And it wasn't just consumers. Large companies cut spending on travel and entertainment, slamming AmEx, which is one of the largest corporate card issuers in the U.S.
In all, consumers and businesses cut spending on that category by 87% in the latest quarter.
As a result, AmEx's top line fell 29%. That was deeper than analysts had expected.
The company also nearly doubled its loss provisions to $1.6 billion, building up its reserves in anticipation of a spike in defaults. JPMorgan Chase and Citigroup have created about $18 billion in provisions for potential credit losses.