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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York13-4922250
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares (par value $0.20 per share)AXPNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
ClassOutstanding at October 18, 2021
Common Shares (par value $0.20 per share)774,555,761 Shares



AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
We are a globally integrated payments company that provides our customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card, banking and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are sold globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are sold through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party vendors and business partners, direct mail, telephone, in-house sales teams, and direct response advertising. Business travel-related services are offered through our non-consolidated joint venture, American Express Global Business Travel (the GBT JV).
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative payment and financing providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies, business models and customer relationships to create payment or financing solutions.
The following types of revenue are generated from our various products and services:
Discount revenue, our largest revenue source, primarily represents the amount we earn on transactions occurring at merchants that have entered into a card acceptance agreement with us, or a Global Network Services (GNS) partner or other third-party merchant acquirer, for facilitating transactions between the merchants and Card Members;
Interest on loans, principally represents interest income earned on outstanding balances;
Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account;
Other fees and commissions, primarily represent Card Member delinquency fees, foreign currency conversion fees charged to Card Members, loyalty coalition-related fees, service fees earned from merchants, travel commissions and fees, and Membership Rewards program fees; and
Other revenue, primarily represents revenues arising from contracts with partners of our GNS business (including commissions and signing fees less issuer rate payments), cross-border Card Member spending, ancillary merchant-related fees, earnings (losses) from equity method investments (including the GBT JV), insurance premiums earned from Card Members, and prepaid card and Travelers Cheque-related revenue.
1

Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Effective for the first quarter of 2021, we changed the way we describe our volume metrics. Throughout this Report:
Where we previously used the term “billed business” to describe our total volumes, we now use the term “network volumes.”
Where we previously used the term “proprietary billed business” to describe transaction volumes from cards and other payment products issued by American Express, we now use the term “billed business.”
Where we previously used the term “GNS billed business” to describe transaction volumes from cards issued by GNS partners and joint ventures, we now use the term “processed volumes” and have now included in this category transactions associated with certain alternative payment solutions that were not previously reported in our volume metrics.
Where we previously used the term “Non-T&E-related volume” to describe spend in merchant categories other than travel and entertainment (T&E)-related merchant categories, we now use the term “Goods & Services (G&S)-related volume.”
We believe that these changes provide better differentiation and descriptors for the volumes that run across the American Express network. Prior period amounts have been recast to conform with current period presentation.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards.
2

