American Express Platinum vs. Chase Sapphire Reserve: Premium Perks at a Premium Price
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Written by
Peter Rothbart
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Edited by
Jasmin Baron
Both The Platinum Card® from American Express, an advertising partner, and the Chase Sapphire Reserve® belong on the short list of best travel credit cards. Each card offers high-end travel and other perks with costly annual fees to match, making them a good fit for anyone who can use their respective benefits consistently without leaving value on the table.
Deciding between the two cards is largely a matter of personal preference (influenced by where you live and how you travel), though in the right circumstances, there’s a case to be made for holding both.
How the Cards Compare: American Express Platinum vs Chase Sapphire Reserve
An icon of the premium credit card market, the Amex Platinum offers high-end travel perks like airport lounge access, expedited airport security screening and hotel elite status. In recent years, the card has increasingly added benefits tailored to consumers, including an array of statement credit opportunities for travel and retail purchases, monthly subscriptions and more. Despite being ostensibly designed for big spenders, the Amex Platinum Card isn’t a strong option for everyday purchases, since it only earns 1 point per dollar in most categories.
Meanwhile, the recently refreshed Chase Sapphire Reserve offers an expanded and more practical package of benefits, including an up to $300 annual travel credit, annual credits for eligible dining and hotel purchases, and primary auto rental insurance. The Sapphire Reserve also provides elevated earning rates on many travel and dining purchases, and gives cardholders up to a 100% bonus when redeeming points through Chase Travel℠.
Side By Side Comparison
Annual Fee
Purchase and Balance Transfer APR
Welcome Offer
Ongoing Rewards
5 points per dollar on prepaid hotels booked with American Express Travel®.
1 point per dollar on all other purchases.
Terms apply.
Pros & Cons
- Luxury Perks
- 1:1 Transfer Partners
- Premium Travel Protections
PROS
- High annual fee
- No intro APR for purchases or balance transfers
- Might not make sense for people who aren’t frequent travelers
CONS
- American Express Global Lounge Collection Access
- Massive Welcome Offer Opportunity
- Statement Credit Opportunities
PROS
- Steep Annual Fee
- Brand-specific statement credits may not appeal to some
CONS
Learn More
Welcome Offers
Amex Platinum Welcome Offer Opportunity
The Amex Platinum has a unique welcome offer: You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer. The minimum spending requirement is substantial, but averages $1,334 per month.
Note that you may be ineligible to earn a welcome offer if you currently have or previously had the Amex Platinum Card (including the Charles Schwab or Morgan Stanley versions). Amex typically notes during the application process if you are ineligible for a welcome offer.
Chase Sapphire Reserve Welcome Offer
The Sapphire Reserve currently offers a huge welcome bonus: 125,000 Chase Ultimate Rewards® points after you spend $6,000 on purchases in the first three months from account opening. Again, the spending requirement is hefty, but averages $2,000 per month.
Note that you won’t be eligible for a Chase Sapphire Reserve if you currently have the card, and you may not be eligible for the bonus if you have another Sapphire card open (like the Chase Sapphire Preferred® Card) or have already held or received a welcome bonus for the Sapphire Reserve.
CardCritics™ Opinion
Membership Rewards and Ultimate Rewards points are viewed as roughly equal in value, so the better offer depends on what you qualify for on the Amex Platinum Card. It has a higher spending requirement, but meeting it may actually be easier because the spending period is twice as long (six months versus three). In contrast, the Sapphire Reserve welcome bonus represents a higher percentage return due to the lower spending requirement, but you’ll have to spend more on a monthly basis to get it.
Earning Rewards
The Amex Platinum and Sapphire Reserve are more renowned for their benefits than for their return on spending, but both cards provide opportunities to earn points at elevated rates.
How To Earn Rewards With Amex Platinum
The Amex Platinum offers opportunities to earn rewards for airfare, as well as other travel purchases booked through American Express. Earning up to 5 points per dollar is enticing, but having to use the Amex travel portal takes some shine off the card’s reward categories, since you lose the ability to shop around for the best price. The card doesn’t earn rewards points for non-travel purchases.
