*amex platinum* was the first true premium travel credit card, the king of all things travel. But as the bank has added a laundry list of benefits and statement credits that cover streaming platforms and gym memberships over the years, longtime cardholders have derided it as a “metal coupon book” and a “lifestyle credit card.”

Now, American Express’s own CEO is saying it himself.

“The Platinum Card, while it’s morphing into more of a lifestyle card, overall, still has heavy travel benefits to it,” CEO Steve Squeri told investors Friday. 

Yes, it still has plenty of travel benefits: Annual credits for airline fees, luxury hotels, and CLEAR® Plus as well as unbeatable airport lounge access. But referring to the Amex Platinum as a “lifestyle card” alone is a sharp turn for a card that has been practically synonymous with travel for the last few decades. 

That won’t come as a shock to long-time card members. Over the years, Amex has added a slew of statement credits and benefits that have nothing to do with travel as a way to justify charging higher annual fees. Just take a look at what’s currently offered: 

• Up to $240 per year in statement credits for digital entertainment platforms like Hulu, Peacock, The Wall Street Journal, and more
• Up to $100 per year in statement credits for purchases at Saks Fifth Avenue
• Up to $12.95 per month in statement credits for a Walmart+ subscription
• Up to $300 per year in statement credits for purchases at Equinox
• Up to $200 per year in Uber Cash

That’s up to almost $1,000 per year in statement credits … and none of it is related to travel! While the Amex Platinum does still offer travel related perks like Centurion Lounge and Delta Sky Club access, an annual airline fee credit, and 5x points on airfare purchases made directly with the airline (or through Amex Travel), these “lifestyle” perks and credits  now drastically outweigh its travel benefits.

This shift is all a part of Amex’s broader push to win over the wallets of millennial and Gen Z customers – and Amex’s data shows it’s working.

Amex knows the younger crowd spends more on dining than anything else. That’s why the recently revamped *amex gold* doubled down on dining with a new Resy credit and Dunkin’ credit, in addition to its existing dining-related credits and earning 4x points at restaurants worldwide (on up to $50,000 per year). 

Longtime Amex cardholders may loathe them, but these so-called “product refreshes” are a critical piece of Amex’s overarching strategy to acquire new customers and boost profits.

The bank previously announced its plan to refresh 40 cards (globally – not just in the U.S.) in 2024. Squeri said Friday that they’ve already surpassed that target … and still have several more in the pipeline before year’s end. He didn’t tip his hand as to what cards might be next – or whether any of them are U.S. Amex cards.

“We continue to focus on that,” he said. “What we know is that our fee-paying cardmembers are our most engaged cardholders that we have. We want them to use the benefits and services.”

That last comment may ring hollow for many travelers, since many new Amex card benefits seem to be designed specifically to be virtually impossible for the average consumer to fully use. With use-them-or-lose-them credits broken up into monthly, quarterly, or semi-annual chunks, does Amex really want us to use them? Or are they betting we’ll forget … or simply give up? 

Related reading: Amex Card Benefits & Credits Are Out of Control

It’s anyone’s guess which cards are next on Amex’s hit list. But with *biz platinum* set to lose two big credits starting next year, it wouldn’t be shocking to see this card get a new look … and a higher annual fee.

Another round of massive changes (and a higher price tag) on the flagship *amex platinum* wouldn’t surprise us, either. It’s been more than three years since that card was last overhauled back in the summer of 2021, turning it into the “lifestyle card” we know today complete with a $695 annual fee (see rates & fees).

Finally, there’s the oft-forgotten American Express® Green Card. With Amex recently killing off the LoungeBuddy app, one of the Green Card’s top perks is no more. Something will surely have to replace that unless Amex plans to cut this card altogether. 

Bottom Line

Amex and its Platinum Card were once synonymous with travel. But over the years, the perks and benefits that comes with Amex cards have shifted.

For perhaps the first time, we’re hearing Amex’s own CEO admit that what was once the top dog of all travel cards has become more of a lifestyle card than anything.