Business Environment
Our results for the third quarter reflect the strong growth momentum that we have seen in our business over the last several quarters. We continue to see positive results from the increased investments we have made to drive customer acquisition, engagement and retention. Network volumes continued to accelerate on a sequential basis and exceeded pre-pandemic levels for the quarter and credit metrics remained around historic lows.
The Company experienced significant adverse impacts during the prior year due to the COVID-19 pandemic and the resulting containment measures such as lockdowns and travel restrictions implemented by local and national authorities. Year-over-year comparisons for the three-month period reflect the pandemic impact on our business in 2020, with less of an impact for the nine-month period due to the pre-pandemic results for the first two months in the prior year. While the economy has continued to improve, there remains uncertainty related to ongoing effects of the pandemic on the global macroeconomic environment.
Worldwide network volumes for the third quarter increased 29 percent year-over-year and exceeded levels in the third quarter of 2019 (pre-pandemic levels) by 5 percent. Billed business, which represented 85 percent of our total network volumes in the third quarter of 2021 and drives most of our financial results, increased 31 percent and continued to show different paces of recovery for G&S and T&E spend. G&S spend, which accounts for the majority of our billed business, continued to grow sequentially versus the prior quarter and grew by 18 percent on a year-over-year basis, and is now 20 percent above pre-pandemic levels. This growth was primarily driven by ongoing strong performance in online and card-not-present spending even as offline spending exceeded pre-pandemic levels. While T&E spend more than doubled versus the prior year, with continued sequential growth compared to the second quarter, it remained 29 percent below pre-pandemic levels. The year-over-year and sequential growth was primarily driven by U.S. consumer Card Members and small and mid-sized enterprise customers. U.S. billed business increased 32 percent versus the prior year and exceeded pre-pandemic levels by 9 percent. While international billed business grew 28 percent versus the prior year, it remained 8 percent below pre-pandemic levels, as we have historically had a higher mix of T&E spend in our international markets, and we are seeing a slower pace of recovery in T&E spend.
Total revenues net of interest expense increased 25 percent year-over-year reflecting double digit growth in all our non-interest revenue lines. Discount revenue, our largest revenue line, increased 34 percent year-over-year, driven primarily by growth in Card Member spending. Other fees and commissions and Other revenues increased year-over-year, primarily driven by higher travel-related revenues. Net card fees grew 10 percent year over year, as new card acquisitions increased, and Card Member retention remained high. Net interest income grew by 6 percent year-over-year, primarily due to reduced interest expense on deposits and lower outstanding debt, partially offset by lower net interest yields driven by higher paydown rates on revolving loan balances.
Card Member loans increased 11 percent, which was lower than the growth in billed business due to higher paydown rates driven in part by the continued liquidity and financial strength of our customer base. We expect recovery in loan balances and Net interest income to continue to lag the improvement in spend volumes. Provisions for credit losses decreased and resulted in a net benefit, primarily due to lower net write-offs and a higher reserve release driven by improved portfolio quality and a strengthening macroeconomic outlook, partially offset by an increase in the outstanding balance of loans and receivables in the current year. As loan balances begin to rebuild more meaningfully, we expect delinquencies and loss rates to increase slowly over time, however we do not expect to see a material increase in write-off rates in the next few quarters. We are closely monitoring the performance of Card Members exiting our financial relief programs, though early performance indicators are strong. We are mindful that the last of the remaining government stimulus and industry forbearance programs have yet to roll off and we continue to maintain an appropriately significant level of reserves given the remaining uncertainties in the medical and macroeconomic environment.
Card Member rewards, Card Member services and business development expenses are generally correlated to volumes or are variable based on usage, and increased year-over-year due to growth in spend and higher usage of travel-related benefits. Additionally, our higher rewards expense versus last year was partially driven by an increase to our Membership Rewards liability to reflect a higher mix of redemptions in travel-related categories. We continue to make strategic investments in marketing, value propositions on our products, technology, and our colleagues to support our growth momentum. The additional value on several of our premium products is helping to drive increased Card Member engagement and retention rates. We expect marketing investments to remain elevated for the rest of the year while continuing to focus on controlling operating expenses.
3

Our capital position remains strong, with capital ratios that are well above our targets and regulatory requirements. We are focused on getting back to our Common Equity Tier 1 (CET1) risk-based capital ratio target range of 10 to 11 percent. We returned $3.6 billion of capital to our shareholders during the quarter and plan to continue returning excess capital through share repurchases and dividend payments over the next several quarters.
We remain optimistic that the strength in our business will continue, particularly in the U.S., although we recognize challenges still exist and the pace of recovery remains uneven in different regions of the world. We remain committed to executing our investment strategy for building sustainable long term growth momentum.
See “Certain Legislative, Regulatory and Other Developments” and "Cautionary Note Regarding Forward-Looking Statements" for information on legislative and regulatory changes, additional impacts of the COVID-19 pandemic and other matters that could have a material adverse effect on our results of operations and financial condition.
4

Results of Operations
The discussions in both the “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and nine months ended September 30, 2021 compared to the same periods in the prior year, as presented in the accompanying tables. These discussions should be read in conjunction with the discussion under “Business Environment,” which contains further information on the COVID-19 pandemic and the related impacts on our results.
Consolidated Results of Operations
Table 1: Summary of Financial Performance
Three Months Ended
September 30,
Change
2021 vs. 2020
Nine Months Ended
September 30,
Change
2021 vs. 2020
(Millions, except percentages and per share amounts)2021202020212020
Total revenues net of interest expense$10,928$8,751$2,177 25%$30,235$26,736$3,499 13%
Provisions for credit losses(191)665(856)#(1,472)4,841(6,313)#
Expenses8,6696,7221,947 2923,32419,4573,867 20
Pretax income2,4501,3641,086 808,3832,4385,945 #
Income tax provision624291333 #2,0427411,301 #
Net income1,8261,073753 706,3411,6974,644 #
Earnings per common share — diluted (a)
$2.27$1.30$0.97 75%$7.82$2.01$5.81 #
Return on average equity (b)
32.6 %15.3 %32.6 %15.3 %
Effective tax rate25.5 %21.3 %24.4 %30.4 %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $14 million and $7 million for the three months ended September 30, 2021 and 2020, respectively, and $45 million and $10 million for the nine months ended September 30, 2021 and 2020, respectively, (ii) dividends on preferred shares of $20 million and $16 million for the three months ended September 30, 2021 and 2020, respectively, and $49 million and $65 million for the nine months ended September 30, 2021 and 2020, respectively, and (iii) an equity-related adjustment of $9 million related to the redemption of preferred shares for the three and nine months ended September 30, 2021. Refer to Note 14 and Note 15 to the "Consolidated Financial Statements" for further details on earnings per common share (EPS) and preferred shares, respectively.
(b)Return on average equity (ROE) is calculated for the relevant periods by dividing the (i) preceding twelve months of net income ($7.8 billion and $3.4 billion for September 30, 2021 and 2020, respectively) by (ii) one-year monthly average of total shareholders’ equity ($23.8 billion and $22.2 billion for September 30, 2021 and 2020, respectively).
5

Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
September 30,
Change
2021 vs. 2020
Nine Months Ended
September 30,
Change
2021 vs. 2020
(Millions, except percentages)2021202020212020
Discount revenue$6,676 $4,999 $1,677 34%$18,245 $14,852 $3,393 23%
Net card fees (a)
1,312 1,191 121 103,851 3,442 409 12
Other fees and commissions632 478 154 321,712 1,647 65 4
Other314 209 105 50785 707 78 11
Total non-interest revenues8,934 6,877 2,057 3024,593 20,648 3,945 19
Total interest income2,301 2,324 (23)(1)6,633 7,796 (1,163)(15)
Total interest expense307 450 (143)(32)991 1,708 (717)(42)
Net interest income1,994 1,874 120 65,642 6,088 (446)(7)
Total revenues net of interest expense$10,928 $8,751 $2,177 25%$30,235 $26,736 $3,499 13%
(a)Effective April 1, 2021, we prospectively changed the recognition of certain costs paid to a third party previously recognized in Net card fees. Refer to Note 1 to the “Consolidated Financial Statements” for further details.
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and nine month periods, primarily due to increases in worldwide network volumes of 29 percent and 22 percent, respectively.
See Tables 5, 6 and 7 for more details on network volume performance.
The average discount rate was 2.32 percent and 2.27 percent for the three months ended September 30, 2021 and 2020, respectively, and 2.30 percent and 2.29 percent for the nine months ended September 30, 2021 and 2020, respectively. The increase for both periods was primarily due to the change in the mix of spending driven by increased levels of T&E volumes, compared to the prior year.
Net card fees increased for both the three and nine month periods, primarily driven by our premium card product portfolios. Net card fees are recognized on a straight line basis over a twelve month period and are therefore more stable in relation to short term business or economic shifts.
Other fees and commissions increased for both the three and nine month periods. The increase in the three month period was primarily due to higher foreign exchange conversion revenue related to cross-border Card Member spending and higher travel commissions and fees from our consumer travel business. The increase in the nine month period was primarily driven by higher travel commissions and fees from our consumer travel business, increased revenues from our alternative payment solutions and higher loyalty coalition-related fees, partially offset by a decline in late fees due to lower delinquencies.
Other revenues increased for both the three and nine month periods, primarily driven by a lower net loss in the current year from the GBT JV and an increase in travel insurance revenue.
Interest income decreased for both the three and nine month periods, primarily due to a decline in the interest yield on average Card Member loans driven by higher paydown rates on revolving loan balances.
Interest expense decreased for both the three and nine month periods, primarily driven by lower interest rates paid on deposits and a reduction in outstanding debt.
6

