NEW YORK -- American Express announced Wednesday plans to introduce 'by invitation only' the Platinum Card, the first new major charge card offered by the company since the introduction of its Gold Card in 1966.
Louis V. Gerstner, chairman of American Express Travel Related Services, said the card would be offered to those who entertain or travel extensively, have good payment records, and a minimum of two years' card membership.
The fee will be $250 per year, the company said.
The platinum cards, to be introduced this month, will be offered to about 5 percent of American Express' cardholding population. It will offer personalized services, some of which are still under development, added Gerstner.
Personalized travel services, $10,000 in check cashing privileges at American Express Travel locations, $1,000 from automated teller machines, $500,000 in travel accident insurance and a toll-free, 24-hour customer service number will be offered to cardmembers. The cardholder will be able to pick monthly billing cycles at the beginning, middle, or end of the month.
American Express currently has 8.3 million 'regular' card holders and some 2.7 million Gold Card members.
