Amex Platinum Vs. Chase Sapphire Reserve: Which Is Better?

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.

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).