Amex Platinum vs. Chase Sapphire Reserve: Which I’ll Keep

The American Express Platinum costs $895 a year. The Chase Sapphire Reserve costs $795. I have both. At my next renewal, I plan to keep the Amex and downgrade the Chase.

That does not make Amex the better card for everyone. Both cards offer premium travel perks, statement credits, transfer partners, airport lounge access, and insurance. The better card is the one whose benefits fit the way you already spend.

Start with your life, not the benefits page

My wife and I live in the San Francisco Bay Area. We eat out, order delivery regularly, and take a couple of vacations a year. We enjoy a nice hotel, but often prefer an Airbnb. We will pay more for something better, but only when the difference is worth it.

A $300 credit is not worth $300 if it persuades us to spend $700 on something we would not otherwise buy.

1. 01

   Would I spend this anyway?

   A credit is easiest to value when it replaces an expense already in the budget.

2. 02

   Did the perk create spending?

   Subtract the extra cost of a pricier hotel, restaurant, or platform.

3. 03

   What would I pay for it?

   Use your price, not the number printed on the issuer’s benefits page.

I value points at one cent each in this comparison. Transfer partners can produce more value, but I rarely find those redemptions for trips I actually need to take. I also exclude welcome bonuses because they can make the first year attractive without making the next renewal worthwhile.

If you are choosing your first rewards card, start with the basic math of matching a card to your spending before paying a premium annual fee.

The practical differences

Benefits below are current as of September 21, 2026. They change, so check the issuer terms before applying.

Do not choose by adding every advertised maximum. Start with the rows that match purchases you already make.

Should you buy either card?

The calculator starts with my values. Open it, replace each amount with what the benefit is honestly worth to you, and compare both cards side by side.

Amex Platinum vs. Sapphire ReserveSee whether each card’s perks are worth its annual fee to you.Open the tool →

Why I will renew the Amex Platinum

1. 01

   $920 from two nearby hotel stays

   The room credits, breakfast, and property credits create short trips without adding airfare.

2. 02

   $1,320 replaces regular spending

   Resy, entertainment, Uber, Uber One, and Amex Offers cover things we already buy.

3. 03

   $300 replaces clothing spend

   Lululemon was new to us, but the credit now replaces part of our existing apparel budget.

Even if I remove the entire $920 hotel package and the $300 Lululemon credit, the remaining benefits are worth $1,070 to us. That still exceeds the $895 fee. The Amex decision does not depend on perfect use.

What I do not count toward the Amex renewal

I received another $345 of value in 2026 that I do not treat as dependable. I used the $200 airline incidental credit through United TravelBank, but Amex describes that benefit as reimbursement for airline fees such as checked bags and in-flight refreshments. I would not assume TravelBank will continue to work.

I also made about $145 after buying an Oura Ring with the card’s credit and reselling it. That was useful once, not dependable annual value. The Saks credit ended on July 1, 2026, so it is no longer part of the calculation.

Amex lists its current Platinum benefits here.¹

Why I will downgrade the Chase Sapphire Reserve

1. 01

   $300 from ordinary travel

   The broad travel credit is easy because it covers trips we would book anyway.

2. 02

   $420 from DoorDash

   I count $300 of monthly promos plus the full $120 DashPass price because I would pay for the membership.

3. 03

   $150 from selected dining

   I use the $300 credit, but value it at half because many participating restaurants cost more than our usual choices.

That totals $870, only $75 above the $795 annual fee. The margin is too small for me to keep managing monthly and semiannual credits or changing where we spend.

Why the other Chase benefits are worth $0 to me

• The Edit properties we find usually cost far more than our preferred alternatives.
• We rarely use Lyft and do not use Peloton.
• We prefer buying event tickets directly instead of using StubHub.
• We watch Apple TV when a specific show is available, but would not pay for Apple TV and Apple Music all year.
• We have not found enough value in Chase Travel prices or Points Boost offers for trips we needed to book.
• The $359 WHOOP offer was a useful 2026 promotion, but it ended on May 12 and is not dependable renewal value.

Points Boost can make points worth up to two cents each, but only on selected Chase Travel bookings. It does not double the value of every point.

If you order delivery regularly, there are other ways to reduce the cost too. Chase lists the current Reserve benefits here.²

Which card is more likely to work for you?

You may need neither card if most credits would introduce new subscriptions, more expensive hotels, or restaurants you would not otherwise visit. Owning both only makes sense if each card independently earns back its own fee.

The final stress test

For us, the Amex Platinum produces far more value than its fee. The Chase Sapphire Reserve does not leave enough margin to justify keeping it.

So I will renew the Amex and downgrade the Chase. Your spending may lead you to the opposite answer. That is exactly why you should run the numbers before applying.