Core Insights - American Express is refreshing its Platinum Card and Business Platinum Card to attract Gen Z consumers, who have shown a 40% year-over-year increase in cardholders [2][4] - The refresh aims to enhance loyalty by adding benefits that resonate with cardmembers, particularly in travel, business, and dining [2][4] - The company views Gen Z as long-term customers, with a strategy to retain them as they age and their financial needs evolve [4] Group 1: New Benefits and Features - The refresh will include expanded dining benefits through the acquisition of Tock, adding 7,000 new dining experiences to the existing offerings [6] - American Express plans to open three new Centurion Lounges in Newark, Salt Lake City, and Tokyo, increasing the total to 32 lounges globally [6] - The Business Platinum Card will also see a refresh, focusing on benefits that support business growth, although specific details were not disclosed [2][4] Group 2: Financial Aspects and Customer Insights - The annual fee for both the Platinum and Business Platinum Cards is $895, which Gen Z consumers are willing to pay due to the perceived value of the experiences offered [3][8] - The welcome offer for the Platinum Card includes up to 175,000 Membership Rewards Points after spending $8,000 in the first 6 months, while the Business Platinum offers 200,000 points after spending $20,000 in the first 3 months [8][13] - American Express emphasizes a high retention rate of 98%, indicating strong customer loyalty and the potential for long-term value from Gen Z cardholders [4]