As per reports, American Express Co. (AXP) is adding the perks available to customers of its high-end Platinum Card to include rewards from Walmart Inc (WMT). The $695-a-year card will now offer statement credits for Walmart+ members, a membership program that offers customers free shipping for online orders from the retailer along with discounts on gas and prescriptions. AmEx has been revising the benefits and increasing the annual fee on the popular card as it tries to remain relevant for customers 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? It really forces our hand on dialing up our innovation energy,” stated Doug Buckminster, group president of AmEx’s global consumer-services division.
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