American Express (Amex) has announced its biggest investment ever to improve its Platinum credit cards. These changes will apply to both US consumer and business versions of the card and are expected to roll out later this year.
Amex says the updated cards will offer better travel, dining, and lifestyle benefits. The look and feel of the cards will also be improved. “We’re taking these cards to a new level,” said Howard Grosfield, Amex’s group president for US consumer services.
This update comes at a time when Amex is facing strong competition from other premium cards like Chase Sapphire Reserve and Capital One Venture X. These rivals offer similar benefits, so Amex is trying to stay ahead by making its Platinum card more attractive.
Back in July 2021, Amex increased the annual fee for the Platinum card to $695. At the same time, they added $200 in hotel credits. Even though the card is expensive, it offers valuable perks like access to Amex’s exclusive airport lounges around the world.
More lounges are also on the way. Amex said a new Centurion Lounge will open soon at Tokyo’s Haneda Airport, with others planned in Salt Lake City and Newark, New Jersey.
Experts say that credit card upgrades like these are important for attracting new customers and increasing revenue. However, they also warn that customers might get tired of high annual fees and complex reward systems if the economy slows down.
For now, Amex is betting that customers still want luxury experiences and top-notch service, and the Platinum card update is meant to deliver just that — with more rewards, better design, and exclusive benefits.
Also Read: Defence Stocks Jump as Israel-Iran War Fuels Demand
