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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Transition Period from ____ to ____
Commission file number 1-7657
AMERICAN EXPRESS COMPANY
(Exact name of registrant as specified in its charter)
New York 13-4922250
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
200 Vesey Street, New York, New York
10285
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code                                          (212) 640-2000
None
Former name, former address and former fiscal year, if changed since last report.
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common shares (par value $0.20 per share) AXP New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes þ      No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes þ      No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐      No þ
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class Outstanding at July 19, 2021
Common Shares (par value $0.20 per share) 794,433,076  Shares



AMERICAN EXPRESS COMPANY
FORM 10-Q
INDEX
Page No.
1
Throughout this report the terms “American Express,” “we,” “our” or “us,” refer to American Express Company and its subsidiaries on a consolidated basis, unless stated or the context implies otherwise. The use of the term “partner” or “partnering” in this report does not mean or imply a formal legal partnership, and is not meant in any way to alter the terms of American Express’ relationship with any third parties. Refer to the “MD&A― Glossary of Selected Terminology” for the definitions of other key terms used in this report.


PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (MD&A)
Business Introduction
We are a globally integrated payments company that provides our customers with access to products, insights and experiences that enrich lives and build business success. Our principal products and services are credit and charge card products, along with travel and lifestyle related services, offered to consumers and businesses around the world. Our range of products and services includes:
Credit card, charge card and other payment and financing products
Merchant acquisition and processing, servicing and settlement, and point-of-sale marketing and information products and services for merchants
Network services
Other fee services, including fraud prevention services and the design and operation of customer loyalty programs
Expense management products and services
Travel and lifestyle services
Our various products and services are sold globally to diverse customer groups, including consumers, small businesses, mid-sized companies and large corporations. These products and services are sold through various channels, including mobile and online applications, affiliate marketing, customer referral programs, third-party vendors and business partners, direct mail, telephone, in-house sales teams, and direct response advertising. Business travel-related services are offered through our non-consolidated joint venture, American Express Global Business Travel (the GBT JV).
We compete in the global payments industry with card networks, issuers and acquirers, paper-based transactions (e.g., cash and checks), bank transfer models (e.g., wire transfers and Automated Clearing House (ACH)), as well as evolving and growing alternative payment and financing providers. As the payments industry continues to evolve, we face increasing competition from non-traditional players that leverage new technologies, business models and customer relationships to create payment or financing solutions.
The following types of revenue are generated from our various products and services:
Discount revenue, our largest revenue source, primarily represents the amount we earn on transactions occurring at merchants that have entered into a card acceptance agreement with us, or a Global Network Services (GNS) partner or other third-party merchant acquirer, for facilitating transactions between the merchants and Card Members;
Interest on loans, principally represents interest income earned on outstanding balances;
Net card fees, represent revenue earned from annual card membership fees, which vary based on the type of card and the number of cards for each account;
Other fees and commissions, primarily represent Card Member delinquency fees, foreign currency conversion fees charged to Card Members, loyalty coalition-related fees, service fees earned from merchants, travel commissions and fees, and Membership Rewards program fees; and
Other revenue, primarily represents revenues arising from contracts with partners of our GNS business (including commissions and signing fees less issuer rate payments), cross-border Card Member spending, ancillary merchant-related fees, earnings (losses) from equity method investments (including the GBT JV), insurance premiums earned from Card Members, and prepaid card and Travelers Cheque-related revenue.
1

Refer to the “Glossary of Selected Terminology” for the definitions of certain key terms and related information appearing within this Form 10-Q.
Effective for the first quarter of 2021, we changed the way we describe our volume metrics. Throughout this Report:
Where we previously used the term “billed business” to describe our total volumes, we now use the term “network volumes.”
Where we previously used the term “proprietary billed business” to describe transaction volumes from cards and other payment products issued by American Express, we now use the term “billed business.”
Where we previously used the term “GNS billed business” to describe transaction volumes from cards issued by GNS partners and joint ventures, we now use the term “processed volumes” and have now included in this category transactions associated with certain alternative payment solutions that were not previously reported in our volume metrics.
Where we previously used the term “Non-T&E-related volume” to describe spend in merchant categories other than T&E-related merchant categories, we now use the term “Goods & Services (G&S)-related volume.”
We believe that these changes provide better differentiation and descriptors for the volumes that run across the American Express network. Prior period amounts have been recast to conform with current period presentation.
Forward-Looking Statements and Non-GAAP Measures
Certain of the statements in this Form 10-Q are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Refer to the “Cautionary Note Regarding Forward-Looking Statements” section. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (GAAP). However, certain information included within this Form 10-Q constitutes non-GAAP financial measures. Our calculations of non-GAAP financial measures may differ from the calculations of similarly titled measures by other companies.
Bank Holding Company
American Express is a bank holding company under the Bank Holding Company Act of 1956 and The Board of Governors of the Federal Reserve System (the Federal Reserve) is our primary federal regulator. As such, we are subject to the Federal Reserve’s regulations, policies and minimum capital standards.
2

