Introduction
With more than a handful of options for a premium travel rewards credit card, two cards rise above the rest: Chase Sapphire Reserve® and The Platinum Card® from American Express. Both of these popular cards charge a high annual fee, but each card has perks and benefits that can offer value beyond the fee charged if optimally utilized.
But which one is right for you? Today we cover the high points of each card to help you decide.
Apply for the Chase Sapphire Reserve
Chase Sapphire Reserve®
This card offers superior points earning rates if you spend frequently on travel and dining out. The $300 travel credit will offset much of the annual fee, and redeeming points for travel on Chase Ultimate Rewards or when using the Pay Yourself Back feature nets you a 50% bonus.
- $300 annual travel credit is incredibly flexible
- Generous welcome bonus
- Get 50% more value when you redeem points for travel through Chase, or for select purchases through Pay Yourself Back℠ program
- Points transfer to valuable airline and hotel partners
- High annual fee
- High variable APR on purchases
- Excellent credit recommended
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Ultimate Rewards®
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
- Earn 5X total points on air travel and 10X total points on hotels and car rentals when you purchase travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3X points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
- With Pay Yourself Back℠, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more
Chase Sapphire Reserve® is Best for:
$300 Annual Travel Credit
One of, if not the best perk of this card is the $300 annual travel credit. Cardholders are automatically reimbursed for up to $300 of travel purchases after each account anniversary. Since this card is designed for travelers, it’s likely you can easily spend this amount. This helps partially offset the annual fee.
Travel, per Chase, is a very broad category covering merchant categories such as airlines, hotels, campgrounds, car rental agencies, cruise lines, trains, rideshare, parking lots and more.
Bonus Point Categories
This card comes with some of the best categories for earning bonus points. The Chase Sapphire Reserve offers 3 Ultimate Rewards points per dollar spent on travel and restaurants. Just note, the 3 points per dollar earned on travel kicks in after the use of the annual travel credit. Like the travel definition being very broad by Chase, the restaurant definition also expands to delivery services and takeout.
Transfer Partners
The flexibility of Ultimate Rewards® explains why the Sapphire Reserve is such a popular card. Points earned on this card can be transferred to one of many airline or hotel transfer partners. Some of the popular options include British Airways, Singapore Airlines, Southwest Airlines, United Airlines and Hyatt. These transfers are made on a 1:1 ratio in increments of 1,000 and are often made available in just a few minutes.
Notably, Ultimate Rewards’ partnership with Hyatt puts the Sapphire Reserve above the Platinum Card when it comes to hotel transfer partners. While the Platinum Card has over a dozen airline partners at 1:1, the hotel transfer ratios on the Platinum Card are sub-par by comparison.
Redemption Bonus
If cardholders prefer to book travel more directly, points are given a 50% boost in value when using for travel booking through Chase’s travel portal instead of a direct cashback option. So if 50,000 bonus points are used for travel purchases, $750 would be taken off the final cost at booking.
Travel Insurance
When using your Chase Sapphire Reserve or Ultimate Rewards to pay for your or an immediate family member’s trip, trip cancellation/trip interruption insurance is offered. This reimbursement covers losses such as pre-paid, non-refundable passenger fares, hotels, and tours.
Up to $10,000 per covered trip per person and a maximum limit of $20,000 per occurrence can be claimed. For example, a family of four experienced a total loss of $25,000 over an entire trip. $20,000 would be reimbursed as a maximum amount for this one occurrence.There is also a $40,000 12-month maximum benefit. Cover events include, but are not limited to, injuries, severe weather and jury duty that cannot be postponed.
As a separate coverage from trip cancellation/interruption, this card also offers trip delay reimbursement. In a delay experienced in excess of 6+ hours, eligible travelers can receive up to $500 each for unreimbursed expenses such as lodging, meals and other incidentals.
This card’s auto rental collision damage waiver is also one of the best. This primary coverage means claims filed can be done through the card and not with another insurance company first. Simply decline the rental agency collision damage waiver (CDW) and loss damage waiver (LDW) at booking and pay using your card to now be covered for eligible losses. Rental vehicle coverage also includes loss of use charges and towing.
