Oct 18 (Reuters) - American Express ( AXP ) reported

third-quarter profit above Wall Street estimates on Friday, as

higher spending on its cards offset a hit from bigger provisions

for credit losses.

The credit card giant has been relatively insulated from

economic shocks as it caters to affluent customers, but some

analysts see limited room for its market value to grow further

given that the stock is already trading at a record high.

Elevated interest rates and economic uncertainty could also

discourage some customers from spending on non-essential

purchases.

Its provisions for credit losses were $1.4 billion in the

quarter, compared with $1.2 billion last year.

Still, profit rose 2% to $2.51 billion for the three months

ended Sept. 30. On a per-share basis, it earned $3.49 versus the

$3.28 that analysts had forecast, according to estimates

compiled by LSEG.

"The strong early results we're seeing from our product

refreshes reinforce my confidence that we're investing in the

right areas," CEO Stephen Squeri said in a statement.

Revenue rose 8% to $16.64 billion.