American Express Co. reported a higher profit that topped Wall Street estimates for the fourth straight quarter, as higher usage of its cards, particularly by millennial and Gen Z customers, fueled a strong recovery in overall spending. After months of stagnation, credit-card issuers like AmEx are starting to see a turnaround in spending with resumption of social activities. Three out of every four new Gold and Platinum consumer cards in the U.S. came from these age cohorts, Chief Executive Officer Stephen Squeri said on Friday. AmEx’s Platinum card comes with a spate of travel rewards including access to airport lounges and other benefits at hotels and resorts globally. “It’s that younger generation that is just more comfortable, continuing to live their lives as they were pre-pandemic than the older baby boomer generation, which continues to react much more cautiously,” Chief Financial Officer Jeff Campbell told Reuters. Millennials and Gen Z …
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