American Express – No Longer a Card for the Wealthy

The Fall of the Platinum Card: From Prestige to Overcrowded Chaos

American Express used to market the Platinum Card as an exclusive status symbol, a card reserved for high-net-worth individuals who traveled in luxury and expected elite perks. But in recent years, Amex has drastically devalued the Platinum Card, turning it into a mass-market product that anyone with decent credit can obtain. This shift has completely destroyed the exclusivity that once made the card desirable.

In what can only be described as a massive strategic blunder, American Express aggressively pushed applicants toward the Platinum Card, even attempting to phase out the once-popular Gold Card. This move flooded the market with new Platinum cardholders, drastically increasing the number of people trying to access benefits like Centurion Lounges. The result? An experience that more closely resembles a high school cafeteria than an elite travel club.

Centurion Lounge Nightmare: Long Lines and Crowds

Once a hidden gem of luxury travel, Amex Centurion Lounges are now so overcrowded that long lines stretch outside the entrance, with wait times rivaling those of airport security. The lounges, originally designed to provide a peaceful and premium environment, have become chaotic and uncomfortable.

Instead of business executives and seasoned travelers, lounges are now filled with college students and entry-level professionals who obtained the Platinum Card through aggressive Amex marketing. These new cardholders, often traveling on budget flights, have turned the lounges into overpopulated, noisy spaces that completely defeat the purpose of having a high-end card in the first place.

Amex should have foreseen this problem from the start. But, they clearly wanted everyone on the same computer system. A credit card brand that prides itself on exclusivity should have recognized that issuing a once-elite card to virtually everyone would flood its benefits system. Instead of proactively managing lounge access, Amex is now scrambling to implement reactive solutions—like limiting guest access and cutting back on food and drink options—further reducing the value of the card.

An Exclusive Card That’s No Longer Exclusive

The problem with the Platinum Card goes beyond just lounge overcrowding. The card’s prestige has eroded as Amex continues to lower the bar for entry. At one point, the Platinum Card was a sign of financial strength and elite status. Today, it’s just another piece of plastic in a crowded wallet, indistinguishable from a Chase Sapphire Reserve or Capital One Venture X.

By flooding the market, Amex has alienated the very high-spending customers that once made the Platinum Card prestigious. Those who can afford luxury travel and high-end spending are now looking elsewhere for a card that actually offers exclusivity and top-tier service—something American Express seems to have forgotten how to provide.

This misstep was entirely predictable, yet Amex walked right into it. And now, their most valuable customers are paying the price—literally.

Diminishing Benefits: Paying More for Less

As American Express floods the market with Platinum cardholders, the value of its benefits has sharply declined. While annual fees have skyrocketed—from $450 to $695—the perks that once justified the cost are steadily being stripped away or made significantly harder to use.

A prime example is the airline fee credit. Once a flexible and valuable benefit, it has been gutted to the point of near uselessness. Cardholders used to be able to apply the credit toward airfare or various airline charges, but Amex has since restricted it to incidental fees like baggage and seat selection. Many travelers find it difficult to even use the credit, making it nothing more than a misleading selling point.

Meanwhile, Amex touts a growing list of “lifestyle” benefits, such as Equinox gym credits and Walmart+ memberships—perks that have little to no value for the high-end travelers the card was originally designed for. Instead of improving travel benefits, Amex is pushing a confusing web of statement credits for services most Platinum cardholders never asked for.

The Priority Pass benefit has also been severely watered down. While competing cards still offer full access to Priority Pass restaurants at airports, Amex cut this feature entirely, limiting Platinum cardholders to overcrowded lounges with no alternative options. Customers who rely on this benefit for travel convenience now find themselves stuck in terminal food courts, paying out of pocket for meals that other premium cards would have covered.

The biggest insult? Amex has made these cuts while raising the annual fee. The company is essentially charging customers more while delivering less, hoping they won’t notice—or won’t bother canceling before the next renewal.

The Platinum Card was once a powerful tool for frequent travelers, offering real value in exchange for its premium price. Now, it’s an overpriced gimmick, packed with confusing perks that fail to make up for the gutting of its core travel benefits. Amex forces cardholders to log in every month to manually select their benefits instead of automatically providing them, it is a manipulative and unethical system. Those who remember to log in receive the perks, while busy high-net-worth members who don’t have time to check in regularly get nothing, making the system unfair and deliberately inconvenient.

The Nightmare of Amex’s Automated System

American Express, once known for its exceptional customer service, has now fully embraced automation—at the cost of its most valuable customers. Instead of providing human support, Amex now relies on a rigid and often flawed system that punishes customers arbitrarily while offering no flexibility for honest mistakes.

