Amex Platinum Card rolls out major updates to US cards, targeting younger customers

American Express announced its biggest ever investment in refreshing its famous Platinum Card, with major changes coming later this year, according to company reports. The credit card giant plans to update both its consumer and business Platinum Cards with new benefits and features that will cost more than any previous card refresh in the company's history. Howard Grosfield, who leads American Express' US consumer services, explained that the Platinum Card has been popular for over 40 years and continues to attract customers across different age groups.

The company noted that younger customers, particularly those in their twenties and thirties, made up 35% of all US consumer spending in the most recent quarter. American Express currently offers access to more than 1,550 airport lounges across over 500 airports worldwide, making it the largest lounge network among credit card companies. The company plans to open three new premium Centurion Lounges in Newark, Salt Lake City, and Tokyo within the next year, bringing their total to 32 locations.

The announcement comes as a direct response to JPMorgan Chase's recent news about updating its competing Sapphire Reserve card, which became very popular when it launched in 2016, as noted by CNBC coverage. This move has created renewed competition between the two biggest premium credit card companies in America. The current Platinum Card costs $695 per year, while the Sapphire Reserve costs $550 annually. Industry experts expect both companies to add more travel, dining, and entertainment benefits while possibly raising their yearly fees, following the pattern of previous updates.

Some credit card users on online forums have speculated that JPMorgan might increase the Sapphire Reserve fee to $795, though the company has not confirmed this. American Express President Howard Grosfield stated in interviews that the company will focus on benefits that data shows customers already love, while adding many new and exciting perks that will provide value far beyond the annual fee. CNBC reported that the new Platinum card features will officially launch in the fall, marking a significant escalation in the premium credit card competition.

The strategy targets younger, high-spending customers who have become increasingly important to American Express's growth, according to Fortune's analysis of the company's approach. Chief Executive Steve Squeri has focused on attracting more Millennials and Generation Z customers since 2021, recognizing that these groups represent the future of premium credit card spending. These younger customers, typically aged mid-twenties to mid-forties, now account for 75% of new accounts for American Express's premium Gold and Platinum cards in 2024, up significantly from 60% in 2019.

Generation Z cardholders alone grew by 40% in the first quarter of 2025 compared to the same period in 2024, while maintaining better credit records than industry averages. The success with younger customers helped increase the company's card fee revenue by 18% last year, with American Express reporting a 98% customer retention rate. 

Fortune noted that these digital-native customers charge almost everything to their cards and earn more rewards points than previous generations, making them extremely valuable to credit card companies. The airport lounges have become so popular that lines for Centurion Lounges in busy airports like Los Angeles and Miami often exceed the length of airline boarding lines, with many users taking to Reddit to complain about overcrowding. While inconvenient, this influx of travelers using the lounges demonstrates the strong appeal of these exclusive benefits among premium cardholders.