Business Environment
Our results for the second quarter reflect an acceleration of the improvement in our core business over the last several quarters as well as continued strong credit performance. We believe the steps we have taken to manage the company through the pandemic and our strategy of investing to rebuild our growth momentum are helping us make sustainable progress towards our longer-term financial objectives. The pace of improvement towards pre-pandemic network volumes that started during the second half of last year has continued, with overall spending volumes exceeding pre-pandemic levels in June. At the same time, certain international countries around the globe continue to face challenges with renewed lockdowns and travel restrictions and there remains uncertainty relating to the ongoing spread and severity of the virus. To the extent that the pandemic continues to have negative impacts on economies, our results will be affected.
The Company experienced significant adverse impacts during the prior year due to the COVID-19 pandemic and the resulting containment measures implemented by local and national authorities. Year-over-year comparisons for the three month period reflect the peak of the pandemic impact on our business in 2020, with less of an impact for the six month period due to the pre-pandemic results for the first two months in the prior year.
Worldwide network volumes for the second quarter increased 50 percent year-over-year (46 percent on an FX-adjusted basis1) and were down 1 percent (2 percent on an FX-adjusted basis1) from pre-pandemic levels. While U.S. network volumes increased 53 percent versus the prior year and exceeded pre-pandemic levels, international network volumes grew 42 percent (32 percent on an FX-adjusted basis1). International volumes are recovering more slowly due to the slower pace of travel and entertainment (T&E) spending recovery from the pandemic in certain international countries, combined with the historical greater reliance on T&E spending outside the U.S. Billed business, which represented 85 percent of our total network volumes in the second quarter of 2021 and drives most of our financial results, increased 53 percent (51 percent on an FX-adjusted basis1) and continued to show different recovery trends for G&S and T&E spend. G&S spend, which accounts for the majority of our billed business, increased 34 percent year-over-year and continued to strengthen, resulting in 16 percent growth versus pre-pandemic levels. This growth was primarily driven by ongoing strong performance in consumer online and card-not-present spending even as offline spending recovered to pre-pandemic levels, as well as continued strong growth in B2B spending on goods and services by small and mid-sized enterprise customers. T&E spend more than tripled versus the prior year, with a significant acceleration in year-over-year growth compared to the first quarter, primarily driven by U.S. consumer Card Members and small and mid-sized enterprise customers; however, T&E spending remained well below the pre-pandemic levels.
Total revenues net of interest expense were up 33 percent year-over-year and we had double digit growth in all of our revenue lines with the exception of Net interest income, which currently represents only 18 percent of our revenues. Discount revenue, our largest revenue line, increased 58 percent year-over-year, driven primarily by growth in Card Member spending and an increase in the average discount rate from higher levels of T&E spend in the U.S. Other fees and commissions and Other revenues significantly increased year-over-year, primarily driven by higher travel-related revenues. Net card fees grew 13 percent year over year, as we continued to ramp up new card acquisitions and Card Member retention remained high. Net interest income declined by 4 percent year-over-year, due to a decrease in net interest yield on average Card Member loans driven by higher paydown rates on revolving loan balances caused in part by the continued liquidity and financial strength in our customer base.
Card Member loans increased 8 percent, which was lower than the growth in billed business, also due to the higher paydown rates. We expect recovery in loan balances and Net interest income to continue to lag the improvement in spend volumes. Provisions for credit losses decreased and resulted in a net benefit, primarily due to a reserve release in the current year versus a reserve build in the prior year and lower net write-offs. We do not expect to see a material increase in write off rates in the remainder of this year. The reserve release in the current quarter was driven by strong credit performance and a somewhat improved macroeconomic outlook, which was partially offset by an increase in the outstanding balance of loans and receivables. Our improved credit performance was driven by our strong risk management practices and the current record levels of government stimulus and the broad availability of forbearance programs that are beginning to taper off.
The total balance of loans and receivables in our financial relief programs (FRP) saw a significant reduction as compared to the prior quarter and the prior year; however, they remain higher than pre-pandemic levels. The majority of FRP balances are in twelve-month programs and the decrease this quarter reflects Card Members, who had enrolled at the height of the pandemic, now graduating from these programs. The credit performance of these balances post-FRP remains uncertain.
1 The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
3

Card Member rewards, Card Member services and business development expenses are generally correlated to volumes or are variable based on usage, and increased year-over-year due to growth in spend and higher usage of travel-related benefits. During the quarter, we remained focused on controlling operating expenses, while increasing marketing investments to continue building growth momentum. We continued to increase new card acquisitions and the additional value on several of our premium products is helping to drive increased Card Member engagement and retention rates. We expect marketing investments to be elevated for the remainder of the year.
Our capital position remains strong, with capital ratios that are well above our targets and regulatory requirements. We are focused on getting back to our Common Equity Tier 1 (CET 1) risk-based capital ratio target range of 10 to 11 percent over the next several quarters by returning excess capital to our shareholders through share repurchases and dividend payments.
We are increasingly optimistic that the strength in our core business through the first half of the year will continue, particularly in the U.S., although we recognize challenges still exist and the pace of recovery remains uneven in different regions of the world. We remain committed to executing our investment strategy for growing our business over the long term.
See “Certain Legislative, Regulatory and Other Developments” and "Cautionary Note Regarding Forward-Looking Statements" for information on legislative and regulatory changes, additional impacts of the COVID-19 pandemic and other matters that could have a material adverse effect on our results of operations and financial condition.
4

Results of Operations
The discussions in both the “Consolidated Results of Operations” and “Business Segment Results of Operations” provide commentary on the variances for the three and six months ended June 30, 2021 compared to the same periods in the prior year, as presented in the accompanying tables. These discussions should be read in conjunction with the discussion under “Business Environment,” which contains further information on the COVID-19 pandemic and the related impacts on our results.
Consolidated Results of Operations
Table 1: Summary of Financial Performance
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages and per share amounts) 2021 2020 2021 2020
Total revenues net of interest expense $ 10,243 $ 7,675 $ 2,568  33% $ 19,307 $ 17,985 $ 1,322  7%
Provisions for credit losses (606) 1,555 (2,161) # (1,281) 4,176 (5,457) #
Expenses 7,909 5,498 2,411  44 14,655 12,735 1,920  15
Pretax income 2,940 622 2,318  # 5,933 1,074 4,859  #
Income tax provision 660 365 295  81 1,418 450 968  #
Net income 2,280 257 2,023  # 4,515 624 3,891  #
Earnings per common share — diluted (a)
$ 2.80 $ 0.29 $ 2.51  # $ 5.54 $ 0.71 $ 4.83  #
Return on average equity (b)
30.5  % 18.1  % 30.5  % 18.1  %
Effective tax rate 22.4  % 58.7  % 23.9  % 41.9  %
# Denotes a variance of 100 percent or more
(a)Represents net income, less (i) earnings allocated to participating share awards of $16 million and $2 million for the three months ended June 30, 2021 and 2020, respectively, and $31 million and $4 million for the six months ended June 30, 2021 and 2020, respectively, and (ii) dividends on preferred shares of $15 million and $17 million for the three months ended June 30, 2021 and 2020, respectively, and $29 million and $49 million for the six months ended June 30, 2021 and 2020, respectively.
(b)Return on average equity (ROE) is calculated for the relevant periods by dividing the (i) preceding twelve months of net income ($7.0 billion and $4.1 billion for June 30, 2021 and 2020, respectively) by (ii) one-year monthly average of total shareholders’ equity ($23.1 billion and $22.5 billion for June 30, 2021 and 2020, respectively).
5

