Chase Sapphire Preferred® vs. The Platinum Card® by American Express: Which Is Better for Earning Awards?

If you’ve been searching for the best travel credit card for your situation, odds are you’ve come across the Chase Sapphire Preferred® Card and The Platinum Card® from American Express.

And for a good reason—these are two of the hottest travel cards on the market, largely thanks to the transferable rewards they collect and their generous welcome bonuses. But there is a lot more to like about these cards. Here’s what you need to know when deciding between the Chase Sapphire Preferred® and The Platinum Card® by American Express.

How the cards stack up

On the surface, this head-to-head comparison is a simple mismatch. The Platinum Card® by American Express’ benefits run circles around the Chase Sapphire Preferred®, but its annual fee is exponentially higher.

Here’s a quick look at the key features of each card:

*See spending examples below to compare earning points from each card

Welcome bonus winner: The Platinum Card® by American Express

The Chase Sapphire Preferred® Card currently offers a welcome bonus of 60,000 bonus Chase Ultimate Rewards® points after spending $4,000 on purchases within the first three months from account opening. The The Platinum Card® by American Express currently offers 125,000 bonus American Express Membership Rewards® points after spending $8,000 on purchases within the first six months from account opening.

The The Platinum Card® by American Express offers far more points than the Chase Sapphire Preferred®, though the minimum spending requirement is twice as much.

Both cards offer flexible redemption options. However, the Amex welcome bonus is worth more. You can redeem 60,000 Chase points for travel through Chase Travel℠ for up to $750 (as we’ll cover soon) or cash it out for $600. On the other hand, theThe Platinum Card® by American Express' bonus can be redeemed for airfare and hotels through Amex Travel for a maximum of $1,250 or cashed out for $750.

Rewards winner: Chase Sapphire Preferred®

The rewards you earn from the Chase Sapphire Preferred® and the The Platinum Card® by American Express can be converted into various airline miles and hotel points for extremely cheap travel. You can also use them to “buy” travel through each bank’s proprietary online portal. Because of the similarities, the points are widely considered to be worth about the same. However, each program has different strengths.

When it comes to transfer partners, American Express Membership Rewards offers considerably more options—eight more, to be exact. While some of them are impractical for the casual traveler (airline programs like Aeromexico and Hawaiian Airlines are rarely a good choice, for example), its long list of partners gives the rewards currency a key advantage over Chase Ultimate Rewards.

Here’s a quick look at all Amex and Chase transfer partners, along with each program’s transfer ratio.

Chase transfer partners

American Express transfer partners

The Chase Sapphire Preferred® has a clear advantage when redeeming your points in other ways. For example, Chase Sapphire Preferred® cardholders can redeem points for paid travel through Chase’s online travel agency at a rate of 1.25¢ each. In other words, the card’s current 60,000 point bonus is worth $750 in airfare, hotel stays, car rentals, and more through Chase Travel.

Meanwhile, Amex points are worth far less than Chase points when redeemed through Amex Travel—between 0.7¢ and 1¢ each.

As previously mentioned, you can also cash out Chase points at a rate of 1¢ each (not that you’d want to, but it’s nice to have the option). Amex points are only worth 0.6¢ each when redeemed for cash.

Because of Chase Ultimate Reward's added flexibility and perfectly serviceable transfer partners, the program edges out American Express Membership Rewards ever so slightly.

Annual fee winner: Chase Sapphire Preferred®

The Chase Sapphire Preferred® charges a $95 annual fee, while the The Platinum Card® by American Express charges a $695 annual fee—more than seven times higher.

An annual fee is irrelevant if you can get enough value to offset it each year. Yes, the The Platinum Card® by American Express charges a high annual fee. But as you’ll soon see, the card comes with potentially thousands of dollars in yearly value. However, it’s a lot of work to fully squeeze the juice from the card, so it’s not for everyone.

The Chase Sapphire Preferred®’s benefits are easy to use and provide good value for those who take at least a few trips per year. Its annual fee is, in most cases, a better value than the The Platinum Card® by American Express.

APR winner: Draw

As is often the case regarding rewards cards, neither the Chase Sapphire Preferred® nor The Platinum Card® by American Express offer a competitive APR. The Chase Sapphire Preferred® charges 21.49% to 28.49% variable, while the The Platinum Card® by American Express charges 21.24% to 29.24% variable—too close to give one card an edge over the other.

Besides, you should only open a travel rewards credit card if you know you can pay your bill in full each month. Carrying a balance month-to-month is the primary cause of credit card interest fees. Avoid that, and the APR is irrelevant.

Foreign transaction fee winner: Draw

Both the Chase Sapphire Preferred® and The Platinum Card® by American Express waive foreign transaction fees for purchases processed outside the U.S., making either card a sound option for travel abroad.

Additional perks: The Platinum Card® by American Express

As different as these cards’ annual fees are, their ongoing benefits are the true divergence between the Chase Sapphire Preferred® and The Platinum Card® by American Express.

The Chase Sapphire Preferred® offers a lean collection of perks that cover all the critical bases for a travel credit card. You’ll get solid travel insurance (primary rental car insurance, trip delay insurance, baggage delay insurance, and more). You’ll also get up to $50 in annual statement credits to discount prepaid hotel stays reserved through Chase Travel.

Also worth noting are a handful of temporary benefits with partners such as Instacart and DoorDash. You’ll receive at least 12 months of DashPass membership when you activate the offer by Dec. 31, 2024. And you’ll receive a free Instacart+ membership when you activate by July 31, 2024.

