Chase Sapphire Reserve®
Chase Sapphire Reserve®
Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining. Earn 1x points on all other purchases
Welcome Bonus
60,000 bonus points
Annual Fee
$550
Credit Score
Excellent
Regular APR
21.99% - 28.99% Variable
The Platinum Card® from American Express
The Platinum Card® from American Express
Earn 5 Membership Rewards Points per dollar on prepaid hotels booked with American Express Travel and on flights booked directly with airlines or AMEX travel. The airline benefit is limited to the first $500K in purchases per calendar year. Earn 1 point for every $1 spent on other eligible purchases.
Welcome Bonus
Earn 80,000 points
Annual Fee
$695
Credit Score
Good,Excellent
Regular APR
See Pay Over Time APR
Premium rewards credit cards have taken the market by storm, with two options being the clear favorites among travel enthusiasts: the Chase Sapphire Reserve® and The Platinum Card® from American Express (terms apply, see rates & fees). Both of these popular cards charge hefty annual fees and offer a boatload of perks in exchange, giving you plenty of options to offset the fees and end up in the black.
So, how are these cards similar and how do they differ? Let’s take an in-depth look at both cards’ benefits and drawbacks.
Chase Sapphire Reserve® vs. The Platinum Card® from American Express Overview
| Chase Sapphire Reserve® | The Platinum Card® from American Express | |
|---|---|---|
| Welcome offer | 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening | 80,000 Membership Rewards Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership |
| Rewards earning rates | 5 points per dollar on flights and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases | 5 Membership Rewards Points per dollar for flights booked directly with airlines or with American Express Travel on up to $500,000 per calendar year, 5 points per dollar on prepaid hotels booked with American Express Travel and 1 point per dollar on other eligible purchases |
| Travel benefits | Primary auto rental collision damage waiver | Secondary auto rental collision damage waiver¹ |
| Other perks | DoorDash, Peloton and Lyft perks | Cellphone protection |
| Statement credits | $300 travel credit | Up to $300 Equinox credit |
| Foreign transaction fees | $0 | None |
| Annual fee | $550 | $695 (Terms apply, see rates & fees) |
Welcome Bonus
Chase Sapphire Reserve
New Chase Sapphire Reserve® credit card members will earn 60,000 bonus points after spending $4,000 on purchases in the first three months from account opening.
Amex Platinum
The welcome offer on The Platinum Card® from American Express can vary but is currently 80,000 Membership Rewards Points after spending $8,000 on eligible purchases on the card in the first 6 months of card membership. Make sure to read the offer terms before clicking “Apply now.”
Annual Fee
Chase Sapphire Reserve
The annual fee on the Chase Sapphire Reserve® card is $550. Authorized user cards cost $75 each.
Amex Platinum
The annual fee on The Amex Platinum Card is $695, which is quite a bit higher than that of the Chase Sapphire Reserve®. Authorized users are charged $195 per additional cardholder.
Earning Rewards
Chase Sapphire Reserve
The Chase Sapphire Reserve® comes with quite a few bonus categories. You’ll earn a rewards multiplier on the following purchases:
- 10 points on Chase Dining
- 10 points on Lyft rides
- 10 points on Peloton equipment and accessories over $150 (with a maximum of 50,000 points)
- 10 points on hotels and car rentals booked through the Ultimate Rewards travel portal (after the first $300 is spent on travel purchases annually)
- 5 points on flights booked through the Ultimate Rewards travel portal (after the first $300 is spent on travel purchases annually)
- 3 points on all other travel purchases (after the first $300 is spent on travel purchases annually)
- 3 points on dining (after the first $300 is spent on travel purchases annually)
- 1 point on all other purchases
Amex Platinum
The elevated earning opportunities aren’t as plentiful with the Amex Platinum Card, but they still exist. You’ll earn bonus points in the following categories:
- 5 points on flights booked directly with airlines and through Amex Travel (on up to $500,000 per calendar year, then 1 point thereafter)
- 5 points on prepaid hotels booked through Amex Travel
- 1 point on all other purchases
BEST FLEXIBLE TRAVEL REWARDS CARD
Chase Sapphire Reserve®
This card offers superior points earning rates if you spend frequently on travel and dining out. The $300 travel credit justifies much of the annual fee, and redeeming points for travel through Chase Travel℠ nets you a 50% bonus.
