Amex Platinum vs. Chase Sapphire Reserve: Which $550-plus card is right for you?

It seems almost every airline, hotel chain and credit card issuer has launched its own premium credit card, enticing customers with luxury travel perks paired with hefty annual fees. Many of these cards offer solid value, especially if you’re loyal to the underlying brand.

There are two long-standing titans of the premium card market: The Platinum Card® from American Express and the Chase Sapphire Reserve®. The former built the market for premium rewards cards decades ago, while the latter is responsible for growing its mass appeal.

Since the Sapphire Reserve debuted in 2016, competition between these two cards has been fierce. Today, we will examine how they compare and whether you should consider adding one (or both) to your wallet.

Related: The best travel credit cards

Amex Platinum vs. Sapphire Reserve comparison

Card	Amex Platinum	Sapphire Reserve
Welcome offer	80,000 Membership Rewards points after you spend $8,000 on purchases within the first six months of card membership	75,000 points after you spend $4,000 on purchases in the first three months from account opening
Annual fee	$695 (see rates and fees)	$550
Earning rates	5 points per dollar on flights booked directly with airlines or via American Express Travel (on up to $500,000 in purchases per calendar year, then 1 point per dollar) 5 points per dollar on prepaid hotels booked with American Express Travel 1 point per dollar on other eligible purchases	10 points per dollar on hotels and car rentals purchased through Chase Travel℠ 10 points per dollar on dining purchases through the Chase portal 10 points per dollar on Lyft rides (through March 31, 2025) 10 points per dollar on Peloton equipment and accessory purchases (through March 2025) of $150 or more, with a maximum of 50,000 points 5 points per dollar on flights purchased through Chase Travel 3 points per dollar on all other travel (excluding the $300 travel credit) and dining purchases worldwide 1 point per dollar on everything else
Notable benefits	Up to $200 airline incidental statement credit* Up to $200 in annual Uber cash as a statement credit (for U.S. services; $15 monthly, with a $20 bonus in December)* Up to $100 annual Saks Fifth Avenue statement credit (up to $50 bi-annually)* Up to a $200 annual hotel statement credit, valid on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings (of two nights or more) with Amex Travel when you pay with your Amex Platinum* Up to $189 annual Clear Plus statement credit to cover your annual membership* Up to $240 annual digital entertainment statement credit (up to $20 per month)* Up to $300 annual Equinox credit (subject to auto-renewal)* Up to $155 in statement credits that cover the cost of a monthly Walmart+ membership when paying with their Amex Platinum (up to $12.95 plus applicable taxes on one membership fee; subject to auto-renewal; Plus Up Benefits are excluded)*	$300 annual travel credit Global Entry/TSA PreCheck application fee credit (up to $100) Complimentary two-year Lyft Pink All Access membership (activate by December 31, 2024) Complimentary DoorDash DashPass subscription (activate by December 31, 2024) and $5 in DoorDash credits each month One-year complimentary Instacart+ membership (activate by July 31) and up to $15 in Instacart statement credits per month (through July 31)

*Enrollment is required for select benefits

Amex Platinum vs. Sapphire Reserve welcome offer

When considering a new card, especially one with a $500-plus annual fee, most people first look at the welcome offer to see how much of that annual fee they can start recouping immediately.

With its $695 annual fee (see rates and fees), the Amex Platinum offers new applicants 80,000 Membership Rewards points after spending $8,000 on purchases in the first six months of card membership. However, it’s worth checking to see if you’re targeted for a higher offer of up to 150,000 points through the CardMatch tool (offer subject to change at any time).

TPG values Membership Rewards points at 2 cents each, making the initial welcome offer of 80,000 points worth $1,600 alone. Since Amex only allows you to earn a welcome offer on each of its cards once per lifetime, it might be tempting to hold off on applying for the Amex Platinum in hopes that you may be targeted through CardMatch for a higher bonus at some point in the future.

Meanwhile, the Chase Sapphire Reserve is currently offering a sign-up bonus of 75,000 bonus points after you spend $4,000 in the first three months from account opening.

