American Express reported record revenue for the second quarter as its typically affluent cardmembers boosted spending by 7% from a year earlier, even as consumers grapple with lingering price inflation and uncertainty about the economy’s direction.

"We saw record Card Member spending in the quarter, demand for our premium products was strong, and our credit performance remained best in class," American Express CEO Stephen Squeri said. The company affirmed its full-year projections of 8% to 10% revenue growth and EPS of $15 to $15.50, ranges it also held steady last quarter.