Should I Get the Amex Platinum or Chase Sapphire Preferred?

Dec 28, 2014

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Many people have reported being targeted for the 100,000 point offer for The Platinum Card from American Express through the CardMatch Tool. Be sure to check for yourself to see what offers are available to you (there is no credit check)! These offers are subject to change at anytime.

TPG reader Matt emailed me to ask:

“I am currently 22 and undecided if I should invest in an Amex Platinum or Chase Sapphire Preferred card. I do enjoy traveling, mostly to Las Vegas (and I’m a fan of the Centurion lounge) and on cruises. I’m aware of the annual fees for both cards, but was seeking your personal recommendation as to which I should apply for.”

Right off the bat, knowing very little about Matt except that he’s 22, I would assume that since he’s young, his income probably isn’t high. The $550 annual fee for The Platinum Card from American Express  may be excessive if you’re on a tight budget. For that reason, my gut says the Chase Sapphire Preferred is the better bet. The annual fee is a relatively low $95, and is waived the first year, making it a much more affordable card. The earning potential is also higher on that card, as you get two Ultimate Rewards points per dollar spent on travel and dining.

However, Matt did mention he loves the Centurion Lounge. Entrance to those lounges without the Amex Platinum is $50 (for other Amex cardholders), so a lot of the answer depends on how much he’s going to that lounge and paying for it out of pocket. If you go to Vegas twice a year and visit the lounge there on your way in and out of McCarran, you’ll save $200 with the Platinum card, or even more if you travel with a friend.

The $200 airline credit brings the annual fee down to $250 (which is five entrances to the Centurion lounge if you look it that way), and the card has a variety of other perks. However, many of those perks are only good if you’re staying at high-end hotels or buying premium concert tickets and want access to events.

Choosing between cards can be hard. The Amex Platinum vs. the Chase Sapphire Preferred is a tough one! Photo courtesy of Shutterstock.
The Amex Platinum vs. the Chase Sapphire Preferred is a tough choice! Photo courtesy of Shutterstock.

In general, getting the Amex Platinum only makes sense if you can really take advantage of all the benefits. If it’s lounge access you’re after, you could consider getting the Amex Everyday card, which accrues Membership Rewards points, has better earning than the Platinum card, and will allow you to access Centurion Lounges (at $50 per visit) for as long as you have the card. If you’re only visiting the lounge a couple times a year, the Chase Sapphire Preferred and Amex Everyday with no annual fee are probably the better bet. You can use the Sapphire Preferred as your main card and build up the balance, and use the Amex Everyday to enter the Centurion Lounge.

Of course, if you have a higher budget, you could go ahead and get both cards, but if you don’t want to overwhelm yourself with annual fees, get the the Sapphire Preferred and Everyday cards.

If you have any other questions, please tweet me @thepointsguy, message me on Facebook, or send me an email at info@thepointsguy.com.

Chase Sapphire Preferred® Card

WELCOME OFFER: 80,000 Points

TPG'S BONUS VALUATION*: $1,650

CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners

*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.

Apply Now
More Things to Know
  • Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 when you redeem through Chase Ultimate Rewards®. Plus earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 80,000 points are worth $1,000 toward travel.
  • With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
Regular APR
15.99%-22.99% Variable
Annual Fee
$95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent/Good

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.