AmEx set about reinventing the Platinum card to make it more desirable to younger urbanites, rather than the middle-aged cardholders that long made up the bulk of its customer base. Believing that the perks put the card in a league of its own, AmEx then increased the annual fee well above those of its competitors - and the strategy worked.
“Some people thrive in environments like this, some people collapse in environments like this,” says Chairman and Chief Executive Officer Steve Squeri. “I like the heat of the battle.”