American Express (AXP) is gearing up to revamp its Platinum Card® and Business Platinum Card® later this year to cater to the growing cohort of Gen Z consumers. Howard Grosfield, Group President, U.S. Consumer Services at American Express, revealed to Yahoo Finance that the refresh is aimed at enhancing the appeal of the cards by introducing new benefits that resonate with cardmembers.
While specifics of the refresh were not disclosed, Grosfield hinted at a focus on bolstering loyalty through the addition of highly valued benefits in the realms of travel, business, and dining. The surge in Gen Z cardholders, with a 40% year-over-year increase in the first quarter of 2025, has prompted American Express to tailor its offerings to meet the preferences of this demographic.
Key highlights of the planned refresh include the introduction of new premium airport lounges, with American Express set to unveil three new Centurion Lounges in Newark, Salt Lake City, and Tokyo. This expansion will bring the total number of global Centurion Lounges to 32, providing cardholders with exclusive amenities and services.
Additionally, the refresh will encompass expanded dining benefits, leveraging Amex’s 2024 acquisition of reservation platform Tock to offer cardholders access to 7,000 new dining experiences, including a diverse selection of wineries. This partnership will enhance the dining options available to cardmembers, granting them priority access to tables in partner establishments.
While details on the Business Platinum Card® refresh were not shared, American Express affirmed that the update will continue to focus on empowering businesses to thrive. The company’s commitment to enhancing the value proposition of its cards underscores its dedication to meeting the evolving needs of cardmembers.
Despite the Platinum Card®’s hefty $695 annual fee, American Express has observed that Gen Z consumers are not deterred, attributing this acceptance to the subscription-based mindset prevalent among this demographic. Christophe Le Caillec, American Express CFO, noted at the June 2025 Morgan Stanley U.S. Financials Conference that younger cardmembers value the experience and benefits derived from being Amex customers.
Looking ahead, Grosfield emphasized a strategic progression through Amex’s product portfolio as Gen Z consumers mature, citing a high retention rate of 98%. By capturing a share of Gen Z’s wallet early on, American Express aims to establish long-term relationships with these cardholders, leveraging a suite of products and services to grow alongside them as their financial needs evolve.
In conclusion, the impending refresh of the Platinum Card® and Business Platinum Card® reflects American Express’s commitment to innovation and customer-centricity. By aligning with the preferences of Gen Z consumers and enhancing the value proposition of its cards, American Express aims to solidify its position as a trusted financial partner for cardmembers across diverse demographics.