A Real-Life Horror Story: Paying Early, Getting Penalized

Imagine this: You make an $11,000 early payment to clear your balance ahead of schedule. Instead of recognizing this as responsible financial behavior, Amex’s automated system flags your account with a negative balance, freezing access to your own funds while they wait for them to post. Suddenly, a card that’s supposed to offer financial flexibility becomes a liability, all because of an algorithm’s failure.

When calling customer service, the experience is even worse. The representative, rather than being empowered to correct the mistake, is forced to repeat scripted responses and rely on the same flawed system that caused the issue in the first place. Hours are wasted on hold, speaking to multiple departments, yet no one seems able to override the automation.

How Amex’s System Fails Its Best Customers

This isn’t an isolated case—it’s a pattern. Amex’s automation is designed to detect potential financial risks but does so with no nuance or real-world logic. Customers with perfect payment histories and high spending limits are treated the same as those who consistently miss payments.

• Early payments do not improve account standing, but late payments trigger immediate penalties.
• Accounts can be locked or flagged for review without warning, leading to embarrassing declines at restaurants, hotels, or while traveling.
• Customer service reps have no ability to override the system, making it impossible to fix errors in real time.

Instead of rewarding responsible cardholders, Amex’s automation creates unnecessary stress, making high-spending customers second-guess every transaction.

Automation Over Customer Care

The problem isn’t just the automation—it’s Amex’s decision to eliminate the human element from its customer service. Unlike competitors like Chase or Citi, which still have dedicated teams for high-value clients, Amex has chosen cost-cutting over quality.

In an era where AI and machine learning should be improving customer experiences, Amex’s outdated automation is actively making things worse. The company once prided itself on being a premium service provider, but its reliance on rigid algorithms now makes it feel like a glorified Capital One.

For the wealthy, financial institutions should be partners, not obstacles. But Amex’s approach has turned what was once an elite credit card into a bureaucratic nightmare, proving that automation alone can’t replace genuine customer care.

Financial and Investing Limitations: Amex is Stuck in the Past

American Express has long marketed itself as a financial powerhouse, but in 2025, it feels more outdated than ever. While competitors have embraced the future by integrating trading options, cryptocurrency support, and innovative financial tools, Amex remains stubbornly stuck in the past.

No Ability to Buy Stocks or Crypto – A Missed Opportunity

In a world where nearly every major financial institution has incorporated stock trading and cryptocurrency purchases into their services, Amex refuses to adapt. Banks like JP Morgan, fintech companies like Cash App, and even mainstream competitors like Chase and Citi allow users to invest directly from their accounts. Yet, Amex offers nothing beyond its outdated rewards program, leaving high-net-worth individuals looking elsewhere for true financial flexibility.

The inability to invest directly from an Amex account is a glaring flaw. The company could have easily leveraged its existing infrastructure to introduce stock trading or even a premium Amex-branded investment platform. Instead, it forces cardholders to move their wealth elsewhere, proving it is no longer an elite financial service—just an expensive charge card.

How Competitors Have Evolved While Amex Stagnates

Modern financial institutions understand that high-spending individuals want more than just points—they want financial tools that empower them. This is why:

• Goldman Sachs, JP Morgan, and Citi have introduced high-end wealth management services directly tied to their credit card platforms.
• Cash App and PayPal allow users to buy crypto instantly, integrating digital assets into their financial ecosystem.
• Even Capital One, a bank historically known for targeting lower-income customers, now offers access to investment products.

Meanwhile, American Express has done nothing to modernize. There is no way to invest, no access to crypto, and no meaningful financial growth opportunities.

The Disconnect Between Amex’s Financial Products and Its Card Services

American Express still treats itself like an exclusive financial club, but its refusal to modernize makes that claim laughable. If a cardholder with a $500,000 credit limit wants to buy Bitcoin or Tesla stock, Amex has no solution. Instead, they must use services like Robinhood, Coinbase, or Chase Private Client—brands that offer actual financial tools.

In reality, Amex is no longer a full-service financial institution—it’s just an overpriced middleman between consumers and their actual banks. The company’s unwillingness to evolve has made it obsolete in the world of high-end finance.

If American Express wants to reclaim its place as a top-tier financial institution, it must:

1. Introduce stock trading and crypto integration.
2. Buy or Partner with a major brokerage or fintech firm.
3. Offer wealth management solutions that extend beyond a credit card.

Until then, Amex will continue to lose its most valuable customers to banks that understand the future of money.

