American Express claimed higher fourth-quarter profits after record customer spending during that period.  In a statement issued by the biggest credit card issuer by purchases, American Express showed a net income increase of 48 percent to $1.1 billion. 

American Express' success is mainly attributed to its Chief Executive Officer Kenneth I. Chenault.  Chenault managed to keep the company profitable throughout the recession while having the lowest reported defaults and delinquency rates among the six largest credit card giants within the United Sates.  Chief Financial Officer Daniel T. Henry said in a conference call with analysts, "Billed business continued to be strong.  We are outpacing the growth of our major competitors."

American Express shares increased 6.7 percent this year.  This included a charge of $74 million associated to job cuts.  United States card income increased seventy percent and international card income jumped forty-eight percent. 

In a statement, Chenault said, "Credit indicators strengthened and the amount we needed to set aside for problem loans declined significantly.  Unemployment levels and housing remain a concern, but other aspects of the economy continue to show signs of improvement."

American Express controls the market for wealthier customers.  AmEx customers spend three to four times more than those using MasterCard Inc. and Visa Inc. credit cards.  On the average, American Express cardholders spend $8,414 in 2009.  For comparison, MasterCard and Visa card users spend $2,641 and $2,217 respectively.