Choosing Between Premium Cards
It’s always a fun challenge to pick from my premium cards. I really enjoy both, but honestly, they each offer something unique.
Right now, I’m referring to the American Express Platinum Card and the Chase Sapphire Reserve. Recently, the Sapphire Reserve hiked its annual fee to $795, surpassing the Amex Platinum’s $695. So, if you have both, you’re looking at almost $1,500 a year in fees.
This recent increase for the Sapphire Reserve has elevated its status, adding various statement credits for travel and entertainment and even featuring enhanced return rates that can surpass what the Amex Platinum offers.
Still, there are reasons I choose to hold onto my American Express Platinum card.
Anticipating Changes to Amex Platinum
The Sapphire Reserve, in particular, has been getting attention due to its recent upgrades, putting it right alongside the Amex Platinum as they compete for the top spot.
That isn’t to say American Express is sitting idle while it faces this competition. They’re known to respond effectively to market changes.
American Express has stated that significant updates to the Amex Platinum are on the horizon, expected by the end of this year.
This makes it tough for me to consider closing my card just yet. The new projected fee may reach $1,000, but if the perks remain valuable, I might still go along with it.
Closing it now feels pointless, especially since I would have to reapply, which would likely bring some tough inquiries into my credit history.
Moreover, due to strict rules around welcome offers, I wouldn’t be eligible for another bonus if I closed this account.
Lounge Access is a Huge Benefit
American Express pioneered airport lounges, making it one of the most beneficial aspects of the membership for me. Accessing the Centurion Lounge grants me a welcome respite after going through security. It’s genuinely nice to have a spot to unwind, grab a bite, or get some work done.
As an Amex Platinum member, I also have access to the Delta Sky Club Lounge, though visits are limited to ten per year unless I spend $75,000 on the card in a calendar year. With this, I can access various lounges globally—a major draw for me.
While I have lounge access with the Chase Sapphire Reserve, its footprint is smaller. Plus, the Sapphire lounge at my local airport, LAX, hasn’t opened yet.
That spending requirement for Amex Platinum is restrictive concerning guest privileges at lounges, and I’m curious to see how they might refresh that policy since competitors are more lenient with guest access.
Statement Credits Add Value
The Amex Platinum was among the first to offer diverse statement credits. This “coupon book” method can be a bit tricky to use effectively, yet I find it extremely beneficial.
As someone who travels frequently, I utilize up to $200 in hotel credits for booking through Amex Travel each calendar year, especially in desirable locations like the Middle East and Southeast Asia.
Living in Southern California means I have several Equinox gyms nearby, so I can take advantage of the annual $300 credit for membership or other medical services at the gym. Plus, I’ve been using the $240 in entertainment credits for subscriptions like Disney+ and the New York Times, which helps cover those costs.
Combined, these statement credits save me $740 annually, surpassing the card’s annual fee. In contrast, the Sapphire Reserve offers newer hotel credits, but I won’t be able to utilize them until they officially roll out.
Good Return Rates for Airfare
The Amex Platinum boasts an impressive return rate on flights booked directly with airlines or through Amex travel. Personally, I shy away from booking through the issuer’s portal, preferring the ease of direct communication with the airline in case of changes or delays. Booking directly allows me to rack up points significantly.
This is why I’ve relied on the Amex Platinum for premium cabin airfares for years. For a family of three, each purchase adds up nicely in points. I managed to earn over 110,000 membership reward points just from airfare purchases in 2024.
The Sapphire Reserve will soon enhance its offerings with 4 points per dollar on airfare, but, frankly, that’s still below what Amex Platinum provides.
If American Express further enhances its return rates later this year, parting ways with this card will be even tougher for me.
In Conclusion
The Amex Platinum still holds a valued spot in my wallet, despite the impressive upgrades made by the Sapphire Reserve. It continues to enhance my travel experience, and I’m hopeful about the forthcoming changes to the Amex Platinum. It seems likely that these updates will rival what the Sapphire Reserve has recently introduced.
