Nowadays premium cards are more popular than ever before. Two of the most popular of these cards are The Platinum Card® from American Express and Chase Sapphire Reserve® Card, and I know a lot of people struggle to decide which card is a better fit.
In this post, I want to take a closer look at that question — what are the pros and cons of both cards, and can it make sense to have both of them?
Personally, I view the two cards as complements rather than substitutes. To be clear, that’s not to say that everyone should have both cards, but rather, that their value propositions are pretty different. While the annual fees really add up, I think there’s a case to be made for having both. Let me break down why these cards serve such different purposes.
In this post:
Basics of the Amex Platinum Card
The Amex Platinum has a $695 annual fee (Rates & Fees) and offers a variety of valuable perks (Enrollment is required for select benefits), including:
- A bunch of annual credits — up to $300 in statement credits each year on a digital or club membership at Equinox, up to $240 in annual digital entertainment credits, up to $200 in annual hotel credits (minimum two-night stay for Hotel Collection, one night stay for Fine Hotels & Resorts), up to $200 in annual airline fee credits, up to $200 in annual U.S. Uber credits, up to $199 in annual CLEAR® Plus credits, and up to $100 in annual Saks credits
- The most comprehensive airport lounge access offered by any card, including access to Amex Centurion Lounges, Delta Sky Clubs®, Plaza Premium Lounges, a Priority Pass membership, and more
- 5x points on airfare purchased directly from airlines (on up to $500,000 in flight purchases per calendar year, and then 1x), making this the best card for airfare purchases; other than that there are better cards for earning Amex Membership Rewards points
- Hotel status with Marriott and Hilton, and car rental status with National, Avis, and Hertz
- A Global Entry or TSA PreCheck credit (this benefit applies once every 4.5 years for the application of TSA PreCheck, and once every four years for the application of Global Entry)
- Access to the Amex International Airline Program, which can save you money on premium international airfare
- Access to Amex Fine Hotels & Resorts, which can score you extra perks on luxury hotel stays
- Access to the Amex Offers program, which offers savings with a variety of retailers
Read a full review of the Amex Platinum Card, and read about my favorite perks of the Amex Platinum Card.
To be honest, it’s hard to do a “one size fits all” number-crunching of the Amex Platinum. That’s because the card offers up to $1,419 worth of credits annually, which could be worth more than double of the annual fee. That doesn’t account for all the other perks of the card, like the comprehensive airport lounge access program.
The catch is that not everyone is going to use all of those credits. Let me share my math, based on my own situation. Personally, I get near full value out of the:
- $200 annual airline fee credit
- $200 annual hotel credit
- $200 annual Uber credit
- $199 annual CLEAR credit
- $100 annual Saks credit
That’s $889 worth of credits that I’m more or less maximizing, so that’s pretty awesome, if you ask me, as that more than covers the annual fee by my math. That’s without even using the Equinox or digital entertainment credits.
Basics of the Chase Sapphire Reserve Card
The Chase Sapphire Reserve has a $550 annual fee and offers:
- A $300 annual travel credit, which can be used for any eligible purchase coded as travel
- 3x points on dining and travel, making this a great card for everyday spending
- Fantastic rental car coverage, as well as travel and baggage protection
- Valuable airport lounge access, including access to Chase Sapphire Lounges, select Air Canada Lounges, and a Priority Pass membership
- A $10 monthly Lyft credit (through September 2027) and a $5 monthly DoorDash credit (through December 2027)
- An up to $120 Global Entry, NEXUS, or TSA PreCheck fee credit every four years
- The ability to redeem Ultimate Rewards points for 1.5 cents toward travel purchases through the Ultimate Rewards portal
Read a full review of the Chase Sapphire Reserve Card, and read my take on whether the Chase Sapphire Reserve is independently worth it.