Table 3: Provisions for Credit Losses Summary
Three Months Ended
September 30,
Change
2021 vs. 2020
Nine Months Ended
September 30,
Change
2021 vs. 2020
(Millions, except percentages)2021202020212020
Card Member receivables
Net write-offs
$32 $219 $(187)(85)%$89 $776 $(687)(89)%
Reserve (release) build (a)
(44)(102)58 (57)(236)293 (529)#
Total
(12)117 (129)#(147)1,069 (1,216)#
Card Member loans
Net write-offs
161 523 (362)(69)708 1,750 (1,042)(60)
Reserve (release) build (a)
(338)48 (386)#(1,854)1,666 (3,520)#
Total
(177)571 (748)#(1,146)3,416 (4,562)#
Other
Net write-offs - Other loans (b)
 27 (27)#19 80 (61)(76)
Net write-offs - Other receivables (c)
9 12 (3)(25)25 20 25
Reserve (release) build - Other loans (a)(b)
(5)(53)48 (91)(171)198 (369)#
Reserve (release) build - Other receivables (a)(c)
(6)(9)(33)(52)58 (110)#
Total
(2)(23)21 (91)(179)356 (535)#
Total provisions for credit losses$(191)$665 $(856)#$(1,472)$4,841 $(6,313)#
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve (release) build.
(b)Relates to Other loans of $2.4 billion and $2.9 billion, less reserves of $66 million and $238 million, as of September 30, 2021 and December 31, 2020, respectively; and $3.5 billion and $4.8 billion, less reserves of $370 million and $152 million, as of September 30, 2020 and December 31, 2019, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $2.7 billion and $3.0 billion, less reserves of $33 million, and $85 million, as of September 30, 2021 and December 31, 2020, respectively; and $2.6 billion and $3.1 billion, less reserves of $85 million and $27 million, as of September 30, 2020 and December 31, 2019, respectively.
Provisions for Credit Losses
Card Member receivables provisions for credit losses decreased for both the three and nine month periods and resulted in a net benefit. The decrease for the three month period was primarily driven by lower net write-offs, partially offset by a smaller reserve release in the current period versus the prior period. The decrease for the nine month period was primarily driven by lower net write-offs and a reserve release in the current period versus a reserve build in the prior period. The reserve releases for the current periods were driven by improved portfolio quality and macroeconomic outlook, partially offset by an increase in the outstanding balance of receivables, and for the current nine month period, the reserve release was also driven by lower delinquencies. The reserve release for the prior three month period was due to lower delinquencies. The reserve build for the prior nine month period was due to the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic, partially offset by a decrease in the outstanding balances of receivables.
Card Member loans provisions for credit losses decreased for both the three and nine month periods and resulted in a net benefit due to reserve releases in the current periods versus reserve builds in the prior periods, and lower net write-offs. The reserve releases for the current periods were driven by improved portfolio quality and macroeconomic outlook, partially offset by an increase in the outstanding balance of loans, and for the current nine month period, the reserve release was also driven by lower delinquencies. The reserve builds for the prior periods were due to the previously mentioned deterioration of the global macroeconomic outlook, partially offset by a decrease in the outstanding balances of loans and lower delinquencies.
Other provision for credit losses increased for the three month period and decreased for the nine month period. The increase in the three month period was primarily driven by smaller reserve releases in the current period versus the prior period, partially offset by lower net write-offs. The decrease in the nine month period was primarily due to a reserve release in the current period versus a reserve build in the prior period, and lower net write-offs. The reserve releases for both the current and prior three month periods were due to lower balances of non-card loans. The reserve release in the current nine month period was due to lower delinquencies and lower balances of non-card loans, while the reserve build in the prior nine month period was due to the previously mentioned deterioration of the global macroeconomic outlook.
Refer to Note 3 to the “Consolidated Financial Statements” for the range of key variables in the macroeconomic scenarios utilized for the computation of our reserves for credit losses.
7

