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
at American Express's secure site
Terms & restrictions apply. See rates & fees.
| 3X | Earn 3X Miles on Delta purchases. |
| 1X | Earn 1X Miles on all other eligible purchases. |
Pros
- Delta SkyClub access when flying Delta
- Annual companion ticket for travel on Delta (upon renewal)
- Ability to earn MQDs through spending
- Various statement credits for eligible purchases
Cons
- Steep annual fee of $650
- Other Delta cobranded cards offer superior earning categories
- Earn 100,000 Bonus Miles after you spend $6,000 or more in purchases with your new Card within the first 6 months of Card Membership and an additional 25,000 bonus miles after you make an additional $3,000 in purchases on the Card within your first 6 months, starting from the date that your account is opened. Offer Ends 04/01/2026.
- Delta SkyMiles® Reserve American Express Card Members receive 15 Visits per Medallion® Year to the Delta Sky Club® when flying Delta and can unlock an unlimited number of Visits after spending $75,000 in purchases on your Card in a calendar year. Plus, you’ll receive four One-Time Guest Passes each Medallion Year so you can share the experience with family and friends when traveling Delta together.
- Enjoy complimentary access to The Centurion® Lounge in the U.S. and select international locations (as set forth on the Centurion Lounge Website), Sidecar by The Centurion® Lounge in the U.S. (see the Centurion Lounge Website for more information on Sidecar by The Centurion® Lounge availability), and Escape Lounges when flying on a Delta flight booked with the Delta SkyMiles® Reserve American Express Card. § To access Sidecar by The Centurion® Lounge, Card Members must arrive within 90 minutes of their departing flight (including layovers). To access The Centurion® Lounge, Card Members must arrive within 3 hours of their departing flight. Effective July 8, 2026, during a layover, Card Members must arrive within 5 hours of the connecting flight.
- Receive $2,500 Medallion® Qualification Dollars with MQD Headstart each Medallion Qualification Year and earn $1 MQD for each $10 in purchases on your Delta SkyMiles® Reserve American Express Card with MQD Boost to get closer to Status next Medallion Year.
- Enjoy a Companion Certificate on a Delta First, Delta Comfort, or Delta Main round-trip flight to select destinations each year after renewal of your Card. The Companion Certificate requires payment of government-imposed taxes and fees of between $22 and $250 (for itineraries with up to four flight segments). Baggage charges and other restrictions apply. Delta Basic experiences are not eligible for this benefit.
- $240 Resy Credit: When you use your Delta SkyMiles® Reserve American Express Card for eligible purchases with U.S. Resy restaurants, you can earn up to $20 each month in statement credits. Enrollment required.
- $120 Rideshare Credit: Earn up to $10 back in statement credits each month after you use your Delta SkyMiles® Reserve American Express Card to pay for U.S. rideshare purchases with select providers. Enrollment required.
- Delta SkyMiles® Reserve American Express Card Members get 15% off when using miles to book Award Travel on Delta flights through delta.com and the Fly Delta app. Discount not applicable to partner-operated flights or to taxes and fees.
- With your Delta SkyMiles® Reserve American Express Card, receive upgrade priority over others with the same Medallion tier, product and fare experience purchased, and Million Miler milestone when you fly with Delta.
- Earn 3X Miles on Delta purchases and earn 1X Miles on all other eligible purchases.
- No Foreign Transaction Fees. Enjoy international travel without additional fees on purchases made abroad.
- $650 Annual Fee.
- Apply with confidence. Know if you're approved for a Card with no impact to your credit score. If you're approved and you choose to accept this Card, your credit score may be impacted.
- Terms Apply.
- See Rates & Fees