The Chase Sapphire Reserve card is one of the most valuable flexible rewards credit cards thanks to its lucrative bonus categories and easy-to-use travel credit. Cardholders can offset the annual fee and get great value when redeeming Chase Ultimate Rewards points earned on the card, thanks to partnerships with numerous airlines and hotels and its convenient travel booking portal, Chase Travel℠.
- $300 annual travel credit is incredibly flexible
- Generous welcome bonus
- Get 50% more value when you redeem points for travel through Chase Travel℠
- Points transfer to valuable airline and hotel partners
- High annual fee
- Additional fee for each authorized user
- Excellent credit recommended
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ 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 Travel℠. For example, 60,000 points are worth $900 toward travel.
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- 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 every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Member FDIC
Benefits
Because the Chase Sapphire Reserve® and The Amex Platinum are both premium travel rewards cards, some of their benefits overlap. You’ll find both cards offer the following perks to frequent travelers.
- TSA PreCheck/Global Entry enrollment fee credit. Either card reimburses toward the application fee for either trusted traveler program. The credit that comes with the Chase Sapphire Reserve® card also covers the Nexus membership fee.
- Priority Pass Select membership. Receive access to more than 1,300 airport lounges around the world.
- Auto rental collision damage waiver. Decline the rental company’s collision damage coverage and pay for a car rental with either card to get the benefit. The coverage that comes with the Chase Sapphire Reserve® is primary whereas the coverage that comes with the Amex Platinum is secondary¹.
- Trip cancellation/interruption insurance. In the event that your trip gets canceled or interrupted for a covered reason, you’ll be reimbursed prepaid nonrefundable expenses².
- Baggage delay or loss reimbursement. If your checked luggage is delayed or lost, you can get reimbursed certain expenses provided you pay for a trip with either card³.
- No foreign transaction fees. Make purchases outside of the U.S. and save on foreign transaction fees.
And here are some of the card-specific benefits available to cardholders.
Chase Sapphire Reserve
- $300 travel credit. Cardholders are automatically reimbursed up to $300 in purchases made in the travel category each cardmember year. All travel-coded purchases qualify.
- Access to Chase Sapphire Lounges by The Club. Chase Sapphire Reserve® cardholders get access to the Sapphire airport lounges. So far, the Chase Sapphire Lounge locations are at two airports only: Boston Logan International Airport and Hong Kong International Airport.
Amex Platinum
- Up to $200 airline fee credit. The American Express airline credit is good toward incidental fees paid to an eligible airline, including checked bags or seat selection.
- Up to $200 hotel credit. The Amex hotel credit can be used for select hotel bookings made through Amex Travel. You must book at least one prepaid night at a Fine Hotels & Resorts property or at least two prepaid nights at a property in The Hotel Collection to use the credit.
- Access to the Global Lounge Collection. Besides the Priority Pass Select membership, the American Express Platinum Card members get access to the following lounges: The Centurion Lounge, Delta Sky Club, Escape Lounge, Lufthansa Business and Lufthansa Senator Lounges and Plaza Premium Lounge. In terms of lounge access, the Amex Platinum Card offers the most options.
- CLEAR® Plus membership credit. Up to $199 per year toward Clear membership.
- Hilton Honors Gold and Marriott Bonvoy Gold Elite status. Hilton Honors and Marriott Bonvoy Gold statuses with no stay requirement (enrollment required).
Redemption Options
Both the Chase Sapphire Reserve® and The Platinum Card® from American Express earn flexible points. What this means is that you can use them in a variety of ways. You can redeem them for cash back, for travel purchases and transfer them to travel partners. Let’s take a look at the values you can extract from each redemption method.
