Credit card giant, American Express reported a 16 per cent rise in third-quarter profits on Friday.

This was driven by stronger card spending, especially among its wealthiest customers.

The results prompted the company to raise its full-year profit forecast.

The United States based company posted earnings of $2.9 billion for the quarter, up from $2.51 billion a year earlier.

On a per-share basis, AmEx earned $4.14, surpassing analysts’ expectations of $3.49.

The boost came from increased spending across all card products.

Last month, the company refreshed its flagship Platinum Card, enhancing rewards and perks while raising the annual fee to $895.

“The initial customer demand and engagement exceeded our expectations, with new U.S. Platinum account acquisitions doubling compared to pre-refresh levels,” said Steve Squeri, CEO and chairman, in a statement.

American Express said the average cardholder spent $6,387 in the quarter, a 5 per cent increase from a year earlier.

Card members are also carrying larger balances, with total loans rising 8 per cent to $138.95 billion.