Amex Platinum vs Chase Sapphire Reserve: two top travel rewards cards for 2024

This article series about credit cards, points and miles, and travel budgeting is presented in collaboration with The Points Guy.

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Choosing the right travel credit card can enhance your travel experience with more benefits and faster rewards. Among premium travel rewards cards, The Platinum Card® from American Express* and Chase Sapphire Reserve® stand out as top contenders. They are popular for allowing members to earn points towards free flights, hotel stays, car rentals, and other rewards.

Both cards offer substantial statement credits that members can utilize whether traveling or not, but it’s essential to examine the specific perks to find out which aligns better with your travel needs and preferences.

If you favor particular airport lounges or tend to fly with specific airlines or stay at certain hotel chains, take note of the affiliations each card has — along with the spending categories that allow you to earn bonus points — to maximize your benefits and earning potential.

Here’s all the information you need if you’re thinking about applying for The Platinum Card® from American Express or the Chase Sapphire Reserve®, and how they compare.

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Sign-up bonus

Whether you’re just beginning your points and miles adventure or have been collecting rewards for years, a generous sign-up bonus is a great way to enhance your points balance. Just keep an eye on your finances and make sure you can meet the minimum spending requirement responsibly (preferably by paying off your balance in full each month to avoid extra charges).

Amex Platinum: New cardholders can earn 80,000 bonus Membership Rewards points by spending $8,000 within the first six months of opening their account. These points can be redeemed for $1,600 in travel for flights, hotels, rental cars, and cruises through AmexTravel.com.

Chase Sapphire Reserve: Earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months of account opening. This equates to $900 towards travel when redeemed through Chase Travel℠.

Conclusion: Both welcome bonuses provide a substantial amount of points to kickstart your rewards-earning journey, but it’s essential to consider which minimum spending requirement you’re more comfortable with and whether you can meet it within the specified timeframes.

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Annual fee

Although a high annual fee may seem daunting, remember that the card’s benefits and memberships can offset the cost — or even offer greater value — provided you take full advantage of them.

Amex Platinum: $695 (see rates and fees)

Chase Sapphire Reserve: $550 (see rates and fees)

Conclusion: The annual fee for the Chase Sapphire Reserve is $145 lower than that of the Amex Platinum Card, but your choice should depend on which card aligns better with your rewards-earning objectives.

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Earning rewards

Both rewards programs allow you to accumulate points that can be redeemed for flights, hotel stays, car rentals, and other travel expenses; however, each program offers different opportunities for maximizing your points.

For example, the Amex Platinum allows you to earn the most points by using it for hotel and flight bookings made through the Membership Rewards network (or directly with airlines). In contrast, the Chase Sapphire Reserve offers points for broader spending categories like travel and dining, which you may use more frequently.

Amex Platinum: Cardholders can earn 5X points when booking flights through AmexTravel.com (up to $500,000 annually) or directly with airlines, as well as for prepaid hotel reservations via the Amex Membership Rewards portal. For all other purchases, you’ll earn only 1X points.

You’ll also earn 5X points for stays at luxury hotels within Chase’s Hotel Collection, which provides added perks like room upgrades, complimentary breakfast, or hotel credits up to $100.

Chase Sapphire Reserve: Accumulate 5X total points on flights and 10X total points on hotels and car rentals when you book through Chase Travel℠, after spending the first $300 on travel purchases each year. Earn 3X points on other travel and dining, and 1 point per $1 on all other expenses.

You can earn additional points by shopping through the Shop Through Chase portal, where you can get discounts and earn between 1 and 15 points per dollar at over 450 online retailers. Plus, referring a friend to sign up for the Chase Sapphire Reserve nets you 10,000 points per referral, with a cap of 50,000 points each year.

Conclusion: The Chase Sapphire Reserve takes the lead in this comparison, as it allows you to earn points across a wider range of spending categories that you’re likely to use frequently (such as dining and travel) or through online shopping. In contrast, the Amex Platinum only provides 1X points on purchases made outside of AmexTravel.com.

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Redeeming rewards

The most rewarding aspect of accumulating those points is using them for what you truly need, whether it's a complimentary flight to Japan, gift cards for the family during the holidays, or applying them to recent expenses. Here are the top ways to redeem your rewards with either card.

Amex Platinum: To maximize value, transferring Membership Rewards points directly to one of the 21 airline or hotel partners listed below is your best option. However, cardholders can also redeem points for flights, hotels, rental cars, and cruises through AmexTravel.com at approximately 1 cent per point.

