Premium Card Competition Heats Up with American Express Increasing the Level of Contention
American Express has announced an exciting upgrade to its U.S. Consumer and Business Platinum Cards, aiming to deepen member loyalty and stay ahead of rivals in the competitive market.
At the helm of American Express' Global Commercial Services organization is Raymond Joabar, the Group President. Mr. Joabar oversees the company's U.S. small and medium enterprise and global commercial card portfolios, B2B payments, working capital, and spend management businesses, as well as the global business services and global customer service organizations.
According to Mr. Joabar, customers want more rewards and efficient business tools. This sentiment is shared by Karen Webster, CEO of an unspecified organization, who is a leading expert in payments innovation and the digital economy. Together, they framed the Platinum refresh as part of a broader financial ecosystem.
The new Platinum Cards offer more than $3,500 in annual value, backed by an $895 annual fee. For U.S. Consumer Platinum Card Members, additions include $600 in annual hotel credits, a $400 Resy dining credit, a $300 digital entertainment credit, a $300 lululemon credit, and credits with Uber One.
Travel benefits, such as access to airport lounges, remain central to both American Express' consumer and business card offerings. The company now offers access to more than 1,550 airport lounges worldwide, with new Centurion Lounge locations planned for Salt Lake City, Newark, and Amsterdam.
The Business Platinum Card also offers $600 hotel credit, up to $1,150 in Dell Technologies credits, a $250 Adobe credit, and the potential for an additional $3,600 in statement credits after significant annual spending. Members of the Business Platinum Card now receive double Membership Reward points on key business categories and on individual purchases over $5,000.
American Express is also developing new tools for business expense management, following its acquisition of Center. This move is expected to further enhance the value proposition of the Platinum Cards for businesses.
Karen Webster, the author of the NEXT newsletter and a co-founder of Market Platform Dynamics, specializes in driving and monetizing innovation across industries. She advises multinational companies and sits on boards of emerging AI, healthtech, and real-time payments firms.
Joabar, with his extensive experience overseeing American Express' global customer service operations for consumers, commercial clients, and merchants, is well-positioned to lead the company in delivering these upgraded offerings to its customers.
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