[Expired] New Amex Platinum Card Benefits & Changes [Walmart+, SoulCycle]

Update:The offer mentioned below has expired and is no longer available.

Amex has a decent lineup of Platinum cards available to consumers. Whether you’re interested in The Platinum Card^® from American Express or The Business Platinum Card^® from American Express, you’re typically going to get a lot of bang for your buck.

After an increase to the annual fee and a slew of new benefits were added in July 2021, American Express has chosen to further update the benefits available to these cardholders. Note that terms may apply and enrollment may be required for some of the benefits listed. Let’s break down what’s new.

New Amex Platinum Card Benefits

The Amex Platinum card already comes with a ton of perks (that we now value over $5,300!), and 2 new benefits were just added:

• $155 Walmart+ Credit — This credit will be distributed in monthly increments of $12.95 which covers the full cost of a Walmart+ membership. Walmart+ offers free shipping and delivery as well as other discounts.
• $300 SoulCycle Credit — This credit can be received when you purchase a SoulCycle At-Home Bike. Just note that a 12-month Equinox+ membership is required to purchase a bike.

Continuing Amex Platinum Card Benefits

As we’ve already mentioned, the Amex Platinum card offers a suite of benefits to its cardholders. Here are the benefits that will be continuing forward:

Everyday Benefits:

• Up to $300 Annual Equinox Credit — Get up to $300 back each year on eligible Equinox memberships when you pay with your card. Enrollment is required.
• Up to $240 Digital Entertainment Credit — Get up to $20 back each month on eligible purchases made with your card on one or more of the following: Disney+, The Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required
• Up to $100 Annual Saks 5th Avenue Credit — Up to $50 of this credit can be used from January to June and the other $50 can be used during the second half of the year.
• Global Dining Access by Resy — Add your card to your Resy profile to unlock access to special dining experiences and exclusive reservations.

Travel Benefits:

• Up to $200 Airline Fee Credit — This credit covers incidental expenses, such as baggage fees and seat selection, on the airline of your choice.
• Monthly Uber Cash Credit — These credits for rides or Uber Eats orders are dispersed at a rate of up to $15 per month, with up to $35 in credit being issued in December (up to $200 annually).
• 5x points per dollar on flights booked via AmexTravel.com or directly with the airline (up to $500,000 per calendar year).
• 5x points on prepaid hotels booked via AmexTravel.com.
• Up to $200 Prepaid Hotel Credit — 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 AmexTravel.com when you pay with your card.
• Up to $189 Annual CLEAR Plus Credit — CLEAR is a service that expedites airport security, much like TSA PreCheck.
• Complimentary Hilton and Marriott Gold Elite hotel status and rental car elite status
• TSA PreCheck/Global Entry Credit — This credit covers TSA PreCheck up to $85 or Global Entry up to $100.
• Global Lounge Collection— This includes a Priority Pass membership, access to Delta Sky Club when flying Delta, Centurion Lounges, and more.
• Access to the International Airline Program.
• Cell phone protection.
• Wheels Up (Premium Private Jet Program) — Enjoy up to 40% off a Wheels Up membership and up to $2,000 in flight credit towards your initial flight within your first year (depending on membership).

Hot Tip: New benefits that Amex Business Platinum cardholders will have access to include the CLEAR Plus credit, Wheels Up Premium Private Jet Program discounts and credits, and Global Dining Access by Resy.

Increased 100,000-Point Welcome Offer

You can also earn 100,000 Membership Rewards points after you spend $6,000 on purchases on your Amex Platinum card in the first 6 months of card membership. We value Membership Rewards points at about 2.2 cents per point, which means that a 100,000 Membership Rewards points bonus offer is worth ~$2,200!

We also have some ideas for awesome ways to spend 100,000 Amex Platinum card points!

Higher Annual Fee for Amex Platinum Card

With all these new credits comes a hike in the Amex Platinum card’s already hefty annual fee. Originally $550, you can now expect to pay $695 each year to hold any of the Amex Platinum card’s lineup (rates & fees). That’s a $145 annual increase, which is no joke, though you should aim to maximize the $1,800+ in monthly and annual credits.

Final Thoughts

Although it’s always a bummer when a credit card increases its annual fee, at least we’re seeing some major changes in its credit offerings. Whether or not the card will continue to be a good value for you in future years will depend on a few variables: Can you use these credits? Would you have spent the money on them anyway? Do you find value in Amex’s Global Lounge Collection and will you be using your hotel elite status?

Consider all of these questions before deciding whether or not to keep the card. That being said, these new changes aren’t all bad, especially if you can maximize the $1,800+ in annual credits.