Big: Amex will do a major revamp of the Platinum Card later this year
It seems like 2025 might be turning into the biggest year yet for credit card refreshes.
On Monday, American Express announced that it will be making "major updates" to some of its most beloved and rewarding cards.
The issuer said that The Platinum Card® from American Express and The Business Platinum Card® from American Express will be receiving a full revamp later this year.
Amex is notoriously cagey about making announcements before everything is perfectly buttoned up, so this move might surprise some insiders.
Personally, I think that Amex's announcement might be timed to steal some of the spotlight from Chase, which has similarly announced a full revamp of its popular Chase Sapphire Reserve® card coming this summer.
Chase has taken to social media and has partnered with German model and actress Claudia Schiffer to generate buzz about the upcoming Sapphire Reserve revamp.
Amex's announcement doesn't really contain many details, but it should be enough to get the rumor mill buzzing about what the issuer might be cooking up, and to garner some headlines at a time when Chase seems to be grabbing lots of the attention in the premium credit card market.
There are no official details about what's coming with the Platinum refresh, aside from a "stay tuned" teaser for the updates coming this fall.
It remains to be seen whether Amex will continue adding statement credits for various partners or pursue an entirely new direction. It's likely there will be changes tailored for millennial and Generation Z segments, which Amex says accounted for 35% of its total U.S.-based consumer spending last quarter. Hopefully, the issuer also doesn't take this opportunity to increase the annual fee by much.
"We're going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers," Howard Grosfield, Amex's president of U.S. consumer services, said in a statement.
Back in 2021, Amex refreshed the Platinum Card with a slew of new credits and benefits and a heftier $695 annual fee (see rates and fees), but many of these credits carry cumbersome terms and conditions, such as limited redemption periods and 30-day expirations. This has led to the Platinum Card getting the "coupon book" moniker, something that Chase and Capital One have done a good job of avoiding up to this point.
Capital One offers the Capital One Venture X Rewards Credit Card as its most premium credit card. While its $395 annual fee sits far below the $550 Sapphire Reserve (though that's likely to be updated in the coming weeks) and the $695 Platinum Card, it includes several similar perks, such as lounge access and travel credits.
In fact, Capital One just gave the Venture X a big update with a major crackdown on lounge access for authorized users and guests.
Of all the major issuers, Amex was the first to the market with a premium card. The Platinum Card launched more than 40 years ago, well before the Sapphire Reserve or the Venture X. Amex was also the first to enter the airport lounge game, and it's poised to open three new Centurion Lounge locations within the next year, bringing its portfolio to a whopping 32 outposts.
All in all, it's an exciting time to be in the market for a new premium credit card. Be sure to stay tuned to TPG for the latest.
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For rates and fees of the American Express Platinum, click here.