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AmEx targets Gen Z with card refresh noting the cohort’s spending growing at a swift clip and their tendency to revolve balances less often

June 17, 2025 //  by Finnovate

American Express is announcing major updates coming to its U.S. Consumer and Business Platinum Cards® later this year. With these updates, the company is making its largest investment ever in a Card refresh. More information will be released this fall. “Platinum Card benefits and services resonate across generations, particularly with Millennial and Gen Z who accounted for 35% of total U.S. consumer spending last quarter,” Howard Grosfield, group president for U.S. consumer services at American Express (Amex), said. “We’re going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers,” Grosfield added. “Our millennial and Gen Zs are performing significantly better both from a FICO perspective and from a delinquency perspective than the industry,” American Express Chairman and CEO Stephen Squeri said. While these younger consumers tend to spend about 20% less overall than older generations, their spending is growing at a swift clip, especially in international markets, with the company reporting a 22% year-over-year jump in overseas spending. Amex also noted that younger consumers tend to revolve balances less often, though that trend does not appear to be hurting revenue.

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