American Express Teases Long-Awaited Platinum Card Refresh — Here’s What To Expect
Worries about an economic slowdown? Not if you’re American ExpressAXP. Its latest earnings demonstrate the power of affluent Americans — especially Millennials and Gen Z.
But can cardholders stomach even higher annual fees? We might be about to find out as the company preps a refresh of its flagship product — the Platinum Card.
Amex is promising the “largest investment ever in a card refresh.” So what should consumers expect? Here are five predictions (besides a higher annual fee):
- Embrace CULTure: Amex has been leaning harder into its ‘IT’ brand identity, with more pop-ups at luxury events and exclusive access experiences. Look for more branded perks baked into the new Platinum card.
- Investing in dining: Amex didn’t spend $400M to buy reservation platform Tock for nothing. It fits neatly into its portfolio with Resy — which now has a $50 biannual credit on the Gold card. Expect this to be a place Amex bolsters its ‘coupon book.’
- Throttling access: Anticipate more lucrative benefits on the Platinum card, but at a cost — of spending more money. Much in the same way that guest lounge access is only included after spending $75K/yr, Amex might tie new benefits to higher usage or spending thresholds.
- But say farewell to… The $100/yr Saks Fifth Avenue credit (make sure to use it for both halves of the year), the $300/yr Equinox credit, and the oft-criticized $200 airline incidental fee credit.
- Few category changes: Many Platinum cardholders are happy with 1x points on everyday purchases and 5x on flights. No major shifts expected there — why spend more when you don’t have to?
Warning shot: This marks Amex’s first Platinum refresh since 2021, and it comes just weeks after competitor JPMorgan announced its own Chase Sapphire Reserve overhaul. But in the meantime, cardholders worried about another annual fee hike could find comfort in the chat window, where they might be able to squeeze a retention offer to stick around come renewal.