Checking in: The American Express Platinum Card
Prefer to Listen? Hear the latest from our financial services team as they discuss AMEX’s platinum card strategies:
In a 2025 conversation between Fortune and the American Express Chairman and CEO Steve Squeri, it is clear that Amex is laser-focused on capturing Millennials and Gen Z spending. At that time, the Platinum Card underwent a product refresh and repositioning to increase appeal to a new, younger premium card audience.
Today, we are checking in on Amex’s mission…. how are they doing, what success have they had, etc.? According to American Express’ Chairman’s letter to shareholders published on March 25, 2026:
“The new Platinum Cards have exceeded our expectations, driving strong demand and engagement with our new benefits….”
Key Takeaways:
- Demand for premium Card products remain strong globally as Amex added 12.5 million new proprietary cards, with over 70 percent of new accounts acquired on fee-paying products.
- Millennial and Gen Z consumers remain the fastest growing cohorts, representing approximately 65 percent of new consumer account acquisitions globally, and are now contributing the largest share of consumer spending in the U.S. (Read more about their generational wealth transfer.)
- Amex’s premium value propositions resonate particularly well with younger consumers, with approximately 75 percent of new U.S. Consumer Gold and Platinum account acquisitions coming from Millennial and Gen Z customers. I
- The average age of new customers we acquired on the U.S. Consumer Platinum Card® and Gold Card in 2025 is 33 and 29, respectively.
How did Amex do it?
Amex left nothing to chance by pushing their own narrative “How Gen Z made Amex cool…” immediately taking off the table any misunderstanding that Amex Platinum belongs to another (older) generation. At the same time, Amex continues to successfully leverage their brand legacy while rejiggering benefits in relevant categories these new generations are excited about.
Amex views Gen Z as a high-growth, experience-driven demographic that prioritizes dining, wellness, and digital-first luxury. They target the segment by blending premium status with rewards tied to their lifestyle spend from vintage shopping to music festivals and digital subscriptions.
- Amex Made Platinum Relevant
Segment insights drive strategy which leads to value…
| Key Insights | Strategic Thrust | Real World Value |
| Prioritizes dining, travel and exclusive event access | Experiences Over Material Goods…Not traditional lux | Music festival lounges |
| Wants a digital-first approach | Improve app excellence and increase digital partnerships Well-aligned with demographic habits | Streamline app Uber, Resy, Dunkin digital partnerships |
| Exhibits very specific spend affinity and behaviors | Identify high-value spend trends | Independent retail, vintage clothing and camera shops, health/wellness spots |
| Actively will choose a fee-based premium card – Gold or Platinum | Value equation has to pay out for cardmember in order to rationalize the high fee | Lounge access, lifestyle rewards |
It is worth mentioning, the digital-first approach required Amex to relaunch their app around the Platinum refresh to support new user journeys and educate individuals about their benefits. The in-app curriculum, Amex reports, is easy to digest, features one-click enrollment modules that reduce friction. Notably, the app links “Resy and card accounts so that coveted reservations can surface directly inside the Amex app.”
Forbes notes: “the big take-away is Amex helps members discover, enroll, and redeem benefits without effort. Then benefits become habits. Habits become stories. Stories become loyalty.”
- Amex Does the Math…. $895 annual fee unlocks $3500+ in annual value
Research bears out the straightforward fact that a high fee (Amex Platinum Card has the highest in the competitive card set) is ok with prospects and cardmembers if they can rationalize the value derived from using the card. In fact, the research Auriemma Group’s Cardbeat US finds that cardholders hold premium rewards cards to a high standard—and expect the value they deliver to clearly outweigh the price.
Let’s break down how Amex does the math:
Travel benefits represent the largest slice of Amex Platinum value – often covering the annual fee on their own for frequent travelers.
Monthly credits that quietly offset everyday spending – ride-shares, streaming, and more – add up faster than most cardholders realize.
Retail credits you may already be capturing – or leaving on the table every month.
For cardholders who dine out, this single benefit can offset a substantial portion of the annual fee all on its own.
Their card landing page conveniently provides a calculator to “learn how to unlock $3,500+ in annual value.” And the aforementioned Fortune IG reel reinforces what used to be $1500 a year in value is now easily $3500+ realized annually through the new benefits.
- Amex promises….and delivers… “ongoing improvements”
- Improving the dining experience:
- This summer, Tock’s MICHELIN Starred and award-winning restaurants and over 1,200 wineries will become bookable on Resy. More value will be unlocked as 60M Sixty million users will see Tock’s leading features — like tiered and pre-paid experiences — in the Resy app and under the Resy brand. – American Express News Release 2.24.26
- Improving the travel experience:
- Amex Platinum is addressing the overcrowded airport lounge situation – a key perk for both premium and airline cobrand cardholders. They just launched the new “Sidecar by The Centurion Lounge” concept targeting cardmembers with layovers of 90 minutes or less…
- Sidecar by the Centurion Lounge is “….a small, speakeasy-inspired lounge, where eligible Card Members looking for a quick stop can sit and order elevated food and drinks from a menu curated by the award-winning Resy Chefs…this represents American Express’ first expansion of the Centurion Lounge experience into a more intimate format.”- American Express News Release 3.04.26
- Amex Platinum is addressing the overcrowded airport lounge situation – a key perk for both premium and airline cobrand cardholders. They just launched the new “Sidecar by The Centurion Lounge” concept targeting cardmembers with layovers of 90 minutes or less…
What’s Next in Creating Platinum Card Momentum?
Amex executive Lisa Kalhans recently shared how she is driven “to keep differentiation durable when competitors can copy features and match offers quickly.”
The ongoing premium product challenge: “How can we not sell a card or points? How do we deliver membership? How do we create more moments that members feel—and remember?”
“The important nuance here is that Amex isn’t treating experiences as marketing garnish. Experiences are being operationalized as product—integrated into the app, partnered into the ecosystem, and scaled through platforms.” Forbes
The card can only become more than a payment method when it acts as a bridge to aspiration—when it turns “someday” into “we actually did it.”
Overall, Amex’s winning strategy is tied to delivering memorable experiences and an understanding of the “virtuous cycle” where experiences drive emotions that drive usage and more experiences.
