Shares of American Express fell nearly 5 percent in after hours trading after reporting second quarter results on Thursday.
The credit card company said the recession was making it difficult for cardholders to stay current with payments.
Shares of American Express fell nearly 5 percent in after hours trading to $27.99. Shares closed during regular trading hours at $29.45 before the company reported results.
American Express Corp profit fell 84 percent in the second quarter to $102 million, or 9 cents per share, from $650 million, or 56 cents, in the year ago period.
Excluding items, the company earned 27 cents per share, matching average expectations of analysts polled by Reuters Estimates. Net revenue was down 18 percent to $6.09 billion, beneath expectations of $6.36 billion.