- 5x on airfare booked directly with airlines or through American Express Travel (on up to $500,000 in purchases per year, then 1x)
- 5x on prepaid hotels, vacation rentals and vacation packages booked through Amex
- 2x on other eligible travel booked through Amex (such as cruises or prepaid rental cars)
- 1x on all other eligible purchases
How To Earn Rewards With Chase Sapphire Reserve
The Sapphire Reserve earns 8x points for travel purchases booked through Chase, but as with the Amex Platinum, having to use the Chase travel portal means you may not get the best price. However, the Sapphire Reserve also earns 4x points on airfare and hotels booked directly and 3x points on dining purchases.
- 8x points on all purchases through Chase Travel*
- 5x points on Lyft purchases (through Sept. 30, 2027)
- 4x points on flights and hotels booked directly*
- 3x points on dining
- 1x points on all other purchases
* (bonus earnings apply after the $300 annual travel credit has been used)
CardCritics™ Opinion
The Sapphire Reserve offers higher earning rates for many travel purchases and bonus points for dining, making it a more well-rounded card for earning rewards. However, the Amex Platinum is a strong option for travelers who book a lot of airfare directly with airlines, especially when paired with another rewards credit card that offers a bonus for dining and other categories.
Redeeming Rewards
Amex Membership Rewards and Chase Ultimate Rewards both offer a variety of ways to redeem points: some with massive upside, and others you can ignore entirely.
How To Redeem Rewards With Amex Platinum
- Transfer to travel partners: Membership Rewards offers 18 airline and three hotel transfer partners, including Delta Air Lines, JetBlue, Air Canada, Marriott and Hilton. Points transfer at a 1:1 ratio in most cases; notable exceptions include Hilton (1:2) and JetBlue (1:0.8). Amex occasionally provides transfer offers that boost the transfer ratio by up to 50%. Many transfers are nearly instantaneous, though Amex specifies a typical processing time of 48 hours.
- Purchase travel: As an Amex Platinum cardholder, you can redeem points for travel purchases made through Amex at a rate of 0.7 to 1 cent per point.
- Statement credits and more: You can cash out Membership Rewards points as statement credits at a dismal rate of 0.6 cents per point. You’ll get slightly better value of up to 0.7 cents per point when you pay with points at checkout, and up to 1 cent per point when you redeem for retail and other gift cards.
How To Redeem Rewards With Chase Sapphire Reserve
- Transfer to travel partners: Ultimate Rewards offers 11 airline and three hotel transfer partners, including United Airlines, Southwest, JetBlue, Hyatt and Marriott. Points transfer at 1:1 in all cases, though Chase also offers transfer bonuses that can improve the ratio. Many transfers are nearly instantaneous, though Chase specifies that transfers may take up to seven business days.
- Purchase travel: The Sapphire Reserve card lets you redeem points for travel through Chase at a rate of 1 cent per point, but through the new Points Boost feature, you can get a value of up to 2 cents per point on select redemptions.
- Pay Yourself Back: You can redeem points at an elevated rate of 1.25 cents apiece to cover recent purchases in a selection of categories that change each quarter.
- Statement credits and more: Apart from Pay Yourself Back, you can redeem Ultimate Rewards at a rate of 1 cent per point for things like statement credits, gift cards and merchandise. Gift cards are sometimes discounted to provide a return of around 1.1 cents per point.
CardCritics™ Opinion
The best value for both Membership Rewards and Ultimate Rewards comes from transferring to airline and hotel programs. The respective rosters of transfer partners both have their strengths, so choosing between them is largely a matter of personal preference. However, the ability to redeem points for travel at up to 2 cents apiece is an undeniable advantage of the Chase Sapphire Reserve vs Amex Platinum. I often redeem Ultimate Rewards points this way for hotel stays in destinations that lack the presence of a major chain.
Benefits
As premium credit cards, the Amex Platinum and Chase Sapphire Reserve have some overlapping benefits: both offer airport lounge access via Priority Pass Select membership (enrollment required) as well as statement credits to cover Global Entry or TSA PreCheck application fees. Both cards also offer travel protections (like trip cancellation and lost baggage insurance) and consumer protections (like purchase protection and extended warranty), though the terms of their respective benefits differ. Those similarities aside, each card further offers a unique set of benefits that sets them apart.
Amex Platinum Benefits
- $240 Digital Entertainment Credit: Get up to $20 in statement credits each month after you pay for eligible purchases with the Platinum Card® at participating partners. This can be an annual savings of up to $240. To view participating partners, visit americanexpress.com/platinum. Enrollment required.
