We compared the Chase Sapphire Preferred to the Amex Platinum — and the winner isn’t clear-cut

Alyssa Powell/Business Insider

• The Platinum Card® from American Express and the Chase Sapphire Preferred Card are very different cards, but they can both be very useful if you travel a lot.
• In fact, if you travel a lot it could be worth having both. But if you’re just looking to earn rewards on your spending, the Sapphire Preferred is likely a better bet.
• On the other hand, if you’re primarily looking for perks over rewards, the Amex Platinum is the winner thanks to annual statement credits, airport lounge access, and more.
• The Sapphire Preferred currently offers a higher sign-up bonus than its more premium cousin, the Chase Sapphire Reserve.
• See Business Insider’s list of the best rewards credit cards you can get »

Two of the credit cards I’m asked about most frequently are the Chase Sapphire Preferred and the Amex Platinum. While we’ve compared the beefier Chase Sapphire Reserve to the Platinum Card before, let’s switch gears to take a look at the more accessible Sapphire Preferred in the context of the ultra-premium Amex Platinum.

To be honest, they’re such different cards that it’s hard to say which is better: Depending on your spending habits and how you travel, it could even be worth having both. But keep reading for the full breakdown on each.

Keep in mind that we’re focusing on the rewards and perks that make these credit cards great options, not things like interest rates and late fees, which will far outweigh the value of any points or miles. It’s important to practice financial discipline when using credit cards by paying your balances in full each month, making payments on time, and only spending what you can afford to pay back. 

Chase Sapphire Preferred vs. Amex Platinum: The biggest differences

Business Insider

Points earning

The Chase Sapphire Preferred offers 2x points on all dining and all travel. Dining includes everything from bars and restaurants to fast food, and travel includes everything from taxis, parking, and trains, to travel agencies, flights, hotels, vacation rentals, cruises, and more. It recently added a new bonus category: 5x points on Lyft rides. It earns 1 point per dollar spent on everything else.

The Amex Platinum offers 5x points on flights, but only if you book directly with the airline or through Amex Travel. If you book through a website like Expedia or Orbitz, you only get 1 point per dollar. You’ll also get 1 point per dollar on everything else. 

Benefits

The Sapphire Preferred offers trip delay and baggage delay coverage for any travel you book through the card (you can read more about that here). The Amex Platinum, on the other hand, only offers major trip cancellation coverage — not delay insurance — but it will gain trip delay and cancellation insurance in 2020.

However, the Amex Platinum offers a much longer list of benefits and perks than the Chase Sapphire Preferred. It offers extensive access to airport lounges, a yearly credit up to $200 for incidental airline fees, up to $200 of annual credits for Uber (or UberEats), and up to $100 in annual credits for Saks Fifth Avenue. It also offers free elite status at Hilton and Marriott hotels, and a few other perks. Without spending much on the card, I got $2,000 worth of value from it in my first year.

Why I have the Amex Platinum and Chase Sapphire Preferred

I personally hold the Amex Platinum for the perks and services — especially lounge access and hotel elite status — but do most of my spending on a Chase card, since it earns better rewards faster (and makes it easier to spend them). I use a Sapphire Reserve, rather than a Preferred, though that means I pay $1,000 in annual fees for the two cards.

While that’s the best option for my personal case, the Sapphire Preferred is still an excellent card — with a substantially lower annual fee, and a better sign-up bonus. You can read more about why you might want to choose the Sapphire Preferred over the Reserve.

Click here to learn more about the Chase Sapphire Preferred »

Click here to learn more about the Amex Platinum »

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