Premium Card Comparison: American Express Platinum, Capital One Venture X and Chase Sapphire Reserve
If you're a frequent traveler, having a premium credit card can improve your travel experience immensely. This type of card offers valuable perks like airport lounge access, annual travel credits and high rewards on your purchases.
There are a variety of premium credit cards to choose from, so how do you decide which one to pick, especially if you're not looking for a card co-branded with your favorite airline or hotel? This article compares three of the best premium credit cards to help you decide which one is the right fit for your lifestyle: The Platinum Card from American Express, the Capital One Venture X Rewards Credit Card and the Chase Sapphire Reserve card.
[Read: Best Travel Rewards Credit Cards.]
What Are Premium Credit Cards and What Do They Offer?
Premium credit cards go beyond the basics of extra points on travel purchases and travel protections in case your flight is delayed or canceled. These luxury credit cards offer an array of travel benefits, annual credits and bonus perks that are worthy of their high annual fees. With annual fees up to $700, these perks must align with the way you spend and travel, otherwise, you're wasting your money.
There are two types of premium credit cards: co-branded cards and general cards. A co-branded card earns points redeemable through a single airline or hotel. General cards earn points in the issuer's points ecosystem, which are redeemable through the issuer's travel portal or through transfer partners. The Platinum Card from American Express, the Capital One Venture X Rewards card and the Chase Sapphire Reserve card are three general cards in the premium credit card category, so it makes sense to compare them against each other.
While the Sapphire Reserve and the Platinum Card have been around for many years, the Venture X is a newcomer. Capital One debuted the card in November 2021 as a premium version of the Capital One Venture Rewards Credit Card to compete in the luxury travel category.
Shawn Coomer, founder and credit card expert at Miles to Memories, says, "The proliferation of premium credit cards has been a good development for consumers. We now have a wider variety of products and benefits compared to ever before." So which one should you choose?
[Read: Best Airline Credit Cards.]
American Express Platinum Card
The Platinum Card from American Express is the original premium travel card and is still loved by many travelers today. While its annual fee is the highest on this list at $695, you may receive even more value than that if you can take advantage of its benefits and annual credits. With the latest enhancements, there is more than $1,800 in credits that you can redeem each year. Annual credits include a $200 airline fee credit, $200 hotel credit, $200 in Uber Cash and a $179 credit for a Clear membership.
When you apply for the AmEx Platinum Card, you'll receive a welcome offer of 125,000 points after spending $6,000 during the first six months.
You'll earn five points per dollar on flights booked directly with the airlines and when booking flights or prepaid hotels through American Express Travel. All other purchases earn one point per dollar.
Cardholders have access to Centurion Lounges, Priority Pass lounges (excluding restaurants) and other Global Lounge Collection locations. Hilton Honors Gold and Marriott Bonvoy Gold Elite status are complimentary when you contact customer service to activate them. Plus, you'll receive additional benefits when you book hotel reservations with Fine Hotels and Resorts or The Hotel Collection through American Express Travel.
Capital One Venture X
Capital One Venture X offers the lowest annual fee of the three premium credit cards. At $395 per year, it is $155 lower than the next-lowest-priced card, and you can add authorized users at no additional charge. A new cardholder can earn a bonus of 100,000 miles after spending $10,000 within the first six months after opening an account. Plus, you'll receive 10,000 bonus miles every year that you renew the card.
Each year, you'll receive an annual travel credit of up to $300 that can be used for bookings through Capital One Travel. For a limited time, you'll also receive up to $200 in statement credits for vacation rentals charged to your account in the first year. Between the annual travel credit and the 10,000 bonus miles (worth at least $100), you've covered the annual fee before exploring the card's other benefits.
Hotels and rental cars booked through Capital One Travel earn 10 miles per dollar. Flights booked through the travel portal earn 5 miles per dollar. All other purchases earn 2 miles per dollar, the highest baseline rewards rate of the three cards. Travel benefits include primary rental car protection and Capital One and Priority Pass lounge access.
