Taking the time to compare the top 3 premium travel cards
The points and miles world was buzzing this week, with two announcements from major issuers. The first was Monday's news about a forthcoming refresh of The Platinum Card® from American Express. Then, we learned Tuesday about a complete revamp of the Chase Sapphire Reserve® set to launch next week (and to affect existing cardmembers as of Oct. 26, 2025).
Both of these stories drove a ton of traffic here at TPG, both on the site and on our social media channels, especially among existing cardmembers. But as we also covered, now is not the time to make a rash decision. There's a lot of change coming to the premium card market, but that makes it more important than ever to take a breath and calmly analyze each product. Only then can you pick the one that'll work best for you.
To help, here's a quick comparison of key benefits on the Amex Platinum, Sapphire Reserve (as of June 23, 2025, or Oct. 26, 2025, for existing cardmembers) and Capital One Venture X Rewards Credit Card:
| Card | Amex Platinum | Chase Sapphire Reserve | Capital One Venture X |
|---|---|---|---|
Earning rates | 5 points per dollar spent on flights booked directly with airlines or via American Express Travel® (on up to $500,000 in purchases per calendar year, then 1 point per dollar)
5 points per dollar spent on prepaid hotels booked with American Express Travel 1 point per dollar spent on other eligible purchases | 8 points per dollar spent on all Chase Travel℠ purchases
5 points per dollar spent on Lyft rides (through Sept. 30, 2027) 4 points per dollar spent on flights and hotel purchases directly with the merchant 3 points per dollar spent on dining purchases 1 point per dollar spent on all other purchases | 10 miles per dollar spent on hotels and car rentals booked via Capital One Travel
5 miles per dollar spent on vacation rentals and flights booked via Capital One Travel 2 miles per dollar spent on all other purchases |
Transfer partners | |||
TPG's June 2025 valuation | 2 cents per point | 2.05 cents per point | 1.85 cents per mile |
Direct travel redemptions |
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Lounge access | Eligible cardmembers have access to American Express Global Lounge Collection, which includes:
| Chase Sapphire Lounges
Priority Pass lounges | Capital One Lounges
Priority Pass lounges |
Lounge guest privileges | Two free guests in Priority Pass, Plaza Premium and Escape lounges | Two free guests in Sapphire and Priority Pass lounges | Two free guests in Capital One and Priority Pass lounges, though this will become more restrictive as of Feb. 1, 2026 |
Notable statement credits |
*Enrollment is required. |
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Elite status | Complimentary Gold status with Marriott Bonvoy and Hilton Honors (enrollment is required) | Complimentary IHG One Rewards Platinum status through Dec. 31, 2027 | None |
Annual fee | $895 (see rates and fees) | $550, though this will increase to $795 for new applicants on or after June 23, 2025 (existing cardmembers will see the new annual fee on their next renewal on or after Oct. 26, 2025) | $395 |
As you can see, there's a lot to consider when looking at these three cards — and that doesn't even factor in any welcome bonus you'd earn by adding one to your wallet for the first time. One may excel in its earning rates, while the statement credits are better on another.
Read more: Find out your eligibility for as high as a 175,000-point welcome offer on the Amex Platinum
Nevertheless, there are a few concrete ways to analyze which might be a better fit for your situation.
What is your typical spending activity?
The Sapphire Reserve's bonus categories are among its biggest changes, as you'll no longer enjoy earning 3 points per dollar on all travel spending. Starting next week (or Oct. 26, 2025, for existing cardmembers), it'll be 8 points per dollar spent at Chase Travel, 4 points per dollar spent on direct airline and hotel bookings, 3 points per dollar spent on dining purchases and 1 point per dollar spent everywhere else.
This shift hurts me personally, but overall, it's still a cut above the Amex Platinum and Venture X. However, the Venture X is fantastic for all purchases, given that you earn at least 2 miles per dollar spent, so think about where you spend your money and which card would maximize those purchases as a whole.
What is the actual value of the statement credits?
Card issuers have embraced annual statement credits in recent years, but it's critical to think about your own, real-world value of these perks. The Sapphire Reserve's travel credit remains the most flexible, though I'd say the Venture X's is a close second. Meanwhile, the airline fee credit on the Amex Platinum requires you to select a specific airline and only applies to fees, not airfare.
However, the Amex Platinum has a long list of other statement credits, while the Sapphire Reserve will soon have its own list. But think through how easy they are to use, and to what extent you will actually use them to save money. For example, an Apple TV+ subscription only puts money back in your pocket if you already pay for it.
Which currency is most valuable to you?
Each of these transferable currencies can offer tremendous value, but you should analyze which makes sense for you. Amex typically offers the lowest direct redemption value, but it has fantastic transfer partners like ANA Mileage Club. Chase currently has the best value for direct redemptions, but that'll eventually change with the implementation of Points Boost. Meanwhile, Capital One is potentially the most flexible option, as you can charge any travel purchase to your card and then redeem your miles for a statement credit to offset it.
Look at the transfer partners and be honest about how you plan to use your rewards. Then, pick the program that fits your habits.
What is lounge access really worth based on where you live and fly?
Finally, look at the lounges in your home airport and your frequent destinations. Does one of these cards offer more extensive access? What about guest policies and fees? If you frequently travel with your family like I do, you'll want to take that into consideration when looking at access. The issuer-branded lounges are fantastic, but there's no value in getting access to the Sapphire Lounge at New York's LaGuardia Airport (LGA) if you always fly Delta Air Lines, which operates from a different terminal.
There's time to make this decision
The most important thing to note is that you have plenty of time to make the decision on which of these cards is right for you. After all, existing Sapphire Reserve cardmembers won't see a higher annual fee until their next renewal date on (or after) Oct. 26, 2025. We won't see new lounge access restrictions with the Venture X until Feb. 1, 2026. Currently, the new annual fee for Amex Platinum has increased to $895.
Carefully analyze each card through the lens of your own situation. Then, pick the one that offers you the best rewards and most value (compared to the annual fee).
For rates and fees of the Amex Platinum, click here.
TPG featured card
Rewards
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro offer
Annual Fee
Recommended Credit
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.
Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
| 2X | Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com. |
| 1X | Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases. |
Intro Offer
You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
Credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.Excellent to Good
Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.