Amex plans biggest Platinum card upgrade for Millennials and Gen Z

American Express is making its biggest-ever investment in a card program, signaling a bold move to court younger, high-income customers. On June 16, the company revealed it will be significantly enhancing its Platinum card later this summer or early fall—a move that reflects a calculated strategy to lock in the loyalty of Millennials and Gen Z consumers.

The new wave of perks aims to meet these younger generations “where they are,” both in lifestyle and expectations. Think Coachella, not country clubs; Uber and digital streaming over airline miles alone. “We’ll double down on all the things our cardmembers love now. And we’ll be adding lots of exciting new brands,” said Howard Grosfield, Group President for U.S. Consumer Services.

A Card Reimagined for a New Generation

The Platinum card, which carries a premium $695 annual fee (compared to $550 for Chase Sapphire Reserve), has seen growing traction among younger demographics. Millennials and Gen Zers now make up 75% of new accounts for Amex’s premium Platinum and Gold cards, up from 60% in 2019. These users are not just signing up—they’re spending. Amex reported a 40% year-over-year surge in spending among these groups, with retention rates company-wide holding at an impressive 98%.

This marks a sharp pivot from American Express’s historical focus on affluent Baby Boomers. Since CEO Steve Squeri took the helm in 2018, the company has been steadily repositioning its premium products to appeal to digital-native professionals—young lawyers, bankers, tech workers, and entrepreneurs—who value experiences as much as they value exclusivity.

From Airport Lounges to Wineries and Wellness

What once was a travel-focused card now spans the spectrum of modern luxury and lifestyle. Amex began by enhancing its travel services with a human touch—7,000 personal travel consultants ready to build bespoke itineraries. But the evolution didn’t stop there.

The Platinum card now includes:

• $240 annual credit for digital entertainment, including subscriptions to Disney+, ESPN+, Hulu, the Wall Street Journal, and the New York Times.
• $200 in Uber credits per year, matching the digital ride habits of urban professionals.
• $300 in wellness benefits through Equinox and SoulCycle memberships.
• $100 Saks Fifth Avenue credit, alongside Walmart+ membership, combining luxury and convenience.
• Expanded dining access via Amex’s ownership of restaurant reservation platforms Resy and Tock, with over 27,000 partner restaurants and wineries globally.

Amex’s dining play is especially powerful. Through exclusive reservation access at hard-to-book restaurants and newly integrated winery experiences, the company is betting big on the cultural cachet of fine dining and wine tourism—highly appealing to younger, affluent consumers.

The Bigger Strategy

American Express is not simply chasing trends. It’s betting that a digitally savvy, lifestyle-oriented generation—many of whom shun cash and charge everything—will be a foundational pillar for its future. And so far, the numbers back them up.

Millennial and Gen Z customers are earning and redeeming more rewards than older cohorts. They’re staying loyal, spending more, and carrying strong credit profiles. “These youthful troops,” as Amex describes them, are transforming what premium card membership looks like.

As the company rolls out its most ambitious Platinum refresh ever, it’s sending a clear message: the future of premium finance isn’t just about travel rewards—it’s about lifestyle, access, and personal curation. In short, American Express is reshaping its Platinum brand for a generation that values experiences over possessions, convenience over complexity, and exclusivity on their terms.

With the stakes high and the competition fierce, this next move may well define the next decade of premium credit cards.