American Express earned $1.34 a share compared with $1.45 a share a year ago. Before the divorce, Costco represented a sizeable portion of American Express' credit card loans and its billed business. AmEx charges a small fee to a merchant every time an American Express card is used. American Express' bread and butter are charge cards, which means the balance has to be paid off at the end of every month. American Express had first-quarter revenue of $7.9 billion, down 2 percent from $8.1 billion in the same period a year earlier.

Source: New Zealand Herald April 19, 2017 20:47 UTC