Table 2: Total Revenues Net of Interest Expense Summary
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages) 2021 2020 2021 2020
Discount revenue $ 6,327  $ 4,015  $ 2,312  58  % $ 11,569  $ 9,853  $ 1,716  17  %
Net card fees (a)
1,286  1,141  145  13  2,539  2,251  288  13 
Other fees and commissions 560  449  111  25  1,080  1,169  (89) (8)
Other 252  186  66  35  471  498  (27) (5)
Total non-interest revenues 8,425  5,791  2,634  45  15,659  13,771  1,888  14 
Total interest income 2,140  2,426  (286) (12) 4,332  5,472  (1,140) (21)
Total interest expense 322  542  (220) (41) 684  1,258  (574) (46)
Net interest income 1,818  1,884  (66) (4) 3,648  4,214  (566) (13)
Total revenues net of interest expense $ 10,243  $ 7,675  $ 2,568  33  % $ 19,307  $ 17,985  $ 1,322  %
(a)Effective April 1, 2021, we prospectively changed the recognition of certain costs paid to a third party previously recognized in Net card fees. Refer to Note 1 to the “Consolidated Financial Statements” for further details.
Total Revenues Net of Interest Expense
Discount revenue increased for both the three and six month periods, primarily due to increases in worldwide network volumes of 50 percent (46 percent on an FX-adjusted basis2) and 18 percent (15 percent on an FX-adjusted basis2), respectively.
See Tables 5, 6 and 7 for more details on network volume performance.
The average discount rate was 2.30 percent and 2.23 percent for the three months ended June 30, 2021 and 2020, respectively. This increase was primarily due to growth in T&E volumes. The average discount rate was 2.28 percent and 2.30 percent for the six months ended June 30, 2021 and 2020, respectively. This decrease was primarily due to the pre-pandemic results for the first two months in the prior year, which included higher T&E volumes.
Net card fees increased for both the three and six month periods, primarily driven by our premium card product portfolios. Net card fees, which are recognized over a twelve month period, are slower to react to economic shifts, such as those arising from the impacts of the COVID-19 pandemic.
Other fees and commissions increased for the three month period and decreased for the six month period. The increase in the three month period was primarily due to higher revenues related to our consumer travel business, higher foreign exchange conversion revenue related to cross-border Card Member spending and higher loyalty coalition-related fees, partially offset by a decline in late fees due to lower delinquencies. The decrease in the six month period was primarily driven by a decline in late fees due to lower delinquencies, partially offset by increased revenues from our alternative payment solutions.
Other revenues increased for the three month period and decreased for the six month period. The increase in the three month period was primarily driven by a lower net loss from the GBT JV and an increase in travel insurance revenue. The decrease in the six month period was primarily due to a higher net loss from the GBT JV and lower revenue earned on cross-border Card Member spending.
Interest income decreased for both the three and six month periods, due to a decline in the interest yield on average Card Member loans driven by higher paydown rates on revolving loan balances.
Interest expense decreased for both the three and six month periods, primarily driven by lower interest rates paid on deposits and a reduction in outstanding debt.
2 Refer to footnote 1 on page 3 for details regarding foreign currency adjusted information.
6

Table 3: Provisions for Credit Losses Summary
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages) 2021 2020 2021 2020
Card Member receivables
Net write-offs
$ 4  $ 299  $ (295) (99)% $ 57  $ 557  $ (500) (90)%
Reserve (release) build (a)
(129) 56  (185) # (192) 395  (587) #
Total
(125) 355  (480) # (135) 952  (1,087) #
Card Member loans
Net write-offs
243  602  (359) (60) 547  1,227  (680) (55)
Reserve (release) build (a)
(639) 367  (1,006) # (1,516) 1,618  (3,134) #
Total
(396) 969  (1,365) # (969) 2,845  (3,814) #
Other
Net write-offs - Other loans (b)
5  24  (19) (79) 19  53  (34) (64)
Net write-offs - Other receivables (c)
8  # 16  #
Reserve (release) build - Other loans (a)(b)
(70) 182  (252) # (166) 251  (417) #
Reserve (release) build - Other receivables (a)(c)
(28) 23  (51) # (46) 67  (113) #
Total
(85) 231  (316) # (177) 379  (556) #
Total provisions for credit losses $ (606) $ 1,555  $ (2,161) # $ (1,281) $ 4,176  $ (5,457) #
# Denotes a variance of 100 percent or more
(a)Refer to the “Glossary of Selected Terminology” for a definition of reserve (release) build.
(b)Relates to Other loans of $2.2 billion and $2.9 billion, less reserves of $72 million and $238 million, as of June 30, 2021 and December 31, 2020, respectively; and $4.6 billion and $4.8 billion, less reserves of $423 million and $152 million, as of June 30, 2020 and December 31, 2019, respectively.
(c)Relates to Other receivables included in Other assets on the Consolidated Balance Sheets of $2.9 billion and $3.0 billion, less reserves of $39 million, and $85 million, as of June 30, 2021 and December 31, 2020, respectively; and $2.8 billion and $3.1 billion, less reserves of $94 million and $27 million, as of June 30, 2020 and December 31, 2019, respectively.
Provisions for Credit Losses
Card Member loans and receivables provisions for credit losses decreased for both the three and six month periods and resulted in a net benefit due to reserve releases in the current periods versus reserve builds in the prior periods and lower net write-offs. The reserve releases in the current periods were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, all of which were partially offset by an increase in the outstanding balance of loans and receivables. The significant reserve builds in the prior periods were due to the deterioration of the global macroeconomic outlook, as a result of the COVID-19 pandemic, partially offset by decreases in the outstanding balances of loans and receivables.
Other provision for credit losses decreased for both the three and six month periods, primarily driven by reserve releases in the current periods versus reserve builds in the prior periods, due to improved credit performance and lower balances on non-card loans. The reserve builds in the prior periods were due to the previously mentioned deterioration of the global macroeconomic outlook.
Refer to Note 3 to the “Consolidated Financial Statements” for the range of key variables in the macroeconomic scenarios utilized for the computation of our reserves for credit losses.
7

