American Express Company (AXP) will raise its quarterly dividend by 10.3 percent to $0.42 per share in 2019.

Last year the credit card company also hiked its dividend by double digits, making 2018 the 7th consecutive year of dividend increases.

The next dividend is payable on November 8, 2019 to shareholders of record on October 4, 2019. A new annual rate of $1.72 per share yields 1.5% at a stock price of $118.24.

American Express is an integrated payments company. The company's principal products and services are charge and credit card products, and travel-related services, which are offered to consumers and businesses around the world. Its operating segments are: Global Consumer Services Group (GCSG), Global Commercial Services (GCS) and Global Merchant & Network Services (GNMS). American Express began doing business on March 28, 1850 and was first listed on the New York Stock Exchange on May 18, 1977. The company has increased dividends every year since 2012.