Which luxury travel card is best?

Deemed two of the most popular luxury travel credit cards on the market, The Platinum Card® from American Express and the Chase Sapphire Reserve® position themselves as top choices. But which is the best credit card pick to earn a spot in your wallet?

The Platinum Card® from American Express

Dive into luxury and exclusivity with The Platinum Card from American Express. This card isn’t just about spending; it’s an entry into premium benefits and rewards designed for the discerning cardholder.

Annual fee: $695

Foreign transaction fee: None

Welcome offer: Earn 80,000 Membership Rewards® Points after spending $8,000 on eligible purchases within the first 6 months of Card Membership

Rewards:

• 5X points on Flights booked through American Express Travel

• 5X points on prepaid hotels booked on AmexTravel.com

• 1X points on other purchases

Benefits:

• Enjoy up to a $200 hotel credit to Fine Hotels + Resorts® or The Hotel Collection and elevate your stay experiences.

• Get up to $240 Digital Entertainment Credit per calendar year for online subscriptions.

• Benefit from a $155 Walmart+ Credit (subject to auto-renewal), adding value to your everyday purchases.

• Access to Global Lounge Collection (including the coveted Centurion lounge, offering over 1,300 airport lounges across 140 countries.

• Receive up to $200 for Uber orders with Uber Eats and rides with Uber annually, including Uber VIP status.

• Get up to $300 in statement credits each year when you pay for an Equinox+ digital subscription with live and on-demand classes.

• Travel protections and interruption insurance** cover unexpected events like trip delays and cancellations.

*Enrollment may be required for select American Express benefits and offers.

**The eligibility and benefit levels vary by card. Terms, Conditions, and Limitations Apply. Please visit the American Express benefits guide for more details. Underwritten by Amex Assurance Company.

But there’s more to the Platinum Card® than just these highlights. The card offers an introductory APR that makes early spending more manageable. When it comes to redeeming your rewards, the flexibility is unparalleled. You can use your Membership Rewards Points in various ways, from travel bookings to shopping, making this card a versatile choice.

Why it’s good for the luxury traveler and reward maximizer

The Platinum Card is a perfect match for those who live life on the go and in style. If you’re a luxury traveler, benefits like Global Lounge Access and hotel credits turn every journey into a premium experience.

For the reward maximizer, the range of credits—from digital entertainment to shopping—ensures that every dollar spent brings value back into your pocket. This card transforms your spending into an investment in comfort, convenience, and rewards.

Platinum Card perks and benefits

The Platinum Card is synonymous with luxury and exclusivity in the credit card arena. Its standout features cater to those who appreciate the finer things in life and look for more than just a transactional relationship with their credit card. Here are the key advantages of holding this card:

• Generous welcome offer: The potential to earn 80,000 Membership Rewards Points (typically translates to $800 in cash back as a credit statement, but terms apply) sets a high bar for introductory bonuses.

• Diverse reward structure: It offers a wide array of rewards, including a $200 hotel credit, $240 Digital Entertainment Credit, $155 Walmart+ Credit, and Global Lounge Access, catering to various lifestyle needs.

• Travel rewards and perks: The Global Lounge Access feature is particularly beneficial for frequent travelers, offering comfort and luxury in airports worldwide. This includes the coveted Centurion Lounge access and other benefits like Uber savings and car rentals.

• Redemption flexibility: The card offers versatile options for redeeming points, from travel bookings to shopping, providing a wide range of uses for the Membership Rewards Points.

Platinum Card potential drawbacks

While the Platinum Card packs a host of benefits, it’s important to consider some aspects where it might not meet everyone’s needs:

• High annual fee: The $695 annual fee is among the highest in the credit card market, which might deter some potential cardholders.

• Heavy spending required for the welcome bonus: A considerable spend of $8,000 in the first six months is required to earn the welcome bonus, which might not be feasible for all users.

• Rewards specificity: While the rewards are generous, they are tailored towards specific spending categories (like hotels, digital entertainment, etc.), which might not align with every cardholder’s spending habits.

• Travel-centric benefits: The card’s most valuable benefits are travel-related. Those who travel infrequently might not fully utilize its potential.

Explore the world of premium travel and dining experiences with the Chase Sapphire Reserve credit card. This card isn’t just a tool for spending; it’s your passport to a range of exclusive benefits and luxurious rewards tailored for the adventurous.

Annual fee: $550

Foreign transaction fee: None

Welcome bonus: Earn 60,000 bonus points after meeting the required spending criteria

Rewards:

• Earn 5X total points on flights when you purchase travel through Chase Ultimate Rewards

• Earn 10X total points on hotels and car rentals, including Lyft rides

• Earn 3X points on dining at restaurants

• Earn 10X total points on Chase Dining purchases with Ultimate Rewards

Note: You’ll start earning points immediately after the first $300 is spent on travel purchases annually; the $300 spent goes toward the $300 Annual Travel Credit.

