AmEx Says Its $895 Platinum Portfolio Is Fastest-Growing

Based on its latest earnings report, the American Express Platinum Card revamp seems to be paying off in spades as customers appear willing to pay the Platinum Card’s $895 annual fee.

The company reports that its Platinum portfolio is now the fastest-growing in its U.S. consumer business, less than a year after raising the flagship card’s annual fee by $200 and expanding the card’s benefits.

American Express did not provide details on the portfolio’s growth rate or explain how it measured the growth metric. But its comments and overall profitability suggests the higher fee has not kept the card from attracting customers.

The results follow American Express’ September 2025 overhaul of the Platinum Card, when it raised the annual fee from $695 to $895 and introduced new benefits.

The portfolio’s growth came during a strong quarter for American Express. The company reported second-quarter 2026 net income of $3.1 billion, compared with $2.9 billion a year ago.

“We had another excellent quarter, with 10% revenue growth, EPS of $4.53, and Card Member spending growth of 9%, the highest rate we’ve seen in three years on an FX-adjusted basis,” said Stephen Squeri, chairman and CEO of American Express.

American Express raised its full-year revenue growth forecast to 10% after a strong first half of 2026.

“Six months into the year, we’re seeing stronger momentum than we expected,” Squeri said. “The investments we made in our value propositions have driven accelerated spend and revenue growth.”

Total revenues net of interest expense reached $19.6 billion in the second quarter, up 10% year-over-year. Higher spending, growing card balances, and increased card fee revenue helped drive the gains.

Retail spending increased 13%, while airline and restaurant spending each jumped 10%. Travel bookings through American Express climbed 22%.

The future looks bright for American Express and especially because the company is attracting younger customers to its card products.

Squeri said Millennial and Gen Z customers represent “greater lifetime value” for American Express.

Millennials and Gen Z consumers now account for 65% of new global consumer accounts at American Express.

Together, the results show the company is attracting younger customers while growing the portfolio for one of its most expensive cards.