Table 4: Expenses Summary
Three Months Ended
September 30,
Change
2021 vs. 2020
Nine Months Ended
September 30,
Change
2021 vs. 2020
(Millions, except percentages)2021202020212020
Marketing and business development$2,355 $1,822 $533 29%$6,340 $4,889 $1,451 30%
Card Member rewards3,020 2,004 1,016 517,975 5,745 2,230 39
Card Member services579 259 320 #1,328 923 405 44
Total marketing, business development, and Card Member rewards and services5,954 4,085 1,869 4615,643 11,557 4,086 35
Salaries and employee benefits1,497 1,408 89 64,586 4,152 434 10
Other, net1,218 1,229 (11)(1)3,095 3,748 (653)(17)
Total expenses$8,669 $6,722 $1,947 29%$23,324 $19,457 $3,867 20%
Expenses
Marketing and business development expense increased for both the three and nine month periods, primarily due to increases in marketing investments to continue building growth momentum and higher partner payments driven by higher spending volumes.
Card Member rewards expense increased for both the three and nine month periods, primarily driven by increases in Membership Rewards and cash back rewards expenses of $747 million and $1.7 billion and co-brand rewards expense of $269 million and $518 million for the three and nine month periods, respectively, all of which were primarily driven by higher billed business. The increases in Membership Rewards expense were also driven by a larger proportion of spend in categories that earn incremental rewards compared to the prior year and a higher mix of redemptions in travel-related categories, which contributed to an increase in our Membership Rewards liability.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent at September 30, 2021 and 96 percent (rounded up) at September 30, 2020.
Card Member services expense increased for both the three and nine month periods, primarily due to higher usage of travel-related benefits.
Salaries and employee benefits expense increased for both the three and nine month periods, primarily driven by higher compensation. The increase in the nine month period was also driven by higher deferred compensation expense.
Other expenses decreased for both the three and nine month periods, primarily driven by higher net unrealized gains in the current year related to our Amex Ventures equity investments. In addition, the decrease for the three month period was also driven by the impact of the implementation of the Proportional Amortization Method (PAM) related to investments in qualified affordable housing projects, partially offset by an increase in professional services expense. Refer to Note 1 to the “Consolidated Financial Statements” for further information on PAM.
8

Income Taxes
The effective tax rate was 25.5 percent and 21.3 percent for the three months ended September 30, 2021 and 2020, respectively, and 24.4 percent and 30.4 percent for the nine months ended September 30, 2021 and 2020, respectively. The increase in the effective tax rate for the three month period primarily reflected changes in the level and geographic mix of pretax income and discrete tax charges in the current period. The decrease in the effective tax rate for the nine month period primarily reflected discrete tax charges in the prior period related to the realizability of certain foreign deferred tax assets. The current period effective tax rates also reflect the implementation of PAM related to investments in qualified affordable housing projects. Refer to Note 1 to the “Consolidated Financial Statements” for further information.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2021
vs.
2020
As of or for the
Nine Months Ended
September 30,
Change
2021
vs.
2020
2021202020212020
Network volumes: (billions)
U.S.$232.0$174.633 %$640.8$513.225 %
Outside the U.S.98.780.922 275.3238.715 
Total$330.7$255.529 $916.1$751.922 
Billed business$280.4$213.631 $773.6$630.923 
Processed volumes50.341.920 142.5121.018 
Total$330.7$255.529 $916.1$751.922 
Cards-in-force: (millions)
U.S.56.053.656.053.6
Outside the U.S.63.257.963.257.9
Total119.2111.5119.2111.5
Proprietary70.668.870.668.8
GNS48.642.714 48.642.714 
Total119.2111.5119.2111.5
Basic cards-in-force: (millions)
U.S.44.042.044.042.0
Outside the U.S.54.348.811 54.348.811 
Total98.390.898.390.8
Average proprietary basic Card Member spending: (dollars)
U.S.$5,771$4,48629 $16,106$13,11023 
Outside the U.S.3,8932,98930 10,7458,77622 
Worldwide Average$5,231$4,04129 $14,555$11,81423 
Average discount rate2.32 %2.27 % 2.30 %2.29 % 
Average fee per card (dollars)(a)
$75$69%$74$6612 %
(a)Average fee per card is computed on an annualized basis based on proprietary Net card fees divided by average proprietary total cards-in-force.
9

Table 6: Network Volumes-Related Statistical Information
Three Months Ended
September 30, 2021
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes29 %29 %
Total billed business31 31 
Consumer billed business34 34 
Commercial billed business28 28 
Processed volumes20 18 
U.S.
Network volumes33 
Total billed business32 
Consumer billed business37 
Commercial billed business28 
Outside the U.S.
Network volumes22 20 
Total billed business28 25 
Consumer billed business27 24 
Commercial billed business28 27 
Asia Pacific network volumes10 10 
Latin America & Canada network volumes39 35 
Europe, the Middle East & Africa network volumes36 31 
Merchant Industry Metrics
Worldwide billed business
G&S-related (79% of worldwide billed business)18 18 
T&E-related (21% of worldwide billed business)126 124 
Airline-related (3% of worldwide billed business)429 426 %
U.S. billed business
G&S-related (80% of U.S. billed business)19 
T&E-related (20% of U.S. billed business)141 
Airline-related (3% of U.S. billed business)421 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
10

