Amex Platinum's $200 Oura Ring Credit: The Math

American Express personal Platinum cardholders now have a $200 annual credit for Oura Ring purchases. The credit applies to ring orders placed at the U.S. Oura website, not to membership fees, chargers, add-ons, gift cards, or third-party purchases.

Enrollment is required through americanexpress.com or by phone. Only one credit per card account per calendar year is available. Purchases by both the Basic Cardholder and Additional Card Members count toward it.

The current Oura Gen4 ring sells for $249. After the $200 credit, the out-of-pocket cost drops to $49. Shipping is free. A new ring comes with one free month of membership; after that it costs $6 per month or $70 per year.

Reddit reports suggest PayPal payments are triggering the credit. PayPal allows card splitting, so users could theoretically split a purchase across two Platinum Business cards to get the ring for free. One user who tried this had their order cancelled. The terms explicitly exclude split payments, so the cancellation is not surprising.

Some users have reported that other items, like the new $99 travel case, have coded as rings and triggered the credit. That inconsistency is not guaranteed. Gift cards sold through Cashstar code as Cashstar, not Oura, so they will not trigger the credit.

Oura has announced Black Friday discounts of up to 30% from November 20 to December 1. If those stack with the current $249 sale price, the ring could be nearly free after the credit. The credit resets each calendar year, so there is no rush to use it before December 31. If you want the Gen4 while it is on sale, now is the time.

American Express (AXP) carries an Alpha Score of 52, a Mixed label, reflecting the stock's balanced risk-reward profile. The credit adds a tangible perk for Platinum cardholders. The stock's performance depends more on spending volumes and loan growth than on wearable credits.

The Black Friday sale runs Nov 20-Dec 1.