American Express (AXP) continues to benefit from a loyal, high‑spending customer base that remains resilient in a K‑shaped economy. LikeFolio's Landon Swan says premium perks, strong fraud protection, and growing appeal among younger affluent consumers are helping AXP outperform Visa (V) and Mastercard (MA). With AI improving efficiency and card fees rising, the focus turns to whether American Express can sustain momentum as inflation pressures persist.