Press Releases
American Express Pats Self on Back For “Double Digit” Credit Card Junk Fee Growth
Today, American Express reported $3 billion in Q2 2024 earnings – up 39% from Q2 2023 – while celebrating “double-digit growth in card fee revenues for the 24th consecutive quarter.” As Accountable.US has documented, American Express is among the worst purveyors of exploitative junk fees, including delinquency fees which brought in $960 million for the company in FY2023. In its 2023 annual report, the company criticized the Biden administration’s crackdown on excessive, hidden junk fees while defiantly declaring on an earnings call that “we expect card fees to be a key contributor to growth going forward.”
With American Express’ earnings up nearly 40 percent from a year ago, it’s clear its executives did not need to price-gouge customers with predatory fees to the extremes they have. But rather than pass any of the company’s huge profits onto consumers with more reasonable fees, American Express has vowed to double down on the practice. It’s a reminder why the Biden administration's actions reining in junk fees are necessary to help lower costs for everyday Americans – otherwise big banks and credit card issuers will keep pushing the limits of greed.”
Accountable.US' Liz Zelnick
American Express Is Not Alone in Junk Fee Abuse:
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7.16: Bank of America’s Earnings Show Why Excessive Credit Card Late Fees Are Greed-Driven
- 7.12: CitiGroup, Wells Fargo, JPMorgan Chase Beat Profit Expectations While Sapping Over $2.5B In Junk Fees From Families
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