More credits incoming: Amex adds SoulCycle and Walmart benefits to Platinum card

No matter where you stand on The Platinum Card® from American Express' $695 annual fee (see rates and fees), it's undeniable that this card's benefits can still amount to incredible value.

The Amex Platinum comes with more than $1,400 in annual statement credits. While some are more useful than others, these credits can help justify the card's annual fee — not to mention the other benefits on the card, such as access to Centurion Lounges, complimentary Marriott and Hilton elite status and more, that set it apart. Enrollment is required for select benefits.

American Express has now introduced two more statement credits to the Amex Platinum, one for Walmart+ and another for SoulCycle. Let's take a look at these new credits and how they can be used.

$155 Walmart+ statement credit

Amex Platinum cardholders can now receive up to a $155 statement credit that covers the cost of a monthly Walmart+ membership when paying with their Amex Platinum. Plus Ups are excluded. This monthly membership costs $12.95 and any local sales tax, so the statement credits should cover all of that.

If you've never heard of Walmart+, here are all of the perks:

• Free next-day and two-day shipping on items from Walmart.com, with no minimum required. However, this excludes overweight, freight and Marketplace items.
• Free delivery from your local Walmart store on orders of $35 or more.
• Get select prescriptions for as little as $0, and save up to 85% at thousands of Walmart pharmacies.
• Save 5 cents per gallon at Walmart and Murphy gas stations and access member pricing at Sam's Club fuel centers.
• Scan items with the Walmart app and pay at self-checkout.

The primary benefits of the membership include free shipping and delivery for online orders, groceries and more. While you may not have considered getting Walmart+ before the advent of this credit, the fact that it covers the entire price of the membership alone means there's no additional cost to you for signing up.

Even if you don't live near a physical Walmart location, getting free next-day and two-day shipping on thousands of items on Walmart.com is a pretty great value proposition and could even compete with your Amazon Prime subscription.

Finally, up to $155 in this Walmart+ statement credit helps you offset a sizable chunk of that $695 annual fee.

$300 SoulCycle statement credit

In addition to the Walmart+ credit, Platinum cardholders can now get an up to $300 statement credit when purchasing one SoulCycle at-home bike — on up to 15 bikes per calendar year. Each bike retails for $2,500 before taxes and fees, and you must purchase the bike in one transaction with your Platinum (meaning you can't finance it and also receive the $300 statement credit).

We can't imagine that this credit will be particularly useful to most cardholders, especially since you'll need to purchase Equinox+ to access SoulCycle content. But remember that the Amex Platinum comes with an (up to) $300 annual Equinox statement credit annually. The Equinox+ app costs $40 per month, so you'll have to pay $15 monthly out of pocket. Enrollment is required for select benefits.

Bottom line

Are these credits worth it? Well, it depends on whom you ask.

I don't know anyone that plans to buy 15 SoulCycle bikes this year and the Walmart+/Platinum pairing is admittedly an odd match at first glance for a premium card. However, it can be a useful credit that saves you on shipping and adding more perks isn't a bad thing, especially since the annual fee remains at $695.

Overall, Amex has shifted the Platinum Card beyond the normal travel sphere and into the "lifestyle" realm, so to speak.

More cardholders should find utility out of the Walmart+ credit rather than the SoulCycle credit — with oddly specific terms. Though you may not use every single credit with the Amex Platinum, there should be plenty to mix and match that will ensure that you recoup the $695 annual fee.

Official application link: Amex Platinum with 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership.

For rates and fees of the Amex Platinum, click here.