American Express is a global payments company that issues premium credit and charge cards to consumers and businesses, and operates a closed-loop card network connecting cardholders with merchants worldwide. Its flagship products are the Platinum and Gold consumer cards, along with a suite of commercial cards for small businesses and corporations. American Express has evolved its premium consumer cards from a travel-focused product into a broader lifestyle and dining proposition — including restaurant platforms Resy and Tock, airport lounges, and hotel benefits — to attract Millennial and Gen-Z customers, who are now the largest and fastest-growing spending cohort on its US consumer cards. American Express makes money three ways: discount revenue (fees charged to merchants as a percentage of each transaction), net card fees (annual fees on premium cards, which recently reached $10B), and net interest income on revolving card balances. The closed-loop model — where American Express acts as both card issuer and merchant acquirer — gives it visibility into both sides of a transaction, enabling better fraud detection, data analytics, and direct relationships with cardholders and merchants alike. American Express operates four segments: US Consumer Services, Commercial Services, International Card Services, and Global Merchant and Network Services. Internationally, American Express sees significant runway, with roughly 6% spend share across its top five markets. Its commercial strategy is expanding into an integrated ecosystem of card products, lending, B2B payments, and expense management software through acquisitions including Center and Kabbage.