Chase Sapphire Reserve
Travelers love Chase Sapphire Reserve because of the flexibility and power of Ultimate Rewards points. One of the biggest Sapphire Reserve benefits is cardholders get a 50% bonus when using points to book travel through the Chase travel portal. The points can also be used to buy gift cards, get statement credits or transfer to 14 airline and hotel partners.
You can earn 50,000 points as a welcome bonus after spending $4,000 in the first three months. Purchases earn up to 10 points per dollar through Chase Ultimate Rewards -- 10 points per dollar on hotels and rental cars and five points per dollar on flights. The card also earns 10 points per dollar on Chase Dining purchases through Ultimate Rewards and three points per dollar on travel and dining around the world. All other purchases earn one point per dollar.
The Sapphire Reserve has a $550 annual fee, but that is partially offset by its $300 annual travel credit, which automatically applies to any eligible travel purchase. You receive a Priority Pass membership and access to the Luxury Hotel and Resort Collection. Cardholders are protected in case of lost luggage, damage to a rental car and trip delay or cancellation. The card even offers emergency evacuation and transportation benefits.
American Express Platinum | Capital One Venture X | Chase Sapphire Reserve | |
Annual Fee | $695 | $395 | $550 |
Authorized User Fee | $175 for first 3 cards, then $175 each additional | $0 | $75 per user |
Annual Credits | -- $200 hotel -- $200 Uber -- $200 airline fee -- $179 Clear -- $155 Walmart+ -- $240 digital entertainment -- $300 Equinox -- $300 SoulCycle -- $100 Saks | -- $300 travel credit through Capital One Travel -- $200 vacation rental credit (first year) -- 10,000 miles anniversary bonus | $300 travel credit |
Welcome Offer | 125,000 points after spending $6,000 in 6 months | 100,000 miles after spending $10,000 in 6 months | 50,000 points after spending $4,000 in 3 months |
Earning Power | -- 5 points per dollar for flights purchased directly -- 5 points per dollar for flights and prepaid hotels through AmEx Travel -- 1 point per dollar for everything else | -- 10 points per dollar on hotels and rental cars reserved through Capital One Travel -- 5 points per dollar on flights reserved through Capital One Travel -- 2 points per dollar for everything else | -- 10 points per dollar on hotels and rental cars reserved through Chase Ultimate Rewards -- 10 points per dollar on Chase Dining purchased through Ultimate Rewards -- 5 points per dollar on flights reserved through Chase Ultimate Rewards -- 3 points per dollar on all other dining and travel -- 1 point per dollar for everything else |
Transfer Partners | 20 | 16 | 14 |
Lounge Access | -- Centurion Lounges -- Global Lounge Collection -- Priority Pass (excluding restaurants) | -- Capital One Lounge -- Priority Pass | Priority Pass |
Hotel Partnership | -- Fine Hotels and Resorts -- The Hotel Collection | None | Luxury Hotel and Resort Collection |
Global Entry or TSA PreCheck | Up to $100 for Global Entry (every 4 years) or TSA PreCheck (every 4.5 years) | Up to $100 every 4 years | Up to $100 every 4 years |
Trip Delay | Up to $500 per trip after 6 hours; 2 claims per 12 months | Up to $500 per ticket after 6 hours | Up to $500 per ticket after 6 hours |
Trip Cancellation | Up to $10,000 per trip; $20,000 per 12 months | Up to $2,000 per person | Up to $10,000 per person and $20,000 per trip |
Rental Car Protection | Secondary | Primary | Primary |
Foreign Transaction Fees | None | None | None |
Other Benefits | -- Hilton and Marriott Gold status -- Premium car rental status for Avis, Hertz and National -- Global Dining Access from Resy | Cellphone protection | -- Lost luggage reimbursement -- Lyft Pink membership (1 year) -- DashPass subscription (1 year) |
Because the premium travel credit cards offer so many annual credits, Matthew Klint, founder and award expert at Live and Let's Fly, recommends tracking them closely. "Don't let your credits go unused," he says. "While some credits happen automatically when you make a purchase, others require preregistration before they apply." For example, you must choose your preferred airline in order for the AmEx Platinum Card's airline fee credit to apply to eligible charges.
