Latest news with #HowardGrosfield
Globe and Mail
2 days ago
- Business
- Globe and Mail
Why American Express Stock Bumped Higher on Monday
With news of upcoming changes to its most popular product, American Express (NYSE: AXP) was a winner on the stock market as the trading week began. The company's shares increased more than 2% in value on Monday, more than double the 0.9% percentage gain of the S&P 500 (SNPINDEX: ^GSPC). Polishing the Platinum Before market open, AmEx announced a series of major updates to its premium Platinum Card, a bonus-packed card that is its No. 1 product. The catch is, that won't occur right away. AmEx said in a fairly brief press release that more details would be forthcoming in the fall. It did not provide more detail. In fact, detail was quite sparse in the press release. The payment card giant didn't get specific at all regarding changes and adjustments to its popular Member Rewards program. It only went as far as to quote its group president of U.S. consumer services Howard Grosfield as saying, "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." The power of perks AmEx did, however, offer a few clues within its communication. In the travel sphere, it boasted that qualifying card "members" can potentially access more than 1,550 airport lounges throughout the world. More are on the way; the company said it will open its Centurion Lounges in airports located in Newark, New Jersey; Salt Lake City, Utah; and across the Pacific Ocean in Tokyo. It's likely the company will spruce up at least a few existing lounges, too. Management also touted AmEx's continued investment in dining and hotel options, so we can imagine the company boosting these offerings for cardholders as well. The credit card space is becoming ever more competitive, with issuers scrambling to offer more and better perks. This is AmEx's wheelhouse, and as the master of perks, it's comforting to see the company still considers them a priority. Should you invest $1,000 in American Express right now? Before you buy stock in American Express, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and American Express wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $653,702!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $870,207!* Now, it's worth noting Stock Advisor 's total average return is988% — a market-crushing outperformance compared to172%for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of June 9, 2025
New York Post
3 days ago
- Business
- New York Post
American Express has ‘major' refresh in the pipeline for its exclusive platinum cardholders
American Express has significant updates in the pipeline for its Platinum credit cards. The company's U.S. consumer and business Platinum Cards are slated to get 'major' updates 'later this year,' American Express said. Advertisement American Express executive Howard Grosfield said Monday in a statement that the company is 'going to take these Cards to the next 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.' American Express touted the airport lounge access as well as the dining and hotel benefits that the well-known credit card already provides its Platinum cardholders, while revealing its plans to make updates. The company has offered the Consumer Platinum Card in the U.S. since 1984 and has given it various refreshes over the years. The new updates in the pipeline for American Express Consumer and Business Platinum credit cards will mark the company's 'largest investment ever in a Card refresh,' per the company. Advertisement 4 GM Photography – Those who hold the Business Platinum Card can expect 'more benefits they can use to help their companies grow' from the upcoming refresh, American Express said. American Express American Express Business Platinum Card holders already have a 'flexible spending limit that adapts based on purchase, payment and credit history, business and travel benefits, rich rewards on business expenses, virtual cards and access to cashflow management tools,' as well as dining, lounge and hotel benefits, according to the company. American Express isn't the only credit card issuer that has updates in the works for its high-end card. Advertisement 4 American Express executive Howard Grosfield said in a statement that the company is 'going to take these Cards to the next 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.' GC Images JPMorgan Chase-owned Chase said on social media last week that 'rewards are about to get more rewarding' for its Chase Sapphire Reserve credit card this summer. The Chase Sapphire Reserve card first made its debut in 2016. Another social media post from Chase last week hinted at the launch of a Chase Sapphire Reserve credit card for businesses. JPMorgan Chase Advertisement The American Express Platinum Card and the Chase Sapphire Reserve Card are popular among consumers. 4 JPMorgan Chase-owned Chase said on social media last week that 'rewards are about to get more rewarding' for its Chase Sapphire Reserve credit card this summer. Christopher Sadowski 4 The American Express Platinum Card and the Chase Sapphire Reserve Card are popular among consumers. SockaGPhoto – The latter received the No. 3 spot for customer satisfaction among U.S. bank rewards credit cards that carry annual fees in a J.D. Power study released in the fall of last year. Meanwhile, the American Express Platinum Card placed one spot behind it in that category, at No. 4, according to the study.