Chase Sapphire Reserve
The Chase Sapphire Reserve® card earns Chase Ultimate Rewards® points, which are worth 0.8 to 1.5 cents apiece. The rewards can be redeemed in the following ways.
- Cash back. Redeem points for statement credit or a direct deposit into a checking or savings account at a rate of 1 cent per point.
- Travel. Book flights, hotel stays, car rentals, cruises and activities through Chase Ultimate Rewards at a value of 1.5 cents per point.
- Gift cards. Exchange your points for gift cards through Chase Ultimate Rewards at a rate of 1 to 1.11 cents per point.
- Shop at Amazon. Use points on Amazon at a rate 0.8 cent per point.
- PayPal. You can pay with rewards for PayPal purchases using Ultimate Rewards points at a rate of 0.8 cent per point.
- Pay Yourself Back. Use the points to reimburse purchases in select spending categories at a rate of 1.25 cents per point and charitable donations at a rate of 1.5 cents per point.
It’s worth noting that the increased redemption value of 1.5 cents per point on travel booked through Ultimate Rewards is available to Chase Sapphire Reserve® cardholders only. Members of another Ultimate Rewards-earning card get a lower value of 1 to 1.25 cents per point redeemed in the travel portal.
So, if you have any of the following Chase cards in your wallet, it’s best to combine their rewards with those of the Chase Sapphire Reserve® if you plan on redeeming points through the Ultimate Rewards portal:
- Chase Freedom Flex®
- Chase Freedom Unlimited®
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve®
- Ink Business Unlimited® Credit Card
- Ink Business Cash® Credit Card
- Ink Business Preferred® Credit Card
Amex Platinum
The Platinum Card® from American Express earns Membership Rewards points whose value fluctuates between 0.5 and 1 cent each. You can redeem them in the following ways.
- Cash back. Redeem points for statement credit at a rate of 0.6 cent per point.
- Travel. Book flights and Fine Hotels & Resorts through Amex Travel at a rate of 1 cent per point. Book hotel stays, car rentals, cruises and vacations at a rate of 0.7 cent per point.
- Gift cards. Convert your points to gift cards at a value of 0.5 to 1 cent per point.
- Shop at Amazon. Use points for Amazon purchases at a rate of 0.7 cent per point.
- Shop at select online retailers. You also can use points with other merchants, such as Best Buy, Dell.com, Grubhub, Newegg, Rite Aid, Saks Fifth Avenue and Staples. The points are worth 0.7 cent each with this redemption method.
- PayPal. You can use Membership Rewards for PayPal purchases at a rate of 0.7 cent per point.
As you can see, none of the redemption methods above yield much value for your rewards. Unfortunately, the only way to increase the value of the Amex points is by transferring them to travel partners.
BEST FOR LUXURY TRAVEL BENEFITS
The Platinum Card® from American Express
5X Reward Rate
Earn 5 Membership Rewards Points per dollar on prepaid hotels booked with American Express Travel and on flights booked directlyRead More
Welcome Bonus
Earn 80,000 points
Annual Fee
$695
Regular APR
See Pay Over Time APR
Credit Score
Good,Excellent (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.
Being an Amex Platinum cardholder grants access to the International Airline Program, which can save you money on first and business class seats on more than 20 airlines as well as premium economy tickets for you and up to seven traveling companions. Start your search on the Amex Travel website to find international flights departing or arriving in the U.S. on any of those premium cabins.
- 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
- Very high annual fee
- Maximizing the statement credits takes some work and could be impractical for many
- Reward rate outside of travel is subpar for a premium card
- Earn 80,000 Membership Rewards® Points after you spend $8,000 on eligible purchases on your new Card in 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 and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
- $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.
- $240 Digital Entertainment Credit: Get up to $20 back in statement credits each month on eligible purchases made with your Platinum Card® on one or more of the following: Disney+, a Disney Bundle, ESPN+, Hulu, The New York Times, Peacock, and The Wall Street Journal. Enrollment required.