Table 7: Network Volumes-Related Statistical Information
Nine Months Ended
September 30, 2021
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes22 %20 %
  Total billed business23 21 
Consumer billed business27 25 
Commercial billed business18 16 
Processed volumes18 14 
U.S.
Network volumes25 
  Total billed business24 
Consumer billed business30 
Commercial billed business19 
Outside the U.S.
Network Volumes15 9 
  Total billed business18 11 
Consumer billed business21 14 
Commercial billed business13 7 
Asia Pacific network volumes12 6 
Latin America & Canada network volumes18 16 
Europe, the Middle East & Africa network volumes20 12 
Merchant Industry Metrics
Worldwide billed business
G&S-related (82% of worldwide billed business)19 18 
T&E-related (18% of worldwide billed business)39 37 
Airline-related (3% of worldwide billed business)27 24 %
U.S. billed business
G&S-related (82% of U.S. billed business)19 
T&E-related (18% of U.S. billed business)51 
Airline-related (3% of U.S. billed business)45 %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
11

Table 8: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2021
vs.
2020
As of or for the
Nine Months Ended
September 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated)2021202020212020
Worldwide Card Member loans:
Card Member loans: (billions)
U.S.$67.5$61.410 %$67.5$61.410 %
Outside the U.S.9.58.216 9.58.216 
Total$77.0$69.611 $77.0$69.611 
Credit loss reserves:
Beginning balance
$3,835$5,628(32)$5,344$4,02733 
Provisions - principal, interest and fees(177)571#(1,146)3,416#
Net write-offs — principal less recoveries(118)(432)(73)(544)(1,449)(62)
Net write-offs — interest and fees less recoveries(43)(91)(53)(164)(301)(46)
Other (a)
$(8)$12#(1)(5)(80)
Ending balance$3,489$5,688(39)$3,489$5,688(39)
% of loans4.5 %8.2 %4.5 %8.2 %
% of past due666 %679 %666 %679 %
Average loans (billions)
$76.4 $69.9 $73.4 $75.4 (3)
Net write-off rate — principal only (b)
0.6 %2.5 %1.0 %2.6 %
Net write-off rate — principal, interest and fees (b)
0.8 3.0 1.3 3.1 
30+ days past due as a % of total
0.7 %1.2 %0.7 %1.2 %
Worldwide Card Member receivables:
Card Member receivables: (billions)
U.S.$34.8$29.219 $34.8$29.219 
Outside the U.S.14.011.621 14.0$11.621 
Total
$48.8$40.820 $48.8$40.820 
Credit loss reserves:
Beginning balance$73$519(86)$267$126#
Provisions - principal and fees(12)117#(147)1,069#
Net write-offs - principal and fees less recoveries (c)
(32)(219)(85)(89)(776)(89)
Other (a)
15(80)(1)3#
Ending balance$30$422(93)%$30$422(93)%
% of receivables0.1 %1.0 %0.1 %1.0 %
Net write-off rate — principal and fees (b)(c)(d)
0.3 %2.2 %0.3 %2.3 %
# Denotes a variance of 100 percent or more
(a)Other includes foreign currency translation adjustments.
(b)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(c)The current nine month period includes a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which had resulted in a $53 million write-off in the prior year in the Global Commercial Services (GCS) segment.
(d)Refer to Tables 11 and 14 for Net write-off rate - principal only and 30+ days past due metrics for Global Consumer Services Group (GCSG) and Global Small Business Services (GSBS) receivables, respectively. A net write-off rate based on principal losses only for Global Corporate Payments (GCP), which reflects global, large and middle market corporate accounts, is not available due to system constraints.
12

Table 9: Net Interest Yield on Average Card Member Loans
Three Months Ended September 30,
Nine Months Ended September 30,
(Millions, except percentages and where indicated)2021202020212020
Net interest income$1,994$1,874$5,642$6,088
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
1722966031,041
Interest income not attributable to our Card Member loan portfolio (b)
(92)(137)(281)(557)
Adjusted net interest income (c)
$2,074$2,033$5,964$6,572
Average Card Member loans (billions)
$76.4$69.9$73.4$75.4
Net interest income divided by average Card Member loans (c)
10.4 %10.7 %10.2 %10.8 %
Net interest yield on average Card Member loans (c)
10.8 %11.6 %10.9 %11.6 %
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
13

