American Express isn't concerned about competition from buy now, pay later (BNPL) companies, according to CFO Christophe Le Caillec. He pointed out that Amex primarily serves wealthier customers, contrasting them with the typical BNPL user, who often has lower credit scores and comes from lower income brackets. Le Caillec made it clear that the demographic profile of BNPL users doesn't align with Amex's customer base. He referenced studies showing that individuals with lower FICO scores are more likely to use BNPL services, especially those facing financial difficulties. While there is some overlap between heavy BNPL users and Amex customers, Le Caillec emphasized that this overlap is minimal. He stated, "We are not best equipped to serve the needs of this population." The popularity of BNPL has surged, especially during the pandemic, as consumers turned to online shopping. Some BNPL firms market their services as alternatives to credit cards, but Amex remains focused on its premium offerings. Their platinum card has an annual fee of nearly $900, and they even have an exclusive card that requires a $10,000 initiation fee. Amex's strategy includes acquiring companies to attract high-income clients, aligning with their brand identity. Unlike traditional BNPL, which typically offers interest-free loans, some BNPL companies have started providing loans that do accrue interest, adding complexity to the market.