Table 4: Expenses Summary
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages) 2021 2020 2021 2020
Marketing and business development $ 2,219  $ 1,362  $ 857  63  % $ 3,985  $ 3,067  $ 918  30  %
Card Member rewards 2,712  1,349  1,363  # 4,955  3,741  1,214  32 
Card Member services 432  208  224  # 749  664  85  13 
Total marketing, business development, and Card Member rewards and services 5,363  2,919  2,444  84  9,689  7,472  2,217  30 
Salaries and employee benefits 1,539  1,349  190  14  3,089  2,744  345  13 
Other, net 1,007  1,230  (223) (18) 1,877  2,519  (642) (25)
Total expenses $ 7,909  $ 5,498  $ 2,411  44  % $ 14,655  $ 12,735  $ 1,920  15  %
Expenses
Marketing and business development expense increased for both the three and six month periods, primarily due to increases in marketing investments to continue building growth momentum and higher partner payments driven by higher spending volumes. The increase in the six month period was partially offset by lower corporate client incentives.
Card Member rewards expense increased for both the three and six month periods, primarily driven by increases in Membership Rewards and cash back rewards expenses of $1.0 billion and $965 million and co-brand rewards expense of $335 million and $248 million, for the three and six month periods, respectively, all of which were primarily driven by higher billed business. In addition, higher travel-related spend in the current year and the prior year shift in redemptions to non-travel-related options contributed to an increase in the Membership Rewards expense for both current periods.
The Membership Rewards Ultimate Redemption Rate (URR) for current program participants was 96 percent (rounded up) at both June 30, 2021 and 2020.
Card Member services expense increased for both the three and six month periods, primarily due to higher usage of travel-related benefits.
Salaries and employee benefits expense increased for both the three and six month periods, primarily driven by higher incentive compensation. The increase in the six month period was also driven by higher deferred compensation expenses.
Other expenses decreased for both the three and six month periods, primarily driven by higher net unrealized gains in the current year related to our Amex Ventures equity investments and a net reserve release in the current year versus a reserve build in the prior year associated with merchant exposure for Card Member purchases, partially offset by the Company's partial repayment of an insurance claim that was recognized in the prior year associated with insured losses from a corporate client bankruptcy.
8

Income Taxes
The effective tax rate was 22.4 percent and 58.7 percent for the three months ended June 30, 2021 and 2020, respectively, and 23.9 percent and 41.9 percent for the six months ended June 30, 2021 and 2020, respectively. The decrease for both periods primarily reflected the impact of discrete tax charges and lower pretax income in the prior year.
Table 5: Selected Card-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2021
vs.
2020
As of or for the
Six Months Ended
June 30,
Change
2021
vs.
2020
2021 2020 2021 2020
Network volumes: (billions)
U.S. $ 222.6 $ 145.1 53  % $ 408.9 $ 338.5 21  %
Outside the U.S. 93.5 65.9 42  176.5 157.9 12 
Total $ 316.1 $ 211.0 50  $ 585.4 $ 496.4 18 
Billed business $ 267.8 $ 174.7 53  $ 493.3 $ 417.3 18 
Processed volumes 48.3 36.3 33  92.1 79.1 16 
Total $ 316.1 $ 211.0 50  $ 585.4 $ 496.4 18 
Cards-in-force: (millions)
U.S. 54.8 54.4 54.8 54.4
Outside the U.S. 60.2 58.5 60.2 58.5
Total 115.0 112.9 115.0 112.9
Proprietary 69.6 69.3 —  69.6 69.3 — 
GNS 45.4 43.6 45.4 43.6
Total 115.0 112.9 115.0 112.9
Basic cards-in-force: (millions)
U.S. 43.0 42.7 43.0 42.7
Outside the U.S. 51.2 49.1 51.2 49.1
Total 94.2 91.8 94.2 91.8
Average proprietary basic Card Member spending: (dollars)
U.S. $ 5,607 $ 3,697 52  $ 10,331 $ 8,629 20 
Outside the U.S. 3,686 2,272 62  6,854 5,788 18 
Worldwide Average $ 5,051 $ 3,270 54  $ 9,322 $ 7,776 20 
Average discount rate 2.30  % 2.23  %   2.28  % 2.30  %  
Average fee per card (dollars)(a)
$ 74 $ 65 14  % $ 73 $ 64 14  %
(a)Average fee per card is computed based on proprietary Net card fees divided by average proprietary total cards-in-force.
9

Table 6: Network Volumes-Related Statistical Information
Three Months Ended
June 30, 2021
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes 50  % 46  %
Total billed business 53  51 
Consumer billed business 62  58 
Commercial billed business 45  43 
Processed volumes 33  26 
U.S.
Network volumes 53 
Total billed business 53 
Consumer billed business 63 
Commercial billed business 44 
Outside the U.S.
Network volumes 42  32 
Total billed business 55  43 
Consumer billed business 59  46 
Commercial billed business 49  38 
Asia Pacific network volumes 28  20 
Latin America & Canada network volumes 55  45 
Europe, the Middle East & Africa network volumes 66  51 
Merchant Industry Metrics
Worldwide billed business
T&E-related (18% of worldwide billed business) # #
G&S-related (82% of worldwide billed business) 34  31 
Airline-related (3% of worldwide billed business) # #
U.S. billed business
T&E-related (19% of U.S. billed business) #
G&S-related (81% of U.S. billed business) 33 
Airline-related (3% of U.S. billed business) #
# Denotes a variance of 100 percent or more
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
10

