Credit Card News
American Express Platinum Card Adds Walmart+, SoulCycle Benefits
Customers with one of the most popular premium credit cards in the country will now enjoy some freshly-added benefits. Starting today, American Express Platinum cardholders can enjoy two new statement credit opportunities. First, U.S. consumers can now receive statement credits that cover the monthly cost of a Walmart+ subscription. This service — which includes free deliveries from stores (with a minimum $35 purchase), free shipping on online orders, discounted fuel, and other perks — typically costs $12.95 per month plus any applicable taxes.
In addition to the Walmart+ perk, cardholders can also earn a $300 statement credit when purchasing a SoulCycle at-home bike through Equinox+. Notably, this benefit can be used up to 15 times per calendar year. This SoulCycle at-home credit also comes on top of the $300 in annual statement credits (up to $25 per month) for Equinox Fitness Club monthly membership fees or a digital membership offered by the Platinum card.
These two new benefits arrive just a few months after Amex revamped its flagship Platinum card. In July, the card introduced a new $240 Digital Entertainment Credit, $200 Hotel Credit, $300 Equinox Credit, $179 CLEAR credit, and other “lifestyle” benefits. At the same time, American Express also raised the annual fee for the premium card from $550 a year to now $695 per year. In addition to the new perks, the card does still retain a number of other travel-centric benefits include airport lounge access, monthly Uber credits, $200 in airline incidental credits, and more.
Commenting on the new additions, Amex’s EVP and GM of U.S. Consumer & Global Premium Services Howard Grosfield said, “Convenience and flexibility are more important than ever for our Card Members,. With Walmart+, Platinum Card Members can get what they need, delivered to their door, quickly and seamlessly. The SoulCycle at-home bike gives them access to another fitness program that fits their lifestyle.”
Considering that these two benefits come at no additional cost, they are easily a win for cardholders overall. Nevertheless, these particular perks are sure to raise some eyebrows. For one, although some Platinum cardholders may make use of the Walmart+ membership, others may wonder whether the branding of the premium, $695 Platinum card and the “everyday low price” retailer clash. Meanwhile, just as some scoffed at the Equinox credit added earlier this summer, the SoulCycle benefit seems destined to be embraced by few and mocked by many — even if it is arguably more useable than the monthly-issued Equinox benefit. In any case, what really matters is what cardholders think, so it will be interesting to see how many Platinum customers take advantage of these new offers.