If travel isn't in your near future, you might find it more beneficial to redeem points for online purchases through MembershipRewards.com or with Amex’s retail partners like Amazon, PayPal, GrubHub, Best Buy, Staples, and Seamless. You can also use points to buy gift cards or offset eligible charges on your card, but keep in mind that the redemption value will be slightly lower, ranging from 0.6 to 1 cent per point, depending on the option you choose.

Chase Sapphire Reserve: For the best redemption value, aim to transfer your Chase Ultimate Rewards points to one of the 14 airline or hotel partners. Otherwise, you can redeem points for bookings made through the Chase travel portal at a value of 1.5 cents per point, which is still quite good.

Additionally, Ultimate Rewards points can be used for gift cards, statement credits on recent purchases via Chase’s Pay Yourself Back feature, or converted to cash back, although this will result in a lower value of about 1 cent per point.

Conclusion: The Amex Platinum has a clear advantage in point redemption with its 21 travel partners and options for online shopping. However, if you prefer cash-back rewards or want the flexibility to “erase” recent expenses, the Chase Sapphire Reserve may be a more suitable choice based on your preferences.

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Transfer partners

To maximize value, cardholders should transfer their Amex Membership Rewards or Chase Ultimate Rewards points directly to one of their partner airlines or hotels. This is usually done at a 1:1 transfer ratio, though some exceptions are noted below.

Amex Platinum: With Amex Membership Rewards, you’ll have access to 21 travel transfer partners, comprising 18 airlines and three hotel chains:

Airline partners:

• Aer Lingus AerClub

• AeroMexico 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

• Delta Air Lines SkyMiles

• Emirates Skywards

• Etihad Guest

• Hawaiian Airlines HawaiianMiles

• Iberia Plus

• JetBlue TrueBlue (1:0.8)

• Qantas Frequent Flyer

• Qatar Airways Privilege Club

• Singapore Airlines KrisFlyer

• Virgin Atlantic Flying Club

Hotel partners:

• Choice Privileges

• Hilton Honors (1:2)

• Marriott Bonvoy

Chase Sapphire Reserve: You can select from 14 travel transfer partners with Chase Ultimate Rewards, which includes 11 airlines and three hotel brands:

Airline partners:

• Aer Lingus AerClub

• Air Canada Aeroplan

• British Airways Executive Club

• Emirates Skywards

• Air France/KLM Flying Blue

• Iberia Plus

• JetBlue TrueBlue

• Singapore Airlines KrisFlyer

• Southwest Airlines Rapid Rewards

• United Airlines MileagePlus

• Virgin Atlantic Flying Club

Hotel partners:

• IHG One Rewards

• Marriott Bonvoy

• World of Hyatt

Verdict: Although the Chase Sapphire Reserve® offers access to 14 travel partners compared to the Amex Platinum Card®'s 21, your decision should largely depend on which airlines and hotels you are most loyal to.

Keep in mind that each airline listed can also connect with its alliance partners. For example, to save on a trip to Hawaii, you could transfer points from either rewards program to British Airways Executive Club and then use them to book flights on American Airlines or Alaska Airlines, as they are part of the Oneworld alliance.

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Travel benefits and statement credits

While both cards provide comparable overall perks — such as airport lounge access, booking luxury accommodations through exclusive hotel programs, and credits for Global Entry or TSA PreCheck registration — they also come with numerous statement credits for purchases made outside of travel.

Amex Platinum: The Amex Platinum card truly excels in its travel benefits and statement credits, which help justify its hefty annual fee, potentially offering an overall value of up to $1,584 when fully utilized.

To start, you can enjoy up to $200 in airline fee credits, issued as statement credits, for in-flight purchases and other incidental costs (like baggage fees) on a selected airline. Additionally, there’s a $200 credit for bookings at The Hotel Collection and Fine Hotels + Resorts through the AmexTravel.com portal, requiring a minimum 2-night stay for eligibility.

Cardholders also receive up to $199 to cover fees for CLEAR Plus membership, alongside a credit of up to $100 for Global Entry or TSA PreCheck enrollment. Moreover, the card grants automatic Marriott Bonvoy Gold Elite and Hilton Honors Gold status, as well as access to over 1,400 lounges globally through The American Express Global Lounge Collection, including Plaza Premium Lounge and Priority Pass partners.

When you're not on the go, the Amex Platinum offers fantastic home perks, including an annual credit of up to $155 ($12.95 plus tax each month) for a Walmart+ subscription, $100 in credit for Saks Fifth Avenue purchases (divided into $50 every six months), and up to $300 in statement credits for an Equinox gym membership.