Table 7: Network Volumes-Related Statistical Information
Six Months Ended
June 30, 2021
Year over Year Percentage
Increase (Decrease)
Year over Year Percentage Increase (Decrease) Assuming No Changes in FX Rates (a)
Worldwide
Network volumes 18  % 15  %
  Total billed business 18  16 
Consumer billed business 24  21 
Commercial billed business 13  11 
Processed volumes 16  11 
U.S.
Network volumes 21 
  Total billed business 20 
Consumer billed business 26 
Commercial billed business 14 
Outside the U.S.
Network Volumes 12  4 
  Total billed business 13  5 
Consumer billed business 17  9 
Commercial billed business 6  (2)
Asia Pacific network volumes 13  5 
Latin America & Canada network volumes 9  7 
Europe, the Middle East & Africa network volumes 12  2 
Merchant Industry Metrics
Worldwide billed business
T&E-related (16% of worldwide billed business) 9  7 
G&S-related (84% of worldwide billed business) 20  18 
Airline-related (3% of worldwide billed business) (18) (20) %
U.S. billed business
T&E-related (17% of U.S. billed business) 20 
G&S-related (83% of U.S. billed business) 20 
Airline-related (3% of U.S. billed business) (2) %
(a)The foreign currency adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translation into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for the current period apply to the corresponding prior year period against which such results are being compared).
11

Table 8: Selected Credit-Related Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2021
vs.
2020
As of or for the
Six Months Ended
June 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Worldwide Card Member loans:
Card Member loans: (billions)
U.S. $ 66.2 $ 62.0 % $ 66.2 $ 62.0 %
Outside the U.S. 9.4 8.1 16  9.4 8.1 16 
Total $ 75.6 $ 70.1 $ 75.6 $ 70.1
Credit loss reserves:
Beginning balance
$ 4,467 $ 5,236 (15) $ 5,344 $ 4,027 33 
Provisions - principal, interest and fees (396) 969 # (969) 2,845 #
Net write-offs — principal less recoveries (185) (499) (63) (426) (1,017) (58)
Net write-offs — interest and fees less recoveries (58) (103) (44) (121) (210) (42)
Other (a)
$ 7 $ 25 (72) 7 (17) #
Ending balance $ 3,835 $ 5,628 (32) $ 3,835 $ 5,628 (32)
% of loans 5.1  % 8.0  % 5.1  % 8.0  %
% of past due 782  % 493  % 782  % 493  %
Average loans (billions)
$ 72.8  $ 72.1  $ 72.0  $ 77.8  (7)
Net write-off rate — principal only (b)
1.0  % 2.8  % 1.2  % 2.6  %
Net write-off rate — principal, interest and fees (b)
1.3  3.3  1.5  3.2 
30+ days past due as a % of total
0.6  % 1.6  % 0.6  % 1.6  %
Worldwide Card Member receivables:
Card Member receivables: (billions)
U.S. $ 33.9 $ 26.9 26  $ 33.9 $ 26.9 26 
Outside the U.S. 13.7 10.7 28  13.7 $ 10.7 28 
Total
$ 47.6 $ 37.6 27  $ 47.6 $ 37.6 27 
Credit loss reserves:
Beginning balance $ 202 $ 459 (56) $ 267 $ 126 #
Provisions - principal and fees (125) 355 # (135) 952 #
Net write-offs - principal and fees less recoveries (c)
(4) (299) (99) (57) (557) (90)
Other (a)
4 # (2) (2) — 
Ending balance $ 73 $ 519 (86) % $ 73 $ 519 (86) %
% of receivables 0.2  % 1.4  % 0.2  % 1.4  %
Net write-off rate — principal and fees (b)(c)(d)
  % 3.1  % 0.3  % 2.4  %
# Denotes a variance of 100 percent or more
(a)Other includes foreign currency translation adjustments.
(b)We present a net write-off rate based on principal losses only (i.e., excluding interest and/or fees) to be consistent with industry convention. In addition, as our practice is to include uncollectible interest and/or fees as part of our total provision for credit losses, a net write-off rate including principal, interest and/or fees is also presented.
(c)The current periods include a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which had resulted in a $53 million write-off in the prior year in the Global Commercial Services (GCS) segment.
(d)Refer to Tables 11 and 14 for Net write-off rate - principal only and 30+ days past due metrics for Global Consumer Services Group (GCSG) and Global Small Business Services (GSBS) receivables, respectively. A net write-off rate based on principal losses only for Global Corporate Payments (GCP), which reflects global, large and middle market corporate accounts, is not available due to system constraints.
12

Table 9: Net Interest Yield on Average Card Member Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Net interest income $ 1,818 $ 1,884 $ 3,648 $ 4,214
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
195 350 431 745
Interest income not attributable to our Card Member loan portfolio (b)
(93) (156) (189) (420)
Adjusted net interest income (c)
$ 1,920 $ 2,078 $ 3,890 $ 4,539
Average Card Member loans (billions)
$ 72.8 $ 72.1 $ 72.0 $ 77.8
Net interest income divided by average Card Member loans (c)
10.0  % 10.5  % 10.1  % 10.8  %
Net interest yield on average Card Member loans (c)
10.6  % 11.6  % 10.9  % 11.7  %
(a)Primarily represents interest expense attributable to maintaining our corporate liquidity pool and funding Card Member receivables.
(b)Primarily represents interest income attributable to Other loans, interest-bearing deposits and the fixed income investment portfolios.
(c)Adjusted net interest income and net interest yield on average Card Member loans are non-GAAP measures. Refer to “Glossary of Selected Terminology” for the definitions of these terms. We believe adjusted net interest income is useful to investors because it represents the interest expense and interest income attributable to our Card Member loan portfolio and is a component of net interest yield on average Card Member loans, which provides a measure of profitability of our Card Member loan portfolio. Net interest yield on average Card Member loans reflects adjusted net interest income divided by average Card Member loans, computed on an annualized basis. Net interest income divided by average Card Member loans, computed on an annualized basis, a GAAP measure, includes elements of total interest income and total interest expense that are not attributable to the Card Member loan portfolio, and thus is not representative of net interest yield on average Card Member loans.
13

