American Express Co. is introducing a new perk for its $695-per-year platinum credit card in partnership with Walmart. Platinum cardholders will now be eligible to receive statement credits for Walmart+. In addition to receiving free shipping for online orders, cardholders will also have access to an array of discounts on gas and prescriptions.
Previously priced at $550 per year, American Express increased the annual fee for its Platinum card so as to retain the current benefits that are available to clients after the hit that the company took during the height of the COVID-19 pandemic.
Doug Buckminster, group president of AmEx’s global consumer-services division, made the following statement with regards to the fee increase: “When we move price from $550 to $695 on one of the most consequential portfolios we have, it really pushes us to say, ‘Are we adding adequate value and can we communicate that value well to customers?’”
In addition to the new program in partnership with Walmart +, American Express is also adding credits for SoulCycle Inc.’s at-home fitness program.