Other covered travel-related benefits include delayed/lost luggage, roadside assistance, emergency medical and dental, emergency assistance, and emergency evacuation. As with most insurance benefits, timeliness and documentation are key to successful claims. Keep all receipts and document all conversations as this information will likely need to be provided while filing a claim.
Apply for the Amex Platinum Card
The Platinum Card® from American Express
5X Reward Rate
Earn 5 Membership Rewards points per dollar on prepaid hotels booked with American Express Travel; earn 5 Membership Rewards perRead More
Welcome Bonus
100,000 Membership Rewards® Points
Annual Fee
$695
Regular APR
See Pay Over Time APR
Credit Score
Excellent/Good (700 - 749)
The Platinum Card is destined for frequent travelers who intend to fully leverage the rich set of luxury travel benefits and Platinum Concierge service. In the right hands, the classic status card's staggering annual fee is well justified.
- High reward potential on flights and hotels booked through American Express Travel
- Multiple credits can help justify the fee
- Comprehensive airport lounge access
- Luxury travel benefits and elite status with Hilton and Marriott with enrollment
- High annual fee
- Maximizing the statement credits takes some work and could be unworkable for many
- Reward rate outside of travel is sub-par for a premium card
- Earn 100,000 Membership Rewards® Points after you spend $6,000 on purchases on the Card in your first 6 months of Card Membership.
- Plus, earn 10x points on eligible purchases on the Card at restaurants worldwide and when you Shop Small in the U.S., on up to $25,000 in combined purchases, during your first 6 months of Card Membership.
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
- Earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when you pay with your Platinum Card®.
- $240 Digital Entertainment Credit: Get up to $20 in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Peacock, Audible, SiriusXM, and The New York Times. Enrollment required.
- New! American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. Now there are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
- $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one qualifying airline.
- $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status available to Basic Card Member only.
- $300 Equinox Credit: Get up to $25 back each month on select Equinox memberships. Enrollment required.
- $179 CLEAR® Credit: Use your Card and get up to $179 back per year on your CLEAR® membership.
- $695 Annual Fee.
- Terms Apply.
- See Rates & Fees
The Platinum Card® from American Express is Best for:
Bonus Points on Airfare
This card offers 5 Membership Reward points per dollar spent on flights booked directly with the airline or through American Express Travel on up to $500,000 in spending per calendar year. This card also offers 5 points per dollar spent on prepaid hotel bookings made through American Express Travel. All other eligible purchases earn 1 point per dollar spent.
While this card offers more points on these travel categories compared to the Sapphire Reserve, the defined categories are much more restrictive. The Platinum Card does make more sense if the vast majority of your travel spend is specifically on plane tickets or prepaid hotel bookings.
Travel Benefits
The Platinum Card offers a slew of travel-related benefits. Cardholders are able to enroll in Hilton Honors Gold status and Marriott Bonvoy Gold Elite status. Both of these statuses come with enhanced room upgrades, including late checkout, welcome gifts, bonus points on paid stays and more. A $200 hotel credit is also available for prepaid bookings at Fine Hotels + Resorts or The Hotel Collection properties when booked through American Express Travel.
One of the most desired features is access to Centurion and International American Express Lounges. Food and drinks are complimentary and the upgraded lounge makes for a more relaxing pre-flight experience. Platinum cardholders are also permitted to use Delta Sky Clubs when flying same day with Delta. Like the Sapphire Reserve, a Priority Pass Select Membership is also available as a cardholder when you enroll.
This card also comes with a $200 airline fee credit. This credit is more restrictive than Chase’s as it only can be used on incidental fees, such as checked baggage or in-flight entertainment and refreshments on a single airline. This credit can only be used on a single airline from a select group of qualifying airlines that cardholders have the opportunity to choose from at the beginning of each year. In addition, an annual $179 credit is also offered for CLEAR membership, giving expedited security screening at airports.
Platinum cardholders who have their card connected to their Uber account receive Uber VIP status and a $15 monthly Uber cash credit ($35 in December) that expires at the end of that same month. The credit can be used for both U.S. Uber and Uber Eats.