Additionally, cardholders enjoy up to $240 in digital entertainment credits ($20 per month via statement credits) for specific streaming services like Peacock, Hulu, Disney+, ESPN+, The Wall Street Journal, or The New York Times. You'll also gain Uber VIP status and receive up to $200 in Uber savings for rides or Uber Eats orders annually in the US. Note that Uber Cash and Uber VIP status are exclusive to the Basic Card Member. Terms Apply.

Another fantastic benefit allows cardholders to access exclusive seating for musical, dining, cultural, and sporting events booked through Membership Rewards.

Chase Sapphire Reserve: Cardholders benefit from a $300 annual travel credit designed to offset travel-related purchases made with the card, along with a statement credit of up to $100 every four years to cover the enrollment fee for Global Entry, TSA PreCheck, or NEXUS.

The card also provides Priority Pass Select membership, granting access to over 1,300 airport lounges around the world, including locations for Chase Sapphire Lounge by The Club in Boston and Hong Kong, with more expected to open in New York, Las Vegas, Phoenix, Philadelphia, and San Diego soon.

You'll gain entry to the Luxury Hotel & Resort Collection, allowing you to enjoy benefits like late checkout, complimentary breakfast, room upgrades, and hotel-specific perks valued at up to $100. Additionally, the Reserved by Sapphire feature provides exclusive seating at various events, including culinary, musical, and sporting occasions.

Other perks include a complimentary two-year Lyft Pink All Access membership, a one-year Instacart+ subscription with up to $15 in quarterly statement credits, and a free DashPass membership to fulfill your DoorDash and Caviar cravings, along with $5 in DoorDash credits each month.

Verdict: Your choice here will largely depend on your travel preferences. If you prioritize visiting Amex Centurion Lounges and intend to utilize credits for CLEAR Plus or TSA PreCheck (or Global Entry) memberships, the Amex Platinum may be your best bet.

On the other hand, if you find the Priority Pass lounge access, Lyft Pink All Access subscription, and Instacart+ benefits more enticing, then the Chase Sapphire Reserve could be the better option. Consider which perks would benefit you most with each card before deciding.

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Additional perks and protections

Beyond the previously mentioned benefits, both cards provide a range of travel-related insurance and purchase protections. However, the specifics of the coverage vary slightly between the two. They do share a common feature: neither card imposes foreign transaction fees.

Amex Platinum: Cardholders enjoy secondary coverage for standard car rentals, along with trip interruption and cancellation insurance, trip delay reimbursements, baggage insurance, and access to a global emergency assistance hotline. Additionally, there's coverage for medical transport and evacuation in emergencies during your travels.

Moreover, you'll receive a full year of extended warranty protection, up to 90 days of purchase protection, and return protection — meaning you can get reimbursed for items returned within 90 days, even if the store refuses to accept them. Cell phone protection is also included (up to $800 per claim, limited to two claims per 12-month period, with a $50 deductible).

Chase Sapphire Reserve: This card provides a comprehensive suite of benefits for peace of mind while traveling, including an auto rental collision damage waiver that serves as primary insurance, roadside assistance, emergency transportation and evacuation, and emergency medical and dental benefits when you're more than 100 miles from home.

Every cardholder is entitled to baggage delay insurance, compensation for trip delays and lost luggage, trip interruption and cancellation coverage, travel accident insurance, and emergency assistance services in case of travel-related issues.

The Chase Sapphire Reserve also offers purchase protection for 120 days, an extra year of warranty coverage on eligible warranties (up to three years), and return protection within 90 days of the initial purchase.

Verdict: Although both cards provide comparable purchase protections and travel insurance for worst-case scenarios, the Chase Sapphire Reserve has a notable advantage: it offers primary car insurance through its auto rental collision damage waiver, while the Amex Platinum only provides secondary coverage.

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Final thoughts

Choosing your next credit card involves careful consideration, particularly when deciding between premium options like The Platinum Card® from American Express and the Chase Sapphire Reserve, both of which offer comparable perks and benefits. To refine your choice, reflect on which features align best with your travel preferences, and select the card you can maximize.

If you opt for the Chase Sapphire Reserve, keep in mind Chase's strict 5/24 rule, which could lead to your application being denied if you’ve applied for five or more credit cards in the last 24 months.

Although American Express doesn’t enforce the same rule, it may be beneficial to apply for any Chase cards first (especially if you're looking to earn more rewards) and consider the Amex Platinum later, as it would count against the 5/24 limit if applied for first.

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* Eligibility and benefits vary by card. Terms, conditions, and limitations apply. For more information, please visit americanexpress.com/benefitsguide. Underwritten by Amex Assurance Company.

Editorial disclaimer: The views expressed here are solely those of the author and do not reflect the opinions of any bank, credit card issuer, airline, or hotel chain. These opinions have not been reviewed, approved, or endorsed by any of these entities.