Chase Sapphire Preferred vs. American Express Platinum

American Express Platinum® Card

• Annual Fee: $695

• Rewards Structure:

  • 5x points on flights booked directly with airlines or through Amex Travel (up to $500,000 per calendar year)

  • 5x points on prepaid hotels booked through Amex Travel

  • 1x point on all other purchases

• Sign-Up Bonus: 80,000 points after spending $6,000 in the first 6 months.

• Travel Perks:

  • Access to over 1,400 airport lounges worldwide, including the Centurion Lounge

  • $200 airline fee credit (for incidentals like checked baggage)

  • $200 hotel credit for select prepaid bookings

  • Complimentary elite status with Hilton Honors and Marriott Bonvoy

• APR: Not applicable for Pay Over Time feature.

Key Comparisons

1. Rewards Program

Chase Sapphire Preferred:

• • Versatile rewards program, especially for frequent travelers who value dining and diverse point-earning categories.

  • Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards.

American Express Platinum:

• • Rewards are heavily travel-focused, offering excellent value on flights and hotels booked through Amex Travel.

  • Best for consumers who spend significantly on travel each year.

2. Travel Perks

Chase Sapphire Preferred:

• • More budget-friendly travel perks such as primary car rental insurance and trip cancellation coverage.

  • Points transfer to 14 travel partners, including United, Southwest, and Hyatt.

American Express Platinum:

• • Luxury-oriented perks, including premium lounge access and complimentary elite hotel statuses.

  • $200 airline incidental credit and $200 hotel credit significantly offset the high annual fee for frequent travelers.

3. Annual Fee

• The Chase Sapphire Preferred card has a modest $95 annual fee, making it accessible to more users.
• The American Express Platinum card’s $695 fee is steep but can be justified by frequent travelers who utilize its extensive perks.

4. Sign-Up Bonus Value

Chase Sapphire Preferred:

• • 60,000 points = $750 in travel when redeemed through Chase Ultimate Rewards.

  • Lower spending threshold ($4,000 in 3 months).

American Express Platinum:

• • 80,000 points with a higher spending requirement ($6,000 in 6 months).

  • Points’ value depends on redemption method, often most valuable for premium travel bookings.

5. Ease of Use

Chase Sapphire Preferred:

• • Points are highly flexible and can be transferred to both airlines and hotels with minimal restrictions.

  • Broader earning categories appeal to everyday spenders.

American Express Platinum:

• • Benefits are skewed heavily toward luxury travel, making it less practical for non-travel-related spending.

  • Amex points are best redeemed for travel; other redemptions often yield lower value.

Who Should Get Each Card?

Chase Sapphire Preferred:

• Ideal for budget-conscious travelers who want a well-rounded card.

• Perfect for people who value flexibility in rewards redemption and have diverse spending habits.

• Excellent for users who prioritize travel perks but don’t want to pay a hefty annual fee.

American Express Platinum:

• Best for frequent flyers and luxury travelers who can fully utilize premium perks like lounge access and hotel credits.

• Suitable for high spenders who can meet the $6,000 sign-up bonus threshold.

• Great for those who travel internationally and value status benefits.

Final Thoughts

Both the Chase Sapphire Preferred vs. American Express Platinum offer exceptional value, but they cater to different audiences. If you’re looking for a versatile, budget-friendly card with flexible rewards, the Chase Sapphire Preferred is hard to beat. On the other hand, if you’re a frequent traveler who craves luxury and can justify the higher annual fee, the American Express Platinum is worth every penny.

Evaluate your spending habits and travel needs before making your decision. Both cards provide excellent opportunities to maximize rewards and elevate your travel experiences—it just depends on what matters most to you.