American Express Hike on Card Updates

American Express (NYSE: AXP) shares enjoyed strong gains Monday, on word of 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 than 40 years ago, we introduced the Platinum Card, and we continue to offer Platinum Cards with global servicing, unique benefits and experiences that our Card Members love,” said Howard Grosfield, Group President, U.S. Consumer Services. “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. 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.”With more airport lounge options than any other credit card issuer on the market*,American Express offers access to over 1,550 lounges in more than 500 airports around the world and is opening three new Centurion Lounges globally in the next year — Newark, New Jersey; Salt Lake City, Utah; and Tokyo, Japan — bringing the total number of Centurion Lounges to 32.AXP shares began the day and the week up $4.54, or 1.6%, to $292.32.