I think the math on the Chase Sapphire Reserve is much more straightforward than the math on the Amex Platinum. You’re paying a $550 annual fee per year, but you get a $300 annual travel credit, which is worth face value to me (more or less), since it can be used toward any purchase that’s coded as travel.
To me that means the card has a real “out of pocket” of $250 annually, and for that you receive 3x points on dining and travel, the ability to maximize the value of Ultimate Rewards points with other cards, excellent travel protection, extensive airport lounge access, Lyft and DoorDash credits, and many other benefits.
Why the cards are complements, not substitutes
To me, the main thing that the Amex Platinum and Chase Sapphire Reserve have in common is that they both offer a Priority Pass membership and a Global Entry or TSA PreCheck fee credit. Neither of those are particularly noteworthy benefits among premium cards.
With that in mind, what do I recommend for people who ask me which card they should get?
- Do you want an incredibly well-rounded card that offers an excellent return on popular spending categories, great travel and rental car protection, the ability to unlock the full value of the Ultimate Rewards program, and Chase Sapphire and Air Canada lounge access? Get the Chase Sapphire Reserve
- Do you want a card that’s great for airport lounge access, which offers a huge number of credits that could way more than justify the annual fee, useful mid-tier hotel status with two programs, 5x points on airfare, and more? Get the Amex Platinum
I definitely think the Chase Sapphire Reserve has more widespread appeal and is more of a generally useful no-brainer, given that it’s also a card you should use for everyday spending. Meanwhile it takes a bit more effort to maximize the Amex Platinum, since it’s not actually terribly rewarding for spending.
But who wants to pay $1,245 in annual fees?
Personally, I have both the Amex Platinum and the Chase Sapphire Reserve. Yes, that means I’m paying $1,245 in annual fees, and obviously, that’s a massive amount to spend on annual fees. That being said, the math truly does check out for me on both cards.
The Amex Platinum’s annual fee is for me more than covered by the credits. So there’s nothing further I need to do to justify the card on my end, and it’s also why I judge the value of this card independently, rather than in comparison to another card.
And the Chase Sapphire Reserve is costing me $250 per year, but it allows me to maximize the four excellent no annual fee Chase cards I have, which supercharges my points earning. Furthermore, I earn lots of bonus points and get great travel protection with the card, not to mention I get access to Chase Sapphire Lounges, which are awesome.
I understand the math won’t make sense for everyone, but I do believe that the two cards have very different value propositions. For some people both cards can make sense, for others one card can make sense, and for others neither card makes sense.
Bottom line
The Amex Platinum and Chase Sapphire Reserve are the two most popular premium cards. Both cards can potentially offer outsized value, but they’re very different from one another. To me, the Amex Platinum is all about the lounge access and credits, while the Chase Sapphire Reserve is all about the points earning potential, great purchase protection, and lounge access.
Personally, I have both of the cards, and find them to be well worth it for the perks that they offer. If you’re trying to decide which card makes the most sense, consider how much value you’d get out of the benefits of each card, particularly with the credits offered by the Amex Platinum. If you’re anything like me, the math may make sense on both cards…
Do you have the Amex Platinum and/or Chase Sapphire Reserve, and if so, how does the math work for you?
The following links will direct you to the rates and fees for mentioned American Express Cards. These include: The Platinum Card® from American Express (Rates & Fees).
Best card is really going to depend on a person's specific travel needs. If someone regularly flies Delta the Plat makes more sense. If a person's home airport has Sapphire lounges but not Centurion the CSR will be better. In general the CSR is a better card for earning and way easier to offset AF.
I prefer Chase 100% over the Platinum card since AM/EX has now outgrown and oversold its abilities (for any of us plebs below Centurion).
The problem with Amex is their benefits are very targeted. A specific gym gives a discount for example. Many of the benefits you listed for Amex are not as good as they seem or they are offered by Chase or other cards. The hotel status - they're not giving platinum Marriott, for example - Just the basic above silver. The global entry credit is okay but it is also offered on many premium cards and...
