(Bloomberg) -- American Express Co. is expanding the perks available to customers of its high-end Platinum card to include rewards from discount retailer Walmart Inc.
The $695-a-year card will now offer statement credits for Walmart+, a membership program that gives customers free shipping for online orders from the retailer as well as discounts on gas and prescriptions. The New York-based credit-card giant is also adding credits for SoulCycle Inc.'s at-home fitness program.
The Platinum card has long been associated with its tony travel and dining perks. AmEx has been changing up the benefits -- and increasing the annual fee -- on the popular card as it tries to remain relevant for customers during a time when travel remains restricted by Covid-19.
“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?'” Doug Buckminster, group president of AmEx's global consumer-services division, said during an investor conference last month. “It really forces our hand on dialing up our innovation energy.”
Read more: AmEx Adds Private-Jet Charters, Hotel Credits in Platinum Revamp
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