Amex Platinum Adds Walmart+ and SoulCycle At-Home Benefits

In July, American Express unveiled a revamp of its Platinum Card, including added perks and a higher annual fee. Now, beginning Oct. 1, Platinum cardholders will get two additional benefits that they can use toward a Walmart+ membership and a SoulCycle at-home bike. The latter is an expansion of the card issuer's partnership with Equinox, which owns SoulCycle.

Amex Platinum Solidifying Role as a Top Lifestyle Credit Card

In the past, the Amex Platinum Card has been seen primarily as a premium travel credit card. But with the recent changes, American Express is focusing on both travel and lifestyle benefits.

With the new announcement, Platinum cardholders can now get a monthly credit toward a Walmart+ subscription that normally costs $12.95 per month plus taxes. The credit will cover the full cost of the membership, which includes unlimited free shipping with no minimum order on items shipped by Walmart, free delivery from stores where available, and also mobile and contactless in-store checkout.

The bank is also doubling down on the at-home fitness trend. In July, it added an annual $300 Equinox credit that can be used toward a membership with the gym or a digital membership to Equinox+. With the latest update, cardholders will also get a $300 credit each time they purchase a SoulCycle at-home bike through Equinox+. (The bikes normally cost $2,500.) Cardholders can get the credit up to 15 times per calendar year.

Just keep in mind that you'll need an Equinox+ digital membership to use the bike's at-home content. Equinox+ costs $39.99 per month, $25 of which will be credited back to you by the card.

The new perks build on other lifestyle-focused benefits, including a $240 annual digital entertainment credit, $100 Shop Saks credit, the Global Dining Access program with Resy, and various travel credits and perks.

If you're already paying for a Walmart+ membership or want to try one out, there's no risk because the new benefit covers the full cost of the subscription. However, you'll want to think carefully about the costs you'd incur on top of your credits if you were to purchase a SoulCycle at-home bike, along with the monthly subscription it requires.