AMERICAN Express announced it will offer new perks for its platinum cards.
The benefits are new – expanding on previous perks introduced since the cards were rolled out over 40 years ago.
GettyAmerican Express is teasing new perks for its platinum card[/caption]The changes coming this year are part of its “largest investment ever in a card refresh,” the company said in a statement.
That means it’s the first change of this size.
However, some details remain unclear.
WHAT WE KNOW
American Express said its major updates will hit US consumer and business platinum cards later this year.
“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,” US Customer Services Group President Howard Grosfield said in a statement.
“We’ll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee,” he told CNBC.
So far, the company has revealed that its expanding platinum users’ access to lounges, hotels and restaurants around the world.
That includes the opening of three new Centurion Lounges — the company’s high-end airport lounge chain.
Each lounge has fresh food and cocktails, as well as other perks.
Soon, AmEx will open locations in Newark, New Jersey, Salt Lake City, Utah, and Tokyo, Japan.
They will bring the total number of Centurion Lounges to 32, though the company claims over 1,500 airport lounges globally.
AmEx is also expanding cardholders’ access to restaurant and venue reservations by about 7,000 locations.
That’s thanks to a 2024 acquisition of Tock, a reservation platform.
Hotels partnering with AmEx, which offer extra benefits to platinum card holders, are also becoming more common.
The card company’s collection of hotels is adding “hundreds of new properties in popular destinations,” the announcement said, though the timeline was unclear.
The company also hinted that it will make specific benefit changes for its business platinum card holders.
More updates are expected in the fall.
CARD SPAR
American Express made its announcement shortly after rival Chase launched a perks refresh.
JPMorgan Chase recently announced it would update its Chase Sapphire perks.
The added perks may come with higher fees, experts told CNBC.
It’s unclear how far each company will go to out-compete the other with perks.
Americans can get $250 from American Express thanks to an offer by the company.
Teens can claim a $100 bonus for signing up with a Chase card – but only for a limited time.
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