Asking me to pick which premium card in my wallet is my favorite is like asking a parent which kid is their favorite. I love both, but they are different, and each gives me a different experience.
I’m talking about The Platinum Card® from American Express and the Chase Sapphire Reserve® (see rates and fees).
The Sapphire Reserve recently underwent major changes, which increased its annual fee to $795, beating the Amex Platinum’s $695 annual fee (see rates and fees). Holding these cards together means paying nearly $1,500 each year.
The changes to the Sapphire Reserve have made the card even more premium, with new statement credits tailored to travel and entertainment, plus new earning rates that in some ways beat the Amex Platinum’s earning rates.
Despite that, here are several reasons why I’m still keeping the Amex Platinum.
I’m waiting for major changes to the Amex Platinum
The Sapphire Reserve has taken the limelight these days with its impressive changes, which have brought it more in line with the Amex Platinum in its current state.
That said, American Express won’t sit back while its title as the king of premium cards is challenged.
American Express has announced major changes are in store for the Amex Platinum by the end of this year.
Because of this, I can’t see myself closing the card until I can determine if the changes are going to be a positive development for me or not. It’s been predicted that the new annual fee could reach $1,000, but I might be OK with that as long as the card’s benefits continue to provide a good value proposition.
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It doesn’t make sense for me to close the card now, only to realize the new changes are amazing. I’d have to apply again for the card, which would likely result in a hard inquiry.
Plus, due to American Express’ strict rules on welcome offers, I wouldn’t be eligible to earn another one.
Related: Over $4,000 in value: Why I made the Amex Platinum my first-ever premium card
I love having access to lounges
American Express was the first to launch issuer airport lounges, and this is one of the most useful perks for me as a cardmember. Having access to Centurion Lounges really helps add comfort to my journey, starting right after I clear security. It’s a good way for me to grab a bite to eat, relax, and have a place to sit down and get some work done.
As an Amex Platinum cardmember, I get access to Delta Sky Club lounges (limited to 10 annual visits unless the cardmember spends $75,000 in a calendar year on their card), Escape lounges, Plaza Premium lounges and select Lufthansa lounges.
This gives me ample opportunity for lounge access worldwide during my travels, and it is still a major selling point of the card for me.
Although I also receive access to Chase Sapphire Lounges as a Sapphire Reserve cardholder, the footprint is considerably smaller. The new Sapphire Lounge at my home airport, Los Angeles International Airport (LAX), has yet to open.
Although I fall shy of the $75,000 spending requirement on the Amex Platinum to get guest privileges at Centurion Lounges, I’m eager to see how Amex handles this policy in the refresh because its competitors offer guest access.
Related: A guide to lounge access with the Amex Platinum and Business Platinum
The statement credits continue to provide value
The Amex Platinum was the first credit card to introduce a wide range of statement credits. This “coupon book” approach to statement credits can be challenging with its use-it-or-lose-it approach, but I have found them to be quite useful.
As an avid traveler, I proactively use my up-to-$200 hotel credit for prepaid Fine Hotels + Resorts or The Hotel Collection bookings through American Express Travel® (two-night minimum for The Hotel Collection) each calendar year. I’ve gotten the best value for this credit in places in the Middle East, such as Dubai and Doha, and in Southeast Asia, such as Kuala Lumpur, Malaysia.
Living in Southern California, I have several Equinox gym locations, so I can use the up-to-$300 Equinox credit* each calendar year toward membership or additional health services offered at the gym. I used to pay for Disney+ and a New York Times subscription, but thanks to the up-to-$240 entertainment credit* per calendar year my Amex Platinum provides (up to $20 each month), I save money and have those costs covered.
From these three statement credits alone, I save $740 a year, more than what I pay for the card’s annual fee. In comparison, the Sapphire Reserve just added an annual hotel credit for The Edit and access to Apple TV+ and Apple Music, but I won’t have access to these until Oct. 26 because I’m an existing cardholder.
*Enrollment is required; terms apply.
Related: Forgettable statement credits checklist: Perks and benefits not to be overlooked
The earning rate for airfare still holds strong
The Amex Platinum still has the most impressive earning rate on flights booked directly with an airline or Amex Travel: 5 points per dollar spent.
I’m not the biggest fan of booking flights via an issuer’s travel portal as it’s easier to deal with an airline’s own customer service for flight changes, delays and cancellations. However, booking directly and earning that many points per dollar is unheard of.
This is precisely why, for years, I’ve used my Amex Platinum when paying for premium-cabin airfare; with a family of three, each purchase gets me a decent chunk of points. In 2024, I earned over 110,000 Membership Rewards points just from airfare purchases.
The Sapphire Reserve has turned up the heat with its refresh and will start offering 4 points per dollar spent on airfare, but that still falls shy of the Amex Platinum.
If American Express further improves this earning rate later this year, it’ll be even tougher for me to part with this card because it’s such an integral part of how I earn Membership Rewards points.
Bottom line
The Amex Platinum still has a place in my wallet alongside my Sapphire Reserve. Despite all the great improvements to the Sapphire Reserve, the Amex Platinum continues to give me good value and elevates my travel experience.
Most importantly, I’m excited about the upcoming changes to the Amex Platinum, and I’m holding on to the card until then. It’s highly likely that the card will get massive improvements to one-up the recent Sapphire Reserve enhancements.
To learn more, check out our full review of the Amex Platinum.
Apply here: Amex Platinum
For rates and fees of the Amex Platinum, click here.