Benefits:

• Receive a $300 Annual Travel Credit as reimbursement for travel purchases

• Enjoy access to Chase Sapphire Lounges, and Priority Pass™ Select, enhancing your airport experience.

• Benefit from a Global Entry, TSA PreCheck®, or NEXUS Fee Credit, streamlining your travel processes.

• Take advantage of a complimentary DoorDash pass subscription and monthly credits, making dining in or out more rewarding.

The Chase Sapphire Reserve goes beyond these initial offerings. It also provides impressive points-earning rates on travel and dining, extending its value. When it comes time to redeem points, you have a range of options, including travel bookings through Chase Ultimate Rewards, where points can be worth even more.

Why it’s good for the frequent traveler and reward enthusiast

The Chase Sapphire Reserve is ideal for those who are often on the move and savor culinary experiences. The substantial travel credit and airport lounge access make every trip more enjoyable and less stressful, whether traveling for business or pleasure.

For food enthusiasts, the dining rewards and DoorDash benefits ensure that every meal, whether at home or in a restaurant, is both a delicious and rewarding experience. This card is not just about spending; it’s about enriching your travel and dining experiences with every swipe.

Chase Sapphire Reserve perks and benefits

The Chase Sapphire Reserve is a powerhouse in the premium credit card market, particularly appealing to those who travel frequently and enjoy dining experiences. Its features maximize the value of every dollar spent in these categories. Here are the prominent advantages of this travel credit card:

• Robust rewards earning rates: Earn 5X points on flights 10X points on hotels when booking through Chase Ultimate Rewards, and 3X points on dining, making it a top choice for travelers and food enthusiasts.

• Substantial welcome bonus: The opportunity to earn 60,000 bonus points typically (about $600 in cash equivalent) as a welcome offer is a significant incentive for new cardholders.

• $300 annual travel credit: This substantial credit effectively reduces the annual fee and is readily applicable to a wide range of travel-related expenses.

• Comprehensive travel and dining benefits: Benefits like Chase Sapphire Lounges access, Global Entry or TSA PreCheck® Fee Credit, and a complimentary DoorDash considerably enhances the travel and dining experience.

• Flexibility in points redemption: Points can be redeemed in various ways, including through Chase Ultimate Rewards for travel bookings, where they can be more valuable.

Chase Sapphire Reserve potential drawbacks

Despite its many benefits, there are some considerations to keep in mind with the Chase Sapphire Reserve:

• High annual fee: The $550 annual fee is significant and may not be justifiable for those who don’t frequently travel or dine out.

• Welcome bonus spending threshold: Earning the welcome bonus requires $4,000 of spending in the first 3 months, which might not align with everyone’s budget.

• Focused rewards system: The highest rewards are earned on travel and dining. If your spending is more varied or leans towards other categories, this might not be your most rewarding card.

• Travel-centric benefits: Similar to the American Express Platinum, the most lucrative benefits are travel-focused, which might not be fully utilized by less frequent travelers.

Best intro offer: The Platinum Card from American Express

The introductory offer of the Platinum Card is hard to beat. With the potential to earn 80,000 Membership Rewards Points, it stands out significantly against many competitors.

This hefty bonus, available after meeting the spending criteria in the first 6 months, offers a substantial head start for cardholders in accumulating valuable points, making it an exceptional choice for those who can meet the spending requirement.

Best annual fee: Chase Sapphire Reserve

Although both cards have high annual fees, the Chase Sapphire Reserve edges out slightly more favorably. Its $550 annual fee is lower than the $695 the Platinum Card requires.

The effective net cost can be significantly reduced through the $300 annual travel credit, which applies to a wide range of travel expenses, making it more manageable for frequent travelers and dining enthusiasts.

Best rewards: Chase Sapphire Reserve

The Chase Sapphire Reserve excels in its rewards structure, especially for those focused on travel and dining. With 5X points on flights, 10X points on hotels when booked through Chase Ultimate Reward, and 3X points on dining, it caters exceptionally well to the frequent traveler and dining connoisseur. These high earning rates in popular spending categories make it a standout choice for maximizing rewards.

Best added benefits: The Platinum Card from American Express

When it comes to added benefits, The Platinum Card from American Express takes the lead. The card’s suite of benefits, including a $200 hotel credit, $240 Digital Entertainment Credit, $155 Walmart+ Credit, and Global Lounge Access, offers a diverse range of luxury and practical advantages. These benefits cater to a broader lifestyle spectrum, from travel and shopping to entertainment, making it highly attractive for those seeking a card that offers more than just travel-focused perks. (Enrollment may be required for select American Express benefits and offers.)

How to pick your next credit card in 5 steps

Choosing a credit card, especially a high-priced luxury card like The Platinum Card from American Express or the Chase Sapphire Reserve credit card, requires careful consideration. Here’s a step-by-step guide to help you decide if a luxury card is right for you and which one to choose:

1. Assess your spending habits: Start by examining your typical spending patterns. Are you a frequent traveler and diner? Cards like Chase Sapphire Reserve are tailored for these categories. If your spending is more varied, the Platinum Card might suit you better with its broader range of benefits.

