The factors and miles world was buzzing this week, with two bulletins from main issuers. The primary was Monday’s information a couple of forthcoming refresh of The Platinum Card® from American Express. Then, we realized Tuesday a couple of complete revamp of the Chase Sapphire Reserve® set to launch subsequent week (and to have an effect on present cardmembers as of Oct. 26, 2025).
Each of those tales drove a ton of site visitors right here at TPG, each on the positioning and on our social media channels, particularly amongst present cardmembers. However as we additionally coated, now is just not the time to make a rash decision. There’s a whole lot of change coming to the premium card market, however that makes it extra necessary than ever to take a breath and calmly analyze every product. Solely then are you able to choose the one which’ll work greatest for you.
To assist, this is a fast comparability of key advantages on the Amex Platinum, Sapphire Reserve (as of June 23, 2025, or Oct. 26, 2025, for present cardmembers) and Capital One Venture X Rewards Credit Card:
| Card | Amex Platinum | Chase Sapphire Reserve | Capital One Enterprise X |
|---|---|---|---|
| Incomes charges | 5 factors per greenback spent on flights booked immediately with airways or by way of American Express Travel® (on as much as $500,000 in purchases per calendar 12 months, then 1 level per greenback)
5 factors per greenback spent on pay as you go resorts booked with American Categorical Journey 1 level per greenback spent on different eligible purchases |
8 factors per greenback spent on all Chase Journey℠ purchases
5 factors per greenback spent on Lyft rides (by way of Sept. 30, 2027) 4 factors per greenback spent on flights and resort purchases immediately with the service provider 3 factors per greenback spent on eating purchases 1 level per greenback spent on all different purchases |
10 miles per greenback spent on resorts and automobile leases booked by way of Capital One Travel
5 miles per greenback spent on trip leases and flights booked by way of Capital One Journey 2 miles per greenback spent on all other purchases |
| Switch companions | 21 (18 airlines and three hotel programs)
|
14 (11 airlines and three hotel programs) | 15-plus (16 airlines and three hotel programs) |
| TPG’s June 2025 valuation | 2 cents per level | 2.05 cents per level | 1.85 cents per mile |
| Direct journey redemptions |
|
|
|
| Lounge entry | Eligible cardmembers have entry to American Categorical World Lounge Assortment, which incorporates:
|
Chase Sapphire Lounges
Precedence Go lounges |
Capital One Lounges
Precedence Go lounges |
| Lounge visitor privileges | Two free company in Precedence Go, Plaza Premium and Escape lounges | Two free company in Sapphire and Precedence Go lounges | Two free company in Capital One and Precedence Go lounges, although this may become more restrictive as of Feb. 1, 2026 |
| Notable assertion credit |
*Enrollment is required; terms apply. |
|
|
| Elite standing | Complimentary Gold standing with Marriott Bonvoy and Hilton Honors (enrollment is required) | Complimentary IHG One Rewards Platinum standing by way of Dec. 31, 2027 | None |
| Annual charge | $695 (see rates and fees) | $550, although this may improve to $795 for brand new candidates on or after June 23, 2025 (present cardmembers will see the brand new annual charge on their subsequent renewal on or after Oct. 26, 2025) | $395 |
As you possibly can see, there is a lot to contemplate when taking a look at these three playing cards — and that does not even think about any welcome bonus you’d earn by including one to your pockets for the primary time. One might excel in its incomes charges, whereas the assertion credit are higher on one other.
Learn extra: Earn as high as a 175,000-point welcome offer on the Amex Platinum
However, there are a number of concrete methods to research which may be a greater match in your scenario.
What’s your typical spending exercise?
The Sapphire Reserve’s bonus classes are amongst its greatest adjustments, as you will now not get pleasure from incomes 3 factors per greenback on all journey spending. Beginning subsequent week (or Oct. 26, 2025, for present cardmembers), it’s going to be 8 factors per greenback spent at Chase Journey, 4 factors per greenback spent on direct airline and resort bookings, 3 factors per greenback spent on eating purchases and 1 level per greenback spent in every single place else.
This shift hurts me personally, however general, it is nonetheless a lower above the Amex Platinum and Enterprise X. Nonetheless, the Enterprise X is unbelievable for all purchases, given that you simply earn not less than 2 miles per greenback spent, so take into consideration the place you spend your cash and which card would maximize these purchases as a complete.
What’s the precise worth of the assertion credit?
Card issuers have embraced annual statement credits in recent times, nevertheless it’s essential to consider your personal, real-world worth of those perks. The Sapphire Reserve’s journey credit score stays essentially the most versatile, although I might say the Enterprise X’s is an in depth second. In the meantime, the airline charge credit score on the Amex Platinum requires you to pick a particular airline and solely applies to charges, not airfare.
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Nonetheless, the Amex Platinum has a protracted listing of other statement credits, whereas the Sapphire Reserve will quickly have its personal listing. However suppose by way of how simple they’re to make use of, and to what extent you’ll truly use them to save cash. For instance, an Apple TV+ subscription solely places a reimbursement in your pocket in case you already pay for it.
Which foreign money is most dear to you?
Every of those transferable currencies can provide super worth, however you need to analyze which is sensible for you. Amex usually presents the bottom direct redemption worth, nevertheless it has unbelievable switch companions like ANA Mileage Membership. Chase at the moment has the perfect worth for direct redemptions, however that’ll finally change with the implementation of Factors Enhance. In the meantime, Capital One is doubtlessly essentially the most versatile possibility, as you possibly can cost any journey buy to your card after which redeem your miles for a statement credit to offset it.
Have a look at the switch companions and be sincere about how you intend to make use of your rewards. Then, choose this system that matches your habits.
What’s lounge entry actually value primarily based on the place you reside and fly?
Lastly, have a look at the lounges in your house airport and your frequent locations. Does certainly one of these playing cards provide extra intensive entry? What about visitor insurance policies and charges? In case you regularly journey with your loved ones like I do, you will need to take that into consideration when taking a look at entry. The issuer-branded lounges are unbelievable, however there is not any worth in gaining access to the Sapphire Lounge at New York’s LaGuardia Airport (LGA) in case you all the time fly Delta Air Strains, which operates from a special terminal.
There’s time to make this resolution
A very powerful factor to notice is that you’ve loads of time to make the choice on which of those playing cards is best for you. In any case, present Sapphire Reserve cardmembers will not see a better annual charge till their subsequent renewal date on (or after) Oct. 26, 2025. We cannot see new lounge access restrictions with the Venture X till Feb. 1, 2026. And we’ve zero particulars on what a revamped Amex Platinum might appear like. Possibly its annual fee could hit $1,000 — however Amex might additionally take a completely totally different strategy.
It is easy to get caught up in these bulletins, however do not make an emotional resolution. Rigorously analyze every card by way of the lens of your personal scenario. Then, choose the one that gives you the perfect rewards and most worth (in comparison with the annual charge).
For charges and charges of the Amex Platinum, click on here.