American Express hints at a big upgrade to its Platinum card, designed to lure a lucrative and fast-growing segment of customers
From Yahoo Finance: 2025-06-16 07:00:00
American Express CEO plans to attract more Millennials and Gen Z-ers by upgrading the Platinum card. These groups now make up 75% of new accounts on premium cards, with Gen Z growing 40% in Q1 2025. Young cardholders are loyal, spending 35% of U.S. consumer spend, helping increase net card fee revenue by 18%.
In 2021, Amex shifted focus to attract younger, high-income shoppers with excellent credit records. Platinum card benefits expanded beyond travel to include entertainment, wellness, upscale shopping. Cardholders can access exclusive perks like $240 towards digital subscriptions, $200 for Uber rides, and $300 for Equinox/SoulCycle memberships.
Amex’s Platinum card offers a wide range of perks for Millennials and Gen Z, like $100 credit at Saks Fifth Avenue, Walmart+ membership discounts, and $200 towards Uber rides. The company also provides travel services with a personal touch, offering unique experiences like rock concert bookings and holiday itineraries planned by personal travel consultants.
By acquiring Resy and Tock, Amex provides Platinum cardholders exclusive access to popular restaurant bookings. With partnerships with 20,000 restaurants in thirty countries, including wineries, Amex is the only credit card company with its own restaurant reservations platform, unlocking access to sought-after tables.