Amex Platinum Card: How American Express Is Winning Over Millennials and Gen Z in 2025

The Amex Platinum Card is undergoing a bold transformation aimed at capturing the loyalty of high-spending Millennials and Gen Z consumers. On June 16, American Express CEO Steve Squeri revealed that the company will launch its biggest upgrade ever to the Platinum Card in late summer or early fall 2025. This strategic move marks a major investment into the future of the brand—and a calculated attempt to attract a younger, digitally-savvy, and experience-hungry generation.

A Vision for Growth

“We’ll see two areas of investments,” says Howard Grosfield, Group President for U.S. Consumer Services. “We’ll double down on all the things our cardmembers love now. And we’ll be adding lots of exciting new brands.”

At $695 per year, the Amex Platinum Card remains the most premium product in its class. Despite the hefty fee, Millennials and Gen Z members are signing up at record rates. In fact, these groups now account for 75% of all new premium card accounts (Platinum and Gold) in 2024—up from 60% in 2019. Even more impressively, Gen Z membership grew 40% in Q1 2025 compared to the previous year.

Loyalty and Revenue on the Rise

Amex reports that this demographic is not only spending more but also staying loyal. The company boasts a 98% retention rate across its premium cards. In Q1 2025, Millennials and Gen Z made up 35% of U.S. consumer spending, and their activity helped push net card fee revenue up by 18% in the last year alone.

The 2021 Strategy That Paid Off
Squeri’s pivot began in 2021 when he identified younger consumers—specifically Millennials (ages 29–44) and Gen Z (20-somethings)—as the company’s growth engine. He aimed to serve a high-income, excellent-credit demographic that doesn’t use cash and thrives in digital ecosystems.

To cater to this shift, the Amex Platinum Card expanded its perks far beyond traditional travel benefits. New features were introduced that reflected a younger, more active lifestyle—from fitness and wellness to entertainment and luxury shopping.

A Lifestyle Card for Digital Natives

Younger cardmembers wanted more than just airfare points and lounge access—they wanted value across every aspect of their lives. Amex responded by introducing:

• $240 in annual digital entertainment credits (for services like The Wall Street Journal, Disney+, Hulu, and ESPN+)
• $200 in Uber credits annually
• $300 in fitness credits for Equinox and SoulCycle memberships
• $100 Saks Fifth Avenue credit
• Walmart+ membership for fuel savings and easier returns

Travel planning also got an upgrade. The Amex Platinum Card now provides access to 7,000+ personal travel consultants who can customize luxury getaways or book one-of-a-kind events like private concerts and exclusive experiences.

Resy and Tock: Dining Access Redefined

Dining has become a key battleground, and Amex is leading it. In 2018, the company acquired Resy, a reservation platform that gives Platinum cardholders access to exclusive bookings at in-demand restaurants. In 2024, Amex acquired Tock, expanding access to 7,000+ new venues, including wineries across Napa and Europe.

According to Grosfield, “We’re the only credit card operator with our own restaurant reservations platform.”

These partnerships mean cardholders can book top tables worldwide with just a few taps—an irresistible feature for digitally-driven foodies.

Travel Benefits Continue to Dominate

The Amex Platinum Card still excels at travel rewards, offering:

• 5x points on flights and hotels booked through Amex Travel
• Access to over 1,500 airport lounges worldwide
• Hotel perks like early check-in, room upgrades, and dining credits

And more is on the way: three new Centurion Lounges will open in Newark, Salt Lake City, and Tokyo in 2025.

What’s Next for the Amex Platinum Card in 2025?

With this refresh, Amex is likely to enhance lifestyle and travel perks even further. While the exact upgrades haven’t been fully disclosed, insiders hint at:

• New elite partnerships in luxury retail and travel
• Bespoke concierge experiences
• Expanded AI-powered app features for booking services and managing rewards
• Potential increase in the annual fee—possibly approaching $995

Amex is betting big that the added value will more than justify any fee hike—and that Millennials and Gen Z will gladly pay for an elite lifestyle.

Final Thoughts: Is the Amex Platinum Card Worth It?

For high-income digital natives who want elite access to dining, travel, shopping, and wellness, the Amex Platinum Card offers a compelling mix of perks. While the annual fee remains steep, the benefits far exceed the cost for those who use them wisely.

If you’re a Millennial or Gen Z professional who lives online, travels frequently, and enjoys luxury conveniences, the 2025 refresh may make the Amex Platinum Card your best lifestyle investment yet.