American Express is upgrading its consumer platinum card—again—for the holidays

Market Trading EssentialsOctober 7, 2021

1 minute read

For the second time this year, American Express is sprucing up the perks attached to its consumer platinum card.

American Express is introducing two new retail and wellness benefits. Beginning on Oct. 7, U.S. Consumer Platinum Card members can now get statement credits on particular purchases with Walmart and SoulCycle.

“Convenience and flexibility are more important than ever to card members,” says Howard Grosfield, executive vice president and general manager, U.S. consumer and global premium services. “We’ve doubled down on travel and continue to add new benefits people can use every day, like Walmart+ and SoulCycle At-Home.”

With these new benefits, American Express says the latest version of Platinum Card for consumers (as there is a different Platinum Card for business) now offers more than $1,500 in potential annual value.

The new benefits continue the company’s shift toward incorporating amenities that are more lifestyle-focused in light of the pandemic and more people staying closer to home, versus Amex’s legacy for travel-minded perks. (Not that there aren’t plenty of travel benefits still attached to the Amex Platinum Card as well as several other branded American Express credit cards.)

In July, American Express introduced an annual $300 Equinox credit ($25 per month) on eligible Equinox Fitness Club memberships or a digital subscription to Equinox+. According to the Amex Trendex—the company’s proprietary index tracking how consumers, small businesses, and merchants are feeling about spending, saving, and traveling—74% of millennials say that they plan to continue their at-home fitness routines rather than return to in-person gyms or fitness studios.

With the at-home fitness trend continuing, American Express says it is expanding its partnership with Equinox by offering Platinum Card members a $300 annual statement credit on purchases of a SoulCycle At-Home bike, giving them another way to work out at home.

The company also asserts Walmart is already a top merchant for Platinum Card members. According to the Amex Trendex, three in four adults report they’ve spent more on online shopping in the past year compared to previous years. Thus, Platinum Card members who shop at Walmart can tap into a statement credit for the full cost of a Walmart+ monthly membership ($12.95 per month, plus applicable taxes).