Taking the time to compare the top 3 premium travel cards

The points and miles world was buzzing this week, with two announcements from major issuers. The first was Monday’s news about a forthcoming refresh of [applyLink pid=”22504813″ overridetext=”The Platinum Card® from American Express”]. Then, we learned Tuesday about a complete revamp of the Chase Sapphire Reserve® set to launch next week (and to affect existing …

Jun 20, 2025 - 23:44

Taking the time to compare the top 3 premium travel cards

The points and miles world was buzzing this week, with two announcements from major issuers. The first was Monday’s news about a forthcoming refresh of [applyLink pid=”22504813″ overridetext=”The Platinum Card® from American Express”]. Then, we learned Tuesday about a complete revamp of the Chase Sapphire Reserve® set to launch next week (and to affect existing cardmembers as of Oct. 26, 2025).

Both of these stories drove a ton of traffic here at TPG, both on the site and on our social media channels, especially among existing cardmembers. But as we also covered, now is not the time to make a rash decision. There’s a lot of change coming to the premium card market, but that makes it more important than ever to take a breath and calmly analyze each product. Only then can you pick the one that’ll work best for you.

To help, here’s a quick comparison of key benefits on the Amex Platinum, Sapphire Reserve (as of June 23, 2025, or Oct. 26, 2025, for existing cardmembers) and Capital One Venture X Rewards Credit Card:

Card	Amex Platinum	Chase Sapphire Reserve	Capital One Venture X
Earning rates	5 points per dollar spent on flights booked directly with airlines or via American Express Travel® (on up to $500,000 in purchases per calendar year, then 1 point per dollar) 5 points per dollar spent on prepaid hotels booked with American Express Travel 1 point per dollar spent on other eligible purchases	8 points per dollar spent on all Chase Travel℠ purchases 5 points per dollar spent on Lyft rides (through Sept. 30, 2027) 4 points per dollar spent on flights and hotel purchases directly with the merchant 3 points per dollar spent on dining purchases 1 point per dollar spent on all other purchases	10 miles per dollar spent on hotels and car rentals booked via Capital One Travel 5 miles per dollar spent on vacation rentals and flights booked via Capital One Travel 2 miles per dollar spent on all other purchases
Transfer partners	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 point	2.05 cents per point	1.85 cents per mile
Direct travel redemptions	1 cent per point for flights 0.7 cents per point for hotels	1.5 cents per point for all travel (for existing cardmembers prior to June 23, 2025); otherwise, 1 cent per point Up to 2 cents per point on select bookings via Points Boost	1 cent per mile for all travel
Lounge access	Eligible cardmembers have access to American Express Global Lounge Collection, which includes: Centurion Lounges Delta Sky Clubs (when flying Delta Air Lines) Escape lounges Lufthansa lounges Priority Pass lounges (enrollment required) Plaza Premium lounges	Chase Sapphire Lounges Priority Pass lounges	Capital One Lounges Priority Pass lounges
Lounge guest privileges	Two free guests in Priority Pass, Plaza Premium and Escape lounges	Two free guests in Sapphire and Priority Pass lounges	Two free guests in Capital One and Priority Pass lounges, though this will become more restrictive as of Feb. 1, 2026
Notable statement credits	Airline: Up to $200 in airline incidental statement credit per calendar year* Uber: Up to $200 in annual Uber Cash for U.S. services per calendar year: $15 monthly, with a $20 bonus in December* (Uber Cash will only be deposited into one Uber account when you add the Amex Platinum Card as a payment method and redeem with any Amex card) Saks Fifth Avenue: Up to $100 in annual Saks statement credit per calendar year (up to $50 biannually)* Hotel: Up to $200 in annual hotel statement credit per calendar year, valid on prepaid Amex Fine Hotels + Resorts or The Hotel Collection bookings (of two nights or more) with Amex Travel* Clear Plus: Up to $199 in annual Clear Plus statement credit per calendar year to cover your annual membership (subject to auto-renewal)* Digital streaming: Up to $240 in annual digital entertainment statement credit per calendar year (up to $20 per month)* *Enrollment is required; terms apply.	Travel: $300 annual travel credit Hotel: $500 annual statement credit for The Edit (up to $250 biannually) Entertainment: $300 annual statement credit for StubHub or Viagogo (activation required; up to $150 biannually) Streaming: $250 annual statement credit for Apple TV+ and Apple Music subscriptions (one-time activation per service required on chase.com or the Chase Mobile app) Dining: $300 annual dining credit at Sapphire Reserve Exclusive Tables (up to $150 biannually) DoorDash: Complimentary DoorDash DashPass subscription (activate by Dec. 31, 2027) and $25 in DoorDash promos each month Lyft: $10 monthly credit in the app (through Sept. 30, 2027)	Travel: Up to a $300 annual credit for bookings made through Capital One Travel
Elite status	Complimentary Gold status with Marriott Bonvoy and Hilton Honors (enrollment is required)	Complimentary IHG One Rewards Platinum status through Dec. 31, 2027	None
Annual fee	$695 (see [termsConditions pid=”22504813″ overridetext=”rates and fees”])	$550, though this will increase to $795 for new applicants on or after June 23, 2025 (existing cardmembers will see the new annual fee on their next renewal on or after Oct. 26, 2025)	$395

As you can see, there’s a lot to consider when looking at these three cards — and that doesn’t even factor in any welcome bonus you’d earn by adding one to your wallet for the first time. One may excel in its earning rates, while the statement credits are better on another.

Nevertheless, there are a few concrete ways to analyze which might be a better fit for your situation.

What is your typical spending activity?

The Sapphire Reserve’s bonus categories are among its biggest changes, as you’ll no longer enjoy earning 3 points per dollar on all travel spending. Starting next week (or Oct. 26, 2025, for existing cardmembers), it’ll be 8 points per dollar spent at Chase Travel, 4 points per dollar spent on direct airline and hotel bookings, 3 points per dollar spent on dining purchases and 1 point per dollar spent everywhere else.

This shift hurts me personally, but overall, it’s still a cut above the Amex Platinum and Venture X. However, the Venture X is fantastic for all purchases, given that you earn at least 2 miles per dollar spent, so think about where you spend your money and which card would maximize those purchases as a whole.

What is the actual value of the statement credits?

Card issuers have embraced annual statement credits in recent years, but it’s critical to think about your own, real-world value of these perks. The Sapphire Reserve’s travel credit remains the most flexible, though I’d say the Venture X’s is a close second. Meanwhile, the airline fee credit on the Amex Platinum requires you to select a specific airline and only applies to fees, not airfare.

However, the Amex Platinum has a long list of other statement credits, while the Sapphire Reserve will soon have its own list. But think through how easy they are to use, and to what extent you will actually use them to save money. For example, an Apple TV+ subscription only puts money back in your pocket if you already pay for it.

Which currency is most valuable to you?

Each of these transferable currencies can offer tremendous value, but you should analyze which makes sense for you. Amex typically offers the lowest direct redemption value, but it has fantastic transfer partners like ANA Mileage Club. Chase currently has the best value for direct redemptions, but that’ll eventually change with the implementation of Points Boost. Meanwhile, Capital One is potentially the most flexible option, as you can charge any travel purchase to your card and then redeem your miles for a statement credit to offset it.

Look at the transfer partners and be honest about how you plan to use your rewards. Then, pick the program that fits your habits.

What is lounge access really worth based on where you live and fly?

Finally, look at the lounges in your home airport and your frequent destinations. Does one of these cards offer more extensive access? What about guest policies and fees? If you frequently travel with your family like I do, you’ll want to take that into consideration when looking at access. The issuer-branded lounges are fantastic, but there’s no value in getting access to the Sapphire Lounge at New York’s LaGuardia Airport (LGA) if you always fly Delta Air Lines, which operates from a different terminal.

There’s time to make this decision

The most important thing to note is that you have plenty of time to make the decision on which of these cards is right for you. After all, existing Sapphire Reserve cardmembers won’t see a higher annual fee until their next renewal date on (or after) Oct. 26, 2025. We won’t see new lounge access restrictions with the Venture X until Feb. 1, 2026. And we have zero details on what a revamped Amex Platinum could look like. Maybe its annual fee could hit $1,000 — but Amex could also take a totally different approach.

It’s easy to get caught up in these announcements, but don’t make an emotional decision. Carefully analyze each card through the lens of your own situation. Then, pick the one that offers you the best rewards and most value (compared to the annual fee).

For rates and fees of the Amex Platinum, click [termsConditions pid=”22504813″ overridetext=”here”].