American Express has added two new statement credits to its popular Platinum Card. The new benefits include savings with SoulCycle and free membership with Walmart+, but do they provide real value? Here’s what you need to know about the new perks added to the Platinum Card from American Express.
Amex Unveils New Benefits for Platinum Card
The American Express Platinum Card got a major overhaul earlier this year. These new features included a multitude of new statement credits, a new Resy membership for improved table booking, and more. The Platinum Card’s annual fee also saw a change, with the yearly cost of membership rising from $550 to a whopping $695.
However, Amex argued that the new statement credits more than recouped the additional cost for that increased fee. These credits include:
- Up to $200 in statement credits per calendar year in baggage fees and more when you select one qualifying airline.
- Up to $100 in statement credits annually for purchases at Saks Fifth Avenue.
- VIP status and $200 Uber savings on rides or eats orders in the US annually.
- $175 CLEAR statement credit when using the Platinum Card to register.
- $300 Equinox credit ($25 credit each month towards Equinox membership and services.)
- $240 statement credit for select streaming services, including Audible, Peacock, New York Times, and SiriusXM.
- Up to $200 hotel statement credit towards select prepaid bookings through the American Express Travel portal.
- TSA Pre✓® and Global Entry statement credit every four years.
New Amex Platinum Statement Credits
Now American Express is adding two new credits to the Platinum Card. These credits are a $12.95 per month credit for Walmart+ membership and savings on SoulCycle exercise bikes.
The new Walmart+ credit provides reimbursement when the Platinum Card purchases a Walmart+ (also known as W+) membership. The membership cost is $12.95 per month, giving this new credit a total value of up to $155 each year).
The new SoulCycle credit works in conjunction with the existing Equinox credit. Cardmembers can earn an additional $300 statement credit on purchases of the SoulCycle At-Home Bike through Equinox+. One caveat with this new SoulCycle credit is that the bike requires an Equinox+ membership – itself a $39.99 per month charge. Add to that the $2,500 price tag of the At-Home Bike, and the credit is a new benefit that will provide limited value to very few.
Do the New Credits Provide Value?
Ultimately, the new Platinum Card from American Express credits offer some value – but not enough to justify the annual fee. Amex is continually adding new credits to try and convince existing cardholders that the changes to the card are worth the price hike – but the real test will come once next year’s annual fees are charged.
The Walmart+ credit is a nice addition, but only for those who want an everyday savings – something not in-line with the goal of the Platinum Card. Most choose the Platinum Card for the Centurion Club lounge access, TSA Pre✓®, elite statuses with Marriott and Hilton Honors, and more. Instead, Amex is offering coupons for expensive health and fitness programs that provide little value.
Related Article: Amex Platinum Card Remains Popular Despite Higher Annual Fee