Get Peacock and Paramount+ Free with Your Amex Platinum Credits

The Amex Platinum has two separate credits that cover streaming: the $25/month Digital Entertainment Credit and the $12.95/month Walmart+ Credit. Here's how to use both to get Peacock and Paramount+ without paying for either.

TL;DR

The Amex Platinum ($895/year) has two credits that can cover streaming: the Digital Entertainment Credit ($25/month) and the Walmart+ Credit ($12.95/month).

Both Peacock and Paramount+ are eligible on the entertainment credit. Walmart+ also throws in one of them free: Peacock Premium (with ads) or Paramount+ Essential.

Smart move: take one service through the Walmart+ credit, put the other on the $25 entertainment credit, and keep the leftover for Disney+/Hulu/etc.

You must enroll in both credits, and use the monthly Walmart+ plan so the $12.95 credit lines up.

Sources: American Express, Walmart, Peacock, Paramount+ (all first-party).

The Platinum Card from American Express runs $895 a year, so you want to actually use the credits it hands you. Two of them can put both Peacock and Paramount+ on your TV without you paying for either. Here's how they work, plus the move that gets you both at once.

The two credits

Digital Entertainment Credit, up to $25/month ($300/year). Pay eligible streaming and news services directly with your Platinum and Amex credits you back, up to $25 each month. Peacock and Paramount+ are both on the eligible list, along with Disney+, Hulu, ESPN, The New York Times, The Wall Street Journal, YouTube TV, and YouTube Premium. You enroll first, and you pay the service directly.

Walmart+ Credit, $12.95/month ($155/year). Amex reimburses a monthly Walmart+ membership. And a Walmart+ membership now includes your pick of one streaming service free: Peacock Premium (with ads) or Paramount+ Essential. You can switch which one every 90 days.

The smart play: use both credits, get both services

Here's the part people miss. You could just put both on the $25 entertainment credit. Peacock Premium is $10.99/month and Paramount+ Essential is $8.99/month, which adds up to $19.98 and fits under the $25 cap.

But that burns most of your entertainment credit on two streaming apps. Instead:

Let the Walmart+ credit cover one. Take Peacock Premium through your Walmart+ membership. The $12.95 membership is reimbursed by Amex, and Peacock rides along free.
Use the $25 entertainment credit for the other. Subscribe to Paramount+ Essential ($8.99) directly. That still leaves about $16/month of credit for Disney+, Hulu, the NYT, or whatever else you actually watch.

Same two services, but now you're pulling from two different credits and getting Walmart+ (free shipping, grocery delivery) on top.

If you only want one

Take it free through the Walmart+ credit and keep the full $25 entertainment credit for everything else.

The fine print (read this part)

Enroll first. Both credits require you to opt in through your Amex account. No enrollment, no credit.
Go monthly on Walmart+. The Amex credit is $12.95 each month, so use the monthly Walmart+ plan, not the annual one, or the reimbursement won't line up.
Walmart+ is one service at a time. Peacock or Paramount+, swappable every 90 days.
Tiers matter. Walmart+ gives you Peacock Premium with ads and Paramount+ Essential (the ad-supported tiers). Upgrades cost extra.

Sources verified

Amex Platinum Digital Entertainment Credit + Walmart+ Credit: americanexpress.com (Platinum card page)
Walmart+ streaming benefit: walmart.com
Peacock Premium pricing: peacocktv.com
Paramount+ Essential pricing: paramountplus.com