Latest news with #travelperks
Yahoo
19-07-2025
- Business
- Yahoo
Amex Q2 results prove it's still the heavyweight of high-end cards
With its complex web of travel perks, airport lounges, and points, the premium credit card scene is more competitive than ever. This new tax deduction in Trump's 'big, beautiful bill' lets people cash in on charitable donations up to $2,000. Here's what to know These are the 3 best questions to ask at the end of your job interview Ikea is launching new smart home products, and they're designed to be extra easy to use But if the competition is heating up, luxury card stalwart American Express isn't feeling it. The credit card company just beat profit expectations in its second quarter earnings, a feat powered by strong spending that shows Amex cardholders aren't jumping ship for rivals. With markets unstable and tariffs flying, Amex's laser focus on wealthy customers likely provides a buffer against financial forces that can put a drag on lower income spenders. 'We saw record Card Member spending in the quarter, demand for our premium products was strong,and our credit performance remained best in class,' American Express CEO Stephen Squeri said. The company's billed business for the quarter was $416.3 billion, besting analyst estimates of $412.8 billion in card member spending. Total revenue was up 9% to $17.9 billion, an increase the credit card issuer attributed to more customer spending, card feed growth, and higher income from revolving loan balances. Fending off the competition American Express is the old guard among premium rewards cards, but the company knows it needs to keep things fresh to stay competitive. The company recently announced its biggest card refresh to date, with reimagined perks designed to court the Gen Z and millennial cardholders who make up more than a third of its U.S. consumer spending. '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,' American Express Group President of U.S. Consumer Services Howard Grosfield said. Amex isn't sharing the specifics of its Platinum Card revamp yet, but other changes on the way soon reveal the company's preference for bespoke perks designed to smooth air travel's many jagged edges. As Fast Company reported, Amex will roll out a pair of luxe updates that exemplify how the company plans to bolster its premium strategy. First, its Centurion Lounges will soon be revamped with rotating menus from James Beard Award-winning chefs, part of its new 'Culinary Collective.' All 15 Centurion Lounges in the U.S. will feature the new menu items starting at the end of the month. 'You'd be lucky to get into each of their restaurants on a normal day,' American Express Travel President Audrey Hendley told Fast Company. 'Now, you can try them all in one trip.' Amex will also launch Sidecar, a new kind of lounge tailored to the needs of travelers seeking a short-term sanctuary, next year in Las Vegas's Harry Reid International Airport. The lounge will offer small plates and table-side service designed to fit into a limited time slot. 'We're seeing a significant segment of travelers who only spend 30 to 45 minutes in the lounge,' Hendley told Fast Company. 'Sidecar is our way of honoring that time with the same level of care and service. In the battleground of premium perks, everyone is vying to offer a little something special. Chase recently revamped its famed Sapphire Reserve card with a set of new travel credits and a higher annual fee. Citi is launching its own new premium card, the Citi Strata Elite, later this year to lure affluent customers away from the competition. If those challengers pose a real threat to Amex, you wouldn't know it. 'Bring it on,' AmEx Chief Financial Officer Christophe Le Caillec told Reuters. 'We've been in that space for decades and we have built assets that our competitors do not have.' This post originally appeared at to get the Fast Company newsletter: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fast Company
18-07-2025
- Business
- Fast Company
Amex Q2 results prove it's still the heavyweight of high-end cards
With its complex web of travel perks, airport lounges and points, the premium credit card scene is more competitive than ever. But if the competition is heating up, luxury card stalwart American Express isn't feeling it. The credit card company just beat profit expectations in its second quarter earnings, a feat powered by strong spending that shows Amex cardholders aren't jumping ship for rivals. With markets unstable and tariffs flying, Amex's laser focus on wealthy customers likely provides a buffer against financial forces that can put a drag on lower income spenders. 'We saw record Card Member spending in the quarter, demand for our premium products was strong,and our credit performance remained best in class,' American Express CEO Stephen Squeri said. The company's billed business for the quarter was $416.3 billion, besting analyst estimates of $412.8 billion in card member spending. Total revenue was up 9% to $17.9 billion, an increase the credit card issuer attributed to more customer spending, card feed growth and higher income from revolving loan balances. Fending off the competition American Express is the old guard among premium rewards cards, but the company knows it needs to keep things fresh to stay competitive. The company recently announced its biggest card refresh to date, with reimagined perks designed to court the Gen Z and millennial cardholders who make up more than a third of its U.S. consumer spending. '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,' American Express Group President of U.S. Consumer Services Howard Grosfield said. Amex isn't sharing the specifics of its Platinum Card revamp yet, but other changes on the way soon reveal the company's preference for bespoke perks designed to smooth air travel's many jagged edges. As Fast Company reported, Amex will roll out a pair of luxe updates that exemplify how the company plans to bolster its premium strategy. First, its Centurion Lounges will soon be revamped with rotating menus from James Beard Award-winning chefs, part of its new 'Culinary Collective.' All 15 Centurion Lounges in the U.S. will feature the new menu items starting at the end of the month. 'You'd be lucky to get into each of their restaurants on a normal day,' American Express Travel President Audrey Hendley told Fast Company. 'Now, you can try them all in one trip.' Amex will also launch Sidecar, a new kind of lounge tailored to the needs of travelers seeking a short-term sanctuary, next year in Las Vegas's Harry Reid International Airport. The lounge will offer small plates and table-side service designed to fit into a limited time slot. 'We're seeing a significant segment of travelers who only spend 30 to 45 minutes in the lounge,' Hendley told Fast Company. 'Sidecar is our way of honoring that time with the same level of care and service. In the battleground of premium perks, everyone is vying to offer a little something special. Chase recently revamped its famed Sapphire Reserve card with a set of new travel credits and a higher annual fee. Citi is launching its own new premium card, the Citi Strata Elite, later this year to lure affluent customers away from the competition. If those challengers pose a real threat to Amex, you wouldn't know it. 'Bring it on,' AmEx Chief Financial Officer Christophe Le Caillec told Reuters. 'We've been in that space for decades and we have built assets that our competitors do not have.'
