AMEX SWEETENS PREMIUM CARD REWARDS

American Express boosted the perks on some of its premium cards once again as the card issuer tries to keep a lid on attrition during the coronavirus pandemic.

Consumers with the firm’s platinum, gold and green cards will have free access to Uber’s Eats Pass — a subscription that typically costs $119 a year and offers discounts on the company’s fooddelivery service. Gold-card customers also will receive $10 a month in Uber Cash, which can be used toward rides or food delivery, starting early next year.

“Our card members crave food experiences and we’re seeing that they’re continuing to seek out food-delivery services to create those special experiences at home,” Rachel Stocks, Amex’s executive vice president for global premium products and benefits, said in a statement last week.

Amex, long known for its premium travel and dining perks, has seen spending on its cards suffer during the pandemic as consumers have stayed home to stem the spread of COVID-19. That’s led the card company to quickly revamp some of its most popular cards to avoid losing customers.

The effort seems to be working: Voluntary attrition rates on Amex’s proprietary cards remain lower than they were a year ago. Net card fees climbed 15 percent to $1.2 billion in the third quarter, the only category of non-interest income to increase.

The changes ratchet up pressure on rivals Jpmorgan Chase & Co. and Citigroup to consider changes to their own premium products. Consumers in recent years have flocked to such cards, often paying more than $500 a year to take advantage of their extra rewards and prestige.