Chase Sapphire Preferred® Card vs. The Platinum Card® from American Express – Which is Better in 2024?
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The Chase Sapphire Preferred® Card and The Platinum Card® from American Express are perennial contenders for being the best travel credit card.
Although both cards pursue a different path in offering travel rewards, there can be a clear winner for your desired benefits and typical itinerary.
Table of Contents
Benefits At A Glance
| Sapphire Preferred | Amex Platinum | |
|---|---|---|
| Annual Fee | $95 | $695 |
| Authorized User Fee | None | $195 per authorized user |
| Welcome Bonus Offer | Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®. | Earn 80,000 Membership Rewards® Points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership. |
| Purchase Rewards | ||
| Travel Redemption Bonus | 25% | None |
| Airport Lounge Benefits | None | Global Lounge Collection, including the Centurion Lounge |
| Notable Benefits | ||
| Foreign Transaction Fee | None | None |
Annual Fee
There is a stark difference between the annual fee of both cards as the Amex Platinum is a premium credit card and the Chase Sapphire Preferred is a consumer card.
Chase Sapphire Preferred
The Chase Sapphire Preferred annual fee is $95 for the primary card and $0 for authorized users. This card doesn’t pack as many benefits, so it’s more affordable and can be the better pick if you’re on a tight budget or travel less frequently. Using the $50 annual hotel statement credit essentially drops the annual fee down to only $45.
Amex Platinum
The Platinum Card is one of the most expensive credit cards you can apply for, yet it’s also one of the most luxurious. You will pay $695 for the primary card and $195 for each authorized user. Previously, it was $175 total for the first three authorized users and $175 for each additional card, but American Express changed the fee structure in August of 2023.
Welcome Bonus Offer
You can earn a valuable signup bonus with either card. Before applying, make sure you can meet the welcome bonus offer spending requirement. Otherwise, you’ll lose a major benefit for each card.
Chase Sapphire Preferred
The Sapphire Preferred signup bonus is 60,000 Ultimate Rewards points after spending $4,000 in the first 3 months. This bonus is worth $750 when redeemed for award travel through the Chase Ultimate Rewards booking site thanks to the 25% travel redemption bonus. It can be worth potentially more when transferred to the airline or hotel transfer partners.
Further Reading: Chase Sapphire Preferred Current Bonus Points Offer
Amex Platinum
The Platinum Card welcome bonus offer is 80,000 Membership Rewards after spending $8,000 in the first 6 months. This bonus is worth $800 in award flights and select gift cards. It is worth potentially much more when transferring the points to American Express partner airlines and hotels, which is what I recommend doing.
Earning Points
Travel-related purchases can earn the most rewards, as you might expect. Your preference may depend on whether you want to earn Chase Ultimate Rewards or American Express Membership Rewards.
Chase Sapphire Preferred
Card purchases earn up to 5x Ultimate Rewards points which you can combine with purchase rewards from the Freedom, such as the Chase Freedom Unlimited®, and Ink Business card, such as the Ink Business Unlimited® Credit Card, families. You also have several non-travel bonus categories that the Amex Platinum doesn’t offer.
- Travel: 5x total on travel purchases through Chase Ultimate Rewards (excluding hotel purchases that qualify for the $50 Annual Ultimate Rewards Hotel Credit) and 2x on all remaining travel spend
- Dining: 3x on dining, including eligible delivery services, takeout, and dining out
- Groceries: 3x on online grocery purchases (excluding Walmart, Target, and wholesale clubs)
- Streaming: 3x on select streaming services
All remaining purchases earn 1 point per $1.
Along with earning up to 5 points per $1, you receive bonus points equal to 10% of your annual spending total on each account anniversary. For example, $25,000 in purchases equals 2,500 bonus points.
Amex Platinum
Select travel purchases earn bonus Membership Rewards:
- 5x on flights booked directly with airlines or through American Express Travel (on up to $500,000 in purchases per calendar year)
- 5x on prepaid hotels booked on AmexTravel.com
All remaining purchases earn 1 point per $1. For that reason, there Amex Platinum is much more limited for everyday spending than the Chase Sapphire Preferred. Besides booking flights and hotels through Amex, I do not recommend using the Amex Platinum for daily spending.
