American Express (Thai) Co has projected that the double-digit growth in credit card spending experienced in 2024 will persist into 2025, attributable to the sustained purchasing power of Thailand's high-income demographic.

This announcement aligns with the company's observation of an increasing number of premium credit card holders within the country, despite the nation's slower economic growth rate this year.

Prom Sirisant, the Thailand country manager at American Express, highlighted that purchasing habits among cardholders remain robust in spite of economic challenges.

Notably, new cardholders, primarily aged 30 and above and comprising entrepreneurs and individuals from affluent families, are expanding American Express's clientele.

The brand's reputation for high-quality service and exclusive benefits continues to draw younger users and solidify loyalty among its existing clientele.

Positioned as a card for the upper-income segment, American Express is reportedly not facing significant debt default issues.

Following the pandemic, there has been an uptick in both domestic and international spending among Thai cardholders, with major expenses directed towards airfares, accommodations, and dining.

This trend is in line with Thailand's border reopening and the resurgence of global travel.

American Express has responded by upgrading benefits for its Platinum Card, enhancing travel experiences to encourage spending.

Notable incentives include a 1-for-1 business-class air ticket to Hong Kong or Singapore, available annually to premium cardholders who meet specific spending criteria.

As a premium product, the American Express Platinum Card in Thailand requires a minimum monthly income of 100,000 baht and an annual fee of 40,000 baht.

The company also conducts financial reviews of new applicants through the National Credit Bureau to ensure fiscal responsibility.