Forbes
07-07-2025
- Business
- Forbes
You Need To Spend $75K For Top-Tier Chase Sapphire Rewards—Is It Worth The Cost?
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations. Chase's announcement of huge changes to the rewards structure and annual fee of the coveted Chase Sapphire Reserve® card, effective as of June 23, 2025, may change its viability in the eyes of frequent travelers. Along with a steep annual fee hike from $550 to $795 and a new points system that deviates from a reliance on the Chase portal, cardholders must hit a yearly spend of $75,000 to unlock specialized perks, which include: IHG One Rewards Diamond Elite Status $500 Southwest Airlines Chase Travel℠ credit Southwest Airlines A-List Status $250 Credit for Chase's shopping platform, The Shops The Diamond Elite status is the highest tier available at IHG Hotels & Resorts. It includes resorts under the IHG banner, such as Holiday Inn, Hotel Indigo, InterContinental Hotels & Resorts, and Crowne Plaza Hotels & Resorts. To earn Diamond Elite, one normally needs to book 70 qualifying nights at IHG hotels or rack up 120,000 qualifying points per calendar year. Members earn all benefits available to Platinum Elite members, along with a few add-ons, which include: Free internet access Early check-in, upon request, and subject to availability 100% bonus earnings on top of base points Dedicated support phone line for Diamond Elite members Welcome amenity (free breakfast, per night for up to two people), points (per stay), or a drink and a snack per stay— at check-in Points don't expire while you have elite status Southwest A-list nets members an array of perks that can save them time and money. A member would normally have to book 20 qualifying one-way flights through the airline directly or rack up 35,000 points per calendar year to qualify for the tier. Benefits include: Priority boarding: Everyone on your reservation gets to board earlier First checked bag is free, second checked bag is $35 Same-day stand-by, even with basic fares Priority lane and express lane Dedicated A-list member phone line 25% earning bonus: Earn bonus points on every qualifying flight Southwest baggage and seating benefits have a value of $100 around per flight if you're someone who opts in to board early, with checked luggage normally $45 for the first bag. The $500 Southwest credit automatically applies when booked through the Chase portal. While it's a given that $75,000 is a huge spend that most Americans can't afford, with 47% of American households making under that much per year, the Sapphire Reserve card targets a high-earning demographic. Still, a study by CreditKarma revealed that the average annual income of people who matched with the card came out to be $107,499, and after taxes, the $75,000 spend seems unachievable for a large portion of the cardholder base. Even for those who'd have no trouble meeting the spend, the rewards may seem trivial and restrictive for the scale. Standout perks with the IHG Diamond Elite status include free breakfast and the option of a free drink or snack, but those who spent $75,000 for the perk might feel a little insulted. *The information for the following card(s) has been collected independently by Forbes Advisor: GO2bank Secured Visa® Credit Card . The card details on this page have not been reviewed or provided by the card issuer. Was this article helpful?
WIRED
02-07-2025
- WIRED
The New Era of Work Travel
Don't sweat the expense reports—from first-class tech to multiday commutes, WIRED and Condé Nast Traveler help you navigate the perks and pitfalls of the modern business trip.
Yahoo
17-06-2025
- Business
- Yahoo
AmEx Platinum, Chase Sapphire Reserve Battle for Points in Upgrade Grudge Match
Aaron Burr vs. Alexander Hamilton, Optimus Prime vs. Megatron and … AmEx Platinum vs. Chase Sapphire Reserve. The two luxury credit card rivals are going tit-for-tat, with Chase and American Express each announcing overhauls of their cards' perks and appearances. American Express said yesterday it'll roll out 'major updates' to its Platinum credit cards this fall, days after JPMorgan Chase announced a refresh to its Sapphire Reserve credit card set to roll out this summer. The two cards both have steep annual fees that put them in direct competition for a spot in consumers' wallets, and the upcoming updates could shift which one gets thrown down the most at group dinners. READ ALSO: US Flexes Golden Share in Nippon Merger With US Steel and At Paris Air Show, eVTOL Industry Preps for Takeoff American Express launched its Platinum card in 1984, trailblazing the premium, points-based credit card market. Chase crashed the party in 2016 with the Sapphire Reserve card, which went viral for its 100,000-point signup bonus. Last year, Chase was the top credit card issuer, according to Nilson, with $1.3 trillion worth of purchase volume. American Express came in second with purchases totaling $1.2 trillion. Citi, Capital One and Bank of America were distant runners-up. Chase and American Express are jostling for the top spot while offering similar, travel-focused perks. One place the wallet wars are playing out is at the airport: American Express has dozens of 'Centurion' lounges around the world, but as complaints about overcrowding have cropped up, jetsetters have sought alternatives for their pre-flight beer and nap. Chase opened its first Sapphire Reserve lounge two years ago and now has eight clubs up and running. Capital One, whose Venture X Rewards card competes for the same customers, has opened five lounges since 2021. Maxed Out: Americans have about four credit cards on average, per Experian, and credit card debt is still near record highs after cooling off slightly in the first quarter (typical post-holiday pullback). But wallet space is limited when fees are $500+ per card. The Platinum card costs $695 annually, while the Sapphire Reserve rings in at $550. When issuers roll out their card refreshes, it's possible they'll raise prices again. Figuring out how much people are willing to pay for which perks could help one card get a swipe above the competition. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter. Sign in to access your portfolio