Transfer Partners
American Express has one of the deepest transfer partner pools making Membership Rewards a great point currency. Some of the popular transfer partners include Air Canada, Avianca, Delta Air Lines, Flying Blue AirFrance/KLM, Singapore Airlines and Virgin Atlantic. They also have hotel partners in Choice Hotels, Hilton and Marriott, but the ratios are generally not favorable. Not all ratios are 1:1, so check before transferring.
Lifestyle Benefits
In addition to some of the best travel perks, the Platinum Card unlocks access to some favorable everyday lifestyle perks. The Amex Platinum offers a $240 ($20 per month) digital entertainment benefit for use toward purchases or subscriptions to Audible, The New York Times, SiriusXM and Peacock.
Cardholders also receive a $300 ($25 per month) Equinox credit towards select Equinox memberships or a digital subscription to Equinox+, an on-demand fitness app. Equinox has gyms in 12 markets in the U.S.
For purchases made in-store or online at Saks Fifth Avenue, a $100 statement credit, $50 from January to June and $50 from July to December, is available. This benefit does require enrollment on the American Express website, but is usually applied within one statement cycle after your purchase is made.
Applicants Over 5/24
Chase has an unpublished practice of not giving card applicants approval if they have opened five or more credit card lines within the last 24 months. This is known as the 5/24 rule. This could easily sway someone towards the Platinum Card being that it is issued by American Express with no known “rule” like this.
American Express does have a one bonus per card per lifetime provision on many cards, though, so you may not qualify for a welcome bonus if you’ve held the Platinum Card in the past.
Consider the Chase Sapphire Reserve and The Platinum Card for:
Maximizing Point Earning Potential
The Platinum Card only has a bonus point category on select flights and hotels. Traveling typically comes with much more associated costs such as parking at an airport, car rentals and food. This could make a good case for having both cards. Using the Platinum Card to earn 5 points per dollar on eligible flights and hotels and the Sapphire Reserve for all other travel-related and dining costs to earn 3 points per dollar spent.
Working Toward a Specific Redemption
Having both cards allows you to create combinations to make travel cheaper or to travel in style. Consider the possibility of having both cards and meeting the minimum spend requirements to obtain both of the welcome bonuses would be rewarded by a nice pile of points. Multiple programs partner with both Ultimate Rewards and Membership Rewards, allowing you to transfer a large sum of points into the same frequent flyer account quickly.
For example, both Chase and American Express have Singapore Airlines as a transfer partner. Singapore Airlines offers a fantastic premium product. For 95,000 Singapore KrisFlyer miles, which can be had by transferring Ultimate Rewards and/or Membership Rewards, you can book a business class seat from San Francisco to Singapore. You’ll need 132,000 KrisFlyer miles to book a first-class seat on Singapore Airlines’ A380 aircraft from New York to Singapore, connecting in Frankfurt. Having both cards may make it easier to reach these higher point thresholds.
Consider Neither Chase Sapphire Reserve nor The Platinum Card From American Express for:
Avoiding a High Annual Fee
This one is just glaring for many. A $550 for the Chase Sapphire Reserve or $695 for the Platinum Card is a lot and both cards do have step-down options with reduced perks.
Infrequent travelers are likely to have a hard time justifying paying for both of these annual fees. While you can avoid paying interest by paying the card balance in full monthly, the annual fee can’t be skated around. With these cards giving further access to roadside assistance, car rental insurances and other travel-related services, there’s no use in paying the annual fee if they can’t be leveraged. It’s simple: if you can’t obtain more value than the cost of the annual fee, then it isn’t worth it.
Redeeming Your Rewards for Something Other Than Travel
Both Ultimate Rewards® and Membership Rewards® can be redeemed outside of travel-related categories, but it comes at an indirect cost. A simple example is that both points can be used to offset purchases made on Amazon.com. Using Ultimate Rewards® and Membership Reward® would make a $30 purchase require 3,750 points and 4,286 points respectively. These severely discount the value of the points used when compared to being used on travel where, for example, 3,750 Ultimate Rewards® has a floor value of $56.25.
Bottom Line
Both the Sapphire Reserve and the Platinum card are excellent for frequent travelers. They both excel in different areas when compared to each other, so careful consideration should be had before applying. The key is determining if at least the annual fee’s value can be achieved, even more so after the first year.
To view rates and fees of The Platinum Card® from American Express, please visit this page.
