American Express Platinum Card vs. Chase Sapphire Reserve: Which is the better luxury card?

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The American Express Platinum Card® and the Chase Sapphire Reserve® (see rates and fees) are two popular travel cards, each loaded with luxury perks but steep annual fees ($895 for the Amex Platinum, see rates and fees) and $795 for the Sapphire Reserve.

If you're in the market for a high-end travel credit card, take the time to understand the pros and cons of each so you can choose the best option for your spending.

The Amex Platinum has one of the largest annual fees for a card available to the general public at $895. The Sapphire Reserve has a slightly lower, but still pricey, $795 annual fee.

While on paper these annual fees seem incredibly high, the Platinum and Reserve cards can generate over $1,000 in value each year and easily cover the annual cost.

Both cards come with strong welcome bonus offers:

• Sapphire Reserve: You can earn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
• Amex Platinum: You may be eligible for as high as 175,000 Membership Rewards® Points after you spend $12,000 in eligible purchases on your new card in your first six months of card membership.*

With Chase points valued by experts at about 2 cents apiece, the bonus is worth roughly $3,000 toward travel. Amex points are also typically valued at 2 cents per point, making the Platinum's bonus worth up to $3,500 if you are approved for the highest bonus amount.

*Apply and find out your welcome offer; Welcome offers vary, and you may not be ​eligible for an offer.

The Amex Platinum earns American Express Membership Rewards® Points at the following rates:

• 5X points for flights booked directly with the airline or through American Express Travel®, up to $500,000 per calendar year
• 5X points on prepaid hotels booked via American Express Travel®
• 2X points on eligible American Express Travel® bookings
• 1X points for all other eligible purchases

The Sapphire Reserve earns Chase Ultimate Rewards® points at these rates:

• 10X total points on eligible Peloton equipment and accessory purchases over $150 through Dec. 31, 2027
• 8X points on all purchases through Chase Travel^SM, including The Edit^SM
• 5X total points on Lyft rides through Sept. 30, 2027
• 4X points on flights and hotels booked directly
• 3X points on dining worldwide
• 1X points on all other purchases

The Amex Platinum offers a better return on flights booked directly and on certain hotel reservations (5X compared to 4X). It's worth noting that the Amex Platinum only receives a higher rewards rate on prepaid hotels purchased through Amex Travel, not when booked directly. That's a fairly significant restriction for anyone who likes to price shop and earn hotel status or points, since you typically won't earn either of those when you book through a third-party site like Amex Travel.

The Sapphire Reserve offers rewards beyond travel, earning 3X on dining worldwide. The card also earns a higher rewards rate on travel purchases made through the issuer's travel portal.

You can redeem these cards' rewards in similar ways, such as travel, gift cards and merchandise, though the Sapphire Reserve offers a unique bonus: If you redeem points for travel through Chase Travel℠, they can be worth up to 2X as much on select bookings with the Chase Points Boost feature.

For example, if there's a hotel on Chase Travel that would normally cost 200,000 points for a two-night stay, if it's eligible for Points Boost, you could redeem it for as few as 100,000 points (half the original cost).

Both cards also allow you to transfer points to participating airline and hotel partners, such as JetBlue and Marriott. American Express transfer partners include (1:1 transfer ratio unless noted):

Chase has fewer transfer partners but offers several high qualify options, such as World of Hyatt and United MileagePlus. Ultimate Rewards® points transfer at 1:1 ratio to all of the following partners:

The number of points or miles required to redeem rewards varies depending on the option you choose. For example, 1 point is typically worth 1 cent for Chase Travel℠ portal redemptions (unless the booking qualifies for Points Boost), gift cards and cash back with the Sapphire Reserve.

With the Amex Platinum, 1 point is worth a penny for flights and Fine Hotels and Resorts hotels booked through American Express Travel, but only 0.7 cents per point for other travel. Amex points are worth 0.6 cents for statement credit redemptions and 0.7 to 1 cents each for gift cards.

The Amex Platinum offers over $3,000 in annual value through an incredible list of offers:

