American Express (NYSE:AXP) exceeded Wall Street expectations for the second quarter, buoyed by record-breaking card member spending and steady credit performance. The company’s stock gained 2% in premarket trading following the earnings release.

American Express reported record revenue for the second quarter on Friday as its typically affluent cardmembers boosted spending by 7% from a year earlier, even as consumers grapple with lingering 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.