American Express stands to be directly affected by the Trump administration’s consideration of an executive action to cap credit card interest rates at 10%. Industry analysis from the Electronic Payments Coalition indicates that such a cap could force between 82% and 88% of existing cards to be eliminated or have limits severely reduced, with low- and moderate-income consumers most impacted. Given American Express’s focus on a relatively affluent customer base, the card issuer may avoid the largest share of account closures, but it still faces the prospect of reduced cardholder activity and fee income. JPMorgan Chase’s CFO recently warned that a 10% cap would broadly contract credit availability and negatively affect the economy—a scenario that could dampen transaction volumes and net interest margin for American Express if enacted for even a one-year period starting January 20, the proposed effective date.

Through the first nine months of 2025, American Express reported revenues of $53.2 billion, up 9% year-over-year, and net income of $8.4 billion, a 5% increase. These results underscore the company’s resilient premium-card business, driven by strong spending in travel and dining. The company’s gross margin remains robust at 61%, reflecting its ability to maintain attractive rewards structures while controlling operating expenses. American Express continues to invest in digital capabilities, having launched enhancements to its mobile app and merchant network that aim to deepen cardholder engagement. With a diversified revenue base—comprising net interest income, card fees, and merchant discount revenue—the company is well positioned to weather regulatory pressures on interest rates and sustain mid-single-digit profit growth over the next several years.