The problem with Amex is their benefits are very targeted. A specific gym gives a discount for example. Many of the benefits you listed for Amex are not as good as they seem or they are offered by Chase or other cards. The hotel status - they're not giving platinum Marriott, for example - Just the basic above silver. The global entry credit is okay but it is also offered on many premium cards and same with Priority Pass, etc. The most annoying part of Amex is how they divide up the benefits. The Uber credit is divided monthly, for example. This one is much harder to justify and needs to be monitored.
Almost all of our flights are international J, so lounge access and credit don't really help. We book hotels through a TA, who can usually do better than FHR. Pricing on IAP has yet to be better than booking direct when I've asked people to check pricing for me.
I'm not seeing real value in the Amex Plat.
The Wells Fargo Autograph Journey seems a great value - inexpensive, 4x on flights and 5x on...
Almost all of our flights are international J, so lounge access and credit don't really help. We book hotels through a TA, who can usually do better than FHR. Pricing on IAP has yet to be better than booking direct when I've asked people to check pricing for me.
I'm not seeing real value in the Amex Plat.
The Wells Fargo Autograph Journey seems a great value - inexpensive, 4x on flights and 5x on hotels. I'd guess it doesn't provide much value for bloggers, as I never see it recommended.
Well said, Richard. I’ve been giving Ben flack for his dismissal of Wells Fargo products for quite some time now. Both Autographs are solid cards and yet he never includes them in lists of best starter card or best no fee card etc etc.
I guess the cynical take is that Wells Fargo don’t pay bloggers for sign ups, but I have a more practical take: I think a lot of bloggers just don’t...
Well said, Richard. I’ve been giving Ben flack for his dismissal of Wells Fargo products for quite some time now. Both Autographs are solid cards and yet he never includes them in lists of best starter card or best no fee card etc etc.
I guess the cynical take is that Wells Fargo don’t pay bloggers for sign ups, but I have a more practical take: I think a lot of bloggers just don’t keep themselves up-to-date on the transfer partner situation and naively assume that Wells Fargo is still mostly useless in this regard. However, that is certainly not the case… WF still far behind Anex and Chase but it’s gotten a lot better over the past couple years.
I got a good upgrade offer to Platinum a few years ago but downgraded after 2 years (would have been 1 year but the renewal date sneaked up on me). The lounge access is nice and I normally use the Uber credit like @Page does, for Uber Eats pick-up orders. I would buy United TravelBank credits for the airline fee and I liked the streaming credits. I got CLEAR while I had the card but...
I got a good upgrade offer to Platinum a few years ago but downgraded after 2 years (would have been 1 year but the renewal date sneaked up on me). The lounge access is nice and I normally use the Uber credit like @Page does, for Uber Eats pick-up orders. I would buy United TravelBank credits for the airline fee and I liked the streaming credits. I got CLEAR while I had the card but my home airport doesn't have it and I do find it slower than PreCheck many places so I let it go. All my travel is leisure and the bonus categories - other than airfare - are not where I spend the most so I went back to Gold. I do feel I get my money's worth out of the CSR though.
Well, since I'm one of those weirdos who actually likes the Amex coupon book (scrolling through a list and enabling offers while taking a bathroom break once a month honestly isn't that much effort) and spends a lot of time at Amex lounges, this one is fairly simple for me. Plus the $200 travel credit goes straight to my United travel bank so that's almost as good as cash.
But honestly this decision is so...
Well, since I'm one of those weirdos who actually likes the Amex coupon book (scrolling through a list and enabling offers while taking a bathroom break once a month honestly isn't that much effort) and spends a lot of time at Amex lounges, this one is fairly simple for me. Plus the $200 travel credit goes straight to my United travel bank so that's almost as good as cash.
But honestly this decision is so location-dependent, isn't it? If you're based in LA or Vegas your local Amex lounge is trash and you'd likely be better with CapOne or Chase. Contrast that with Seattle or Atlanta...
