New York (CNN Business) The American Express Green Card is turning 50, and it's showing its age, particularly compared to newer credit card rivals with attractive perks. Now, the iconic Green Card is getting a makeover.

Starting Thursday, the card, now called the Green from Amex card , will become a travel-focused rewards credit card. This marks the first major update for the Green Card since 2002, when American Express first added membership rewards to the card.

The most significant change is the Green Card will transition from a charge card to a credit card. The Green Card had required customers to pay their balances at the end of each statement period. Now, customers can carry over balances each month.

The uber-recognizable card is getting a slight redesign as part of the rebranding effort. The Roman Centurion remains on the front, but the numbers have moved to the back of the card, following the trend of other premium credit cards, such as the Chase Sapphire card. Latching onto the "green" theme, the new card will be made with reclaimed plastic collected from beaches, islands and coastal communities, American Express said.

Chase CCF The changes come as competition tightens in the credit card space. Companies are luring young and wealthy customers that crave experiences over purchasing things.has garnered success with its Sapphire cards and Citi has rolled out new higher-end cards like the Prestige.

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