On the other hand, the The Platinum Card® by American Express comes with an astonishing number of annual statement credits that can amount to over $1,200 per year. For example, you’ll get:

• Up to $200 in statement credits for annual airline incidentals.* Can be used for checked baggage, airline lounge day passes, pet fees, seat selection, and many other things.
• Up to $200 in annual prepaid hotel statement credits. When you reserve an eligible hotel stay through Amex Travel, you’ll receive $200 back each year.
• Up to $240 in annual digital entertainment credits. You’ll receive up to $20 in monthly credit to offset the price of eligible online subscriptions such as Disney+, Hulu, and Peacock.
• Up to $189 in annual credits toward CLEAR® Plus. Skip the TSA line and walk straight to the officer scanning boarding passes. This is a huge time saver (in most cases.)
• Up to $200 in annual Uber Cash.* Receive $15 monthly in credit (and $35 in December) in your Uber Wallet. You can use it for Uber rides or Uber Eats.
• Up to $155 in annual Walmart+ credits. A $12.95 monthly credit toward a Walmart+ subscription allows you to maintain the membership for free. Includes free shipping with no order minimum, fuel savings, and more.
• Up to $100 in annual Saks Fifth Avenue statement credits. Between January and June, you’ll receive up to $50 in statement credits toward Saks purchases. You’ll get another $50 between July and December.

*Terms apply; enrollment required

The The Platinum Card® by American Express also offers more comprehensive airport lounge access than any travel card. For example, you can access over 1,400 Priority Pass airport lounges. You can also access Delta lounges with a same-day Delta boarding pass. In addition, you can use Amex Centurion Lounges, which offers premium alcohol and free hot meals. The list goes on.

Also worth mentioning is that you’ll get a few helpful elite statuses (after you enroll). These include Marriott Gold Status, Hilton Gold status, Avis Preferred Plus status, Hertz President’s Circle status, and National Emerald Club Executive status.

Which card earns the most?

Chase Sapphire Preferred® offers a fairly broad range of bonus categories that can, with some planning, capture the majority of your monthly spending. Here’s what you’ll get:

• 5x points on travel booked through Chase Travel℠ (not including the annual $50 hotel credit).
• 5x points on Lyft rides (ends March 31, 2025).
• 5x points on Peloton purchases over $150 (through March 31, 2025).
• 2x points on other travel purchases.
• 3x points for dining (including eligible delivery and takeout).
• 3x points for eligible streaming services.
• 3x points for online grocery purchases.
• 1x points for all other eligible purchases.

Now for the The Platinum Card® by American Express. One thing to note about this card is that it’s an abysmal earner for everyday spending. It does well for travel-related expenses. Otherwise, its return rate is paltry. You’ll earn:

• 5x points on flights booked directly with airlines or through Amex Travel (up to $500,000 on purchases per calendar year).
• 5x points on prepaid hotels booked through Amex Travel.
• 1x points on all other eligible purchases.

To better understand what each card may earn you each year, we’ve created a sample annual spending plan for the average household. The charts below explain the points you’d earn each year with each card. The first two figures were taken from the U.S. Bureau of Labor Statistics.

Chase Sapphire Preferred® everyday spending example

The Platinum Card® by American Express everyday spending example

In this scenario, the Chase Sapphire Preferred® Card earns considerably more rewards than the The Platinum Card® by American Express'. A key takeaway is that The The Platinum Card® by American Express shouldn’t be the card you use to process your everyday spending. Instead, other cards earn Amex points considerably faster (such as the American Express® Gold Card or American Express® Green Card) and are good complements to the The Platinum Card® by American Express.

The Chase Sapphire Preferred® can stand alone, making it the superior option for most to earn rewards.

Why we recommend Chase Sapphire Preferred®

We recommend Chase Sapphire Preferred® because of its simplicity and modest annual fee. The card is an excellent option for beginners and veterans of the travel rewards game. It allows you to quickly earn valuable points that are easy to use and includes excellent travel insurance.

Why you would still opt for The Platinum Card® by American Express

You can achieve massive annual value if you’re willing to work to maximize the The Platinum Card® by American Express' endless list of benefits. Particularly for someone who travels regularly, there isn’t another card with the same amount of features to upgrade your globetrotting experience.

TIME Stamp: Chase Sapphire Preferred® wins on simplicity and practicality

Even someone who knows virtually nothing about travel rewards can get a solid value from the $95 annual fee Chase Sapphire Preferred®. It’s beginner-friendly and can serve a purpose in your wallet for many years.

It takes a bit more planning to offset the The Platinum Card® by American Express' $695 annual fee. But if you’re up for the challenge, the payoff can be rewarding.

Frequently asked questions (FAQs)

What is the Chase equivalent to The Platinum Card® by American Express?

The Chase Sapphire Reserve® is the closest product to the The Platinum Card® by American Express. It comes with hundreds of dollars in annual fees, airport lounge access, and more for a premium $550 annual fee.

Is Chase Sapphire Preferred® or American Express Platinum better?

The The Platinum Card® by American Express offers more valuable benefits. However, its $695 annual fee is too high for many, and its rewards aren’t as easy to maximize as those of the Chase Sapphire Preferred®. Therefore, we consider the Chase Sapphire Preferred® better for most situations.

Why is the Chase Sapphire Preferred® so popular?

The Chase Sapphire Preferred® is popular because it earns valuable rewards that are easy to use. It also comes with high-quality travel insurance.

Is the Chase Sapphire Preferred® Card still metal?

Yes, the Chase Sapphire Preferred® is still made of metal.