Prime Highlights:
- American Express is rolling out its largest overhaul ever for U.S. Consumer and Business Platinum Cards later this year.
- The overhaul will feature increased travel, dining, and lifestyle benefits along with a new card design.
Key Facts:
- Annual fee is still $695, but AmEx guarantees benefits well above the value of the card fee.
- Card members will be able to access more than 1,500 airport lounges, three of which are new Centurion Lounges, and almost 7,000 new restaurant reservations through Tock.
- Welcome bonuses of up to 175,000 points for the personal card and 250,000 for the business card can be obtained by premium users.
Key Background
American Express is planning its most extensive overhaul of the Platinum Card portfolio later in 2025, impacting both Consumer and Business offerings. It’s a significant strategic move as AmEx seeks to cement its leadership in the premium credit card market, particularly in the face of increasing competition from JPMorgan Chase, which is plotting its own updates to the Sapphire Reserve.
The changes that are coming are not cosmetic. In line with AmEx leadership, the upgrade places significant emphasis on improving fundamental lifestyle categories that are most relevant to cardmembers—most notably travel, dining, and bespoke luxury experiences. At the heart of the overhaul is the widening of lounge privileges benefits. Platinum members will soon enjoy access to over 1,500 lounges worldwide, in addition to three new Centurion Lounges in Newark, Salt Lake City, and Tokyo. This action directly addresses high-end tourists who value comfort and exclusivity.
Dining is also a priority in the upgrade. With a collaboration with reservation system Tock, AmEx will introduce almost 7,000 additional restaurant locations, providing card members with exclusive access to reservations, events, and dining experiences. Hotel rewards are also being upgraded with hundreds of new high-end hotels being added to the card’s network, providing more choices and benefits for business and leisure travel.
In spite of the $695 annual charge, American Express asserts the new value proposition will “far exceed” the cost. Consumer trends justify this positioning: statistics indicate that 52% of consumers who use cards with annual fees over $250 prefer points over cash-back. This contrasts with mass credit card consumers, where 70% prefer cash rewards.
In addition, AmEx is giving welcome bonuses of unlimited generosity to new clients—175,000 Membership Rewards points for individual card members and as much as 250,000 for business clients. These perks prove the card’s transformation into a lifestyle product delivering status, comfort, and elite access in addition to spending tools.
Additional business-targeted perks will come later this year, building on the series of rollouts of AmEx’s biggest-ever Platinum makeover.
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