Amex Just Teased Its Biggest Platinum Card Update Ever—Here’s What Millennials And Gen Z Can Expect - American Express (NYSE:AXP)

In a bid to attract more high-spending Millennials and Gen Z-ers, American Express AXP is set to roll out significant updates to its U.S. Consumer and Business Platinum Cards later this year.

What Happened: The company’s CEO, Steve Squeri, is eyeing a younger demographic for the company’s premium card offerings. The updates, which are the “largest investment ever in a card refresh” by the company, are expected to be implemented in late summer or early fall.

Howard Grosfield, Group President for U.S. Consumer Services, revealed that the investment will be concentrated in two areas. “We’ll double down on all the things our cardmembers love now. And we’ll be adding lots of exciting new brands,” Grosfield said.

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,” Grosfield elaborated.

Despite the Platinum card’s $695 annual fee, which is the highest in its class compared to Chase Sapphire’s $550, Grosfield is confident that the perceived value among Millennials and Gen Z users surpasses the cost.

Why It Matters: Millennials and Gen Z now make up 75% of new Amex Platinum and Gold cardholders in 2024, up from 60% in 2019. Gen Z membership jumped 40% year-over-year in Q1 2025, with both groups showing stronger credit records than the industry average.

Together, they drove 35% of U.S. consumer spending last quarter. Their growing adoption of the $695 premium card boosted Amex's net card fee revenue by 18% last year. Amex reports high loyalty among these younger users, with an overall retention rate of 98%.

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.

Benzinga's Edge Rankings place American Express in the 71st percentile for quality and the 85th percentile for growth, reflecting its strong performance in both areas. Check the detailed report here.

Over the past year, the stock surged 28.89%.