American Express announced today a comprehensive revamp of both its U.S. Consumer and Business Platinum Cards, marking what the company describes as its “largest investment ever” in a card refresh. Slated for rollout later this year, the updates are intended to elevate benefits across travel, dining, lifestyle categories, and even redesign the card's aesthetic. Howard Grosfield, Group President of U.S. Consumer Services, emphasized how these premium offerings must evolve to meet shifting consumer preferences—especially among Millennials and Gen Z, who made up about 35% of U.S. consumer spending on Platinum Cards in the last quarter.

American Express already offers access to over 1,550 lounges worldwide. The company will open three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, bringing the total to 32 lounges. The enhancements aim to reinforce AmEx’s positioning at the top of the premium travel lounge landscape. The Resy reservation network now includes access to more than 20,000 restaurants across 30+ countries. Following its acquisition of Tock, which adds 7,000 restaurants and venues, AmEx will integrate these into the Platinum Card benefits. Hotel perks will also see expansions, indicating more curated experiences and partnerships.

A recent Investopedia analysis notes that while cash back is favored by 70% of U.S. consumers, 52% of premium cardholders still prioritize reward points—a category where Platinum excels. With rivals like Chase’s Sapphire Reserve reportedly planning fee hikes and new business card versions, AmEx’s move may be a strategic effort to retain its lead. Though the announcement didn’t specify fee adjustments, industry observers expect the annual fee could rise—potentially to $895–$995—to offset the added perks. Analysts also suggest AmEx may increase welcome bonuses (from 80K MR points currently to 100–125K MR on the consumer card, and from 150K to 175–200K MR on the business version).

Full details are expected in the fall of 2025 across official channels and the American Express app and website, which consistently rank #1 in J.D. Power customer satisfaction studies. American Express is gearing up for a bold reinvention of its flagship Platinum Cards—both in perks and design. With stronger travel lounge expansion, enhanced dining and hotel benefits, and competitive positioning in sight, this update aims to solidify the Platinum’s dominance in the premium rewards space. Cardholders should monitor fall announcements for new benefits and any attendant fee increases.