NEW YORK (AP) — American Express reports a 16% increase in third-quarter profits, driven by higher card spending, especially among its wealthiest members. On Friday, the company announced earnings of $2.9 billion, up from $2.51 billion a year ago. Earnings per share rose to $4.14, beating analysts’ expectations. AmEx recently refreshed its Platinum Card, adding perks and raising the annual fee to $895. Despite increased competition, customer demand remains strong, with 500,000 requests for the new card finish in three weeks. Average spending per card rose 5% to $6,387. AmEx now expects full-year earnings per share between $15.20 and $15.50.
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