American Express Platinum Review 2023
The Platinum Card® from American Express vs. Chase Sapphire Reserve®
A worthy contender in the premium travel credit card market is the Chase Sapphire Reserve®. Similar to the Amex Platinum, the card carries a steep annual fee but also a number of benefits and credits that can justify that price tag if fully maximized. In exchange for the $550 annual fee, the card comes with a $300 annual travel credit, Priority Pass Lounge access with enrollment, Global Entry or TSA PreCheck reimbursement and benefits at hotels in the Luxury Hotels and Resorts collection.
Cardholders can earn 5 points per dollar on flights and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Ultimate Rewards® 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. Those points are worth 50% more when redeemed for travel through the Chase Ultimate Rewards travel center and points can be transferred at a 1:1 ratio to airline and hotel partners like United and Hyatt. These perks—especially the $300 annual travel credit—may be more accessible to utilize than the Amex Platinum.
The Platinum Card® from American Express vs. American Express® Gold Card
The American Express® Gold Card (Terms apply, see rates & fees) is the mid-range option for those who wish to earn American Express Membership Rewards points. Some cards offer bonuses for dining and others for U.S supermarket spending, but the American Express Gold Card is an industry leader by offering 4 Membership Rewards® points per dollar at restaurants, plus takeout and delivery in the U.S., 4 Membership Rewards® points per dollar at U.S. supermarkets (on up to $25,000 per calendar year in purchases, then 1 point per dollar), 3 Membership Rewards® points per dollar on flights booked directly with airlines or through American Express travel and 1 point per dollar on other eligible purchases.
Like the Amex Platinum, the card also offers some potential valuable credits that, if fully maximized, can offset the card’s $250 annual fee. But these credits may not align with where you’re spending your money. And if you’re seeking plush travel perks, the card doesn’t come with any.
The Platinum Card® from American Express vs. Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card is packed with extras that put it firmly in competition with the Amex Platinum and Chase Sapphire Reserve, but at an annual fee—$395—that leaves the others far behind. The card earns 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, comes with an annual travel credit of up to $300 in statement credits when booking through Capital One Travel and ability to enroll for complimentary Priority Pass Membership.
It may not have the various potential credits that come with the Amex Platinum, but it’s also several hundred dollars cheaper each year when it comes to annual fee expenses, freeing you up to choose if you want to spend money at Equinox, Saks or any of the other places offered on the Amex. The main potential drawback to choosing the Venture X over the Amex Platinum card is that the Amex Platinum card offers far more airport lounge access than the Venture X card.
