The allure of the shiny metal card is hard to beat — and so is 5x points on airline purchases when you’re a frequent flyer. But new things and experiences have made the $695 annual fee for the AmEx Platinum card hard to justify, especially since there are other cards that are easier to use and cost less. If you aren’t sure if you want to keep your AmEx Platinum or are just interested in which cards are the best value, read on to find out what I learned. Note that I am not discussing sign-up bonuses, this is about the value of these cards year after year.
These are my own personal experiences I am sharing from many years of travel to help you make the best decisions to plan your next adventure. Points and miles can make your trip more comfortable and your money go further if you know how to use them right.
With a steep $695 annual fee (see rates), the American Express Platinum Card is one of the most prestigious and well-known high-end travel rewards cards.
However the Platinum Card may not make sense for everyone. If you don’t use the card’s many benefits, the high annual fee may not be worth it. And while the welcome bonus is nice, the rates at which you can earn points on purchases are just okay.
There are a lot of great cards out there, but here are six of the best ones:
1. Chase Sapphire Reserve
People who like high-end travel cards always choose the Chase Sapphire Reserve. It costs $550 a year, which is $145 less than the Platinum Card, but it has a lot of the same benefits.
The Sapphire Reserve earns 3x points on dining and travel purchases compared to just 1x with the Platinum. It also comes with a $300 annual travel credit, Priority Pass airport lounge access and Global Entry/TSA Precheck fee reimbursement.
New cardholders can earn 60,000 bonus points after spending $4,000 in the first 3 months. Redeem those points for $900+ in travel booked through Chase or transfer them to valuable airline and hotel partners.
Overall, the Sapphire Reserve outshines the Platinum Card for everyday spending. It’s a better pick if you want flexibility in redeeming points and lower annual fee.
2. Capital One Venture X Rewards
Released in late 2021, the Capital One Venture X instantly joined the ranks of top premium travel cards. It has a $395 annual fee and comes packed with benefits.
Cardholders earn 5x miles on hotels and rental cars booked via Capital One Travel. All other purchases earn 2x miles. Miles can be redeemed for any travel purchase at a rate of 1 cent each.
The Venture X grants access to Capital One’s own lounges and 1,300+ Priority Pass lounges worldwide. Other perks include up to $300 in annual statement credits for bookings via Capital One Travel and 10,000 bonus anniversary miles each year.
The sign-up bonus is 75,000 miles after spending $4,000 in the first 3 months. Overall, this is a great alternative to the Platinum Card thanks to its valuable transfer partners and array of travel benefits.
3. Citi Premier Card
For a mid-tier travel card with modest annual fee, the Citi Premier Card is a terrific option at $95 per year. The bonus categories make it easy to maximize rewards on everyday spending.
Cardholders earn 3x ThankYou points at supermarkets, gas stations, restaurants, air travel, and hotels. All other purchases earn 1x point. Points can be redeemed for gift cards, travel, cash back, and more.
New applicants can earn 60,000 bonus points after spending $4,000 in the first 3 months. The Citi Premier Card doesn’t offer luxury perks like the Platinum, but its lower annual fee and easy-to-earn rewards make it an appealing alternative.
4. Capital One Venture Rewards
With a $95 annual fee waived the first year, the no-frills Capital One Venture Rewards card is a great pick for casual travelers who want to earn easy miles on every purchase.
Cardholders earn unlimited 2x miles on all purchases with no caps. Miles can be redeemed for travel purchases made in the last 120 days at a rate of 1 cent per mile.
New cardholders can earn 75,000 bonus miles after spending $4,000 in the first 3 months. Benefits include up to $100 credit for Global Entry/TSA Precheck and no foreign transaction fees.
The Venture Rewards card won’t wow you with lavish perks, but its solid earning rate and low annual fee make it a simple, affordable option compared to the Amex Platinum.
5. Chase Ink Business Preferred
For small business owners, the Ink Business Preferred from Chase is a terrific alternative to the Platinum Card. Though branded for business, it can also be productively used for personal spending.
Cardholders earn 3x points on travel, shipping, internet/cable/phone services, and advertising with social media/search engines. All other purchases get 1x point.
The current bonus offer is 100,000 points after spending $15,000 in the first 3 months. Points transfer 1:1 to valuable airline and hotel partners like United, Hyatt, and Southwest.
With just a $95 annual fee, the Ink Preferred costs much less than the Platinum Card. Its broad 3x bonus categories make it easy for any type of business to maximize rewards.
6. Delta SkyMiles Platinum Card
For loyal Delta flyers, the Delta SkyMiles Platinum Card offers a compelling alternative to the Amex Platinum. The $250 annual fee is much more affordable.
Cardholders earn 3x miles on Delta purchases and purchases made directly with hotels. All other spending earns 2x miles. There’s also a path to earn elite Medallion® Status through spending.
New applicants can earn 50,000 bonus miles and 5,000 Medallion® Qualification Miles after spending $2,000 in the first 3 months. You also get an annual companion ticket valid for domestic Main Cabin round-trip flights.
Thanks to its array of Delta-specific perks, this card is a no-brainer for frequent Delta travelers. Though the bonus categories are narrower compared to other options.
Which Card is Best For You?
When deciding whether to get the Platinum Card or an alternative travel rewards card, consider your spending habits and desired benefits.
The Platinum Card makes sense if you’ll use perks like lounge access, airline credits, and hotel elite status often enough to justify the high annual fee.
