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By Jasmine Laws
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American Express has announced it will make its "largest investment ever" in refreshing its Platinum credit cards for U.S. consumer and business customers.
The upgrade is set to roll out later this year, focusing on enhancements to travel, dining and lifestyle benefits, and is aimed at attracting more millennial and Gen Z customers, which together accounted for a significant portion of total U.S. consumer spending last quarter.
"Once we launch the updated cards in the fall, customers will get the full info about the new benefits and services," an American Express spokesperson told Newsweek.
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Why It Matters
The investment underscores escalating competition in the U.S. premium credit card market, especially as rivals like JPMorgan Chase unveil similar new features.
The updates are seen as a strategic move to appeal to a younger, high-spending demographic and to maintain American Express' competitive edge in the lucrative premium card sector.
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What To Know
American Express said it would expand its global lounge network by opening new Centurion Lounges in Newark, Tokyo and Salt Lake City, increasing the total to 32 worldwide.
The company is also securing new brand partnerships to enhance lifestyle and travel benefits for Platinum cardholders, including at restaurants, wineries, venues and hotels.
The refresh will extend to the Business Platinum Card, with features such as enhanced business rewards, flexible spending limits, virtual cards and advanced cash flow management tools to support business growth.
American Express' announcement comes days after JPMorgan Chase said it is revamping its Chase Sapphire Reserve Card, a major competitor to the Platinum Card.
The cards are popular in the U.S., and American Express has 56.4 million cards in America alone.
What People Are Saying
An American Express spokesperson told Newsweek: "We are always looking for ways to make Platinum Membership even better for our Card Members and plan to refresh the Consumer and Business Platinum Cards later this year. We have no additional details to share.
"Updating our Cards is part of our long-term strategy to regularly refresh our products to meet the changing needs of our Card Members. Our CEO has spoken about this strategy many times in our quarterly earnings. We last updated the Consumer Platinum Card in July 2021 and Business Platinum in October of that same year."
Howard Grosfield, group president, U.S. Consumer Services: "More than 40 years ago, we introduced the Platinum Card, and we continue to offer Platinum Cards with global servicing, unique benefits and experiences that our card members love Platinum Card benefits and services resonate across generations, particularly with millennial and Gen Z who accounted for 35 percent of total U.S. consumer spending last quarter. We're going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers."
What Happens Next
American Express expects to roll out the new benefits and features on its consumer and business Platinum Cards later this year.
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