American Express's (NYSE:AXP) credit card delinquencies ticked down and net charge-offs ticked up in May, but still indicates strong credit metrics, according to data the company released on Monday. Its U.

American Express on Monday announced "major updates" are coming "later this year" to the U.S. Consumer and Business versions of its popular Platinum cards, which have annual fees of $695.

The issuer said that The Platinum Card® from American Express and The Business Platinum Card® from American Express will be receiving a full revamp later this year. Chase and Capital One are also updating their premium cards, so the competitive landscape may shift quickly.