American Express has significant updates in the pipeline for its Platinum credit cards.
The company’s U.S. consumer and business Platinum Cards are slated to get “major” updates “later this year,” American Express said.
American Express executive Howard Grosfield said Monday in a statement that the company is “going to take these Cards to the next 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.”
American Express touted the airport lounge access as well as the dining and hotel benefits that the well-known credit card already provides its Platinum cardholders while revealing its plans to make updates.
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The company has offered the Consumer Platinum Card in the U.S. since 1984 and has given it various refreshes over the years.
The new updates in the pipeline for American Express Consumer and Business Platinum credit cards will mark the company’s “largest investment ever in a Card refresh,” per the company.
Those who hold the Business Platinum Card can expect “more benefits they can use to help their companies grow” from the upcoming refresh, American Express said.
American Express Business Platinum Card holders already have a “flexible spending limit that adapts based on purchase, payment and credit history, business and travel benefits, rich rewards on business expenses, virtual cards and access to cashflow management tools,” as well as dining, lounge and hotel benefits, according to the company.
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American Express isn’t the only credit card issuer that has updates in the works for its high-end card.
JPMorgan Chase-owned Chase said on social media last week that “rewards are about to get more rewarding” for its Chase Sapphire Reserve credit card this summer.
The Chase Sapphire Reserve card first made its debut in 2016.
Another social media post from Chase last week hinted at the launch of a Chase Sapphire Reserve credit card for businesses.
The American Express Platinum Card and the Chase Sapphire Reserve Card are popular among consumers.
The latter received the No. 3 spot for customer satisfaction among U.S. bank rewards credit cards that carry annual fees in a J.D. Power study released in the fall of last year.
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Meanwhile, the American Express Platinum Card placed one spot behind it in that category, at No. 4, according to the study.
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