Business Segment Results of Operations
As a result of organizational changes announced during the second quarter of 2021, our loyalty coalition businesses results, which were previously reported within the Global Merchant and Network Services (GMNS) segment, are now reported within the GCSG segment. Prior period segment results have been revised to conform with current period presentation.
Global Consumer Services Group
Table 10: GCSG Selected Income Statement Data
Three Months Ended
June 30,
Change
Six Months Ended
June 30,
Change
(Millions, except percentages) 2021 2020
2021 vs. 2020
2021 2020
2021 vs. 2020
Revenues
Non-interest revenues $ 4,464 $ 3,024 $ 1,440  48% $ 8,283 $ 7,030 $ 1,253  18%
Interest income 1,749 1,971 (222) (11) 3,557 4,382 (825) (19)
Interest expense 174 272 (98) (36) 362 600 (238) (40)
Net interest income 1,575 1,699 (124) (7) 3,195 3,782 (587) (16)
Total revenues net of  interest expense 6,039 4,723 1,316  28 11,478 10,812 666  6
Provisions for credit losses (342) 887 (1,229) # (846) 2,696 (3,542) #
Total revenues net of interest expense after provisions for credit losses 6,381 3,836 2,545  66 12,324 8,116 4,208  52
Expenses
Marketing, business development, and Card Member rewards and services 3,327 1,757 1,570  89 5,954 4,495 1,459  32
Salaries and employee benefits and other operating expenses 1,172 1,236 (64) (5) 2,333 2,519 (186) (7)
Total expenses 4,499 2,993 1,506  50% 8,287 7,014 1,273  18%
Pretax segment income $ 1,882 $ 843 $ 1,039  # $ 4,037 $ 1,102 $ 2,935  #
# Denotes a variance of 100 percent or more
GCSG primarily issues a wide range of proprietary consumer cards globally. GCSG also provides services to consumers, including travel and lifestyle services and non-card financing products, and manages certain international joint ventures, our partnership agreements in China and our loyalty coalition businesses operated in certain countries.
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and higher Net card fees, partially offset in the six month period by lower Other fees and commissions.
Discount revenue increased 69 percent and 24 percent for the three and six month periods, respectively, reflecting an increase in consumer billed business of 62 percent and 24 percent for the three and six month periods, respectively, primarily due to growth in T&E volumes.
See Tables 5, 6, 7 and 11 for more details on volume metrics.
Net card fees increased 13 percent and 14 percent for the three and six month periods, respectively, primarily driven by year-over-year increases in the average fee per card of our premium card products.
Other fees and commissions increased 26 percent for the three month period and decreased 4 percent for the six month period. The increase in the three month period was primarily due to higher revenues related to our consumer travel business, higher loyalty coalition-related fees and higher foreign exchange conversion revenue related to increased cross-border Card Member spending, partially offset by a decline in late fees due to lower delinquencies. The decrease in the six month period was primarily driven by a decline in late fees due to lower delinquencies, partially offset by higher loyalty coalition-related fees.
Net interest income decreased for both the three and six month periods, primarily driven by lower revolving Card Member loan balances.
14

Provisions for credit losses decreased for both the three and six month periods and resulted in a net benefit due to reserve releases in the current periods versus reserve builds in the prior periods and lower net write-offs. The reserve releases in the current periods were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, all of which were partially offset by an increase in the outstanding balance of loans and receivables. The significant reserve builds in the prior periods were due to the deterioration of the global macroeconomic outlook, as a result of the COVID-19 pandemic, partially offset by decreases in the outstanding balances of loans and receivables.
Marketing, business development, and Card Member rewards and services expenses increased for both the three and six month periods. The increase in Card Member rewards expense was primarily driven by higher billed business as well as higher travel-related spend and a shift in the prior year in redemptions to non-travel-related options. The increase in Marketing and business development expense was primarily due to increases in marketing investments to continue building growth momentum as well as higher spending volumes. The increase in Card Member services expense was primarily due to higher usage of travel-related benefits.
15

Table 11: GCSG Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change
2021
vs.
2020
As of or for the
Six Months Ended
June 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Billed business: (billions)
U.S. $ 110.8 $ 68.1 63  % $ 199.8 $ 159.0 26  %
Outside the U.S. 35.8 22.5 59  66.1 56.2 18 
Total $ 146.6 $ 90.6 62  $ 265.9 $ 215.2 24 
Proprietary cards-in-force:
U.S. 38.1 37.5 38.1 37.5
Outside the U.S. 16.7 17.2 (3) 16.7 17.2 (3)
Total 54.8 54.7 —  54.8 54.7 — 
Proprietary basic cards-in-force:
U.S. 26.9 26.6 26.9 26.6
Outside the U.S. 11.6 11.9 (3) 11.6 11.9 (3)
Total 38.5 38.5 —  38.5 38.5 — 
Average proprietary basic Card Member spending: (dollars)
U.S. $ 4,138 $ 2,548 62  $ 7,474 $ 5,922 26 
Outside the U.S. $ 3,087 $ 1,871 65  $ 5,704 $ 4,656 23 
Average $ 3,821 $ 2,338 63  $ 6,939 $ 5,529 26 
Total segment assets (billions)
$ 89.7 $ 81.0 11  $ 89.7 $ 81.0 11 
Card Member loans:
Total loans (billions)
U.S. $ 51.8 $ 50.3 $ 51.8 $ 50.3
Outside the U.S. 8.8 7.6 16  8.8 7.6 16 
Total $ 60.6 $ 57.9 $ 60.6 $ 57.9
Average loans (billions)
U.S. $ 49.9 $ 51.7 (3) $ 49.6 $ 55.4 (10)
Outside the U.S. 8.4 7.6 11  8.4 8.9 (6)
Total $ 58.3 $ 59.3 (2) % $ 58.0 $ 64.3 (10) %
U.S.
Net write-off rate - principal only (a)
0.9  % 2.8  % 1.1  % 2.7  %
Net write-off rate - principal, interest and fees (a)
1.2  3.3  1.4  3.2 
30+ days past due as a % of total 0.6  1.5  0.6  1.5 
   Outside the U.S.
Net write-off rate - principal only (a)
2.2  3.7  2.3  3.2 
Net write-off rate - principal, interest and fees (a)
2.9  4.6  3.0  4.0 
30+ days past due as a % of total 1.1  2.3  1.1  2.3 
Total
Net write-off rate – principal only (a)
1.1  2.9  1.3  2.7 
Net write-off rate – principal, interest and fees (a)
1.5  3.5  1.7  3.3 
30+ days past due as a % of total 0.7  % 1.6  % 0.7  % 1.6  %

