Earlier I wrote about how Amex is planning on cutting costs by $3 billion in 2020. Much of the spending cuts will come from marketing, but we can expect cost cuts across the company.
Something else interesting was revealed during Amex’s first-quarter earnings call. I’ve written in the past about how card issuers should update the benefits on some of their travel rewards cards to reflect the current climate, and Amex has now hinted at what we can expect.
American Express has revealed that in early May they’re planning “actual product refreshes to a number of products, which will infuse additional value in addition to the value that a card may have.”
It’s not known exactly which cards will be receiving refreshes, and if these will be permanent perks, or just temporary perks to reflect the current environment, where travel isn’t a thing for most.
What makes this interesting is that in the past couple of years Amex has already refreshed a majority of their popular cards, including adjusting the perks and fees on the Amex Green, Amex Gold, Amex Platinum, co-branded Delta, and co-branded Marriott cards.
One has to wonder if we’ll see these cards re-refreshed, or what exactly will happen.