Business Segment Results of Operations
As a result of organizational changes announced during the second quarter of 2021, our loyalty coalition businesses results, which were previously reported within the Global Merchant and Network Services (GMNS) segment, are now reported within the GCSG segment. Prior period segment results have been revised to conform with current period presentation.
Global Consumer Services Group
Table 10: GCSG Selected Income Statement Data
Three Months Ended
September 30,
Change
Nine Months Ended
September 30,
Change
(Millions, except percentages)20212020
2021 vs. 2020
20212020
2021 vs. 2020
Revenues
Non-interest revenues$4,699$3,632$1,067 29%$12,982$10,662$2,320 22%
Interest income1,8791,916(37)(2)5,4366,298(862)(14)
Interest expense174244(70)(29)536844(308)(36)
Net interest income1,7051,67233 24,9005,454(554)(10)
Total revenues net of  interest expense6,4045,3041,100 2117,88216,1161,766 11
Provisions for credit losses(126)411(537)#(972)3,107(4,079)#
Total revenues net of interest expense after provisions for credit losses6,5304,8931,637 3318,85413,0095,845 45
Expenses
Marketing, business development, and Card Member rewards and services3,7912,5471,244 499,7457,0422,703 38
Salaries and employee benefits and other operating expenses1,2511,22130 23,5843,740(156)(4)
Total expenses5,0423,7681,274 34%13,32910,7822,547 24%
Pretax segment income$1,488$1,125$363 32%$5,525$2,227$3,298 #
# Denotes a variance of 100 percent or more
GCSG primarily issues a wide range of proprietary consumer cards globally. GCSG also provides services to consumers, including travel and lifestyle services and non-card financing products, and manages certain international joint ventures, our partnership agreements in China and our loyalty coalition businesses operated in certain countries.
Non-interest revenues increased for both the three and nine month periods, primarily driven by higher Discount revenue, Net card fees and Other fees and commissions.
Discount revenue increased 37 percent and 28 percent for the three and nine month periods, respectively, reflecting an increase in consumer billed business of 34 percent and 27 percent for the three and nine month periods, respectively, primarily due to the change in the mix of spending driven by increased levels of T&E volumes, compared to the prior year.
See Tables 5, 6, 7 and 11 for more details on volume metrics.
Net card fees increased 11 percent and 13 percent for the three and nine month periods, respectively, primarily driven by year-over-year increases in the average fee per card of our premium card products.
Other fees and commissions increased 26 percent and 6 percent for the three and nine month periods, respectively. The increase in the three month period was primarily due to higher travel commissions and fees from our consumer travel business and higher foreign exchange conversion revenue related to increased cross-border Card Member spending. The increase in the nine month period was primarily due to higher travel commissions and fees from our consumer travel business and higher loyalty coalition-related fees, partially offset by a decline in late fees due to lower delinquencies.
Net interest income increased for the three month period and decreased for the nine month period. The increase in the three month period was primarily due to lower cost of funds, partially offset by a decline in interest income driven by lower revolving Card Member loan balances. The decrease in the nine month period was primarily driven by lower revolving Card Member loan balances.
14

Provisions for credit losses decreased and resulted in a net benefit for both the three and nine month periods. The decrease for the three month period was primarily driven by lower net write-offs and higher reserve releases in the current period versus the prior period. The current period reserve releases were driven by improved portfolio quality and macroeconomic outlook, partially offset by increases in the outstanding balances of loans and receivables. The prior period reserve releases were driven by improved portfolio quality, partially offset by deterioration of the global macroeconomic outlook.
The decrease for the nine month period was primarily driven by lower net write-offs and reserve releases in the current period versus reserve builds in the prior period. The current period reserve releases were driven by improved portfolio quality and macroeconomic outlook, partially offset by increases in the outstanding balances of loans and receivables. The prior period reserve builds were due to the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic, partially offset by decreases in the outstanding balances of loans and receivables.
Marketing, business development, and Card Member rewards and services expenses increased for both the three and nine month periods. The increases in Card Member rewards expense were primarily driven by higher billed business as well as higher travel-related spend and redemptions and a shift in the prior year in redemptions to non-travel-related options. The increases in Marketing and business development expense were primarily due to increases in marketing investments to continue building growth momentum as well as higher spending volumes. The increases in Card Member services expense were primarily due to higher usage of travel-related benefits.
15