TPG values Ultimate Rewards points at 2.05 cents each, making this bonus worth $1,538. That’s slightly lower than the Amex Platinum offer, though the spending requirement to earn the bonus is also lower.

Winner: The Amex Platinum takes the lead in this first category, especially if you are targeted for an elevated offer through CardMatch.

Related: The best time to apply for these popular cards based on offer history

Amex Platinum vs. Sapphire Reserve benefits

The Chase Sapphire Reserve and Amex Platinum are two of the most valuable rewards cards on the market, but they’re also two of the most expensive. You’ll pay a $550 annual fee with the Sapphire Reserve and a $695 annual fee with the Amex Platinum.

Let’s take a look below at the most popular and valuable perks available (note that enrollment is required for select benefits):

*Eligibility and benefit level varies by card. Not all vehicle types or rentals are covered, and geographic restrictions apply. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by AMEX Assurance Company. Coverage is offered through American Express Travel Related Services Company, Inc.

**Eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for details. Policies are underwritten by New Hampshire Insurance Company, an AIG Company.

***Effective February 1, 2025: Eligible Platinum Card Members will receive 10 Visits per Eligible Platinum Card per year to the Delta Sky Club or to Grab and Go when traveling on a same-day Delta-operated flight.

This is by far the trickiest part of the comparison, with many different pieces to unpack. It’s also where your personal preferences may sway you to one card or another.

For starters, the Sapphire Reserve still has an edge over Amex regarding the $300 annual travel credit. Not only is it a higher amount than the up-to-$200 airline fee credit that comes with the Amex Platinum, but it’s also much less restrictive. It will automatically apply to a broad range of travel purchases. In contrast, the $200 Amex airline credit only applies to select fees such as seat assignments or checked bags — and you’re limited to a single airline you designate each year.

Regarding ride-hailing services, some people see the up-to-$200 in annual (U.S.) Uber Cash (broken into $15 a month, with a $20 bonus in December; enrollment required) that comes with the Amex Platinum card as a cash-like credit. However, not everyone uses a ride-hailing service or places an Uber Eats order in the U.S. once a month, which means the 10 points per dollar spent on Lyft rides with the Sapphire Reserve might be a more valuable option.

On the flip side, if you live in a smaller city or never order food, you might find the DoorDash partnership with Chase useless.

The same can be said of certain perks on the Amex Platinum — including statement credits with Saks Fifth Avenue, Clear and select digital entertainment providers. If you already use these services or merchants, it’s like money back in your pocket. If not, you may find they aren’t a real value-add relative to the annual fee. Enrollment required for select benefits.

Meanwhile, the Amex Platinum is widely considered the most comprehensive card for airport lounge access. Although the Priority Pass Select membership that comes with this card no longer allows you to access participating restaurants, the access to Amex’s wide collection of Centurion Lounges and Delta Sky Clubs on same-day Delta flights (limited to 10 annual visits from February 1, 2025) should be enough to make up for that.

Meanwhile, the Sapphire Reserve offers a Priority Pass membership as well as access to the growing network of Chase lounges.

Another area where Amex excels is by offering Gold Elite status with both Marriott and Hilton to Platinum cardholders (enrollment required). Chase offers no equivalent benefit.

Chase has historically been the leader in travel insurance, with generous terms. Amex has partially closed the gap, adding a suite of travel protection benefits to the Amex Platinum card (see here for more information).

Winner: Amex Platinum is the clear winner when it comes to perks and benefits, including up to $1,400-plus in annual statement credits, expanded airport lounge access, travel protections, and elite status with Marriott and Hilton.

Related: How to decide if a card’s annual fee is worth paying

Earning points on the Amex Platinum vs. Sapphire Reserve

Long after your bonus has been earned and spent, you’ll want a card to help you quickly rack up valuable transferable points.

Both of these cards do that, but in very different ways. Your best option depends on which other Chase or Amex cards you currently have in your wallet and how the bonus categories on those other cards overlap with the Chase Sapphire Reserve and Amex Platinum.

