What We Know So Far
- Biggest Refresh Yet
American Express confirmed it is making its “largest investment ever” to refresh the U.S. Consumer and Business Platinum Cards with “major updates” due later this year. - Next-Level Design & Rewards
According to Howard Grosfield, AmEx aims to elevate both how the cards “look and feel” and boost travel, dining, and lifestyle benefits—targeting Millennials and Gen Z, who made up 35% of U.S. consumer spend last quarter. - Extra Lounge & Reservation Access
The upgrade includes the opening of three new Centurion airport lounges—in Newark, Salt Lake City, and Tokyo—bringing the total to 32. Cardholders will also benefit from expanded hotel and dining partnerships and new brand collaborations. - Competitive Climate
AmEx’s announcement follows JPMorgan Chase’s tease of a Sapphire Reserve refresh, including a business version. Additionally, rising premium card fees could emerge—as seen with Chase’s Sapphire Reserve jumping from $550 to $795—prompting speculation that AmEx might bump its annual fee (currently $695) to close to $1,000.
Why It Matters
- Strategic Differentiation
Refreshing its cards now allows AmEx to regain the spotlight, especially amid increased competition from Chase and Capital One. - Targeting Younger Spending
With a growing share of Millennials and Gen Z in the premium-market segment, AmEx is tailoring its refresh to appeal to these demographics. - Price vs. Value
As premium card fees increase across the board, the key question will be whether new perks justify the cost—especially if AmEx moves its fee closer to the speculative $1,000 mark .
What Remains Unclear
- The scope and timing of new featured brands, credits, or benefits haven't been fully disclosed.
- Whether AmEx will raise the annual fee—and by how much—is still unknown.
- Specifics about enhanced perks for both personal and business Platinum cards are pending.
Bottom Line
AmEx’s upcoming overhaul is defined by scale and ambition: it plans to redefine both the aesthetic and functional elements of its flagship Platinum cards—with stronger travel perks, broader lounge access, and appeal to younger, affluent consumers. In doing so, it marks a pivotal moment in the high-end credit card market—where price hikes must align with powerful, personalized value.