2. Consider your travel frequency: Luxury cards offer significant travel perks. If you’re a regular traveler, the global lounge access, hotel credits, and other travel-related benefits can be extremely valuable. Determine how often you travel and how much you would benefit from these specific perks.

3. Evaluate the rewards system: Look at the rewards each card offers. The Platinum Card from American Express provides diverse rewards, while Chase Sapphire Reserve focuses more on travel and dining. Choose the one that aligns with where you spend the most.

4. Analyze the cost-benefit ratio: Luxury cards come with high annual fees. Weigh the benefits each card offers against its cost. Will you use the $300 travel credit from Chase Sapphire Reserve or the broad spectrum of credits from the Platinum Card enough to justify the fee?

5. Plan for the welcome bonus: Both cards offer attractive welcome bonuses, but require significant spending. Ensure you can comfortably meet the spending requirements without stretching your budget. This bonus can be a significant perk if used wisely.

Should you get The Platinum Card from American Express?

The Platinum Card is best for individuals who value a wide range of luxury benefits and have diverse spending habits. If you frequently stay in hotels, enjoy digital entertainment, and shop at Walmart, the specific credits offered by this card will appeal to you.

It’s also ideal for those who travel occasionally but desire premium travel perks like Global Lounge Access. If these aspects resonate with your lifestyle and spending patterns, this card could be an excellent choice.

Should you get the Chase Sapphire Reserve Credit Card?

The Chase Sapphire Reserve is best for frequent travelers and dining enthusiasts who want to maximize their rewards in these categories. If your lifestyle involves regular travel and dining out, the 5X points on flights, 10X points on hotels, and 3X points on dining align perfectly with your spending.

Additionally, if you can make the most of the $300 travel credit and appreciate the added value of lounge access and travel conveniences, this card is tailored for you.

Should you get both cards?

Holding both The Platinum Card from American Express and the Chase Sapphire Reserve credit card can be a powerful combination for the right user.

You could leverage the diverse rewards and credits of the Amex card for hotel stays, digital entertainment, and shopping, while using the Chase card predominantly for its superior travel and dining rewards. This approach maximizes the benefits of each card according to its strengths.

Is it worth it to have both Chase Sapphire Reserve and the Platinum Card?

Yes, it can be worth it if your spending and lifestyle align with the benefits of both cards. The key is strategically using each card for its strongest categories to maximize rewards and benefits. However, it’s important to consider the combined annual fees (totaling $1,245 annually) and ensure that the value you derive from both cards outweighs this cost.

For those who travel extensively and indulge in a variety of luxury services, having both cards can offer a comprehensive suite of benefits that enhance their lifestyle significantly.

3 credit card alternatives

Luxury credit cards are not a perfect fit for everyone. Even the top-rated choices have their limitations and disadvantages. If you don’t believe the Chase Sapphire Reserve and the Platinum Card are a good fit, here are three suggestions that come in as great alternative options.

Best for lower annual fee: Capital One Venture X Rewards Credit Card

• Annual fee: $395

• Welcome bonus: Earn 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening.

• Rewards program:

  • 10X miles on hotels and rental cars booked through Capital One Travel

  • 5X miles on flights booked through Capital One Travel

  • 2X miles on all other purchases

Why it’s a good low annual fee luxury card

The Capital One Venture X Rewards Credit Card is an excellent choice for those who want premium credit card perks at a more accessible price point. Its blend of travel benefits, rewards earning potential, and lower annual fee make it a compelling alternative for those considering a luxury credit card.

Best for cash back: Wells Fargo Active Cash Card

Why it’s good for cash back

The Wells Fargo Active Cash Card emerges as a top contender in the cash-back credit card category, especially appealing for its straightforward yet rewarding approach. With an annual fee of $0, it’s accessible for a wide range of consumers. The card offers an introductory 0% APR for 18 months. The highlight, however, is its unlimited 2% cash-back scheme on purchases. This simple, no-fuss reward structure ensures that every dollar spent earns consistent and tangible cash back, making it an excellent choice for everyday use and for those who prefer a clear and uncomplicated rewards system.

Best for balance transfers: Wells Fargo Reflect Card

• Annual fee: $0

• Welcome offer: 0% APR for 21 months on qualifying balance transfers and purchases

• Rewards program: No cash back or points system

• More details about the card: While the card doesn’t offer cash-back rewards, its primary appeal lies in the lengthy 0% APR period. It does, however, have a balance transfer fee of 5%, which is slightly higher than some other cards but may be justified by the extended interest-free period.

Why it’s good for balance transfers

The Wells Fargo Reflect Card stands out for balance transfers due to its remarkable 21-month 0% APR offer. This extended interest-free period grants cardholders a substantial window to manage and reduce their debts without the burden of accruing interest. While there is a 5% balance transfer fee, the long duration of zero interest can offset this expense, making it an ideal choice for individuals who need extra time to clear their balances and wish to evade the swift build-up of interest costs.

Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers.