American Express Refreshes Platinum Cards for Gen Z: New Lounge Access and Dining Perks

American Express (AXP) is making a strategic move to refresh its Platinum Card® and Business Platinum Card® later this year, aiming to make these premium travel cards more appealing to the company's fast-growing cohort of Gen Z consumers. According to Howard Grosfield, Group President of U.S. Consumer Services at American Express, the refresh is part of a larger strategy to build loyalty to the cards by adding benefits that are highly valued by cardmembers.

One of the key updates is the addition of three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, bringing the total number of global Centurion Lounges to 32. These premium airport lounges will offer cardholders a comfortable and exclusive space to relax and unwind before their flights.

In addition to the new lounges, American Express is also expanding its dining benefits. The company's 2024 acquisition of reservation platform Tock will add 7,000 new dining experiences to its existing 20,000+ Resy offerings, including a sizable portfolio of wineries. This expansion will give cardholders priority access to more tables in partner establishments, making it easier for them to enjoy fine dining experiences.

While the future Platinum update is intended to appeal to Gen Z—the oldest of whom are in their late 20s—Grosfield believes there’s a built-in progression through Amex’s product portfolio as Gen Z ages. The company hopes that claiming a share of Gen Z’s wallet early in their adult lives will make these young cardholders more likely to turn to Amex products as their financial needs evolve.

The Amex Platinum Card has a high annual fee of $695, but its many perks and benefits can far offset the yearly cost. The card offers 5x points for flights booked directly with airlines or with American Express Travel® (up to $500,000 per calendar year), 5x points on prepaid hotels booked with American Express Travel, and 1x points on all other purchases. Cardholders can also get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings with American Express Travel (requires a minimum two-night stay), up to $199 in statement credits per calendar year after paying for CLEAR Plus Membership with the Platinum Card, and up to $200 in Uber savings annually on rides in the U.S.

The Amex Business Platinum Card also has a high annual fee of $695 but shares some of the personal version’s best features, such as extensive airport lounge access, while providing additional benefits for business owners. It offers 5x Membership Rewards points on flights, prepaid hotels, short-term rentals, and prepaid flight + hotel packages on AmexTravel.com, 1.5x points on eligible purchases at U.S. construction material and hardware suppliers; electronic goods retailers; software and cloud system providers; shipping providers; and on purchases of $5,000 or more everywhere else (up to $2 million of these purchases per calendar year), and 1x points for each dollar you spend on eligible purchases. Cardholders can also get up to $200 in statement credits per calendar year for incidental fees charged by one qualifying airline to your card and earn over $1,000 in annual statement credits on select business purchases in the first year of membership (enrollment required).