[Read: Best Hotel Credit Cards.]
Three Unique Benefits for Each Premium Credit Card
While every premium credit card offers a wide array of benefits, it's best to narrow down the benefits that are unique to each card. Coomer says, "Each of the premium cards has a different selling point. It's important to determine which card's rewards and benefits make the most sense for you."
Here are three unique benefits to each card that sets it apart from the competition.
Capital One Venture X
-- No charge for authorized users. You can add family and friends to your Venture X card to share in many of its benefits at no additional charge. By comparison, Sapphire Reserve charges $75 per person and the Platinum Card charges $175 for the first three people and $175 for each additional person beyond that.
-- Cellphone protection. You'll be reimbursed up to $800 if your phone is lost, stolen or damaged when you use your card to pay the monthly bill. You can file two claims every 12 months, and there is a $50 deductible per claim.
-- Capital One Lounge Access. Capital One is building out a network of lounges at popular destinations across the world. Primary and authorized cardholders enjoy unlimited free visits to the lounges, and each cardholder can bring two guests for free.
Chase Sapphire Reserve
-- Points are worth 50% more when booking travel. When you book travel through the Chase Ultimate Rewards portal with your points, they are worth 50% more (1.5 cents per point). The other cards' points are only worth 1 cent each toward travel bookings.
-- Emergency evacuation and transportation. If you or a member of your immediate family get sick or injured during your trip, Chase will reimburse up to $100,000 for medical services and transportation. Capital One will help coordinate emergency transportation, but you're responsible for the costs. The AmEx Platinum trip interruption benefits will cover the costs of an economy ticket home, but it does not include emergency evacuation.
-- Lost luggage reimbursement. The Sapphire Reserve also has you covered if your bag is lost or damaged by the carrier. If you or an immediate family member check or carry on luggage, it is covered up to $3,000 per passenger.
American Express Platinum
-- Global Lounge network. In addition to AmEx Centurion and Priority Pass lounges, cardholders also have access to the Global Lounge Collection. These lounges include Delta Sky Club (when flying Delta), Plaza Premium, Escape and more.
-- Automatic Gold status. You receive complimentary Hilton Honors Gold and Marriott Bonvoy Gold Elite status as a cardholder. To activate, contact customer service and provide your Hilton and Marriott loyalty numbers.
-- Numerous annual credits. AmEx Platinum cardholders likely won't take advantage of all of the annual credits, but there are many to choose from. While this card has the largest annual fee, if you can use these benefits, the net out-of-pocket cost can be zero.
The Bottom Line
Holding one of these cards requires you to be an engaged user: navigating the travel portals to make bookings, transferring points to partners and making sure you maximize your annual credit. Klint says users should "pay attention to periodic transfer bonuses that can extend the value of your rewards."
While each of these three flexible rewards programs has its own set of airline and hotel transfer partners, some of them overlap.
Additionally, Klint says, "Many of the same great transfer partners can be found in multiple programs."
For example, Air France KLM Flying Blue is a transfer partner for all three programs. Seeing which transfer partners are unique to one card can help you pick which card to get. For example, only Chase Ultimate Rewards transfer to United and Southwest, while only American Express Membership Rewards transfer to Delta.
The best premium credit cards offer top-tier benefits that match the way you spend and travel. While each card does charge a hefty annual fee, the benefits you receive far outweigh the cost and improve the way that you travel. Each of these premium credit cards can be a solid choice, so to make your decision, review which benefits are most important to you and determine if your favorite hotel or airline is a transfer partner.