I do actually like the coupon book, it's just that 99% of the time it gives 0 value to me. For almost all of them they're either completely useless or I have to go out of my way to spend more on something I wouldn't have originally bought.
There have been some good uses though, like $600 in statement credits on a Princess cruise, 10k MR after spending $1000 I was already going to spend...
I do actually like the coupon book, it's just that 99% of the time it gives 0 value to me. For almost all of them they're either completely useless or I have to go out of my way to spend more on something I wouldn't have originally bought.
There have been some good uses though, like $600 in statement credits on a Princess cruise, 10k MR after spending $1000 I was already going to spend on KLM, extra points/dollar on a couple of the nearby restaurants that I actually frequent, and so on.
The Amex Platinum has some niche benefits - one of them is the access to Lufthansa lounges. It is only of value for some, but then it is the only card which offers them.
I have had Platinum for past 8 years. I have decided to cancel unless there is a good retention offer. Platinum has become pretty useless wirh coupon book type of credits. For a card that charges as much annual fee as it does, it should provide better benifits. Uber credits are pretty useless as one can barely get anything for $15 now a days and on top of everything the prices in Uber Eats are...
I have had Platinum for past 8 years. I have decided to cancel unless there is a good retention offer. Platinum has become pretty useless wirh coupon book type of credits. For a card that charges as much annual fee as it does, it should provide better benifits. Uber credits are pretty useless as one can barely get anything for $15 now a days and on top of everything the prices in Uber Eats are always 20% higher. Lyft is almost always 10 to 15% cheaper than Uber. Saks is pretty useless for anyone who do not live in NYC.
"Saks is pretty useless for anyone who do not live in NYC."
Right, because we live in 1980 and online shopping doesn't exist.
"as one can barely get anything for $15 now a days"
Well yeah, the point isn't to completely cover a meal or cab ride... it just applies a simple-to-redeem monthly credit to your account. If you travel so infrequently that you don't Uber at least once per month, is this...
"Saks is pretty useless for anyone who do not live in NYC."
Right, because we live in 1980 and online shopping doesn't exist.
"as one can barely get anything for $15 now a days"
Well yeah, the point isn't to completely cover a meal or cab ride... it just applies a simple-to-redeem monthly credit to your account. If you travel so infrequently that you don't Uber at least once per month, is this card really on your radar in the first place??
"it should provide better benifits"
Why? 5x on flights and access to Amex lounges is good enough for many to financially justify this card.
I travel frequently but only use Uber once or twice a year. I also can't really use Uber around where I live because even though I'm only an hour from NYC and Uber drivers are willing to drop off at my place, I've never been able to get an Uber to come pick me up because it's a sparsely populated area.
I've frequently considered getting the Amex Platinum but every time I look into it I get turned off by the coupon book credits that don't provide me any value.
I think this is gonna be it for me on platinum. I have the Chase Trifecta and have a ton of points built up over there. I've had the platinum since 2019 and have received two retention bonuses. I just don't find the value in it. Since I rarely drink these days, the uber credit is less important, and I find myself just using it on uber eats pickup. With XM gone, the streaming credit...
I think this is gonna be it for me on platinum. I have the Chase Trifecta and have a ton of points built up over there. I've had the platinum since 2019 and have received two retention bonuses. I just don't find the value in it. Since I rarely drink these days, the uber credit is less important, and I find myself just using it on uber eats pickup. With XM gone, the streaming credit is pointless. Most of the time the clear lane is slower than pre-check at DEN, so I question why I even bother. And with changes to Sak's I can't even use that for something pointless I didn't need.
Amex Gold I use a lot, but honestly, if Chase bounced their earning on grocery to 3x like eating out, I'd probably drop the Gold too. All that said, I find it less useful for me personally. I hate to close an account I've had open for six years, but downgrading to gold seems pointless. A green card would just go in a sock drawer and I'd still pay to have it. For me, it's time to say goodbye.