Redeeming Rewards Points
Award travel is both rewards programs’ most valuable redemption option. The Sapphire Preferred offers more versatility in getting the maximum redemption value for non-travel rewards. Both credit cards offer 1:1 airline and hotel point transfers too.
| Sapphire Preferred | Amex Platinum | |
|---|---|---|
| Travel | 1.25 cents | 1 cent |
| Gift Cards | 1 cent | 0.7 cents |
| Cash Back | 1 cent | 0.6 cents |
| Online Shopping | 0.8 cents | 0.7 cents |
Chase Sapphire Preferred
Redeeming your points through the Chase Ultimate Rewards travel portal powered by Expedia makes your points worth 25% more at 1.25 cents each. Flights, hotels, car rentals, cruises, and excursions are eligible for the redemption bonus.
Gift card and cash back redemptions are worth 1 point which is one of the higher redemption values for travel credit cards.
Online shopping through participating merchants usually isn’t the most advantageous option as your points are almost always worth 0.8 cents. A unique exception is 1 cent for Apple Store redemptions.
Amex Platinum
Membership Rewards points are worth 1 cent for award flights, stays at Fine Hotels & Resorts, and select gift cards.
However, your points are worth 0.7 cents for most travel, gift card, and Pay with Points at Checkout redemptions. The redemption value can be as low as 0.5 cents on select non-travel redemptions.
So, award flights, luxury hotel stays, and point transfers are the best way to use Amex Platinum points.
1:1 Point Transfers
Transferring your points at a 1:1 ratio to an airline or hotel partner can stretch your redemption value. The better transfer partner lineup depends on your preferred loyalty program and whether you travel domestically or internationally. For certain flights, you may be able to redeem at 10 cents per point or more.
| Sapphire Preferred | Amex Platinum |
|---|---|
| Aer Lingus | Aeromexico (1,000:1,500) |
| Air Canada Aeroplan | Air Canada Aeroplan |
| British Airways | Aer Lingus |
| Emirates | Air France-KLM Flying Blue |
| Flying Blue | ANA |
| Iberia | Asia Miles |
| JetBlue | Avianca LifeMiles |
| Singapore Airlines | British Airways |
| Southwest Airlines | Delta SkyMiles |
| United Airlines | Emirates |
| Virgin Atlantic | Etihad |
| IHG One Rewards | Hawaiian Airlines |
| Marriott Bonvoy | Iberia |
| World of Hyatt | JetBlue (250:200) |
| Qantas (500:500) | |
| Singapore Airlines | |
| Virgin Atlantic | |
| Choice Privileges | |
| Hilton Honors (2,000:1,000) | |
| Marriott Bonvoy |
Airport Lounge Benefits
Consider the Amex Platinum for complimentary airport lounge access as the Sapphire Preferred doesn’t offer lounge benefits.
Chase Sapphire Preferred
You will need to apply for the Chase Sapphire Reserve® to visit airport lounges as the Sapphire Preferred doesn’t reimburse or discount access.
Related: Chase Sapphire Reserve vs. Chase Sapphire Preferred
Amex Platinum
Basic and additional cardholders can visit a series of independent and airline-operated networks. In most cases (other than for Centurion lounges), the cardholder and two guests (or immediate family members) can visit for free.
Networks in the Global Lounge Collection include:
- Airspace
- Centurion
- Delta Sky Club
- Escape
- International American Express
- Lufthansa
- Plaza Premium
- Priority Pass Select
You will need an active itinerary to visit an airline lounge. The Platinum Card is one of the best credit cards for airport lounge access as it has several partner networks.
Chase Sapphire Preferred Travel Benefits
The Chase Sapphire Preferred offers several perks that can help you save on various travel purchases.
25% Travel Redemption Bonus
Your rewards points are automatically worth 25% more when booking any award trip through the Chase Ultimate Rewards portal. So, instead of needing 10,000 points to book a $100 itinerary, you only need 7,500 points upfront.
It’s also possible to pay with a mixture of points and cash if that’s better for your circumstances. The only potential downside is booking travel through a third-party site instead of directly through the airline to enjoy the redemption bonus.
Annual Hotel Credit
The Chase Sapphire Preferred hotel credit reimburses the first $50 in hotel bookings each year through Chase Ultimate Rewards. Redeeming this credit effectively reduces your card’s annual fee to $45 ($95-$50). You will not earn points for bookings that qualify for the $50 hotel credit, however.