16

As of or for the
Three Months Ended
June 30,
Change
2021
vs.
2020
As of or for the
Six Months Ended
June 30,
Change
2021
vs.
2020
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Card Member receivables: (billions)
U.S. $ 12.9 $ 9.5 36  % $ 12.9 $ 9.5 36  %
Outside the U.S. 7.0 5.5 27  7.0 5.5 27 
Total receivables $ 19.9 $ 15.0 33  % $ 19.9 $ 15.0 33  %
U.S.
Net write-off rate – principal only (a)
  % 2.1  %   % 1.9  %
Net write-off rate – principal and fees (a)
  2.3    2.0 
30+ days past due as a % of total 0.3  1.2  0.3  1.2 
Outside the U.S.
Net write-off rate – principal only (a)
1.0  3.5  1.1  2.9 
Net write-off rate – principal and fees (a)
1.1  3.7  1.2  3.1 
30+ days past due as a % of total 0.7  1.6  0.7  1.6 
Total
Net write-off rate – principal only (a)
0.3  2.6  0.4  2.2 
Net write-off rate – principal and fees (a)
0.4  2.8  0.5  2.4 
30+ days past due as a % of total 0.4  % 1.3  % 0.4  % 1.3  %
(a)Refer to Table 8 footnote (b).
17

Table 12: GCSG Net Interest Yield on Average Card Member Loans
Three Months Ended
June 30,
Six Months Ended
June 30,
(Millions, except percentages and where indicated) 2021 2020 2021 2020
U.S.
Net interest income $ 1,392 $ 1,462 $ 2,813 $ 3,262
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
44 97 103 143
Interest income not attributable to our Card Member loan portfolio (b)
(22) (54) (46) (114)
Adjusted net interest income (c)
$ 1,414 $ 1,505 $ 2,870 $ 3,291
Average Card Member loans (billions)
$ 49.9 $ 51.7 $ 49.6 $ 55.5
Net interest income divided by average Card Member loans (c)
11.2  % 11.3  % 11.3  % 11.8  %
Net interest yield on average Card Member loans (c)
11.4  % 11.7  % 11.7  % 11.9  %
Outside the U.S.
Net interest income $ 183 $ 237 $ 382 $ 520
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
26 18 52 34
Interest income not attributable to our Card Member loan portfolio (b)
(2) (2) (4) (6)
Adjusted net interest income (c)
$ 207 $ 253 $ 430 $ 548
Average Card Member loans (billions)
$ 8.4 $ 7.6 $ 8.4 $ 8.9
Net interest income divided by average Card Member loans (c)
8.7  % 12.5  % 9.1  % 11.7  %
Net interest yield on average Card Member loans (c)
9.9  % 13.3  % 10.3  % 12.4  %
Total
Net interest income $ 1,575 $ 1,699 $ 3,195 $ 3,782
Exclude:
Interest expense not attributable to our Card Member loan portfolio (a)
70 115 155 177
Interest income not attributable to our Card Member loan portfolio (b)
(24) (56) (50) (120)
Adjusted net interest income (c)
$ 1,621 $ 1,758 $ 3,300 $ 3,839
Average Card Member loans (billions)
$ 58.3 $ 59.3 $ 58.0 $ 64.3
Net interest income divided by average Card Member loans (c)
10.8  % 11.5  % 11.0  % 11.8  %
Net interest yield on average Card Member loans (c)
11.1  % 11.9  % 11.5  % 12.0  %
(a)Refer to Table 9 footnote (a).
(b)Refer to Table 9 footnote (b).
(c)Refer to Table 9 footnote (c).
18

Global Commercial Services
Table 13: GCS Selected Income Statement Data
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages) 2021 2020 2021 2020
Revenues
Non-interest revenues $ 2,815 $ 2,014 $ 801  40  % $ 5,247 $ 4,802 $ 445  %
Interest income 345 402 (57) (14) 681 901 (220) (24)
Interest expense 111 154 (43) (28) 227 354 (127) (36)
Net interest income 234 248 (14) (6) 454 547 (93) (17)
Total revenues net of interest expense 3,049 2,262 787  35  5,701 5,349 352 
Provisions for credit losses (235) 645 (880) # (397) 1,407 (1,804) #
Total revenues net of interest expense after provisions for credit losses 3,284 1,617 1,667  # 6,098 3,942 2,156  55 
Expenses
Marketing, business development, and Card Member rewards and services 1,630 924 706  76  3,016 2,432 584  24 
Salaries and employee benefits and other operating expenses 815 715 100  14  1,578 1,513 65 
Total expenses 2,445 1,639 806  49  4,594 3,945 649  16 
Pretax segment income $ 839 $ (22) $ 861  # $ 1,504 $ (3) $ 1,507  #
# Denotes a variance of 100 percent or more
GCS primarily issues a wide range of proprietary corporate and small business cards globally. GCS also provides payment, expense management and commercial financing products.
Non-interest revenues increased for both the three and six month periods, primarily driven by higher Discount revenue and higher Net card fees.
Discount revenue increased 46 percent and 11 percent for the three and six month periods, respectively, reflecting an increase in commercial billed business of 45 percent and 13 percent for the three and six month periods, respectively.
See Tables 5, 6, 7 and 14 for more details on volume metrics.
Net card fees increased 11 percent and 10 percent for the three and six month periods, respectively, driven by year-over-year increases in the average fee per card of our premium card products.
Net interest income decreased for both the three and six month periods, primarily driven by lower revolving Card Member loan balances.
Card Member loans and receivables provisions for credit losses decreased for both the three and six month periods and resulted in a net benefit due to reserve releases in the current periods versus reserve builds in the prior periods and lower net write-offs. The reserve releases in the current periods were driven by lower delinquencies, improved portfolio quality and improving macroeconomic outlooks, all of which were partially offset by an increase in the outstanding balance of loans and receivables. The current periods also included a $37 million partial recovery in Card Member receivables related to a corporate client bankruptcy, which had resulted in a $53 million write-off in the prior year. The significant reserve builds in the prior periods were due to the deterioration of the global macroeconomic outlook as a result of the COVID-19 pandemic, partially offset by decreases in the outstanding balances of loans and receivables.
Other provision for credit losses decreased for both the three and six month periods, primarily driven by reserve releases in the current periods versus reserve builds in the prior periods, due to improved credit performance and lower balances on non-card loans. The reserve builds in the prior periods were due to the previously mentioned deterioration of the global macroeconomic outlook.
19

