American Express to Upgrade Platinum Card with Big Investments, Focusing on Millennials and Gen Z

American Express is set to unveil a major upgrade to its Platinum card, targeting high-spending Millennials and Gen Z-ers. The upgrade, the company's largest investment in a card program, will focus on doubling down on existing benefits and adding new brands. Amex aims to attract a lucrative and fast-growing segment of customers, with Millennials and Gen Z-ers now comprising 75% of its new premium card accounts. The company has seen a 40% increase in Gen Z consumer card members in Q1 2025, with these demographics accounting for 35% of US consumer spend.

American Express is set to unveil a major upgrade to its Platinum card, targeting high-spending Millennials and Gen Z-ers. The upgrade, the company's largest investment in a card program, will focus on doubling down on existing benefits and adding new brands. Amex aims to attract a lucrative and fast-growing segment of customers, with Millennials and Gen Z-ers now comprising 75% of its new premium card accounts. The company has seen a 40% increase in Gen Z consumer card members in Q1 2025, with these demographics accounting for 35% of US consumer spend [2].

The revamp, set to roll out later this year, will enhance travel, dining, and lifestyle benefits. Amex plans to expand its global lounge network and introduce new brand partnerships. The company is also opening three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, bringing the total to 32 lounges worldwide [1]. Additionally, the Business Platinum Card will receive updates focused on helping companies grow, though specific details were not disclosed [3].

The Platinum card's annual fee of $695 is the highest in its class compared to Chase Sapphire's $550. Despite this, American Express is confident that the perceived value among Millennials and Gen Z users surpasses the cost. The company's strong market position is further reinforced by its 55-year track record of maintaining dividend payments, currently yielding 1.14% [3].

The move by American Express to revamp its Platinum Cards comes amid a highly competitive premium credit card market. The U.S. premium credit card market is lucrative and fiercely competitive, with companies like Chase and Capital One making significant strides. By targeting the younger demographic, American Express is strategically positioning itself to maintain its position as the leader in the premium credit card market [2].

References:
[1] https://economictimes.indiatimes.com/news/international/global-trends/us-news-american-express-hints-at-a-big-upgrade-to-its-platinum-credit-card-in-largest-investment-ever/articleshow/121889385.cms
[2] https://www.benzinga.com/markets/equities/25/06/45967694/amex-just-teased-its-biggest-platinum-card-update-ever-heres-what-millennials-and-gen-z-can-expect
[3] https://www.investing.com/news/company-news/american-express-to-refresh-platinum-cards-with-major-updates-93CH-4096914