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American Express CEO explains how the company is attracting younger consumers

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American Express CEO Steve Squeri told CNBC's Jim Cramer on Tuesday that Millennial and Gen Z customers made up 60% of new card acquisitions.

American Express CEO Steve Squeri told CNBC's Jim Cramer on Tuesday how the company attracted more Millennial and Gen Z customers, saying the cohort made up 60% of new card acquisitions during the last quarter.

Squeri said American Express realized that attracting younger clientele was a "key thing" for the company, so it was important to offer cards with a high enough value proposition for that group. Younger card holders create a greater "lifetime value" than older ones, as they will continue to use their American Express cards as they age, he added.

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