Back in July 2021, American Express announced it was completely “refreshing” and increasing the benefits (and the annual fee) of the American Express Platinum Card.
Now, American Express has decided to add two new benefits to the Platinum Card. But will they add any value to “Platinum Membership”?
American Express Adds Two New Benefits To The Platinum Card
New Walmart+ Benefit
First up, the new Walmart+ benefit.
Sure, we can debate whether Walmart is synergistic with the Amex Platinum brand or even whether having a Walmart benefit somehow devalues the Platinum Card until we are blue in the face.
For now, I’ll dispense with that debate and focus on the question of if the Welmart+ benefit provides any value to card holders.
The benefit is a monthly credit of $12.95 to cover the cost of Walmart+ monthly membership fees (for a total of $155.40 per year).
If you are an online Walmart shopper, this can be great news for you as you’ll receive free shipping with no minimums, and free same-day grocery deliveries.
As an added bonus, from now until November 25, 2021, those who enroll can also get 5x Membership Rewards (MR) points on up to $500 in purchases (for a total of 2,500 MR points).
For those who don’t shop at Walmart [online], this benefit probably isn’t worth much (if anything).
New SoulCycle Benefit
Next up, the SoulCycle benefit.
This benefit allows card holders to get a $300 statement credit on the purchase of a new SoulCycle bike (strangely, you can do this on up to 15 bikes).
SoulCycle at-home bikes cost $2,500 each, so this benefit can reduce that price to $2,200 each. But, you must also have a $40 a month Equinox+ Membership to get the bike at that price.
Luckily, the Amex Platinum Card also has a [previously announced] $25 per month credit off of Equinox+ (bringing the cost of a monthly Membership down to $15 per month).
Together, the SouCycle and Equinox+ benefits are worth a combined $600 per year. Of course, you’d still be on the hook for $2,380 for the SoulCycle bike and one year of Equinox+.
For reference, a comparable Peloton bike starts at $1,495 and comes with a $39 per month membership fee (for a total cost of $1,963. in the first year).
The Bottom-Line: American Express Adds Two New Benefits To The Platinum Card
These two new benefits are very niche, and probably aren’t for everybody.
However, if you do shop at Walmart online, or have a family or friend who does, the benefit could be a real value of $155.40 per year.
Likewise, if you – or a family member or friend – are interested in SoulCycle, this benefit could be worth $300.
In all, these two new benefits can potentially add another $455.40 in value – if you can take advantage of them.