The Black Card: An Unethically Run, Unattainable Status Symbol

The American Express Centurion Card — commonly known as the Black Card — was once the ultimate status symbol, available only to the world’s wealthiest and most elite customers. It represented exclusivity, power, and limitless spending. But in 2025, the Centurion Card is nothing more than a marketing gimmick, shrouded in secrecy and favoritism.

Spending $250,000+ a Year and Still No Invite

For decades, Amex has refused to publicly disclose the qualifications for the Black Card. The commonly believed requirement is spending at least $250,000 to $500,000 per year on an American Express card. Yet, countless high-spending customers meet this threshold and never receive an invitation — while others with far lower spending magically gain access.

There is no transparency in how Amex selects Centurion members, leaving many loyal customers feeling cheated. Those who religiously use their Platinum or Business Platinum cards — spending hundreds of thousands annually — often get ignored, while others with lower spending but “connections” seem to get fast-tracked.

Favoritism Over Merit – How Amex Rewards the Wrong People

One of the biggest scandals surrounding the Black Card is how Amex decides who gets invited. Instead of rewarding its most dedicated, highest-spending customers, Amex prioritizes celebrities, influencers, and individuals with media attention—regardless of their actual spending habits.

Examples include:

• Social media influencers with relatively modest wealth getting Centurion invites simply because they have a large following.
• People in entertainment and fashion receiving the Black Card purely for the publicity value.
• Lesser-known executives and business owners getting rejected despite outspending current Centurion members.

Amex’s exclusivity used to be based on spending power and financial status. Today, it’s a publicity stunt, where perception is more important than actual wealth.

Unclear Qualifications – A System Designed to Confuse

Unlike Chase Private Client, which has clear guidelines for its wealth management program, Amex deliberately keeps Centurion qualifications vague.

This allows the company to:

1. Maintain artificial demand by making people think they are “close” to qualifying.
2. Select cardholders based on personal discretion rather than a transparent metric.
3. Keep its existing members in the dark about what makes them “special.”

This lack of transparency is a slap in the face to high-net-worth individuals who expect clarity and respect from their financial institutions. If someone spends half a million dollars a year on Amex cards, they deserve a straight answer—not a mystery.

The Argument for Either Publishing Criteria or Discontinuing the Program

At this point, the Centurion Card is so mismanaged and arbitrary that American Express has two ethical options:

1. Publicly release the qualifications — Make it clear what spending level or net worth is required to qualify.
2. Shut down the program entirely — If it’s not truly based on financial merit, then it’s just a status game with no real purpose.

The Black Card once meant something. Today, it’s just another way Amex plays favorites while frustrating its most loyal, high-spending customers.

How Amex Abuses Its Best Customers

American Express has built its reputation on catering to high-net-worth individuals, but in recent years, its treatment of loyal customers has deteriorated significantly. The company’s automated risk assessment system disproportionately punishes even its best clients while offering no incentives or flexibility for responsible financial behavior.

One of the most frustrating aspects of being an Amex customer today is that the system only records negative financial actions while ignoring positives. If a customer pays their balance early or consistently makes large purchases without issues, there are no rewards or benefits. However, a single unusual charge or a temporary dip in spending can trigger penalties, including sudden credit limit reductions or account holds. This rigid, algorithm-driven approach has eroded trust in the brand’s ability to fairly assess financial behavior.

The lack of rewards for early payments is particularly concerning. Many responsible cardholders pay off their balances ahead of schedule to maintain financial flexibility. Instead of recognizing this as a positive habit, Amex’s system often views it as a potential risk factor, sometimes leading to account freezes or reduced credit limits. This discourages customers from managing their finances in a way that benefits both themselves and the company.

Another major issue is the sudden reduction of credit limits without warning. Many longtime Amex customers have reported drastic cuts to their available credit, even when they have a perfect payment history. For instance, one customer saw their limit slashed by $5,000 while traveling, leaving them scrambling to adjust their plans. This kind of unpredictability creates anxiety among cardholders, who are forced to constantly monitor their account status to avoid embarrassing declines.

These policies demonstrate a fundamental shift in Amex’s priorities. Rather than fostering long-term relationships with its most valuable customers, the company has chosen to implement an impersonal, automated system that treats even high-spending individuals as potential risks. This approach not only alienates loyal cardholders but also undermines the prestige and reliability that once defined American Express.

