American Express reported stronger-than-expected third-quarter earnings, driven by consistent spending from its cardholders, many of whom are holding balances. For the period ending September 30, the credit card giant earned $2.51 billion, or $3.49 per share, compared to $2.45 billion, or $3.30 per share, in the same period a year earlier.

American Express (AXP) reported better net income than expected and lifted its full-year profit outlook in its third-quarter results Friday morning, following a string of strong reports from several of the country's biggest banks.