10% Anniversary Bonus
You won’t receive a guaranteed bonus mileage gift like several cards offer, although the open-ended anniversary gift can reward big spenders. Your bonus points reward is equal to 10% of your annual purchase total for the membership year. Essentially, you receive 1 bonus point per $10 in spending.
Partner Benefits
The Sapphire Preferred also offers limited-time partnerships with brands to maximize your buying power. Featured benefits include:
- Lyft: Earn 5x points on Lyft rides through March 31, 2025. Rideshares typically earn 2x.
- Doordash: Complimentary DoorDash Plus membership for a minimum of one year through December 31, 2024.
- Gopuff: $10 monthly statement credit through December 31, 2023.
- Instacart: Six months of free Instacart+ membership. Premium members can receive up to $15 in quarterly statement credits.
Amex Platinum Travel Benefits
If you want a feature-packed card or love going on luxury trips as much as possible, many of these Platinum Card travel perks won’t disappoint.
Travel Statement Credits
Cardholders can be reimbursed for a variety of travel-related expenses:
- Airline fees: Up to $200 per year in incidental fees for one airline of choice (via statement credits)
- Hotel stays: Up to $200 per year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel. Minimum two-night stay is required for The Hotel Collection stays.
- Uber Cash: Up to $200 per year ($15 per month and $35 in December) for Uber rides and eats in the U.S. Renews annually.
- CLEAR® Plus: Up to $189 per year in application fee reimbursements. Subject to auto-renewal.
- Global Entry or TSA PreCheck®: Up to $100 every 4 years for Global Entry or up to $85 every 4.5 years for TSA PreCheck.
Air Travel Benefits
In addition to the air travel statement credits, these perks are also available:
- International Airline Program: Discounts on select first class, business class, and premium economy tickets with participating airlines through American Express Travel.
- Premium Private Jet Program: Initiation fee discounts, initiation flight credits, and transaction fee waivers through Wheels Up.
Hotel Benefits
You can enjoy accelerated hotel loyalty status and on-site amenities at participating properties:
- Hilton Honors Gold status (enrollment required)
- Marriott Bonvoy Gold Elite status (enrollment required)
- $100 experience credit at The Hotel Collection (minimum two-night stay required)
Additional Travel Benefits
Some of the card’s other travel perks include:
- Cruise Privileges Program (i.e., onboard credits, discounts, etc.)
- Platinum Destinations® Vacations
- Platinum Travel Service
- Premium Global Assist® Hotline (service fees may apply)
- Special car rental privileges with Avis, Hertz, and National
Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. If approved and coordinated by Premium Global Assist Hotline, emergency medical transportation assistance may be provided at no cost. In any other circumstance, Card Members may be responsible for the costs charged by third-party service providers.
Shopping and Lifestyle Credits
This card is a travel rewards credit card first and foremost but you can get reimbursed for retail and entertainment purchases:
- Up to $100 Shop Saks with Platinum: Two semi-annual credits worth $50 at Saks Fifth Avenue or Saks.com. This is a fairly expensive retailer so you may consider using coupons or cash back portals for additional savings.
- $155 Walmart+ Credit: Reimburses your Walmart+ monthly membership fee ($12.95 + applicable local sales tax). Plus Ups are excluded. (subject to auto-renewal)
- Up to $240 Digital Entertainment Credit: $20 per month at Audible, Disney+, ESPN+, Hulu, Peacock, The Disney Bundle, The New York Times, The Wall Street Journal, and SiriusXM. Enrollment required.
- $300 Equinox Credit: Up to $300 per year for the Equinox+ digital fitness app or an Equinox club membership. Enrollment required.
- $300 SoulCycle Credit: Up to $300 statement credit when purchasing a SoulCycle At-Home Bike Credit.