Examples of How Amex Abuses Its Best Customers:

• Automated Punishment System – Amex only tracks negative behavior, never rewarding responsible financial management. A customer who consistently pays their balance early sees no benefits, while a minor delay results in penalties.
• No Reward for Early Payments – Unlike other financial institutions that may offer perks for early repayment, Amex provides no incentives for responsible spending habits.
• Unjustified Credit Limit Cuts – Many high-spending customers have experienced sudden and unexplained reductions in their credit limits.
  • Example: A longtime Amex user with perfect payment history had their credit limit cut by $5,000 while traveling, leaving them nearly stranded unable to book hotels and flights.
• Constant Fear of Declines – Customers report checking their Amex app multiple times a day because the company’s unpredictable credit decisions create anxiety about whether their card will work.
• Lack of Human Intervention – Even when these issues arise, Amex representatives often lack the ability to override system decisions, leaving customers without real solutions.

The Amex Travel Scam

American Express promotes its travel booking service as a premium perk, claiming to offer exclusive deals and benefits to cardholders. However, many customers have found that booking through Amex Travel often results in significantly higher costs compared to booking directly with airlines or hotels.

One of the biggest complaints is price inflation. Customers frequently report that flights and hotel rates are marked up, sometimes by hundreds of dollars, when booked through Amex Travel. This contradicts the company’s promise of securing the best rates and discounts for its premium cardholders.

Another major issue is the lack of flexibility and poor customer support when dealing with Amex Travel. Many travelers have experienced difficulties making changes or cancellations, facing excessive fees and unhelpful representatives. Unlike booking directly with an airline or hotel, where policies are clearer and customer service is more responsive, Amex Travel adds unnecessary complications and expenses.

Additionally, Amex Travel’s loyalty program and promised benefits often fall short. Some customers report that their hotel bookings did not receive the expected elite status perks, such as room upgrades or complimentary amenities, despite being advertised as part of the Fine Hotels & Resorts program.

Ultimately, the Amex Travel service feels more like a revenue-generating scheme than an actual benefit for cardholders. Rather than offering premium travel services, Amex has created a system that overcharges and under serves its customers, further diminishing its value as a high-end financial institution.

Real Customer Experiences With Amex Travel

• Price Inflation: Many customers have reported that flights and hotel rates are marked up, sometimes by hundreds of dollars, when booked through Amex Travel. This contradicts the company’s promise of securing the best rates and discounts for its premium cardholders.

• Lack of Flexibility and Poor Customer Support: Travelers have experienced difficulties making changes or cancellations, facing excessive fees and unhelpful representatives. Unlike booking directly with an airline or hotel, where policies are clearer and customer service is more responsive, Amex Travel adds unnecessary complications and expenses.

• Overcharging and Inadequate Support: Some customers have reported being charged higher prices for services and encountering unhelpful customer support when issues arise. For example, a customer mentioned that Amex Travel’s website and customer service did not allow them to use their points, effectively holding their points (money) hostage.

  bbb.org

These real-life accounts highlight the discrepancies between American Express’s advertised travel services and the actual experiences of its customers, underscoring the concerns held by wealthy card holders.

Data Breaches and Security Failures

In an era where cybersecurity is paramount, American Express has repeatedly failed to protect its customers’ sensitive information. Despite branding itself as a premium financial institution, Amex has suffered multiple data breaches that have exposed cardholder details, eroding trust in its security measures.

Instances of compromised customer data have ranged from phishing attacks targeting Amex users to large-scale breaches where personal and financial information was leaked. While no financial institution is entirely immune to cyber threats, Amex’s response to these incidents has often been inadequate. Instead of proactively addressing vulnerabilities, the company has been reactive, issuing vague statements and failing to implement meaningful safeguards.

One of the most troubling aspects of Amex’s security failures is its inconsistent fraud protection. Some cardholders report having transactions declined for no apparent reason, while others experience fraudulent charges slipping through undetected. The rigid automated fraud detection system often flags legitimate purchases while missing actual threats, leaving customers frustrated and vulnerable.

Furthermore, Amex has been slow to adopt cutting-edge security measures that other financial institutions have embraced. Competitors have implemented more advanced fraud detection, real-time transaction monitoring, and biometric authentication, while Amex remains stuck with outdated security protocols.

For a company that markets itself as an elite financial service provider, these lapses in security are unacceptable. The inability to adequately protect customer data and respond effectively to threats only adds to the growing list of reasons why American Express is no longer a premium brand.

Notable Issues with Amex Security

• Customer Data Exposed: While American Express has not suffered a headline-grabbing breach like some major banks, multiple reports indicate smaller-scale data leaks and unauthorized charges on customer accounts. Customers have complained about fraudulent activity occurring despite having security measures in place.

