Card News: Changes to the AMEX Platinum Equinox Credit

The American Express (AMEX) Platinum card comes with a plethora of perks and benefits. Some people mock the card as a premium coupon book. It may sound underwhelming to describe a credit card with an annual price tag of $695 as a coupon book. However, if you hold many premium travel credit cards like me, you may need to go out of your way to spend some credits. AMEX recently made some changes to one of the credits, and let’s see why I think this is a positive change to the credit and the card as a whole.

• Sign-Up Bonus & Multiplier

• Annual Fee & Benefits

• What Is a $300 Equinox Credit? 

• What Changes Are Happening in 2023?

• Why I Welcome the New Equinox Credit

• Summary

The AMEX Platinum card is one of the best premium travel cards on the market right now.

Sign-Up Bonus & Multiplier

The AMEX Platinum Card currently offers a sign-up bonus of 80,000 Membership Rewards (MR) points after spending $6,000 in the first six months of account opening. I value MR points at 2 cents per point, valuing this regular sign-up bonus at $1,600. However, if you use a referral link or search for the offer using Google’s Incognito Mode, you may be able to find a higher bonus offer. AMEX can pull high sign-up offers without notice, so when you see an elevated offer, apply sooner than later before it’s gone.

You may be able to land on a higher sign-up offer! Try using my referral link. Photo by AMEX.

The AMEX Platinum card’s primary focus is to fly and travel. Thus, while the earning rates for airfare and hostel stays are solid, others are relatively weak. The AMEX Platinum card earns 5X MR points on up to $500,000 per calendar year on flights purchased directly from airlines or on the AMEX travel portal. It also earns 5X MR points on hotels booked and prepaid on the AMEX travel portal, and all other purchases earn 1X MR points. 

If you’d like to apply for the American Express Platinum Card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!

Annual Fee & Benefits

The annual fee of the AMEX Platinum card is steep. It will cost you $695 a year to maintain the card membership, making it one of the most expensive credit cards on the market. However, the card comes with valuable benefits to effectively offset the annual fee. Here are the following benefits included in the card membership:

• $200 Fine Hotels & Resorts Credit & Benefits

• $200 Uber Credit

• $200 Airline Credit

• Centurion Lounge Access & Priority Pass Membership

• Hilton Honors Gold Status & Marriott Bonvoy Gold Elite Status

• Reimbursed Global Entry or TSA PreCheck Application Fees

• $240 Digital Entertainment Credit

• $179 CLEAR Credit

• $155 Walmart+ Credit

• $300 SoulCycle Credit

• $100 Saks Fifth Avenue Credit

• $300 Equinox Credit

You can learn more about each benefit in my review of the AMEX Platinum card.

What Is a $300 Equinox Credit? 

Equinox is a luxury fitness club that mainly operates in large metropolitan areas. Its monthly membership costs between $200 and $500 depending on the club's location. Equinox owns SoulCycle, PURE Yoga, and Blink Fitness, and it is one of the most premium commercial gyms in America. As of now, if you have the AMEX Platinum card, you can get up to $25 back each month on select Equinox memberships, and enrollment is required on your AMEX benefits page. 

Make sure to enroll in the offer under your AMEX Platinum benefits page. Photo by AMEX.

Because of the expensive nature of the Equinox membership, or anything at Equinox for that matter, unless you currently hold an Equinox membership, the monthly $25 credit is not valuable to most folks. The cheapest option is Equinox+, a subscription-based app by Equinox, which will cost you $40 per month. With the app, you can access various workout programs developed by Equinox and enjoy the workout at home or on the go. The good news is that AMEX is changing that in 2023. 

What Changes Are Happening in 2023?

Starting January 1, 2023, the $25 monthly Equinox credit will be given as an annual statement credit of up to $300 per calendar year. Because Platinum cardholders will receive the $300 Equinox credit as a lump sum, cardmembers will experience more flexibility in credit utilization and can use the credit towards the following fees:

• Equinox Single Club Access membership

• Equinox Regional Access membership

• Equinox All-Access membership

• Equinox Destination membership

• E by Equinox membership 

• Equinox+ app membership 

Do you think you’d value the $300 Equinox credit closer to its face value in 2023? Photo by Victor Freitas on Unsplash.

Why I Welcome the New Equinox Credit

I own a Peloton bike and am subscribed to its monthly digital membership, which provides a mobile workout program through its app. Thus, I’ve valued the $300 Equinox credit at $0 since I don’t see any use case for me. However, when the change is implemented in 2023, I plan on using the credit at my local Equinox club by purchasing single-club access tickets. Though the price for single-club access tickets varies depending on the club’s location, I should be able to use it five or six times a year. I also wonder if I could use the $300 credit at the Equinox Hotel in New York City even though it is not mentioned in the terms and conditions.

It would be an interesting use case, if the $300 Equinox credit could be applied to the Equinox Hotel in NYC. Photo by Pontus Wellgraf on Unsplash.

Nonetheless, even with the change, it is probably one of the least exciting benefits for AMEX Platinum cardholders. I would appreciate a lower credit, perhaps $150 or even $100, towards any gym, but I doubt that AMEX would dramatically shift the credit to be more comprehensive. On a more.

Summary

The AMEX Platinum card is one of the best premium travel credit cards you can get, and the only downside is its hefty annual fee of $695. Luckily, AMEX provides Platinum cardholders with valuable benefits, and one of them is a $300 credit towards Equinox. Starting January 1, 2023, the $25 monthly Equinox credit will be given as an annual statement credit of up to $300 per calendar year. This new change will offer modest flexibility to some people, but the Equinox credit still remains unexciting as it is challenging to fairly appreciate its value at 100%.

If you’d like to apply for the American Express Platinum Card, please consider using my referral link. It will continue to help fund my blog operations and help visitors make informed decisions to maximize their rewards. Thank you! Click HERE to access my referral link!