Is the Amex Platinum still the top choice among premium rewards cards?

For almost 40 years, The Platinum Card® from American Express has been a frontrunner in the premium rewards card landscape.

The card boasts an impressive array of benefits, including over 20 transfer partners, a wide range of statement credits, and its iconic metal construction. However, with one of the highest annual fees in the market at $695 (see rates and fees), consumers may question if it still holds the title of the best premium rewards card.

Since the launch of the Chase Sapphire Reserve® in 2016, both it and the Amex Platinum have been in fierce competition for the title of the best premium rewards card. While there are other premium airline and hotel co-branded cards, they tend to target a more specific audience. The newer Capital One Venture X Rewards Credit Card has also entered the scene, influencing our perception of premium credit cards.

Having both the Amex Platinum and Sapphire Reserve, I'll compare how the Platinum card stands up against its rivals by looking at the welcome bonus, annual fee, and benefits. It's a bit more nuanced than just the welcome offer alone. Let’s explore further.

Reasons the Amex Platinum remains the top premium card

There are numerous reasons to support the Amex Platinum as a coveted choice, especially for enthusiasts of points and miles, even after all these years.

Access to lounges

American Express pioneered its own network of lounges, setting a standard that other issuers have since adopted. With over 20 lounges globally, American Express has built a substantial network.

For those who don’t frequently fly in premium classes or don’t have airline status or access to a carrier's lounge networks (like Admirals Club or United Club), access to Amex Centurion Lounges is a fantastic benefit for Amex Platinum cardholders. While other credit cards may provide Priority Pass access, Centurion lounges deliver a superior experience with gourmet meals, full bars, and a sophisticated atmosphere.

As an Amex Platinum cardholder, I frequently visit the Centurion Lounge at Los Angeles International Airport (LAX) for both domestic and international flights. In this aspect, the Amex Platinum clearly outshines the Sapphire Reserve and the Venture X.

Statement credits

The Amex Platinum offers a remarkable array of statement credits, giving cardholders over $1,500 in annual value. The most beneficial credits include up to $200 in Uber Cash (you must link your Amex Platinum Card to your Uber account and pay with any Amex card), up to $200 for bookings with Amex Fine Hotels + Resorts or The Hotel Collection (minimum two-night stay), a $100 statement credit at Saks Fifth Avenue, up to $20 monthly for digital entertainment credits, and a $199 statement credit for Clear Plus membership. Enrollment is necessary for certain benefits.

When fully utilized, the statement credits from the Amex Platinum can provide more than twice the value of the $695 annual fee (see rates and fees). As an Amex Platinum cardholder, I truly value the savings this card offers, especially in comparison to its rivals.

Both the Sapphire Reserve and Venture X provide an annual $300 travel credit, which effectively lowers the cost of each card. However, that's where the savings end, so you won’t derive more value than the annual fees you’ll pay.

Earning rates

It might seem controversial to claim that the Amex Platinum excels in earning rates, but I want to highlight its points accumulation for airfare purchases.

Cardmembers can earn 5 points per dollar on purchases made directly with airlines or through American Express Travel (up to $500,000 in purchases each year), 5 points on prepaid hotels booked via amextravel.com, and 1 point on all other purchases. As per TPG's July 2024 points valuations, Amex Membership Rewards points hold a value of 2 cents each.

Holders of the Sapphire Reserve earn 5 points per dollar on airfare purchases, while Venture X cardholders accumulate 5 miles per dollar on flights, but there's a significant catch — these rates apply only when booking through their specific travel portals. These portals function as intermediaries between you and the airline. If there are any schedule changes, cancellations, or travel disruptions, you’ll be subject to the rules and restrictions of the OTA.

The Amex Platinum's feature of earning 5 points per dollar on direct airline purchases eliminates the intermediary and provides the highest earning rate available. This advantage is why I consider it the premier premium card, leading me to charge airfare purchases over $500 to my Amex Platinum, allowing me to accumulate substantial points when booking flights in premium classes.

Transfer partners

American Express features 21 transfer partners, the highest of any card issuer. Accumulating Membership Rewards points can be highly advantageous and may even surpass the appeal of earning Chase Ultimate Rewards points or Capital One miles.