- The American Express Global Lounge Collection® can provide an escape at the airport. With complimentary access to more than 1,400 airport lounges across 140 countries and counting, you have more airport lounge options than any other credit card issuer on the market. As of 03/2023.
- $155 Walmart+ Credit: Save on eligible delivery fees, shipping, and more with a Walmart+ membership. Use your Platinum Card® to pay for a monthly Walmart+ membership and get up to $12.95 plus applicable taxes back on one membership (excluding Plus Ups) each month.
- $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 Platinum Card®.
- $200 Uber Cash: Platinum Card® Members can get out and about and explore their local area with $15 in Uber Cash for US rides each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings. Simply download the Uber app and add your Platinum Card® to your Uber account to get started. 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 to get you to your gate faster at 50+ airports nationwide and get up to $199 back per calendar year on your Membership (subject to auto-renewal) when you use your Card. CLEARLanes are available at 100+ airports, stadiums, and entertainment venues.
- Receive either a $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 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.
- Shop Saks with Platinum: Get up to $100 in statement credits annually for purchases in Saks Fifth Avenue stores or at saks.com on your Platinum Card®. That’s up to $50 in statement credits semi-annually. Enrollment required.
- Unlock access to exclusive reservations and special dining experiences with Global Dining Access by Resy when you add your Platinum Card® to your Resy profile.
- $695 annual fee.¤
- Terms Apply.
Transfer Partners
Transfer partners are what makes it possible to extract lots of value from your rewards. Both cards have a list of programs they partner with, some of which are unique to that partnership while others overlap. From time to time, both issuers run promos that offer a bonus on point transfers, so keep an eye out for those.
Chase Sapphire Reserve
The Chase Sapphire Reserve® cardholders can transfer Ultimate Rewards points at a ratio of 1:1 to the following loyalty programs:
- Aer Lingus AerClub
- Air Canada Aeroplan
- Air France/KLM Flying Blue
- British Airways Executive Club
- Emirates Skywards
- Iberia Plus
- IHG One Rewards
- JetBlue TrueBlue
- Marriott Bonvoy
- Singapore Airlines KrisFlyer
- Southwest Airlines Rapid Rewards
- United MileagePlus
- Virgin Atlantic Flying Club
- World of Hyatt
Amex Platinum
American Express transfer ratios aren’t always 1:1, and the points transfers aren’t always free. Amex charges an excise fee of $0.0006 per point (up to $99) transferred to U.S.-based airlines, such as Delta Air Lines and JetBlue.
The Platinum Card® from American Express members can transfer Membership Rewards points to the following loyalty programs:
- Aer Lingus AerClub
- Aeroméxico Rewards (1:1.6)
- Air Canada Aeroplan
- Air France-KLM Flying Blue
- ANA Mileage Club
- Avianca LifeMiles
- British Airways Executive Club
- Cathay Pacific Asia Miles
- Choice Privileges Rewards
- Delta SkyMiles
- Emirates Skywards
- Etihad Guest
- Hawaiian Airlines HawaiianMiles
- Hilton Honors (1:2)
- Iberia Plus
- JetBlue TrueBlue (5:4)
- Marriott Bonvoy
- Qantas Frequent Flyer
- Qatar Airways Privilege Club
- Singapore Airlines KrisFlyer
- Virgin Atlantic Flying Club
Other Perks and Benefits
Chase Sapphire Reserve
- Lyft Pink All Access membership. Complimentary two-year Lift Pink membership (normally $199 per year). Activate by December 31, 2024.
- DoorDash perks. Complimentary access to DoorDash DashPass membership for a minimum of one year (normally $9.99 per month) plus $5 monthly credit toward DoorDash or Caviar orders. Activate by Dec. 31, 2027.
Amex Platinum
- Up to $240 digital entertainment credit. Issued in monthly increments of $20 (enrollment required).
- Up to $300 Equinox credit. When you pay for an Equinox+ digital subscription with live and on-demand classes, or an Equinox club membership (enrollment required).
- Up to $200 Uber Cash credits. Issued in $15 monthly increments and $35 in December. Effective 11/8/24, an eligible card must be enrolled and selected as the payment method for the Uber or Uber Eats transaction to redeem this benefit.