- $200 Hotel Credit: Get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card or any of the Additional Cards on your Platinum Card account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details. Enrollment required.
- $200 Uber Cash: Platinum Card® Members get $15 in Uber Cash to use on eligible orders with Uber Eats and rides with Uber in the US each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Plus, enjoy Uber's safety features - like the Door-to-Door Safety Standard. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. Uber Cash is available to Basic Card Member only. Effective 11/8/2024, an Amex Card must be selected as the payment method for your Uber or Uber Eats transaction to redeem the Amex Uber Cash benefit.
- $199 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. You can cover the cost of a CLEAR Plus Membership with up to $199 in statement credits per calendar year after you pay for CLEAR Plus with your Platinum Card®. Excluding any applicable taxes and fees. Subject to auto-renewal.
- Walmart+ Monthly Membership Credit: Receive a statement credit for one monthly Walmart+ membership (subject to auto-renewal) after you pay for Walmart+ each month with your Platinum Card®. Up to $12.95 plus applicable local sales tax. Plus Ups not eligible.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue or saks.com on your Platinum Card®. That’s up to $50 in statement credits from January through June and up to $50 in statement credits from July through December. No minimum purchase required. Enrollment required.
- American Express Global Lounge Collection®: Eligible Card Members can enjoy the benefits of the Global Lounge Collection, with a value of over $500 when you enroll into Priority Pass Select and make multiple visits to select Lufthansa lounges when flying Lufthansa, Plaza Premium lounges and Escape Lounges each year.
Chase Sapphire Reserve Benefits
- Up to $300 annual travel credit: You’ll get reimbursed up to $300 each year for travel purchases charged to your Sapphire Reserve card. The credit extends beyond airfare and hotels to less prominent eligible travel expenses like taxis, parking and tolls.
- Up to $500 credit toward hotel stays booked through The Edit by Chase Travel: You can receive two semi-annual credits of up to $250 from January to June, and up to $250 from July to December on stays of two nights or more.
- Up to $300 dining credit toward Sapphire Reserve Exclusive Table purchases: This is awarded as two semi-annual credits of up to $150 from January to June, and up to $150 from July to December.
- Up to $300 StubHub/Viagogo credit: Up to $150 from January to June and up to $150 from July to December) toward tickets for concerts, shows and more.
- Up to $120 yearly toward Peloton fitness memberships: Receive up to $10 in credit per month toward eligible memberships.
- Complimentary IHG One Rewards Platinum Elite status: You can activate this complimentary status tier, which comes with bonus points on paid stays, room upgrades when available and other perks.
- Complimentary subscriptions to Apple TV+ and Apple Music: A $250 annual value
- Auto rental insurance: When you use your Sapphire Reserve card to pay, this benefit provides coverage of up to $75,000 for damages caused by theft or collision of eligible rental vehicles worldwide. Unlike many cards that offer rental car protection, the Sapphire Reserve provides primary coverage that applies without having to involve your personal insurance.
- Enhanced travel protections: The Sapphire Reserve offers a comprehensive package of travel protections that includes baggage delay insurance, emergency medical and dental coverage, and roadside assistance covering up to $50 of costs for up to four services annually.
- Additional lounge access: Sapphire Reserve cardholders can access Chase Sapphire lounges in several U.S. airports and one in Hong Kong, as well as the Etihad Lounge at Washington Dulles airport and Air Canada Maple Leaf lounges/Air Canada Cafés when flying on a Star Alliance carrier.
- Complimentary DashPass: DoorDash users with the Sapphire Reserve card are eligible to receive at least 12 months of complimentary DashPass, along with up to $25 in monthly credits (broken into one $5 credit for restaurant orders and two $10 credits for non-restaurant orders). Activation is required by Dec. 31, 2027.
Activation is required for some benefits.
CardCritics™ Opinion
The Amex Platinum provides a broad set of benefits, including credits with a total face value of more than double the card’s $695 annual fee, but getting full value can be challenging. In my experience, some benefits (like the airline and Saks credits) are more difficult to use than I’d like, while others (like the Equinox and Walmart+ credits) are worthless to me.