American Express offers unique transfer partners not available with other issuers, like ANA Mileage Club and Delta SkyMiles, along with partners that are typically harder to find, such as Qatar Airways Privilege Club and Hilton Honors.

Reasons the Amex Platinum may not hold the title of the best premium card

Statement credits similar to a coupon book

Although the Amex Platinum provides over $1,500 in statement credits, not all of these benefits are straightforward to redeem or relevant to every cardmember.

For instance, the card includes a $300 Equinox credit, which I used for six weeks of membership; however, those without an Equinox gym in their area or who do not prefer online classes through Equinox+ may find this credit unhelpful. Enrollment is necessary.

Moreover, while several credits can lead to savings, many come with restrictions. Each credit has its own terms and conditions, offering funds for services you might not have purchased otherwise, effectively prompting you to spend on unnecessary items.

Low earning rate for everyday purchases

While the Amex Platinum rewards you with an impressive 5 points per dollar on airfare and hotel bookings through amextravel.com, it lacks additional bonus categories. For all other expenditures, you'll earn just 1 point per dollar, which is a subpar return for a premium card. As a cardmember, you miss opportunities to earn bonus points in other travel sectors and for dining purchases at restaurants, including takeout and delivery.

On the other hand, the Sapphire Reserve provides a commendable 3 points per dollar on dining purchases, with a broad definition of dining. I accumulate 3 points per dollar spent at sit-down eateries, coffee shops, fast-food outlets, and even when using Uber Eats.

In this aspect, the Venture X also outperforms the Amex Platinum, as it allows you to earn 2 miles per dollar spent on all purchases outside its bonus categories.

Restrictive lounge access policy

Amex Platinum cardholders can enjoy access to Centurion lounges; however, American Express tightened its guest policy in 2023. Guests accompanying cardmembers must pay $50 for adults and $30 for children aged 2 to 17, while kids under 2 can enter for free with an adult.

To avoid guest fees, Amex Platinum cardholders need to spend $75,000 each calendar year, which can be quite a challenge for many.

Moreover, Amex Platinum members also have access to Delta Sky Club lounges, but this will soon become more restrictive. Starting February 1, 2025, cardmembers will be limited to 10 Sky Club visits per program year when flying on Delta-operated or -marketed flights, unless they meet higher spending thresholds.

While Amex leads in issuer-based airport lounges, recent changes to lounge access have diminished its standing, as newer competitors are rising. Venture X cardholders can bring two guests to Capital One lounges, and authorized users are also allowed to bring two guests.

As an Amex Platinum cardholder, the lounge access restrictions have been frustrating. I frequently travel with my family, and if we're not in a premium cabin for international flights, shelling out $80 for lounge access is simply not feasible.

Travel insurance

Although the Amex Platinum typically provides higher limits for travel insurance, such as trip delay, cancellation, interruption, and baggage insurance, compared to mid- and lower-tier Amex cards*, the Sapphire Reserve excels in this area. It offers equivalent trip delay coverage but has slightly superior baggage insurance.

*Eligibility and benefit levels vary by card. Terms, conditions, and limitations apply. For more details, please visit americanexpress.com/benefitsguide. Underwritten by New Hampshire Insurance Company, an AIG Company.

Additionally, car rental insurance is significantly more extensive with the Sapphire Reserve compared to the Platinum. The Platinum card does not cover rentals in countries like Australia, Italy, or New Zealand, whereas the Sapphire Reserve does. I found this benefit invaluable during my trip to Australia and New Zealand last winter, which is why I opted to use my Sapphire Reserve for car rental protection.

Bottom line

The Amex Platinum was the pioneer of premium travel rewards cards—well before the Sapphire Reserve or Venture X emerged. With the differences in annual fees and benefits between the Chase Sapphire Reserve, Amex Platinum, and Venture X, the competition has become increasingly intriguing. Ultimately, each card presents a distinct array of perks catering to different customer preferences.

In my view, individuals seeking long-term luxury travel will likely find the Amex Platinum to be more beneficial, while those who prefer a more straightforward premium card may find the Sapphire Reserve or Venture X to be better suited.

For more information, be sure to check out our comprehensive reviews of the Amex Platinum, Sapphire Reserve, and Venture X.

Discover more: Capital One Venture X

You might also want to explore the CardMatch Tool to check if you're eligible for a higher welcome bonus. These offers can change at any time.