“More than forty 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,” said Howard Grosfield, Group President, U.S. Consumer Services. “Platinum Card benefits and services resonate across generations, particularly with Millennial and Gen Z who accounted for 35% 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.”
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Amex announces major updates to platinum cards
With more airport lounge options than any other credit card issuer on the market, American Express offers access to over 1,550 lounges in more than 500 airports around the world and is opening three new Centurion Lounges globally in the next year — Newark, New Jersey; Salt Lake City, Utah; and Tokyo, Japan — bringing the total number of Centurion Lounges to 32.
Amex CEO Steve Squeri is aiming to attract more high-spending Millennials and Gen Z consumers to the company’s elite customer base. On June 16, he revealed plans for a significant upgrade to the Platinum card, set to roll out later this summer or early fall, as part of the effort to appeal to this younger, affluent demographic, according to Fortune.
The company said this will be its biggest investment ever in a card program. “We’ll see two areas of investments,” adds Howard Grosfield, Group President for U.S. Consumer Services. “We’ll double down on all the things our cardmembers love now. And we’ll be adding lots of exciting new brands.”
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In July 2021, Amex raised its Platinum card annual fee to $695 when it also added $200 in annual hotel credits. Since then, the New York-based company has faced intensifying competition for premium credit-card customers, including from JPMorgan Chase & Co.’s Sapphire Reserve card and Capital One Financial Corp.’s Venture X Rewards card, reports Bloomberg.The Amex update will apply to both the US consumer and business Platinum cards, the company said. It didn’t provide more specifics on what changes are coming.
“Consumers’ appetite for ever-higher annual fees and complex, incentive-driven rewards structures could be tested if demand slows, but the formula has driven growth consistently for decades,” Bloomberg Intelligence analyst Ben Elliott wrote in a note to clients.
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American Express also plans to update the Business Platinum Card to offer Card Members more benefits they can use to help their companies grow, the company said in a statement. Business Platinum Card members enjoy a flexible spending limit that adapts based on purchase, payment and credit history, business and travel benefits, rich rewards on business expenses, virtual cards and access to cashflow management tools. Business Platinum Card Members can also access the dining, lounge and hotel benefits.
Access to American Express’s global lounge network is one of the key perks of the Platinum Card. In a recent statement, Amex announced that a new Centurion Lounge is set to open at Tokyo’s Haneda Airport within the next year. This adds to its previously revealed plans for new lounges in Salt Lake City and Newark, New Jersey.
(With inputs from Bloomberg)
