American Express Plans Major Platinum Card Updates, Expands Centurion Lounges

American Express is planning a major refresh of its U.S. Consumer and Business Platinum Cards later this year, marking its largest investment ever in a card update. The enhancements will focus on travel, dining, and lifestyle benefits, along with a redesign of the cards themselves, aiming to appeal especially to Millennial and Gen Z customers who now account for a significant share of spending. Notable additions include the opening of three new Centurion Lounges globally and an expansion of hotel and dining partnerships, with an emphasis on unique experiences. This move follows JPMorgan Chase's announcement of an imminent refresh to its Sapphire Reserve card, intensifying competition in the premium credit card market where annual fees are expected to rise alongside expanded perks. While analysts see the potential for American Express to increase market share and customer loyalty, some caution remains about the stock's valuation and the success of implementing these updates. Overall, American Express aims to deliver enhanced value that justifies the high annual fees and appeals to evolving consumer preferences.