Big: Amex will make a major revamp of the platinum card later this year

For credit card refresh, 2025 seems to be turning into its biggest year.

On Monday, American Express announced it would make a “big update” to one of its most popular and meaningful cards.

The issuer said PlatinumCard® from American Express and BusinessPlatinumCard® from American Express will receive full modifications later this year.

Amex is well known to have an announcement before everything is perfect for buttons, so the move may surprise some insiders.

Personally, I think Amex’s announcement may steal some of Chase’s concerns regularly, which also announced a full revamp of its popular SapphireReserve® card this summer.

Chase has been on social media and has collaborated with German actress Claudia Schiffer, causing a buzz in the upcoming sapphire reserve reform.

Amex didn’t really include a lot of details before the announcement, but it should be enough to buzz the rumor mill as issuers might be cooking something and got some headlines at a time when Chase seemed to get a lot of attention in the premium credit card market.

Apart from the upcoming update this fall, there are no official details about the platinum refresh, except for the trailer for “stay tuned”.

Whether AMEX will continue to add declared credits to various partners or pursue a completely new direction remains to be seen. It could tailor changes to millennials and Gen Z breakdowns, Amex said last quarter accounted for 35% of its total U.S.-based consumer spending. Hopefully, the issuer will not take this opportunity to increase the annual fee.

“We will take these cards to the next level, not only what we offer in terms of travel, dining and lifestyle benefits, but how they look and feel to meet the evolving needs of our customers,” Howard Grosfield, president of American Express America Consumer Services, said in a statement.

Back in 2021, Amex comes with a new range of points and benefits along with a higher $695 annual fee (see rates and fees), but many of these credits come with cumbersome terms and conditions, such as limited redemption periods and 30-day expiration. This led to Platinum Cards getting the nickname of “coupons”, something Chase and Capital One did well to avoid this.

Capital One offers Capital One Venture X Rewards Credit Card as its best credit card. While its $395 annual fee is well below the $550 sapphire reserve (though it may be updated in the coming weeks) and a $695 platinum card, it includes several similar perks, such as lounge access and travel credit.

In fact, Capital One just provides a major update for X and provides authorized users and guests with a significant closure of lounge access.

Of all major issuers, Amex is the first person to come to the market with a premium card. The Platinum Card was launched more than 40 years ago, just before the Sapphire Reserve or Venture X. Amex is also the first to enter the airport lounge game and is preparing to open three new Centurion lounge locations within next year, bringing its portfolio to a radiant 32 outpost.

All in all, this is an exciting time in the new premium credit card market. Be sure to keep following TPG for the latest information.

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For American Express Platinum rates and fees, click here.