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March 10, 2015

American Express plans to restructure gold cards for affluent customers

American Express (AmEx) is reportedly planning to restructure its gold cards in a move to focus on affluent customers.

By Verdict Staff

American Express (AmEx) is reportedly planning to restructure its gold cards in a move to focus on affluent customers.

The restructure includes new rewards and benefits, which will come into force from 1 June 2015, reported Sleek Money.

The new gold card includes benefits such as double points for all US restaurant transactions, personalized travel service, as well as a $100 annual credit for airline fees like meals and baggage surcharges.

In addition, AmEx is also planning to remove foreign transaction fees for its gold cardholders.

The new benefits are expected to raise the cost of carrying the gold cards under which the annual membership fee for regular gold card will increase from $125 to $160, while the premier rewards gold card fee will increase from $175 to $195.

In January this year, American Express said that it would slash more than 4,000 jobs this year, roughly 6% of its total workforce.

Last month, the company has lost antitrust lawsuit with the US government on merchant rules.

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