Depending on where in the world you travel, Amex can be less useful than a chocolate teacup. Visa and Mastercard have multifold better acceptance rates.
It can also be the other way around. For a travel in Spain, all my Visa and MC got declined due to fraud protections at a gas station - however Amex processed the charge.
@InternationalTraveler, that anecdote is intended as a joke, right? Surely you can see that a one-off experience at a gas station in Spain hardly competes with the thousands of small businesses* abroad that do not accept Amex. Moreover, that fraud alert likely had more to do with your bank than Visa/MC.
*.... or Starbucks in Ireland lol
The point that I am trying to make is that having an Amex card is still useful for international travel - but as a sole card, you would likely run into acceptance problems.
My old Platinum card was a personal card that I had through work. When I left the company, I lost the card. I replaced it with the gold card and have never missed it. I have had the CSR since it came out and get much more value out of it than I ever did with the Platinum card. The rental car insurance and 3x on any travel are huge for me (take a lot...
My old Platinum card was a personal card that I had through work. When I left the company, I lost the card. I replaced it with the gold card and have never missed it. I have had the CSR since it came out and get much more value out of it than I ever did with the Platinum card. The rental car insurance and 3x on any travel are huge for me (take a lot of trains/ride shares/taxis etc), and the $300 credit is a nice extra. The Platinum airline fee credit was a total PIA. Totally agree that the cards can compliment each other, but I'd argue the Gold card also compliments it well.
My old Platinum card was a personal card that I had through work. When I left the company, I lost the card. I replaced it with the gold card and have never missed it. I
Apples and oranges. Those cards are intended to complement each other, not directly replace...
I would say that both cards have significant drawbacks. For me, keeping the Platinum card is mostly just a function of forgetting to cancel it every October.
You don't feel the sting of a $695 charge on a card you barely use? Wow.
Also, you can downgrade whenever you want using chat or phone call... Amex is great at providing partial fee refunds. In fact, if you cancel within 30 days you might even get the full fee back but I'm not 100% sure on that.
Hi Ben, interesting article. But you know what also would be a great topic: „Booked: My Celtic adventure to the Scottish Museum of Transport and Travel with Global Airlines.“
I think it's time everyone got a little more critical of the platinum and ask what you're really for:
$200 annual airline fee credit - difficult to use; I mostly get a handful of lounge day passes
$200 annual hotel credit - great but causes more spending as few FHRs are that cheap
$200 annual Uber credit - good
$199 annual CLEAR credit - CLEAR is literally slower than the standard...
I think it's time everyone got a little more critical of the platinum and ask what you're really for:
$200 annual airline fee credit - difficult to use; I mostly get a handful of lounge day passes
$200 annual hotel credit - great but causes more spending as few FHRs are that cheap
$200 annual Uber credit - good
$199 annual CLEAR credit - CLEAR is literally slower than the standard pre check line at most of my frequent airports
$100 annual Saks credit - useless with the decrease in physical locations and removal of shop runner
Centurion lounges have fallen so far in terms of food, amenities, and accessibility
Points earnings are objectively uncompetitive
My point is that I've anecdotally noticed most people with a platinum have it bc of perceived status and don't really care about the math. Amex keeps offering me targeted incentives yet barring another huge rebate I still fully intend to drop my platinum this summer (for the second time)
I will say... the entertainment credit is as good as cash for many people on the Amex Platinum. Additionally the card allows you get referral bonuses and a solid retention bonus every other year. The real answer is Capital X card though.
Agreed the Venture X is a much better value proposition once you take the SUB out of the equation.
"$200 annual airline fee credit - difficult to use"
Right. Refilling the United Travel Bank or upgrading/assigning your seat is so hard.
