American Express Platinum Card adds benefits: Walmart+ membership and $300 SoulCycle bike credit

Terms apply to American Express benefits and offers. Visit americanexpress.com to learn more.

The Platinum Card® from American Express is one of the most sought after travel cards for its myriad of benefits. With travel credits, travel insurance, airport lounge access, automatic hotel loyalty status and digital entertainment credits, there is a huge list of perks that come with the card.

In addition to all of these benefits and an eyepopping welcome offer of 80,000 Membership Rewards® points after spending $8,000 within six months of card membership, cardholders now have access to two more features: complimentary membership to Walmart+ and an up to $300 SoulCycle bike credit.

Here's what you need to know about the benefits, along with the other features already included on the Amex Platinum.

The pandemic has significantly changed many people's way of life, including how they spend their time and money, and credit card issuers are aiming to meet their customers where they are spending or something like that.

In 2020, we saw many banks, including American Express and Chase, make significant adjustments to their credit card benefits. And as new shopping and lifestyle trends are still emerging over a year and a half after the initial pandemic lockdowns, issuers are continuing to roll out benefits, including these two perks to the American Express Platinum Card.

Walmart+ membership

These days, nearly everyone does some sort of shopping online. According to research from American Express, 3 in 4 adults report they've spent more on online shopping in the past year compared to previous years. And with the holiday season quickly approaching, its likely more adults will transition more spending to online purchases.

If your shopping includes Walmart, the Walmart+ benefit may be of use to you. With the American Express Platinum Card, you will receive:

• Statement credit which covers the full cost of a monthly Walmart+ membership ($12.95/month plus applicable taxes) when you pay with the American Express Platinum Card. Plus Ups are not eligible. Subject to auto-renewal.

Walmart+ is the retailer's answer to Amazon Prime where members receive the following benefits:

• Free shipping with no order minimum on items shipped by Walmart
• Free delivery from store (where available)
• Mobile and contactless check-out
• Free delivery from store
• Prescription discounts
• Fuel discounts

SoulCycle bike credit

Many Americans have turned their homes not only into offices, but gyms as well. In response, Amex introduced an annual $300 Equinox credit (per calendar year, enrollment required, terms apply) when it refreshed the card back in July. Now, they are building upon this to include SoulCycle purchases. With the Amex Platinum, you will get:

• $300 statement credit every time they purchase a SoulCycle At-Home Bike, up to 15x per calendar year.

The SoulCycle bike is currently $2,500, plus taxes — so this credit knocks $300 off the purchase price. However, keep in mind that an Equinox+ subscription is required to purchase a SoulCycle at-home bike and access SoulCycle content. (Must charge full price of bike in one transaction.) This is $40 per month, but is partially covered with the $300 annual Equinox credit offered by the Platinum card. The Equinox Credit benefit will be provided on an annual basis of up to $300 per calendar year and will no longer be provided on a monthly basis of up to $25 back per month. See offer terms for details

The benefits of this card are outstanding, but the $695 annual fee can be discouraging as well (see rates and fees). But by using the card to its fullest potential, you can quickly make up for the cost.

With the American Express Platinum Card, you will have access to these benefits:

• $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®. (Hotel Collection requires a minimum two-night stay)
• $240 annually (up to $20 monthly statement credit) towards one or more of these media services: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, SiriusXM, and The Wall Street Journal. (enrollment required).
• Up to $300 per calendar year credit towards Equinox or Equinox+ membership. Subject to auto-renewal.
• Up to $200 yearly credit towards Uber and Uber Eats. Benefit renews annually.
• Up to $200 yearly airline incidental credit.
• Up to $189 yearly credit towards enrolling in CLEAR® Plus. Subject to auto-renewal.
• $100 annual credit ($50 biannually) to shop at SAKS Fifth Avenue.
• Up to $100 credit to enroll in TSA PreCheck/Global Entry. Receive either a $100 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Automatic elite status with Hilton Honors and Marriott Bonvoy loyalty programs.
• Automatic elite status with the following rental car companies: Avis, Hertz and National.
• 5X points on flights booked directly with airlines or American Express Travel, on up to $500,000 on these purchases per calendar year. 5X points on hotels booked through Amex Travel.
• Travel insurance coverage
• Rental car coverage
• Premium 24/7 concierge service
• Terms apply

The Platinum Card from American Express continues to increase its value to cardholders, despite its nearly $700 annual fee (see rates and fees).

However, these benefits are both just nice-to-haves rather than game changers. The Walmart+ membership is not something that really should sway your decision one way or the other, especially if you already have something similar like Amazon Prime. If you were already in the market for a premium exercise bike, the $300 savings with SoulCycle could help justify the annual fee, but then you still have to rationalize paying more than $2200 for a piece of gym equipment.

But before you apply, make sure that you are able to budget for the annual fee and make use of the benefits. You should never put yourself in financial constraint just to hold a credit card.

For rates and fees of The Platinum Card® from American Express, click here.