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American Express (AxP) is planning to refresh its and later this year in a move meant to make the more appealing to the company’s fast-growing cohort of Gen Z consumers, Howard Grosfield, Group President, U.S. Consumer Services at American Express, told Yahoo Finance.
He declined to give full details of the refresh but said it was aimed at building loyalty to the cards by adding benefits highly valued by cardmembers.
“You’re going to see us double down on all the wonderful benefits that our card members love on travel, business, and dining,” Grosfield said, adding that the number of Gen Z cardholders grew 40% year over year in the first quarter of 2025.
HIghlights of the refresh include:
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New premium airport lounges: American Express plans to open three new Centurion Lounges in Newark, Salt Lake City, and Tokyo in the coming year, bringing the total number of global Centurion Lounges to 32.
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Expanded dining benefits: Amex’s 2024 acquisition of reservation platform Tock will add 7,000 new dining experiences to its existing 20,000+ Resy offerings, including a sizable portfolio of wineries. The expansion will give cardholders priority access to more tables in partner establishments.
The company confirmed that a refresh is planned for the but didn’t share details, except to say benefits would remain focused on helping businesses grow.
Gen Z cardholders aren’t balking at the hefty $695 annual fee, American Express has found. Gen Z developed a subscription-based mindset over years of paying fees for music and entertainment platforms, American Express CFO Christophe Le Caillec said at the June 2025 Morgan Stanley U.S. Financials Conference. He believes younger cardmembers due to the experience they get from being Amex customers.
While the future Platinum update is intended to appeal to Gen Z — the oldest of whom are in their late 20s — Grosfield believes there’s a built-in progression through Amex’s product portfolio as Gen Z ages. Grosfield pointed to Amex’s 98% retention rate, adding, “We acquire them once, and we get 20 more years of lifetime to deal with them.”
The company hopes that claiming a share of Gen Z’s wallet early in their adult lives will make these young cardholders more likely to turn to Amex products as their financial needs evolve: “We have various suites of products that we can offer them, including personal loans, pay over time, and installment-like lending … as they expand their income and become more successful … we get to grow with them. That’s a significant increase in the tremendous amount of lifetime value that they can deliver to us.”
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Rewards rate
- 5x points for flights booked directly with airlines or with American Express Travel® (up to $500,000 per calendar year)
- 5x points on prepaid hotels booked with American Express Travel
- 1x points on all other purchases
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Benefits
- Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel (requires a minimum two-night stay)
- Get up to $199 back per calendar year on your CLEAR Plus membership (subject to auto-renewal) when you use your card (CLEARLanes are available at 100+ airports, stadiums, and entertainment venues)
- Enjoy up to $200 in Uber savings annually on rides in the U.S. — that’s $15 in Uber Cash for rides each month, plus a bonus $20 in December (you must have the latest version of the Uber App downloaded and your eligible American Express Platinum Card must be a method of payment in your Uber account; Amex benefit may only be used in United States)
While the has a high annual fee, its many perks and benefits can far offset the yearly cost. We especially like how many of the benefits apply to everyday living, such as using the digital entertainment credit to help cover the costs of your streaming services. However, it’s not always easy to use every available benefit, which could cut into the value you get from this card.
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Annual fee
$695
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Welcome offer
Earn 150,000 Membership Rewards® Points after spending $20,000 in the first 3 months — plus, earn a $500 statement credit after you spend $2,500 on qualifying flights booked directly with airlines or through American Express Travel® in the first 3 months
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Rewards rate
- 5x Membership Rewards points on flights, prepaid hotels, short-term rentals, and prepaid flight + hotel packages on AmexTravel.com
- 1.5x points on eligible purchases at U.S. construction material and hardware suppliers; electronic goods retailers; software and cloud system providers; shipping providers; and on purchases of $5,000 or more everywhere else (on up to $2 million of these purchases per calendar year)
- 1x points for each dollar you spend on eligible purchases
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Benefits
- Get up to $200 in statement credits per calendar year for incidental fees charged by one qualifying airline to your card
- Complimentary access to The American Express Global Lounge Collection, which includes more than 1,400 airport lounges in 140 countries
- Earn over $1,000 in annual statement credits on select business purchases, including tech, recruiting, and wireless in the first year of membership. Enrollment required.
The shares some of the personal version’s best features, such as extensive airport lounge access, while providing additional benefits for business owners. The annual fee is high, but you can get more than enough value from the card’s credits and benefits to offset the cost.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