Marketing, business development, and Card Member rewards and services expenses increased for both the three and six month periods. The increase in Card Member rewards expense was primarily driven by higher billed business as well as higher travel-related spend and a shift in the prior year in redemptions to non-travel-related options. The increase in Marketing and business development expense was primarily due to increases in marketing investments to continue building growth momentum as well as higher spending volumes. The increase in the six month period also included a partial offset driven by a decrease in corporate client incentives.
Salaries and employee benefits and other operating expenses increased for both the three and six month periods, primarily due to the Company's partial repayment of an insurance claim that was recognized in the prior year associated with insured losses from the previously mentioned corporate client bankruptcy.
20

Table 14: GCS Selected Statistical Information
As of or for the
Three Months Ended
June 30,
Change 2021 vs 2020
As of or for the
Six Months Ended
June 30,
Change 2021 vs 2020
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Billed business (billions)
$ 119.9 $ 82.8 45  % $ 223.9 $ 198.9 13  %
Proprietary cards-in-force 14.8 14.6 14.8 14.6
Average Card Member spending (dollars)
$ 8,180 $ 5,645 45  $ 15,338 $ 13,495 14 
Total segment assets (billions)
$ 46.4 $ 38.3 21  $ 46.4 $ 38.3 21 
GSBS Card Member loans:
Total loans (billions)
$ 15.0 $ 12.1 24  $ 15.0 $ 12.1 24 
Average loans (billions)
$ 14.4 $ 12.8 13  $ 13.9 $ 13.4
Net write-off rate - principal only (a)
0.6  % 2.3  % 0.8  % 2.1  %
Net write-off rate - principal, interest and fees (a)
0.7  % 2.6  % 1.0  % 2.4  %
30+ days past due as a % of total 0.4  % 1.6  % 0.4  % 1.6  %
Calculation of Net Interest Yield on Average Card Member Loans:
Net interest income $ 234 $ 248 $ 454 $ 547
Exclude:
Interest expense not attributable to our Card Member loan portfolio (b)
87 119 180 264
Interest income not attributable to our Card Member loan portfolio (c)
(22) (47) (44) (111)
Adjusted net interest income (d)
$ 299 $ 320 $ 590 $ 700
Average Card Member loans (billions)
$ 14.5 $ 12.8 $ 14.0 $ 13.5
Net interest income divided by average Card Member loans (d)
6.5  % 7.8  % 6.5  % 8.1  %
Net interest yield on average Card Member loans (d)
8.3  % 10.0  % 8.5  % 10.5  %
Card Member receivables:
Total receivables (billions)
$ 27.7 $ 22.6 23  $ 27.7 22.6 23 
Net write-off rate - principal and fees (a)(e)(f)
(0.2) % 3.3  % 0.1  % 2.4  %
GCP Card Member receivables:
Total receivables (billions)
$ 11.7 $ 9.4 24  $ 11.7 $ 9.4 24 
90+ days past billing as a % of total (e)
0.3  % 2.5  % 0.3  % 2.5  %
Net write-off rate - principal and fees (a)(e)(f)
(0.9) % 4.0  % (0.3) % 2.2  %
GSBS Card Member receivables:
Total receivables (billions)
$ 15.9 $ 13.2 20  % $ 15.9 $ 13.2 20  %
Net write-off rate - principal only (a)
0.2  % 2.5  % 0.3  % 2.4  %
Net write-off rate - principal and fees (a)
0.3  % 2.8  % 0.4  % 2.6  %
30+ days past due as a % of total 0.5  % 2.1  % 0.5  % 2.1  %
(a)Refer to Table 8 footnote (b).
(b)Refer to Table 9 footnote (a).
(c)Refer to Table 9 footnote (b).
(d)Refer to Table 9 footnote (c).
(e)For GCP Card Member receivables, delinquency data is tracked based on days past billing status rather than days past due. A Card Member account is considered 90 days past billing if payment has not been received within 90 days of the Card Member’s billing statement date. In addition, if we initiate collection procedures on an account prior to the account becoming 90 days past billing, the associated Card Member receivable balance is classified as 90 days past billing. GCP delinquency data for periods other than 90+ days past billing and the net write-off rate based on principal losses only are not available due to system constraints.
(f)Refer to Table 8 footnote (c).
21

Global Merchant and Network Services
Table 15: GMNS Selected Income Statement and Other Data
Three Months Ended
June 30,
Change
2021 vs. 2020
Six Months Ended
June 30,
Change
2021 vs. 2020
(Millions, except percentages and where indicated) 2021 2020 2021 2020
Revenues
Non-interest revenues $ 1,204 $ 827 $ 377  46  % $ 2,265 $ 2,060 $ 205  10  %
Interest income 4 4 —  —  8 10 (2) (20)
Interest expense (20) (6) (14) # (37) (42) (12)
Net interest income 24 10 14  # 45 52 (7) (13)
Total revenues net of interest expense 1,228 837 391  47  2,310 2,112 198 
Provisions for credit losses (27) 24 (51) # (37) 72 (109) #
Total revenues net of interest expense after provisions for credit losses 1,255 813 442  54  2,347 2,040 307  15 
Expenses
Marketing, business development, and Card Member rewards and services 373 214 159  74  673 503 170  34 
Salaries and employee benefits and other operating expenses 355 411 (56) (14) 762 824 (62) (8)
Total expenses 728 625 103  16  1,435 1,327 108