Quick answer: The Amex Platinum’s $12.95 monthly Walmart+ credit applies only to the monthly membership charge, so it does not cover Walmart’s $120 bundle, which is sold as one annual payment. For Platinum holders, Walmart+ is free on the monthly plan, while the bundle costs $120 out of pocket and adds only Sam’s Club Plus.

Walmart announced a splashy new deal this morning: a $120-a-year bundle combining Walmart+ and Sam’s Club Plus, nearly $100 less than buying the two separately. It sounds like a no-brainer — until you hold an Amex Platinum. If your Walmart+ membership currently costs you $0 thanks to the Platinum’s monthly credit, this “deal” would have you paying $120 out of pocket. Here’s the gotcha, the math, and who the bundle actually suits.

What the $120 bundle is

Walmart CEO John Furner announced the bundle on Good Morning America on October 20, 2026, and it goes live the same day. One annual plan, $120 a year:

• Free delivery on eligible orders from Walmart and Sam’s Club
• Choice of Peacock or Paramount+ streaming included
• Access to Sam’s Club warehouse stores and member pricing
• 10¢ per gallon gas discount at 17,000+ participating stations
• 2% Sam’s Cash on eligible purchases

The savings pitch: Walmart+ costs $98 a year on its own and Sam’s Club Plus costs $120, so $218 separately vs $120 bundled — a $98 savings. There is no monthly option and no free trial; it’s annual only.

Upgrade paths for existing members:

• Walmart+ annual members: switch to the bundle for $22 more per year
• Sam’s Club Plus members: activate Walmart+ at no additional cost
• Sam’s Club (basic) members: upgrade to Plus for $60 and get Walmart+ included

The Amex Platinum Walmart+ credit

The Amex Platinum includes a Walmart+ benefit: up to $12.95 in statement credits each month when you pay for a Walmart+ monthly membership with your Platinum Card (enrollment required). That’s $12.95 × 12 = $155.40 a year in potential value — comfortably more than a standalone Walmart+ membership, so most Platinum holders get Walmart+ effectively free.

The critical word in the terms is monthly. The credit fires on the monthly Walmart+ membership charge billed by Walmart.

Why the credit doesn’t cover the bundle

The new $120 bundle is annual only — a single $120 charge, with no monthly billing option. Because the Amex credit is tied to the monthly membership charge, a one-time $120 annual payment does not trigger it. Walmart’s own FAQ frames the bundle as an annual plan with no monthly equivalent, so there’s no monthly charge for Amex to credit against.

That means switching to the bundle doesn’t just cost $120 — it also means walking away from the $155.40 a year in Amex credits you’d collect by staying on monthly Walmart+. You’re giving up a free membership to buy a $120 one.

The family math: $0 vs $120

Here’s my own situation as the worked example. I hold the Amex Platinum, and my Walmart+ monthly membership is fully covered by the $12.95 monthly statement credit. My out-of-pocket cost for Walmart+ today: $0 a year.

If I switched to the bundle, I’d pay $120 a year out of pocket — and the Amex credit would sit unused, since there’s no monthly charge to offset.

And here’s the part that kills the “deal”: the Walmart+ benefits I’d be “upgrading” to are ones I already get free today. The Amex-covered Walmart+ membership already includes free delivery on eligible Walmart orders, the choice of Peacock or Paramount+ streaming, and the 10¢ per gallon gas discount at 17,000+ stations. The bundle doesn’t add any of that — it just adds Sam’s Club.

So what does the $120 buy me that I don’t already have free? Only Sam’s Club Plus. The honest question is therefore not “is $120 a good deal for both memberships?” but “is Sam’s Club Plus worth $120 a year to my family?” If we’d shop at Sam’s Club anyway — bulk groceries, the gas discount, the Thanksgiving haul — it might be. If we’re a Walmart-only household, it’s $120 for nothing new.

Who the bundle IS good for

The bundle is a genuine deal for a specific shopper:

• Sam’s Club Plus members: Walmart+ gets added at no extra cost. Pure win — take it.
• Sam’s Club (basic) members: $60 to upgrade to Plus and get Walmart+ included is strong value if you shop both.
• Walmart+ annual members who shop at Sam’s Club: $22 more a year for full Sam’s Club Plus access is cheap.
• Non-Platinum households: if nobody in the house holds a card that covers Walmart+, $120 for both memberships vs $218 separate is real savings.

It’s a bad deal for exactly one group: Amex Platinum holders on the monthly Walmart+ plan. For us, the bundle converts a free membership into a $120 expense.

The bottom line

Walmart’s bundle is good marketing and, for most shoppers, good value. But card benefits change the math completely: the Amex Platinum’s $12.95 monthly Walmart+ credit only works on the monthly plan, and the bundle is annual-only. Before you switch, do the one-line calculation — what do you pay for Walmart+ today, and what would you pay after? For Platinum holders, the answer is $0 vs $120, and the “deal” evaporates.