Table 11: GCSG Selected Statistical Information
As of or for the
Three Months Ended
September 30,
Change
2021
vs.
2020
As of or for the
Nine Months Ended
September 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated)2021202020212020
Billed business: (billions)
U.S.$114.9$83.937 %$314.7$242.930 %
Outside the U.S.38.230.226 104.386.421 
Total$153.1$114.134 $419.0$329.327 
Proprietary cards-in-force:
U.S.38.737.538.737.5
Outside the U.S.16.816.8— 16.816.8— 
Total55.554.355.554.3
Proprietary basic cards-in-force:
U.S.27.226.527.226.5
Outside the U.S.11.711.7— 11.711.7— 
Total38.938.238.938.2
Average proprietary basic Card Member spending: (dollars)
U.S.$4,255$3,16235 $11,731$9,08029 
Outside the U.S.$3,278$2,55528 $8,982$7,20925 
Average$3,960$2,97533 $10,901$8,50128 
Total segment assets (billions)
$91.8$81.912 $91.8$81.912 
Card Member loans:
Total loans (billions)
U.S.$52.6$49.8$52.6$49.8
Outside the U.S.9.07.717 9.07.717 
Total$61.6$57.5$61.6$57.5
Average loans (billions)
U.S.$52.3$50.0$50.5$53.8(6)
Outside the U.S.8.97.814 8.58.6(1)
Total$61.2$57.8%$59.0$62.4(5)%
U.S.
Net write-off rate - principal only (a)
0.5 %2.4 %0.9 %2.6 %
Net write-off rate - principal, interest and fees (a)
0.8 2.9 1.2 3.1 
30+ days past due as a % of total0.7 1.1 0.7 1.1 
   Outside the U.S.
Net write-off rate - principal only (a)
1.3 3.3 2.0 3.2 
Net write-off rate - principal, interest and fees (a)
1.7 4.1 2.6 4.0 
30+ days past due as a % of total1.0 1.8 1.0 1.8 
Total
Net write-off rate – principal only (a)
0.7 2.5 1.1 2.7 
Net write-off rate – principal, interest and fees (a)
0.9 3.1 1.4 3.2 
30+ days past due as a % of total0.7 %1.2 %0.7 %1.2 %

16

As of or for the
Three Months Ended
September 30,
Change
2021
vs.
2020
As of or for the
Nine Months Ended
September 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated)2021202020212020
Card Member receivables: (billions)
U.S.$12.6$10.322 %$12.6$10.322 %
Outside the U.S.6.95.819 6.95.819 
Total receivables$19.5$16.121 %$19.5$16.121 %
U.S.
Net write-off rate – principal only (a)
 %1.0 % %1.6 %
Net write-off rate – principal and fees (a)
0.1 1.1  1.7 
30+ days past due as a % of total0.4 0.6 0.4 0.6 
Outside the U.S.
Net write-off rate – principal only (a)
0.6 2.8 1.0 2.9 
Net write-off rate – principal and fees (a)
0.7 3.1 1.1 3.1 
30+ days past due as a % of total0.7 1.2 0.7 1.2 
Total
Net write-off rate – principal only (a)
0.2 1.7 0.3 2.0 
Net write-off rate – principal and fees (a)
0.3 1.8 0.4 2.2 
30+ days past due as a % of total0.5 %0.8 %0.5 %0.8 %
(a)Refer to Table 8 footnote (b).
17

Table 12: GCSG Net Interest Yield on Average Card Member Loans<
Three Months Ended
September 30,
Nine Months Ended
September 30,
(Millions, except percentages and where indicated)2021202020212020
U.S.
Net interest income$1,524$1,470$4,337$4,732
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
3181135224
Interest income not attributable to our Card Member loan portfolio (b)
(27)(42)(74)(156)
Adjusted net interest income (c)
$1,528$1,509$4,398$4,800
Average Card Member loans (billions)
$52.3$50.0$50.5$53.8
Net interest income divided by average Card Member loans (c)
11.7 %11.8 %11.5 %11.7 %
Net interest yield on average Card Member loans (c)
11.6 %12.0 %11.7 %11.9 %
Outside the U.S.
Net interest income$181$202$563$721
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
29368171
Interest income not attributable to our Card Member loan portfolio (b)
(2)(3)(6)(9)
Adjusted net interest income (c)
$208$235$638