American Express Co. announced Monday upcoming upgrades to its U.S. Consumer and Business Platinum credit cards, aiming to distinguish itself in the competitive luxury credit card market.
“More than forty years ago, we introduced the Platinum Card, and we continue to offer Platinum Cards with global servicing, unique benefits and experiences that our Card Members love,” Howard Grosfield, Amex’s group president for U.S. consumer services, said in a news release statement.
Howard Grosfield also stated that Platinum credit card features are mostly popular among Millennials and Gen Z, who account for more than 35% of total U.S. Consumer spending in the last quarter.
” We’re going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers,” he explained.
What are the new Platinum credit card features?
American Express offers access to over 1,550 airport lounges worldwide—more than any other credit card issuer—and plans to open three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, bringing the total to 32, per the news release.
Additionally, the New York-based company is expanding its dining and hotel offerings through platforms like Resy, which provides access to over 20,000 restaurants in more than 30 countries, and its recent acquisition of Tock, adding 7,000 more venues.
Its Fine Hotels + Resorts® and The Hotel Collection now feature 2,600 curated properties, including the exclusive benefit of guaranteed 4 p.m. late checkout at over 1,600 locations.
What benefits can Platinum Business Card holders expect?
American Express plans to enhance its Business Platinum Card with new benefits designed to support business growth.
Current features include flexible spending limits, travel and business perks, virtual cards, and cash flow tools, as well as access to dining, lounge, and hotel programs.
Cardholders also enjoy exclusive experiences worldwide, including motorsports, tennis, music festivals, and sporting events, as well as more brand partnerships. The company will provide further updates this fall.
Amex’s Platinum card faces competition from rival premium cards.
American Express has faced increasing competition in the premium credit card market since it raised the Platinum card’s annual fee to $695 and added a $200 hotel credit in July 2021, Bloomberg reported.
What is JPMorgan Chase’s Sapphire Reserve card?
JPMorgan Chase announced Tuesday an update to its premium Sapphire Reserve credit card, raising the annual fee by 45% to $795 — the most significant increase since its 2016 launch, CNBC reported. The updated card, launched Monday, offers more than $2,700 in annual benefits by combining existing perks with new travel- and dining-focused rewards.
New features include a points redemption program that doubles the value of select travel offers and a $500 annual credit for hotel stays. Cardholders also receive $300 dining credits for chosen restaurants, $300 for ticket purchases at StubHub or Viagogo, and free Apple TV+ and Apple Music subscriptions valued at $250 annually, the company said, according to CNBC.
Customers who spend $75,000 or more annually gain additional perks, including top-tier status with Southwest Airlines and IHG Hotels and Resorts.