• Up to $200 Uber Cash: Receive $15 in Uber Cash each month, plus a bonus $20 in December ($35 total) after adding your card to your Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction (terms apply; enrollment required).
• $120 Uber One credit: Receive up to $120 in statement credits each calendar year for an auto-renewing Uber One membership (terms apply; enrollment required).
• Up to $200 airline fee credit: Receive up to $200 in statement credits annually for incidentals, such as checked bags, in-flight refreshments and other fees after you select an eligible airline. (Qualifying airlines are subject to change. See terms and conditions for more details; enrollment required.)
• $600 hotel credit: Get up to $300 in statement credits semi-annually on prepaid Fine Hotels and Resorts or The Hotel Collection bookings. (The Hotel Collection requires a two-night minimum stay; certain room categories are not eligible for upgrade.)
• $300 Digital Entertainment Credit: Get up to $25 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: Disney+, a Disney+ Bundle, ESPN+, Hulu, The New York Times, Paramount+, YouTube Premium, YouTube TV, Peacock and The Wall Street Journal (enrollment required).
• $400 Resy credit: Get up to $100 in statement credits every quarter for eligible Resy purchases (enrollment required).
• $300 Equinox Credit: Get up to $300 annually on the Equinox+ digital fitness app or eligible Equinox club memberships when you pay with your Platinum Card (enrollment required).
• $300 lululemon credit: Get up to $75 in statement credits every quarter for eligible purchases at U.S. lululemon stores or lululemon.com (excludes outlet stores; enrollment required).
• $200 Oura ring credit: Receive $200 in statement credits when you purchase an Oura Ring at Ouraring.com (enrollment required).
• $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card (up to $12.95 plus applicable local sales tax; subject to auto-renewal; Plus Ups not eligible).
• $209 CLEAR® Plus Credit: Use your Card and get up to $209 in statement credits for CLEAR® Plus, a biometric security program located at airports and stadiums across the U.S., excluding any applicable taxes and fees (subject to auto-renewal).
• Up to $120 in credit for Trusted Traveler Programs: Receive either a $120 statement credit every four years for a Global Entry application fee or a statement credit up to $85 every 4 years for a TSA PreCheck® (through a TSA official enrollment provider) application fee, when charged to your Platinum Card®. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• American Express Global Lounge Collection: Access to over 1,400 airport lounges in more than 130 countries around the world (enrollment required).
• Fine Hotels & Resorts: Book hotel stays with Fine Hotels & Resorts to receive complimentary benefits including: room upgrades, free breakfast for two, late check-out, early check-in and up to a $100 hotel credit, when available
• Complimentary elite status in select travel programs: You can receive gold status with Marriott Bonvoy and Hilton Honors and Sterling Status with Leading Hotels of the World® (enrollment required).
• Global dining collection: Get special access to reservations and experiences at popular restaurants, plus the opportunity to meet the chefs at exclusive events.

Terms apply for all benefits.

The Sapphire Reserve comes with over $2,000 in annual statement credit benefits:

• Up to $300 annual travel credit: Receive up to $300 in statement credits annually for travel expenses, such as airfare, hotel stays and rental cars.
• Up to $500 Credit for stays with The Edit^SM: You can earn up to $250 in statement credits from Jan. 1 to June 30, and up to $250 in additional statement credits from July 1 to Dec. 31. (minimum two-night stay required).
• Up to $300 StubHub and viagogo credits: Up to $150 in semi-annual StubHub and viagogo credits for concerts or events.
• Complimentary Apple TV and Apple Music subscriptions (worth $288 every year): You can receive complimentary Apple TV and Apple Music subscriptions (activation required; subscriptions run through June 22, 2027).
• $300 in annual dining credits: Receive up to $150 in statement credits at Sapphire Exclusive Tables restaurants (up to $150 from January to June and up to $150 from July to December).
• $120 DashPass membership: Enroll to receive a year of complimentary DoorDash DashPass membership when you activate by Dec. 31, 2027.
• $300 in annual DoorDash perks: Earn up to $300 in annual DoorDash value through promos, including $5 in monthly promo credit at restaurants and two $10 monthly discounts on non-restaurant orders (through Dec. 31, 2027).
• Up to $120 in Peloton credit: Up to $120 annual credit for Peloton memberships through Dec. 31, 2027 ($10 in monthly credit).
• Up to $120 in Lyft credit: Up to $120 in annual Lyft in-app credits ($10 in credit per month through Sept. 30, 2027).
• Up to $120 in Trusted Traveler Program credit: Every four years, you can receive a statement credit of up to $120 for one application fee for NEXUS, TSA PreCheck or Global Entry.
• Complimentary airport lounge access: You can enroll to receive unlimited access to Priority Pass lounges and Chase Sapphire Lounge by The Club locations and select Air Canada lounges.
• The Luxury Hotel & Resort Collection: Special benefits, such as complimentary room upgrades, early check-in and late check-out.
• IHG Elite Status: Complimentary IHG One Rewards Platinum Elite Status, the second highest level (through Dec. 31, 2027).

The Sapphire Reserve also has additional benefits available once you spend $75,000 in a calendar year, including:

• IHG One Rewards Diamond status
• $500 Southwest Airlines Chase Travel credit
• $250 The Shops at Chase credit
• Southwest Airlines A-list status

The American Express Platinum Card and the Chase Sapphire Reserve are two top-of-the-line travel cards that provide heightened value for frequent travelers.

If you don't mind planning your spending around the statement credits, the Amex Platinum card is likely the better choice because it has a higher potential value. If you're interested in earning more rewards, the Sapphire Reserve stands out with useful bonus spending categories.

While both are solid premium travel card options, if you're looking for something slightly more affordable, there are travel cards with no annual fee or lower annual fees, such as the Chase Sapphire Preferred® Card (see rates and fees).

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For rates and fees of The Platinum Card® from American Express, click here.