"Points earnings are objectively uncompetitive"
How on earth is 5x on airfare uncompetitive?? Citi Custom Cash 5x caps at $500 (And that's assuming you have another card to convert points)... I can't think of a 4x off the top of my head... so the next best is 3x. Granted, if you...
"$200 annual airline fee credit - difficult to use"
Right. Refilling the United Travel Bank or upgrading/assigning your seat is so hard.
"Points earnings are objectively uncompetitive"
How on earth is 5x on airfare uncompetitive?? Citi Custom Cash 5x caps at $500 (And that's assuming you have another card to convert points)... I can't think of a 4x off the top of my head... so the next best is 3x. Granted, if you are using the Platinum on a regular basis for non-airfare spending (obviously excluding offers), that doesn't make any sense whatsoever. Yet this card was never intended for primary spend. Moreover, if you take your Platinum card out of your wallet to pay for things in public you just look like a tool.
Agreed. I don't want to pay the $700 annual fee, and the only real benefit that I'd get use out of on the Amex is the lounge access. Given I'm stuck at a Delta hub, the Reserve still gets me in Skyclubs and the Centurion lounge, but also gives me the very lucrative companion ticket to balance out the annual fee and makes me likely to get upgraded to Delta Comfort+ anyways. The cash benefits...
Agreed. I don't want to pay the $700 annual fee, and the only real benefit that I'd get use out of on the Amex is the lounge access. Given I'm stuck at a Delta hub, the Reserve still gets me in Skyclubs and the Centurion lounge, but also gives me the very lucrative companion ticket to balance out the annual fee and makes me likely to get upgraded to Delta Comfort+ anyways. The cash benefits for the Platinum are all over the place and not the easiest to use, essentially forcing me to spend on things I wouldn't otherwise buy to get them.
Currently I use the Capital One VentureX, but previously I did have a Chase Sapphire Reserve because the ease of using the benefits actually made it worth it over the Amex Platinum.
I will note that fare differences in flight changes code appropriately to trigger the Airline Fee credit, at least for DL. This easily uses up the $200 per year for me.
Saks is a nice-to-have since you can usually find decent gift ideas or even something that's been on your "buy sometime" list (for example, I bought a Coach credit card holder to replace my old wallet) for under $100.
And of course the...
I will note that fare differences in flight changes code appropriately to trigger the Airline Fee credit, at least for DL. This easily uses up the $200 per year for me.
Saks is a nice-to-have since you can usually find decent gift ideas or even something that's been on your "buy sometime" list (for example, I bought a Coach credit card holder to replace my old wallet) for under $100.
And of course the Sky Club access is worth it if you are anywhere close to a DL loyalist or hub captive, even with the tighter access offerings.
I find SAKS to be horribly overpriced. I went in to just pick up a tie and the prices were astronomical. If you buy gift cards they make it very difficult to combine the giftcards now for one purchase.
I find SAKS to be horribly overpriced. I went in to just pick up a tie and the prices were astronomical. If you buy gift cards they make it very difficult to combine the giftcards now for one purchase.
I had the plat card for years. Ended up downgrading it to green because they would not give a retention offer. Now several months later they are offering me 125k points for 6k spend in six months to upgrade back up. I will probably end up doing so. The card isn't amazing but I don't have the CSR only the CSP and I could use the plat for lounge access. Also i'm able to use...
I had the plat card for years. Ended up downgrading it to green because they would not give a retention offer. Now several months later they are offering me 125k points for 6k spend in six months to upgrade back up. I will probably end up doing so. The card isn't amazing but I don't have the CSR only the CSP and I could use the plat for lounge access. Also i'm able to use up the uber credits and entertainment credit easily. The hotel credit can pay off in countries where higher end hotels are cheaper so the credit goes a lot further. CLEAR I have already and I swear I spend more time waiting in line trying to use CLEAR than I otherwise would if I didn't have it. Only reason I'm considering going back is the upgrade offer. I can offset most if not all of the AF to make it a net gain at the end of the day.