Amex Upgrading Platinum Cards To Compete With Rivals: Here’s What’s New

American Express is launching its biggest-ever refresh of its Platinum credit cards, aiming to outshine rivals with new travel, dining, and lifestyle perks.

An American Express Platinum Credit Card on a counter and displayed on a smartphone.

Amex announced the major updates to its US Consumer and Business Platinum Cards in a news release on Monday, June 16.

“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,” said Howard Grosfield, Amex’s US consumer services president. “Platinum Card benefits and services resonate across generations, particularly with Millennial and Gen Z, who accounted for 35% of total US consumer spending last quarter.”

The upgrades come a few days after JPMorgan Chase

teased a refresh

of the very popular Sapphire Reserve card. It launched in 2016, offering a wide variety of travel and dining rewards.

Amex said it’s increasing Platinum card access to more than 1,550 lounges at more than 500 airports worldwide. Three new Centurion Lounges will open soon in Newark, New Jersey, along with Salt Lake City, Utah, and Tokyo, bringing the total to 32 globally.

Dining perks are expanding, too.

Resy, Amex’s restaurant reservation platform, currently covers about 20,000 restaurants in more than 30 countries. That network will grow by 7,000 more venues with Amex’s acquisition of Tock, a booking service for restaurants, wineries, and event spaces.

Travelers will see more choices in luxury vacation stays through Fine Hotels + Resorts and The Hotel Collection, which now includes 2,600 properties. Platinum members will still receive premium benefits like a guaranteed 4 p.m. late check-out at more than 1,600 locations.

The improved Platinum card will also offer enhanced spending tools, virtual cards, rewards on business expenses, and continued access to lounge, hotel, and dining benefits.

“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 said.

Industry experts expect Amex and Chase to raise annual fees as they improve their perks,

CNBC

reported. The Amex Platinum currently carries a $695 annual fee, while the Chase Sapphire Reserve sits at $550.

Amex said it would reveal more details about the Platinum refresh in the fall.