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During the American Express second quarter earnings call, CEO Steve Squeri discussed the Platinum Card® from American Express, its new benefits, and the increase in its annual fee from $550 to $695 (See rates and fees).
He suggested that,
- The last Platinum card refresh “doubled the customer base” for the product. The first two weeks of data after the refresh this time “outpaced…expectations” and they expect the performance of this refresh “will be no different” than the last one. I had no idea it was so effective.
- They’ve also moved to attract a younger demographic (more years of lifetime cardmembership and spend to feed into the model), which they succeeded at with the last refresh and seems to be consistent with adding a digital content rebate and Equinox credit.
- That’s also consistent with their reporting that pandemic habits and preferences continuing to be reflected in consumer spend.
American Express isn’t stopping with a Platinum card refresh. Squeri says they’ll “be refreshing other products and rolling out new digital capabilities for both consumer and commercial customers throughout the remainder of the year and beyond.”