Credit cards are big business in the United States, where consumers collectively hold over $1.25 trillion in debt. American Express(NYSE: AXP) has been around since the 1800s, was at the forefront of the rise of credit cards, and remains one of the finance industry's power players, known as a premium brand associated with businesses and high earners.
The company's closed-loop business model as the card issuer, lender, and payment processor has afforded it unique flexibility and made the stock a big winner, outperforming the S&P 500(SNPINDEX: ^GSPC) over its lifetime. Here's why American Express stock can still make investors millionaires, albeit slowly.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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