Time of India
3 days ago
- Business
- Time of India
Sapphire Reserve: Amex, JPMorgan Chase tease major updates amid intensifying credit card battle
Sapphire Reserve, Amex rivalry Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Chase Sapphire Reserve is getting a major update and it's coming at a higher cost which includes a higher annual fee of $795. Chase is also launching the Chase Sapphire Reserve for Business card as a premium luxury business travel card, reports Bloomberg as part of an overhaul marking the biggest US bank's latest volley in the ultra-competitive world of premium credit cards JPMorgan Chase on Tuesday unveiled an update to its premium credit card, which will now carry a $795 annual fee, a 45% jump from its previous level. The development at a time when American Express teased updates coming later this year to its travel-focused Platinum credit cards, announcing what it called its 'largest investment ever' in a credit-card long-running rivalry between the country's top premium credit cards is about to heat up again. While JPMorgan Chase announced last week that a revamp of its popular Sapphire Reserve card — known for its travel and dining perks since its viral 2016 debut — is on the also is now offering complimentary subscriptions to Apple's (AAPL) Apple TV+ and Apple Music through June 22, 2027; up to $300 annually in DoorDash (DASH) credits; up to $300 annually in StubHub credits for concert and event tickets; and up to $500 annually in hotel credits for some prepaid bookings made through The Edit by Chase response, American Express revealed Monday that significant updates are planned for both its consumer and business Platinum cards later this year. Though details remain scarce, the company described the upcoming changes as its most substantial investment in a card refresh to date.'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,' Howard Grosfield, Amex's group president for US consumer services, said in a statement raised its Platinum card annual fee to $695 in July 2021, when it also added $200 in annual hotel credits. Since then, the New York-based company has faced intensifying competition for premium credit-card customers, including from JPMorgan Chase & Co.'s Sapphire Reserve card and Capital One Financial Corp.'s Venture X Rewards Express was a trailblazer in the premium credit card market, introducing cards that combined travel and hotel perks with access to its exclusive airport lounges. That dominance was challenged in 2016 when JPMorgan disrupted the space with its Sapphire card, offering a generous sign-up bonus and a range of attractive analysts expect the rivalry to intensify, with both companies likely expanding their offerings in travel, dining, and experiences—while also potentially increasing annual fees, a trend seen in recent the Amex Platinum card carries a $695 annual fee, compared to $550 for the JPMorgan Sapphire has surfaced on Reddit and other online forums that JPMorgan may raise the Sapphire's annual fee to $795, though a company spokesperson declined to address the to Grosfield, the updated Platinum card is scheduled to debut this fall.
Newsweek
3 days ago
- Business
- Newsweek
American Express Announces Major Update to Cards
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. American Express has announced it will make its "largest investment ever" in refreshing its Platinum credit cards for U.S. consumer and business customers. The upgrade is set to roll out later this year, focusing on enhancements to travel, dining and lifestyle benefits, and is aimed at attracting more millennial and Gen Z customers, which together accounted for a significant portion of total U.S. consumer spending last quarter. "Once we launch the updated cards in the fall, customers will get the full info about the new benefits and services," an American Express spokesperson told Newsweek. Why It Matters The investment underscores escalating competition in the U.S. premium credit card market, especially as rivals like JPMorgan Chase unveil similar new features. The updates are seen as a strategic move to appeal to a younger, high-spending demographic and to maintain American Express' competitive edge in the lucrative premium card sector. American Express has announced it will make its "largest investment ever" in refreshing its Platinum credit cards for U.S. consumer and business customers. American Express has announced it will make its "largest investment ever" in refreshing its Platinum credit cards for U.S. consumer and business customers. Mike Stewart/AP What To Know American Express said it would expand its global lounge network by opening new Centurion Lounges in Newark, Tokyo and Salt Lake City, increasing the total to 32 worldwide. The company is also securing new brand partnerships to enhance lifestyle and travel benefits for Platinum cardholders, including at restaurants, wineries, venues and hotels. The refresh will extend to the Business Platinum Card, with features such as enhanced business rewards, flexible spending limits, virtual cards and advanced cash flow management tools to support business growth. American Express' announcement comes days after JPMorgan Chase said it is revamping its Chase Sapphire Reserve Card, a major competitor to the Platinum Card. The cards are popular in the U.S., and American Express has 56.4 million cards in America alone. What People Are Saying An American Express spokesperson told Newsweek: "We are always looking for ways to make Platinum Membership even better for our Card Members and plan to refresh the Consumer and Business Platinum Cards later this year. We have no additional details to share. "Updating our Cards is part of our long-term strategy to regularly refresh our products to meet the changing needs of our Card Members. Our CEO has spoken about this strategy many times in our quarterly earnings. We last updated the Consumer Platinum Card in July 2021 and Business Platinum in October of that same year." Howard Grosfield, group president, U.S. Consumer Services: "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 Platinum Card benefits and services resonate across generations, particularly with millennial and Gen Z who accounted for 35 percent 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." What Happens Next American Express expects to roll out the new benefits and features on its consumer and business Platinum Cards later this year.
Hans India
3 days ago
- Business
- Hans India
American Express to Upgrade Platinum Cards with New Benefits and Lounges
American Express (Amex) will make big changes to its US Consumer and Business Platinum Cards later this year. This is the biggest update they have ever made to these cards. The Platinum Card started more than 40 years ago and is still popular, especially with Millennials and Gen Z. These groups made up 35% of all US consumer spending last quarter. Howard Grosfield, head of US Consumer Services, said the new changes will improve travel, dining, and lifestyle benefits and also update the card's look to better suit customers' needs. Amex gives access to more airport lounges than any other card company, with over 1,550 lounges worldwide. They have 32 special Centurion Lounges and will open three new ones soon in Newark, Salt Lake City, and Tokyo. Amex CEO Steve Squeri wants to attract more young, rich customers. The upgrade will happen by late summer or early fall. The company will keep the popular benefits and add new brand partnerships. In July 2021, Amex raised the Platinum Card fee to $695 and added $200 in hotel credits each year. Since then, they face strong competition from cards like JPMorgan Chase's Sapphire Reserve and Capital One's Venture X Rewards. The updates will be for both consumer and business Platinum Cards. Amex will add more useful benefits for business card users, like flexible spending limits, rewards on business costs, virtual cards, and tools to manage cash flow. Business card members will still get lounge, dining, and hotel benefits. One of the best parts of the Platinum Card is its large lounge network. A new Centurion Lounge will open at Tokyo's Haneda Airport soon, along with the planned lounges in Newark and Salt Lake City.
