American Express, Company (NYSE:AXP) has a new card focused on food and travel, in an effort to win over millennials.
The card will include benefits such as providing 4X points to restaurants and supermarkets, an $100 airline fee credit, a $120 dining credit at certain locations, and numerous other travel related discounts. The overhaul to its popular gold card will see an increase in its annual fees from $250 to $195.
Market Watch provides a quote from team member Rachel Stocks:
“This is about creating a product for those consumers who don’t travel as much as our Platinum customers do, but are really into eating out or cooking at home,” said Rachel Stocks, executive vice president of global premium products and benefits at American Express.
Existing Gold Card members will be grandfathered into the program and charged the higher annual fee as their memberships come up for renewal beginning April 1, 2019.
The new card removes previous rewards from purchases at gas stations, as part of an effort to appeal to millennial preferences.
American Express, Company shares closed at $107.23 on Friday, down $-0.51 (-0.47%). Year-to-date, AXP has gained 9.55%, versus a 9.26% rise in the benchmark S&P 500 index during the same period.