No. It is not worth it for most people to have both Amex Platinum and Chase Sapphire Reserve because of the cards’ expensive annual fees. Amex Platinum’s annual fee is $550, and Chase Sapphire Reserve charges $550 per year.
It is only worth it to have both Amex Platinum and Chase Sapphire Reserve if you spend a ton on travel and can maximize the two cards’ benefits every year. Amex Platinum offers annual airline fee and Uber credits worth $200 each, 5 points per $1 spent on select airfare and hotel purchases and more. Chase Sapphire Reserve perks include a $300 annual travel credit and 3 points per $1 spent on both travel and dining purchases, among other benefits. If used regularly, the benefits will help offset each card’s enormous annual fee.
Additionally, each card offers a healthy initial bonus. Amex Platinum gives 75,000 points for spending $5,000 in the first 6 months of card membership. Chase Sapphire Reserve’s bonus is 50,000 points when you spend $4,000 in the first 3 months. If you meet the spending requirements, the bonuses themselves are worth enough to cover the cost of each card for the first year.
However, Amex Platinum and Chase Sapphire Reserve do have some overlap in their benefits, which may make it not as worthwhile for you to have both. Both cards come with complimentary airport lounge access, Global Entry and TSA PreCheck application fee credits, and 1:1 point transfers to numerous hotel and airline loyalty programs.
If you can justify the cost, having both Amex Platinum and Chase Sapphire Reserve can be well worth it. If not, choose the card that best suits your needs. Just be sure not to apply for the two cards at the same time. Aside from minimizing any dings on your credit report, you’ll be able to spread out the cost of the high annual fees over several months.
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