The list of Chase Sapphire Reserve benefits just got a lot more extensive with the card’s refresh, and the value of those benefits feels more transparent to me. I appreciate the simplicity of the annual travel credit, which is so easy to use that I often find I’ve redeemed it without realizing. As someone who rents vehicles frequently, I also highly value the auto rental insurance benefit, which has spared me headaches on three occasions over the years.
Before getting either card, consider how likely you are to use its benefits and whether the value you’ll get justifies its cost.
Fees and Costs
Both cards have high annual fees, with the Sapphire Reserve charging $795 and the Amex Platinum clocking in at $695 per year. Alongside these yearly costs, consider the additional fees you might incur with each card.
Amex Platinum Fees and Costs
- APR: See Pay Over Time APR
- Authorized user annual fee: $195
- Foreign transaction fee: None
- Cash advance: $10 or 5% of the cash advance amount, whichever is higher
- Late payment: Up to $40
- Returned payment: Up to $40
Normally, the Amex Platinum requires that cardholders pay their balance in full each month. However, it offers a Pay Over Time feature that allows eligible users to carry a balance month-to-month, with interest, up to their Pay Over Time Limit.
Chase Sapphire Reserve Fees and Costs
- APR: 20.24% - 28.74% Variable
- Authorized user annual fee: $195
- Foreign transaction fee: None
- Balance transfer: $5 or 5% of the amount of each transfer, whichever is greater
- Cash advance: $10 or 5% of the cash advance amount, whichever is higher
- Late payment: Up to $40
- Returned payment: Up to $40
CardCritics™ Opinion
The Sapphire Reserve’s recently increased annual fee is one of the highest we’ve seen on any credit card, but it can still be worth it for those who can maximize its benefits. The Amex Platinum is slightly less steep, and again, only makes sense for those who can use its many perks. Otherwise, the cards are roughly equal in terms of other costs.
How To Choose Between American Express Platinum vs Chase Sapphire Reserve
The choice between these premium cards boils down to a few key factors. First, evaluate which set of benefits is most useful to you, and whether any individual benefits (like auto rental insurance or Delta Sky Club access) are likely to provide outsized value.
Second, consider which rewards program best suits your travel tendencies; for example, you might prefer Ultimate Rewards if you live in a United Airlines hub or Membership Rewards if you frequently visit Choice Hotels.
Third, consider how each card fits with others in your wallet, since pairing the Sapphire Reserve with other Chase credit cards or Amex Platinum with other Amex credit cards can enhance their utility.
Finally, if you’re weighing Amex Platinum vs Chase Sapphire Reserve, recognize that the two aren’t mutually exclusive. Carrying two premium credit cards won’t make sense for everyone, but you shouldn’t rule it out categorically. Despite their overlapping benefits, I get enough value from each card that I’ve held both for nearly a decade. If you travel frequently and can consistently use each card’s various statement credits, you may also find them worthwhile in tandem.
For the Trip Cancellation and Interruption Insurance on The Platinum Card® from American Express Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
For the Baggage Insurance Plan on The Platinum Card® from American Express Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
For the Purchase Protection benefit on The Platinum Card® from American Express, Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
For the Extended Warranty benefit on The Platinum Card® from American Express, Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
The information related to the Chase Sapphire Reserve® was collected by CardCritics™ and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see issuer website for current information. CardCritics™ does not receive a commission for this product.
Frequently Asked Questions About the Chase Sapphire Reserve vs. Amex Platinum
Which is better, the Amex Platinum or Chase Sapphire Reserve?
The better card for you depends on your spending and travel habits, and which benefits you’re able to maximize. Both cards charge a high annual fee, so consider the perks that are most useful to you when making your decision.
Is it hard to get approved for the Amex Platinum and Chase Sapphire Reserve?
The Sapphire Reserve typically requires excellent credit to be considered for approval, while the Amex Platinum is available to those with at least a good credit score. That said, each issuer looks at other factors when considering your application, including your overall financial profile and other cards you’ve opened.
Is it worth having both the Chase Sapphire Reserve and Amex Platinum?
If you’re a frequent traveler and can maximize the benefits of each card, it can be worth having the Amex Platinum and Sapphire Reserve at the same time. The Amex Platinum comes with over $1,500 in annual value, while the Sapphire Reserve offers more than $2,700 in value each year. Keep in mind that even if you make the most of each card’s perks, you’ll still have to pay their hefty annual fees upfront.
