American Express to Upgrade Platinum Cards with New Benefits and Lounges
The Platinum Card started more than 40 years ago and is still popular, especially with Millennials and Gen Z. These groups made up 35% of all US consumer spending last quarter. Howard Grosfield, head of US Consumer Services, said the new changes will improve travel, dining, and lifestyle benefits and also update the card's look to better suit customers' needs.
Amex gives access to more airport lounges than any other card company, with over 1,550 lounges worldwide. They have 32 special Centurion Lounges and will open three new ones soon in Newark, Salt Lake City, and Tokyo.
Amex CEO Steve Squeri wants to attract more young, rich customers. The upgrade will happen by late summer or early fall. The company will keep the popular benefits and add new brand partnerships.
In July 2021, Amex raised the Platinum Card fee to $695 and added $200 in hotel credits each year. Since then, they face strong competition from cards like JPMorgan Chase's Sapphire Reserve and Capital One's Venture X Rewards.
The updates will be for both consumer and business Platinum Cards. Amex will add more useful benefits for business card users, like flexible spending limits, rewards on business costs, virtual cards, and tools to manage cash flow. Business card members will still get lounge, dining, and hotel benefits.
One of the best parts of the Platinum Card is its large lounge network. A new Centurion Lounge will open at Tokyo's Haneda Airport soon, along with the planned lounges in Newark and Salt Lake City.
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Time of India
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