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:

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.

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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.