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 Categorical. Then, we realized Tuesday a couple of full revamp of the Chase Sapphire Reserve® set to launch subsequent week (and to have an effect on current cardmembers as of Oct. 26, 2025).
Each of those tales drove a ton of visitors right here at TPG, each on the positioning and on our social media channels, particularly amongst current cardmembers. However as we additionally lined, now just isn’t the time to make a rash choice. There’s a variety of change coming to the premium card market, however that makes it extra essential 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 current cardmembers) and Capital One Enterprise X Rewards Credit score 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 Categorical Journey® (on as much as $500,000 in purchases per calendar yr, then 1 level per greenback) 5 factors per greenback spent on pay as you go accommodations 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 lodge 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 accommodations and automobile leases booked by way of Capital One Journey 5 miles per greenback spent on trip leases and flights booked by way of Capital One Journey 2 miles per greenback spent on all different purchases |
| Switch companions | 21 (18 airways and three lodge packages)
| 14 (11 airways and three lodge packages) | 15-plus (16 airways and three lodge packages) |
| TPG’s June 2025 valuation | 2 cents per level | 2.05 cents per level | 1.85 cents per mile |
| Direct journey redemptions |
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| Lounge entry | Eligible cardmembers have entry to American Categorical World Lounge Assortment, which incorporates:
| Chase Sapphire Lounges Precedence Cross lounges | Capital One Lounges Precedence Cross lounges |
| Lounge visitor privileges | Two free friends in Precedence Cross, Plaza Premium and Escape lounges | Two free friends in Sapphire and Precedence Cross lounges | Two free friends in Capital One and Precedence Cross lounges, although this may change into extra restrictive as of Feb. 1, 2026 |
| Notable assertion credit |
*Enrollment is required; terms apply. |
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| 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 payment | $695 (see rates and fees) | $550, although this may improve to $795 for brand new candidates on or after June 23, 2025 (current cardmembers will see the brand new annual payment on their subsequent renewal on or after Oct. 26, 2025) | $395 |
As you may see, there is a lot to think about when taking a look at these three playing cards — and that does not even consider 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 excessive as a 175,000-point welcome provide on the Amex Platinum
Nonetheless, there are a couple of concrete methods to research which is perhaps a greater match on your scenario.
What’s your typical spending exercise?
The Sapphire Reserve’s bonus classes are amongst its largest adjustments, as you may now not take pleasure in incomes 3 factors per greenback on all journey spending. Beginning subsequent week (or Oct. 26, 2025, for current cardmembers), it’s going to be 8 factors per greenback spent at Chase Journey, 4 factors per greenback spent on direct airline and lodge bookings, 3 factors per greenback spent on eating purchases and 1 level per greenback spent in all places else.
This shift hurts me personally, however total, it is nonetheless a reduce above the Amex Platinum and Enterprise X. Nevertheless, the Enterprise X is implausible for all purchases, given that you just earn at the very least 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 assertion credit in recent times, nevertheless it’s essential to consider your individual, real-world worth of those perks. The Sapphire Reserve’s journey credit score stays probably the most versatile, although I would say the Enterprise X’s is a detailed second. In the meantime, the airline payment credit score on the Amex Platinum requires you to pick a selected airline and solely applies to charges, not airfare.
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Nevertheless, the Amex Platinum has a protracted checklist of different assertion credit, whereas the Sapphire Reserve will quickly have its personal checklist. However assume by way of how simple they’re to make use of, and to what extent you’ll truly use them to economize. For instance, an Apple TV+ subscription solely places a reimbursement in your pocket if you happen to already pay for it.
Which forex is most useful to you?
Every of those transferable currencies can provide large worth, however it is best to analyze which is smart for you. Amex sometimes gives the bottom direct redemption worth, nevertheless it has implausible switch companions like ANA Mileage Membership. Chase at the moment has the perfect worth for direct redemptions, however that’ll ultimately change with the implementation of Factors Enhance. In the meantime, Capital One is probably probably the most versatile possibility, as you may cost any journey buy to your card after which redeem your miles for a press release credit score to offset it.
Take a look at the switch companions and be trustworthy about how you intend to make use of your rewards. Then, choose this system that matches your habits.
What’s lounge entry actually price based mostly 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? Should you ceaselessly journey with your loved ones like I do, you may wish to take that into consideration when taking a look at entry. The issuer-branded lounges are implausible, however there is not any worth in gaining access to the Sapphire Lounge at New York’s LaGuardia Airport (LGA) if you happen to all the time fly Delta Air Strains, which operates from a distinct terminal.
There’s time to make this choice
Crucial 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, current Sapphire Reserve cardmembers will not see the next annual payment till their subsequent renewal date on (or after) Oct. 26, 2025. We can’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 here.
