Amex CEO Steve Squeri wants more high-spending millennials and Gen Zers to join his company’s upper-echelon ranks. And he’s starting to give hints of just how exactly he plans to lure more of them to the fold, announcing on June 16 that the company will implement a big upgrade late this summer or in the early fall to its Platinum card. The company says this will be its biggest investment ever in a card program. “We’ll see two areas of investments,” adds 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.”
Amex has positioned the Platinum card as the most expensive in its class at $695 a year. (Chase Sapphire at a comparable level costs $550.) But as Grosfield points out, the millennials and Gen Z crowd believe they’re reaping value well beyond the annual price of entry. The proof: The groups covering the mid-twenties to mid-forties age spectrum now make up 75% of Amex’s new accounts acquired on its two premium cards, Platinum and Gold, for 2024, up from 60% in 2019. The number of Gen Z consumer card members grew 40% in Q1 2025 versus Q1 2024, yet the credit record for the two demographics proved better than the industry average. Last quarter alone, millennials and Gen Zers accounted for 35% of total U.S. consumer spending on Amex. The fast-rising numbers signing on at $695 helped increase net card fee revenue last year by 18%. These youthful troops, says Amex, are proving extremely loyal. The company doesn’t disclose quit rates by category, but avows that its all-in retention figure stands at 98%.