Chase offers a broader range of bonus categories, including everyday purchases like travel and dining. While the Amex Platinum does pull ahead on airfare booked directly with airlines (with a terrific 10% return based on TPG valuations), the Chase Sapphire Reserve pulls ahead for dozens of other travel expenses, including most hotels, ride-hailing services, parking fees, tolls and tours. It also has an equally broad 3 points per dollar spent on dining that the Platinum can’t match.

Winner: Chase Sapphire Reserve is the best for earning thanks to its favorable everyday bonus categories that help you earn more points in the long term.

Related: Best reward cards for each bonus category

Redeeming points on the Amex Platinum vs. Sapphire Reserve

With Chase Ultimate Rewards and Amex Membership Rewards worth a comparable 2.05 and 2.0 cents apiece in TPG’s valuations, it’s worth looking at the different transfer partners to decide which ones best suit your needs.

Let’s start with the Chase Sapphire Reserve. In addition to its 14 airline and hotel transfer partners, Sapphire Reserve customers get a 50% bonus when redeeming points for travel directly through the Chase Travel portal. This gives you an absolute minimum redemption value of 1.5 cents per point, meaning you can book a seat on any flight that’s for sale, even if there isn’t award space available.

If you opt to use your Amex points directly through American Express Travel, you won’t get nearly the value you do through Chase. Flight bookings are a flat 1 cent per point, while hotel reservations clock in at just 0.7 cents apiece.

Winner: Chase Sapphire Reserve has a higher straight-up redemption value for travel.

Transferring points on the Amex Platinum vs. Sapphire Reserve

You’ll often get a better value by transferring your points to the loyalty programs of airlines and hotels instead. All Chase partner transfers are at a 1:1 ratio, and most of them are instant. Ultimate Rewards has a real edge for hotel bookings because of its partnership with World of Hyatt, where you can book an award night for as low as 3,500 points per night.

On the airline side, popular redemption options include United MileagePlus, Southwest Rapid Rewards, British Airways Avios, Virgin Atlantic Flying Club and Air France-KLM Flying Blue — though the last three also partner with Amex Membership Rewards. The same holds true for Air Canada Aeroplan — though if you also hold the Aeroplan Credit Card®, you can enjoy a 10% bonus on certain transfers from Chase Ultimate Rewards to your Aeroplan account.

Meanwhile, Amex Membership Rewards has a whopping 21 transfer partners, but not all are worth your attention. Some have transfer ratios below 1:1, have longer transfer times (which means you risk watching your award space disappear) or simply don’t have reasonably priced redemption options.

TPG credit cards writer Emily Thompson prefers to transfer to ANA Mileage Club, Air Canada Aeroplan and Avianca LifeMiles, each offering attractive options for booking Star Alliance tickets. Cathay Pacific Asia Miles, British Airways Executive Club and Delta SkyMiles are also popular transfer options.

Winner: Chase Sapphire Reserve comes out on top for redemption options since it offers a 1:1 transfer ratio for all its airline and hotel partners.

Should I get the Amex Platinum or Sapphire Reserve?

Between hotel elite status and Centurion Lounge access, the Amex Platinum is better suited for those looking to enjoy a more luxurious travel lifestyle. If you frequently purchase airfare qualifying for 5 points per dollar, this card deserves a spot in your wallet. On the other hand, the Sapphire Reserve offers a slightly lower annual fee, lounge access and broader points-earning opportunities.

Bottom line

The Sapphire Reserve is a premium card simple enough for beginners and pros alike. The $300 annual travel credit is automatically applied to a wide range of purchases. Plus, you earn 3 points per dollar on travel (excluding the $300 travel credit) and dining, and these categories are broad enough that you won’t be scratching your head trying to decide if you’re swiping the right card.

The Amex Platinum is better suited to those looking for a more luxurious travel lifestyle who can take advantage of all the annual statement credits.

To learn more, read our full reviews of the Sapphire Reserve and Amex Platinum.

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Apply here: Amex Platinum
Apply here: Chase Sapphire Reserve

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For rates and fees of the Amex Platinum, click here.