What Does American Express Platinum Card Refresh Look Like? – American Express (NYSE:AXP)
American Express Company‘s AXP refreshed Platinum card has drawn mixed reactions from existing customers but appears promising in attracting new ones, according to a survey of 250 affluent consumers.
Truist Securities analyst Brian Foran stated that the consumer poll revealed that 27% of current Platinum holders were optimistic about the changes, 35% were neutral, and 25% were negative.
Despite a higher $895 annual fee, resistance was muted, with 68% of respondents indicating they would renew, 20% undecided, and only 12% considering cancellation.
The analyst reiterated a Buy rating and $375 price forecast on American Express.
Also Read: Amex Bets Big On Premium Segment, Unveils $3,500 Perks For Platinum Cards While Raising Annual Fee.
Survey Results
In Truist’s survey, the Resy dining credit emerged as the top-rated perk with a score of 69, edging out airport lounge access at 68. The hotel credit followed with 66, while streaming and Lululemon benefits scored lower.
The Membership Rewards program received a score of 63, indicating room for improvement in enhancing the value and ease of redemption.
Foran noted widespread frustration with what customers described as “digital coupon book” fatigue. 94% of Platinum holders and nearly all other Amex card users found the structure cumbersome.
However, most said the benefits were still worth the effort.
Lounge crowding also remained an issue, with 58% saying conditions had not improved despite Amex limiting access and adding new locations.
The refresh could support growth, with 56% of high-end cardholders without Platinum saying they were more likely to apply.
Truist expects American Express to deliver 2026 earnings of $17.40 per share, applying a 21.5 times multiple to reach its $375 price forecast.
The brokerage said risks include rising marketing and technology costs outpacing revenue and potential credit deterioration in a weaker economy.
Latest Earnings
In July, American Express reported that the second-quarter adjusted earnings per share rose to $4.08, topping analysts’ consensus estimate of $3.87, according to LSEG data.
Revenue, net of interest expense, increased 9% year-on-year to $17.86 billion, beating expectations of $17.71 billion.
The company reaffirmed its 2025 revenue outlook of $71.22 billion to $72.54 billion, representing 8% to 10% growth, broadly in line with the consensus of $71.31 billion. It also maintained its full-year earnings forecast of $15.00 to $15.50 per share, compared with analysts’ estimate of $15.23.
AXP Price Action: American Express shares were down 0.04% during regular trading and unchanged 0.00% in after-hours trading on Monday. The stock is trading near its 52-week high of $344.36, according to Benzinga Pro data.
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