The Amex Platinum $300 Equinox credit just became a lot easier to use

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• The Platinum Card® from American Express has long offered an annual $300 credit to be used with Equinox luxury gyms.**
• You could previously only receive $25 in credits per month. But you'll soon be able to get up to $300 in credit at once.
• The card has other great statement credits, and a welcome bonus of The Platinum Card® from American Express.
• Read Insider's guide to the best American Express cards. 

The Platinum Card® from American Express comes with more than $6,000 in potential statement credits each year. That sounds too good to be true — and it sort of is. Most of this value is from niche credits that many cardholders won't use.

One of these credits is the up to $300 in annual credits (divided into monthly increments of $25) to Equinox** — a network of luxury gyms you'll only find in big cities. Affluent gym rats living in New York, Chicago, or Los Angeles may get some value from this — but for the rest of us, it's best used toward a subscription to Equinox+ (Equinox's fitness app, costing $39.99 per month).

Amex has tweaked this benefit to become slightly more useful to its cardholders in two ways:

• Beginning November 3, 2022, the annual $300 in Equinox credits can be used for any membership (previously restricted to Equinox All Access, Destination, E by Equinox, or Equinox+)
• Beginning in 2023, this credit will no longer be doled out in $25-per-month increments. You can use all $300 at once if you like.

Here's why that's good news for Amex Platinum cardholders.

We're focused here on the rewards and perks that come with each card. These cards won't be worth it if you're paying interest or late fees. When using a credit card, it's important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.

Amex Platinum Equinox credit improvements

Membership prices to Equinox gyms vary by location. You can find single-club gym access for around $160 per month (still eye-watering) — and some premium memberships can cost $500 per month. To anyone but a celebrity who doesn't want to be accosted by the unwashed masses at Planet Fitness, that's an unreasonable monthly fee.

However, you can soon use your The Platinum Card® from American Express's annual $300 Equinox credit to give an Equinox gym a try for free. Equinox does not publish its membership costs online, but data points show that, after the $100 initiation fee, you can purchase one month for under $170 at select clubs. If you're perhaps on the fence as to whether an Equinox membership is worth it — or you simply would like to experience what's inside the prohibitively expensive gym — your The Platinum Card® from American Express can now give you that experience.

Beginning November 3, 2022, the card's Equinox credit will be triggered when you use your card for the fees of any Equinox membership, including single club membership. That makes this credit a bit more flexible for those who already pay for an Equinox membership.

Even better, starting in 2023, you won't be hamstrung by a $25-per-month reimbursement limit. In other words, you should be able to get a free month at many Equinox locations. This change also means that you can subscribe to Equinox+ and receive seven months absolutely free. Previously, to cover the $39.99 monthly fee, you'd have to copay $15 per month after the monthly $25 discount.

We have confirmed that this credit will not reimburse you for in-gym purchases, as well as its online store, The Shop at Equinox. Equinox sells things like body care, clothing, and accessories.

Bottom line

The Platinum Card® from American Express is one of the best all-around cards on the market — it's got loads of valuable statement credits, such as:

• Up to $200 in airline fee credits each calendar year**
• Up to $200 in Uber Cash each calendar year**
• Up to $200 in credits per year toward prepaid hotel bookings through Amex Fine Hotels and Resorts or The Hotel Collection (with a two-night minimum)
• Up to $240 in annual credits (up to $20 per month) toward a Disney Bundle, Hulu, Peacock, SiriusXM, Audible, and The New York Times**
• $189 per year in credits for CLEAR® membership**

This tweak to the card's Equinox credit does make it slightly more convenient for those interested in paying top dollar for their workout experience.