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Credit Cards

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

The new benefits come just a few months after a major refresh of the Platinum card.

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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 100,000 Membership Rewards® points after spending $6,000 within six months of card membership, cardholders now have access to two brand new features: complimentary membership to Walmart+ and an up to $300 SoulCycle bike credit.

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

American Express Platinum Card announces two new benefits

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 new benefits, including these two new 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.

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 ($25 per month) Equinox credit (enrollment required) 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 to use the bike, a membership to Equinox+ is required. This is $40 per month, but is partially covered with the $25 per month Equinox credit offered by the Platinum card.

Highlights of the American Express Platinum Card

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 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum card
  • $240 annually (up to $20 monthly statement credit) towards one or more of these media services: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times (enrollment required).
  • Up to $300 yearly credit ($25 a month) towards Equinox or Equinox+ membership.
  • Up to $200 yearly credit towards Uber and Uber Eats.
  • Up to $200 yearly airline incidental credit.
  • Up to $189 yearly credit towards enrolling in CLEAR®.
  • $100 annual credit ($50 biannually) to shop at SAKS Fifth Avenue.
  • Up to $100 credit every four years to enroll in TSA PreCheck/Global Entry.
  • 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

On the American Express secure site
  • Rewards

    Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year, 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel, 1X points on all other eligible purchases

  • Welcome bonus

    Earn 100,000 Membership Rewards® points after spending $6,000 within 6 months of card membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.

  • Annual fee

    $695

  • Intro APR

    None

  • Regular APR

    See Pay Over Time APR

  • Balance transfer fee

    N/A

  • Foreign transaction fee

    None

  • Credit Needed

    Excellent/Good

See rates and fees, terms apply.

Bottom line

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.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Plenty of rewards and benefits including 4X points per dollar for dining at restaurants worldwide