• Weak Fraud Protection: Many Amex users report unauthorized transactions slipping through the cracks, with some facing challenges in getting fraudulent charges reversed. Unlike competitors that proactively block suspicious transactions, Amex sometimes holds customers responsible for disputed charges.

• Third-Party Vendor Risks: American Express partners with multiple third-party vendors for its rewards programs, travel services, and merchant processing. These external partners create additional vulnerabilities, increasing the risk of data leaks beyond Amex’s direct control.

• Lack of Transparency: Amex rarely discloses security incidents unless legally required, leaving customers unaware of potential threats to their accounts. Some cardholders only discover security breaches after noticing fraudulent activity.

• Customer Complaints: On consumer protection sites, Amex users frequently report issues such as unauthorized charges, delays in fraud investigations, and difficulty obtaining refunds for fraudulent transactions. Some have even said Amex initially denied their fraud claims before reversing course after prolonged disputes.

The Case for CEO Stephen Squeri’s Resignation

Since taking over as CEO in 2018, Stephen Squeri has overseen the steady decline of American Express from an elite financial institution to a mass-market credit card company. His leadership has prioritized cost-cutting and automation over innovation and customer service, alienating the high-net-worth individuals who once formed the core of Amex’s customer base.

One of Squeri’s biggest failures has been his lack of technological vision. In an era where financial institutions are integrating cryptocurrency trading, stock purchasing, and AI-driven financial management, Amex has remained stuck in the past. The company has refused to modernize its offerings, leaving it lagging behind competitors that are adapting to the evolving financial landscape.

Under Squeri, Amex has also embraced shrinkflation — reducing the value of its perks while increasing fees. Lounge access has been restricted, travel benefits have been watered down, and customer service has been outsourced to ineffective call centers. Rather than investing in new ways to serve premium customers, Squeri has focused on expanding Amex’s reach to the general public, diluting the exclusivity that once set the company apart.

The rise of automation under his leadership has also proven disastrous. Instead of empowering representatives to provide top-tier customer support, Amex has implemented rigid, algorithm-driven systems that punish customers for early payments, freeze accounts arbitrarily, and fail to recognize high-value clients.

Squeri’s outdated leadership style is out of step with the demands of the modern financial world. American Express needs a younger, tech-savvy CEO who understands the expectations of today’s elite customers and is willing to invest in innovation, security, and real customer service. Without a leadership change, Amex will continue its downward spiral, becoming just another credit card company with a once-great name.

Stephen Squeri has overseen the decline of American Express from a prestigious financial institution to a company struggling with automation failures, customer dissatisfaction, and outdated policies. Under his leadership, Amex has abandoned innovation, mistreated its best customers, and allowed its brand to erode.

• Lack of Technological Vision: While competitors have embraced cryptocurrency, stock trading, and AI-driven financial solutions, Amex remains stuck in the past. The company’s refusal to adapt has alienated high-net-worth individuals who expect cutting-edge financial tools.
• Over-Reliance on Automation: Instead of enhancing customer service, Squeri’s strategy has led to rigid, error-prone systems that penalize loyal cardholders while offering no human oversight to fix mistakes.
• Shrinkflation and Cost-Cutting Over Innovation: Rather than expanding benefits, Amex has reduced the value of its premium perks while increasing annual fees, making the product less attractive to affluent customers.
• The Lounges and Brand Dilution: His decision to mass-market the Platinum Card has flooded Amex lounges with crowds, erasing the exclusivity that once defined the brand.
• Failure to Address Security Issues: Under Squeri’s leadership, Amex has suffered multiple data breaches, exposing customer information while failing to implement stronger cybersecurity measures.

Amex is no longer a leader in financial services but a relic of outdated practices. If the company wants to regain its elite status, it needs a CEO with a forward-thinking approach—someone who understands technology, values real customer service, and is committed to making Amex a true luxury brand again.

American Express is No Longer an Elite Card

American Express has lost its status as the premier financial card for the wealthy. What was once an exclusive brand offering top-tier benefits and unmatched customer service has devolved into just another mass-market credit card company. The days of Amex as a symbol of financial prestige are over.

The company’s shift toward accessibility has come at the cost of its elite status. Lounges are overcrowded, customer service is ineffective, and the once-coveted Black Card is shrouded in arbitrary secrecy. Meanwhile, Amex punishes its best customers with rigid automation, reduced credit limits, and outdated financial products that fail to meet the needs of modern high-net-worth individuals.

Today, American Express is more comparable to Capital One than a luxury financial institution. It no longer offers an experience worthy of the wealthy, and those looking for a reliable financial partner should seek alternatives. Amex has abandoned the elite, and in return, the elite should abandon Amex.