There’s always been something elitist about whipping out an American Express card. For one, they often come with an annual fee that can feel hefty for many Americans—and they’ve also long been associated with travel perks that only made sense for the well-off. Plus, Amex wasn’t always accepted everywhere due to its transaction fees. This consumer profile most closely resonated with baby boomers and older generations.
But now, Gen Zers are clamoring to get their hands on that shiny gold plastic. Indeed, this generation, along with millennials, accounted for 75% of new consumer platinum and consumer gold accounts in 2023, Howard Grosfield, president of U.S. consumer services at American Express, tells Fortune.
