What was changed
When Stephen Squeri became American Express CEO in February 2018, Fortune says, the company had been through a crisis: its largest partnership, the Costco card (about 8% of worldwide business), had gone to Citi, and the Chase Sapphire Reserve card launched in mid-2016 was threatening the Platinum Card. Squeri had earlier led a cost restructuring that took out more than a billion dollars in operating expenses and put the savings back into new products.
His strategy reversed the long-standing industry habit of starting people on cheap cards and upgrading them later. He bet that affluent millennials and Gen Z would pay for premium products if the perks were right, and pledged a "revenue first" company. Amex sharply raised its marketing spend aimed at that group, added Uber benefits for Platinum cardholders, expanded the Centurion Lounge network and bought the Resy reservation platform, with dining credits for Platinum and Gold holders.
In September 2025 Amex refreshed the Platinum Card, raising the annual fee from $695 to $895 while adding perks that Squeri says are worth about $1,500 more a year, including credits for Resy, Uber One and hotel stays. Per Fortune, new U.S. Platinum account acquisitions doubled in the three weeks after the refresh, and retention has stayed high despite the higher fee; Amex describes it as its most successful relaunch.
What it achieved
Fortune reports total shareholder returns of 16.6% a year since 2018 and, after the 2025 Platinum refresh, U.S. Platinum new accounts doubling in three weeks.
Why it worked
The Costco loss and the Chase Sapphire Reserve launch exposed Amex's reliance on older products and partners.
Squeri judged that educated young consumers love luxury and value, and will pay for it if the benefits are tangible.
He took the idea from watching his own daughters and their friends choose lounge access and credits over points.
A "revenue first" mandate and a bigger marketing budget pointed the whole company at the premium young segment.
What can be applied
Instead of starting customers cheap and upgrading them, charge a high fee up front to a young, affluent segment and make the perks worth more than the fee.
Aftermath
Fortune says Amex has posted the highest returns among the largest U.S. commercial banks and payment providers since 2018, with total yearly returns of 16.6%, beating peers apart from Goldman Sachs. It notes that the COVID shutdown briefly made Platinum's travel-heavy benefits irrelevant, and that the open challenge is keeping millennials and Gen Z cardholders happy in an uncertain economy. The refresh results are company statements as reported by Fortune.
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