on premium, fee-paying cards and a closed-loop payments network that links spending data with rewards, travel and dining benefits. That strategy matters as JPMorgan Chase, Citigroup and Capital One compete more aggressively for affluent customers. Amex spent $6.3 billion on marketing in 2025, while marketing and technology investment rose more than 20% over the prior two years, underscoring how customer acquisition and product upgrades underpin its bid for durable revenue growth.

On July 24, American Express said second-half 2026 marketing expense would rise about 10% from a year earlier, driven by increased customer acquisition, while additional technology spending would accelerate platform upgrades and AI work. Second-quarter revenue climbed 10% to $19.64 billion and net income rose 8% to $3.11 billion, or $4.53 a share. The company added 3 million cards, with 75% of new accounts carrying fees. It raised its full-year revenue-growth forecast to 10% but kept EPS guidance at $17.30 to $17.90 as it reinvests the outperformance.