- Up to $155 Walmart+ credit. Issued in monthly increments of $12.95.
- Up to $100 Saks Fifth Avenue credit. Issued semiannually in increments of $50 January through June and another $50 July through December (enrollment required).
Fees and APR
Chase Sapphire Reserve
- APR: 21.99% - 28.99% Variable applies to purchases and balances that have been transferred to the card
- Balance transfer fee: Either $5 or 5% of the amount of each transfer, whichever is greater.
Amex Platinum
The Amex Platinum requires you pay the full balance owed by the due date. If you’re enrolled in the Pay Over Time* feature, you’ll want to check your card’s terms to find your APR.
Consider Neither the Chase Sapphire Reserve Nor The Platinum Card From American Express
If You Don’t Want To Pay a High Annual Fee
A premium travel rewards card is a big investment and paying hundreds of dollars in annual fees isn’t everyone’s cup of tea. If you’re not quite ready for a premium card with a premium price tag, consider a midrange travel card, learn how point redemptions work, and eventually, you can graduate to a more expensive card as long as you can use enough benefits to offset its membership fee.
If You’re Not a Frequent Traveler
A travel rewards card packed to the gills with travel-related benefits isn’t going to provide a ton of value if you’re a homebody. If you think you take enough trips to use the trusted traveler program credits, visit airport lounges, redeem points for flights or hotels and benefit from travel protections, then by all means, consider adding a premium travel card to your wallet.
If You’d Rather Earn Cash Back
If you hold either the Chase Sapphire Reserve® or The Platinum Card® from American Express, forget redeeming your rewards for cash back because of the low-value return. The annual fees are simply too high for you to be exchanging flexible points for statement credits. The points earned with both cards are best redeemed for travel, specifically when transferred to travel partners, and you’d be doing yourself a disservice by not maximizing their value to the highest potential. If you’d rather earn cash back, choosing one of the many inexpensive cash-back cards would likely be a better alternative.
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Bottom Line
At the end of the day, both the Chase Sapphire Reserve® and the Amex Platinum cards offer quite a bit of value to frequent travelers. If you held both cards, you’d have access to all their transfer partners and perks. Having said that, paying two high annual fees might not be the most affordable move. If you’re considering applying for a premium travel credit card, these are your two best options, so take a look at which one better aligns with your goals and make a selection based on that.
To view rates and fees for The Platinum Card® from American Express please visit this page.
¹Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
²The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. 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.
³Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on Baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip.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.
Frequently Asked Questions (FAQs)
Is the Amex Platinum Card worth It?
It’s no secret that the annual fee on The Platinum Card® from American Express is high at $695. However, it comes with a suite of perks and statement credits large enough to offset that fee. Keep in mind that you have to use enough of those benefits every year to justify paying the annual fee, even if you don’t use them all.
Let’s say you use the $200 airline fee credit in full every year, get the full $200 in Uber Cash credits, subscribe to the Hulu bundle to use up the $240 digital entertainment credit and visit a Delta Sky Club or The Centurion Lounge once per month. In this example, the card would likely be well worth keeping every year.
What credit score do you need to get approved for the Chase Sapphire Reserve?
The specific score you need varies for each credit card. Because the Chase Sapphire Reserve® is a premium travel card with many perks and a high annual fee, you need a high credit score to apply for it. If your score is in the exceptional range, as in 800 or more, you most likely can get approved for any card you want. However, you don’t need that high of a credit score to apply for the Chase Sapphire Reserve®. If your score is above 700 and you have enough credit history, you’ll likely get approved.
Does the Chase Sapphire Reserve fall under the Chase 5/24 Rule?
Yes, 5/24 Chase card limits do apply to the Chase Sapphire Reserve®. What this means is, if you’ve opened at least five consumer credit cards from any bank in the last 24 months, you won’t be approved for a Chase credit card. You must wait until your card count drops to below 5/24 before you can apply for the Chase Sapphire Reserve®.