Over the summer we saw The Platinum Card® from American Express (review) undergo a refresh, whereby the card’s annual fee was increased, but it also got a variety of new perks, including many new credits. Well, the Amex Platinum has just added two more perks, and this time there’s no downside.
Amex Platinum Walmart+ monthly credit
The Amex Platinum now offers up to $12.95 per month in credits towards a Walmart+ membership, which covers the full cost of a membership. You can register for the Amex Platinum Walmart+ credit here.
For those not familiar with Walmart+, it offers a variety of benefits and savings for Walmart purchases, inclduing:
- Free shipping with no order minimum
- Free delivery from Walmart stores for orders of $35 or more
- Save on Prescriptions — get select prescriptions for $0, and save up to 85% on thousands more
- Save five cents per gallon on gas at Walmart and Murphy stations
- Scan & go — scan items as you shop in stores and pay with your phone
Amex Platinum SoulCycle at home bike credit
The Amex Platinum now offers a $300 credit when purchasing a SoulCycle bike:
- Get a $300 statement credit when purchasing a SoulCycle at-home bike
- This credit can be used for up to 15 bikes per year (you know, for those who like to buy a new SoulCycle bike every few weeks)
- Bikes retail for $2,500 plus taxes and fees, and you must purchase the bike in one transaction with your Amex Platinum in order to qualify for the savings
On the fitness front, this complements the existing Equinox credits that the card offers. The Amex Platinum offers up to $300 in Equinox statement credits annually, broken down as a monthly $25 credit.
My take on the new Amex Platinum benefits
Are these new Amex Platinum benefits useful?
- The Walmart+ membership may be useful to many, though it seems like an odd pairing for a premium credit card
- The SoulCycle benefit will likely be of use to very few people; the $300 savings only applies when buying a bike for home, so for most people this isn’t a repeated monthly credit, or anything
The play from Amex lately seems pretty simple — Amex presumably has data on the average income, spending patterns, etc., of those with the Amex Platinum. It’s a very marketable customer base. Presumably Amex is paying next to nothing for all of these benefits, since these partner companies want access to Amex’s consumer base.
And as consumers we shouldn’t be upset — we’re getting more benefits without it costing us anything extra. At the same time, I can’t help but feel like the Amex Platinum has truly turned into a coupon book… but that’s not necessarily a bad thing.
The Amex Platinum has added even more credits, including a monthly $12.95 Walmart+ credit (which covers the cost of a membership), as well as a $300 credit when you purchase a SoulCycle card (which you can use up to 15 times, but I can’t imagine many people are buying 15 bikes).
Hopefully these benefits are useful to some people. Personally I won’t get value out of either of these, but the beauty of the Amex Platinum is just how many credits there are nowadays.
What do you make of the new Amex Platinum Walmart and SoulCycle credits?