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

Oct. 07, 2021
4 min read
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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

(Photo by BCFC/Shutterstock)

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

(Photo by Ari Perilstein/Getty Images for American Express)

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).

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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.

Featured image by ISABELLE RAPHAEL/THE POINTS GUY
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

TPG featured card

Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

5X points
5XEarn 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.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Intro offer

Earn 80,000 Points
Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

Annual Fee

$695

Recommended Credit

670-850
Excellent/Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $1,600.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 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.
  • 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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $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 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
  • Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees
Apply for The Platinum Card® from American Express
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

5XEarn 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.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Intro Offer
    Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

    Earn 80,000 Points
  • Annual Fee

    $695
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $1,600.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 80,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 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.
  • 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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $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 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • Get up to $300 back per calendar year on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card. Enrollment required. Learn more.
  • Breeze through security with CLEAR® lanes available at 100+ airports, stadiums, and entertainment venues and get up to $189 back per calendar year on your membership when you use your Card. Learn more.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees