Rewards Get a Little Less Costly for Amex

The [cost of credit-card rewards](https://ift.tt/VDFM5cs) have risen a lot since the pandemic, as card companies scrambled to find ways to encourage people to keep swiping. Variable customer engagement expenses—which includes rewards and other perks—represented about 40% of revenue in the third quarter, Amex reported on Friday. The company said on Friday that it expects those expenses to represent 42% of revenue overall this year, versus its [guidance of 43%](https://ift.tt/eyMtxLh) at the beginning of the year.