But alternatives like the Chase Sapphire Reserve and Capital One Venture X offer similar luxury travel benefits for at least $100 less per year. And no-frills options like the Citi Premier and Capital One Venture Rewards allow you to earn rewards on everyday spending with low or no annual fees.
Evaluate your travel habits, spending budget, and desired perks. Any of these alternatives can be a smarter option than the Amex Platinum depending on your needs.
*Rates & Fees: The American Express Platinum Card has a $695 annual fee. Terms apply. Offers subject to change.
The Diminishing Benefits (For Me)
The key to selecting a premium credit card is making sure you’re getting more value than the cost of the annual fee. In prior years, I easily erased the AmEx Platinum’s $695 fee with the credits the card provides, so points accumulation and lounge access were just added “free” perks. But here’s why this is no longer true for me – remember this is a very individual assessment:
Overcrowded Lounges: I was really excited to access the AmEx exclusive Centurion lounges, but they were so crowded that we left for other Priority Pass lounges almost every time. While Centurion is only available through AmEx, Priority Pass is a perk of many premium cards. To combat overcrowded lounges, AmEx hiked up the annual fee to add authorized users, which wasn’t worth it for us, since our three home airports in Washington, D.C., do not have a Centurion lounge. We have another card that allows additional authorized users for free (more on that below). Also, while access to Delta lounges (only when flying Delta) is a great perk, Delta is not very competitive in our market, so we rarely fly with them.
Complicated Credits: Recouping the cost of the annual fee through credits takes some dedication because you have monthly, semi-annual, and annual credits available. Here are some that I took advantage of and why they may or may not work for me anymore:
- Monthly Uber Credit. This totals $200 a year if you use Uber or Uber Eats every month. I find that Uber Eats is way overpriced compared to DoorDash, so I’m not really getting value from that $15/month, and I have more Lyft perks anyway for ride-share, so I only use Uber abroad or when it’s cheaper than Lyft.
- Semi-Annual Saks Fifth Avenue Credit. You get $50 twice a year at Saks, and I used this to buy mascara – because the key to getting value out of these benefits is that you would’ve been spending this money anyway, even if you didn’t have the card perk. But I don’t have a Saks nearby, so I either had to pay shipping or spend $100 each time, which totally took away the value of this perk.
- Annual Airline Credit. The $200 airline credit for incidentals (not airfare) is great, but you have to designate one and only one airline every year. If you already have perks through elite status (like free extra space seats and lounge access) you’ll want to designate an airline that you don’t fly with as often. I used it for JetBlue last year and recouped only $155 for seats and drinks onboard). You can be smarter about this to ensure you get the full $200 but sometimes it’s hard to predict at the start of the year.
- Annual CLEAR Membership (up to $189). I would not have signed up for CLEAR if it wasn’t a benefit of the card so I can’t really add this to the calculation. Also, CLEAR lines have taken longer than regular TSA lines probably 7 out of 10 of my latest trips. It’s nice to have but not really worth it lately. And my AmEx Hilton Aspire just added this benefit, so I don’t need it from the Platinum anymore.
- Monthly Digital Entertainment Credit. This $20/month ($240) credit totally works for me because it applies to Disney Plus, which I already had. You can see if it applies to something you already purchase each month to see if it has value for you.
- Hotel Credit. This $200 never had value to me because I book less expensive properties and the credit doesn’t make up the difference. Also, the AmEx portal sometimes has way higher prices than booking direct or through another portal.
- Other Credits. I’m sure the monthly Walmart+ credit ($155 annually) is valuable to many people, but we don’t use it. Overall, AmEx boasts a $1,500 annual value, but the actual worth is very individual, and you’ll need to explore what works for you. I was getting about $640 in credits if I used all the Uber and airline allotment. That’s not bad at all, especially if I can also access lounges and redeem points for travel. But that leads me to my next point.
Limited Bonus Points. While the 5x points for flights purchased directly through airlines is huge, you don’t get additional bonus-point spending categories like you do for other cards (other than through the AmEx booking portal, but the hotel prices are generally higher than other sites, and I rarely book airfare through portals. That could be the subject of another blog post!) Also, as I’ll discuss below, the 3x points with Chase Sapphire Reserve gives me so much value when transferring to Hyatt, it makes up the difference.
Better Options Elsewhere. I will miss Marriott Gold status, but I get Hilton Diamond status and Hertz Gold with other cards, so some additional benefits of this card are a wash for me. The premium travel card game has become pretty competitive lately and there are lots of options to suit your needs. If you’re really into the points and miles game and have a ton of flexibility on when and where you travel, then the transfer value of AmEx points (to partner airlines and hotels) is going to be greater than some of the options I discuss below. But my goal was to simplify my personal points and miles programs while still getting great value. I’ll discuss my favorite options below after trying out 12+ travel cards.
My Favorite Travel Card Combo
American Express: Gold vs Platinum
FAQ
What is higher than a platinum card?
A platinum credit card is usually a bank’s most expensive or the top-tier card, second only to a titanium, black or diamond card if offered by the bank.
Which card is better than a platinum card?
Yes, Visa Signature cards usually have better rewards programs than Visa Platinum cards, with higher earning rates and more ways to cash in points.
Which card is above platinum?
| Card Category | Tier Level |
|---|---|
| Classic | Basic |
| Platinum | Intermediate |
| Signature | Above Intermediate |
| Infinite | Ultimate |
What is the highest credit card level?
The highest level of credit card in the Visa network, Visa Infinite cards offer more benefits than Visa Signature and Visa Traditional cards. There are only a few Visa Infinite cards in the U. S. , as they’re typically the most exclusive cards and offer the most exclusive and luxurious benefits.