I'm no expert but it all depends on what you need and/or want. AMEX has lost some of its "luster" to be sure, but to label people because they want or use a particular card is way off. AMEX is trying to catch up, they do need an infusion of fresh talent and thinking though. Plenti was an attempt but not a good one. The Everyday line offers some great rewards. But AMEX's higher end lacks in some way but shines in others. It is my understanding that the Platinum concierge service is still tops and often able to get seats or reservations that others cannot. Do millennials care about this, no most don't. That's why CSR was such a hit with millennials. No AMEX, Citi, Barclays, Cap One, or any other major bank hit it right. AMEX, Citi, and possibly others will figure a way to draw even soon. One thing to consider, how long did AMEX Platinum Card rule, it took a long time to be surpassed, I'm excluding invite only cards here. AMEX upped their game with the new benefits, it's a start. The Platinum card has an image, they have to change it to appeal to a new generation. Will AMEX succeed, time will tell but I'm not ready to write their obit quite yet.
I don't understand the comparison. The Platinum is a charge card. The CSR is a revolver... no comparison imho. I love AMEX and use my ED and Blue for Business cards religiously, However don't get the point of the Platinum as its not a revolver. I'm a PIF guy but the lack of flexibility is BS in my opinion.
Sorry for the rant
The war isnt over yet. Customer Service will play into this competition and Amex has the edge on that.
Judging by my own friends who are millenials (I'm a gen-x'er who married a millenial, and she has several very well-to-do friends), I think the generic statement about how "status doesn't impress millenials" is innacurate. They are just as wrapped up in status as anybody else, they just like to pretend they aren't so they can have the appearance of being down-to-Earth and "part of the 99%."
The same girl who would turn up her nose at somebody flashing an Amex Platimum as "pretentious" wouldn't be caught dead without her Louis Vuitton purse and Gucci shoes.
Its all about fashion and behavior trends... As was said earlier, Amex just hasn't been able to bridge the divide between their older customers that see them as a status symbol and prospective new customers that see them as "Dad's card." Obviously ALL Millenials aren't like this, but enough are to where retailers and service providers have to adjust.
I don't know if the concierge service is as big of a deal to many Millenials... I find that a lot of them don't WANT to talk to live people and hold a conversation... If they can't find what they want within a few minutes online, they move to another choice.
Venture: $18K | Amex ED: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.5K | Cabela's: $1K
Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726