The financial services company added perks to the card's rewards program, such as a $200 Uber credit and another $200 credit for airline fees.
Trader Guy Adami said he prefers and over , but he said the company has "figured out their woes." The stock is up 40 percent in the last 12 months.
Trader Brian Kelly said the brand is what gives American Express its value, but called it "a melting ice cube."
Trader Karen Finerman agreed, but said that it is an issue for further down the road. She said she likes MasterCard because of the company's growth. MasterCard's stock is up 10 percent in the last three months.
Kelly said the payment space is changing with companies like Venmo and PayPal, his stock of choice, becoming popular for transactions.
Trader Dan Nathan said American Express's branding and its ability to get enticing perks for customers is a plus. He said the company can overcome environmental changes because of Apple Pay and other electronic means for the card to get used with smartphones.
Guy Adami is long CELG, EXAS, GDX, INTC. Adami's wife, Linda Snow, works at Merck.
Dan Nathan is Long spy May put spread, XIV long March call spread, JNJ long APR puts.
Brian Kelly is long Bictoin, SLV.
Karen Finerman is long AAL, BAC, BAC short calls, C, DAL, FB, FL, GLMP, GOGO, GOOG, GOOGL, JPM, URI, LYV, KORS, KORS calls, KORS puts, MA, SEDG, SPY puts, TACO, WIFI long call spreads. Her firm is long ANTM, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, MOH, PLCE, SPY puts, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.