Travel and Purchase Protection
Non-refundable travel and retail purchases can be eligible for reimbursement of the original transaction amount and incidental fees.
| Sapphire Preferred | Amex Platinum | |
|---|---|---|
| Trip Cancellation and Interruption | $10,000 per person and $20,000 per trip | $10,000 per person and $20,000 per trip |
| Trip Delay | $500 per ticket after 12 hours | $500 per ticket after 6 hours |
| Baggage Delay | $100 a day for for 5 days after 6 hours | N/A |
| Lost Luggage Reimbursement | N/A | $3,000 per passenger ($10,000 for New York State residents) |
| Car Rental Insurance (Collision and Theft) | Primary coverage up to the actual cash value | Secondary coverage up to $75,000 |
| Roadside Assistance | N/A | N/A |
| Emergency Evacuation | N/A | Up to 100% of total cost |
| Purchase Protection | $500 per claim and up to $50,000 annually for purchases within 120 days | $10,000 per item and up to $50,000 annually for purchases within 90 days |
| Return Protection | N/A | $300 per item and $1,000 annually for purchases within 90 days |
| Extended Warranty | One additional year for warranties of 3 years or less | One additional year for warranties of 5 years or less |
| Cell Phone Protection | N/A | Up to $800 per claim ($1,600 per year) after a $50 deductible |
When to Apply for the Chase Sapphire Preferred
You will want to apply for the Chase Sapphire Preferred for the following reasons:
- Casual Travel Frequency: This card is more budget-friendly if you only take a handful of trips each year with its affordable $95 annual fee. You won’t feel pressured to constantly travel with certain carriers to utilize the benefits.
- More Bonus Categories: You have more ways to earn bonus points from travel and retail purchases which offsets fewer additional benefits.
- Earn Ultimate Rewards: Chase Ultimate Rewards are the most valuable credit card points in many travel and non-travel redemption options.
- Flexible Award Travel Options: Your points are worth 25% more when booking any award trip through Chase. There are also more 1:1 domestic airline transfer partners (United, JetBlue, and Southwest) making it easier to fly within the United States.
- Extensive Travel Insurance: The Sapphire Preferred holds the competitive edge on travel insurance coverage for most travelers. Specifically, cardholders can receive baggage delay benefits and primary rental car coverage.
Learn More: Credit Score Needed for the Chase Sapphire Preferred Card
When to Apply for the Amex Platinum
The Amex Platinum wins the comparison for these reasons:
- Luxury Travel Benefits: No premium travel credit card comes close to offering as many airline, hotel, and car rental perks. You can enjoy complimentary privileges and annual statement credits to enhance your travel experience.
- Airport Lounge Access: You and secondary cardholders can have unlimited visits to lounge networks across the world.
- Earn Membership Rewards: This card pairs well with the American Express® Gold Card, which earns bonus Membership Rewards at U.S. Supermarkets and Restaurants.
- More Transfer Partners: Both programs have an impressive lineup of 1:1 point transfer partners but you have more ways to transfer Membership Rewards to international carriers.
- Lifestyle Benefits: The Amex Platinum offers more retail and entertainment statement credits and purchase protection benefits. These perks can provide additional peace of mind and make it a well-rounded rewards credit card.
Consider This: American Express Platinum vs. American Express Gold
The Vacationer’s Final Thoughts
You really can’t go wrong with either rewards credit card if you’re a frequent traveler but you may find a particular product’s benefits, transfer partners, and rewards categories to be more relevant.
Consider the Chase Sapphire Preferred® Card when you want the 25% travel redemption bonus, a diverse mixture of domestic and international airline partners, and the ability to earn bonus Ultimate Rewards. Further, its $95 annual fee and free secondary cards are noteworthy.
Frequent flyers and individuals who regularly purchase upscale travel packages will benefit greatly from The Platinum Card® from American Express. Its airport lounge perks and travel statement credits are well worth it.
Further Reading:
Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
American Express Insurance Benefits Information:
Trip Cancellation and Interruption Insurance: The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
Trip Delay Insurance: Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
Baggage Insurance Plan: Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one-way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on Baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
Car Rental Loss & Damage Insurance: Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
Purchase Protection – Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
Return Protection – With Return Protection, you may return eligible purchases to American Express if the seller won’t take them back up to 90 days from the date of purchase. American Express may refund the full purchase price excluding shipping and handling, up to $300 per item, up to a maximum of $1,000 per calendar year per Card account, if you purchased it entirely with your eligible American Express® Card. Purchases must be made in the U.S. or its territories. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details.
Extended Warranty – When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
Cell Phone Protection – Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.
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