No, it is not worth it for most people to have both the American Express Platinum card and Chase Sapphire Reserve because of the cards’ expensive annual fees. American Express Platinum card charges an annual fee of $695, and Chase Sapphire Reserve charges $550 per year.
It is only worth it to have both the American Express Platinum card and Chase Sapphire Reserve if you spend a ton on travel and can maximize the two cards’ benefits every year. American Express Platinum card offers statement credits for products and services such as qualifying airline fees and eligible Uber expenses worth up to $200 each. Chase Sapphire Reserve perks include a $300 annual travel credit. And both cards offer statement credit reimbursements for TSA PreCheck or Global Entry application fees. If used regularly, the benefits will help offset each card’s enormous annual fee.
Additionally, each card offers a healthy initial bonus offer. American Express Platinum card offers 100,000 points for spending $6,000 in the first 6 months. Chase Sapphire Reserve’s bonus is 50,000 bonus points for spending $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.
Both cards also come with generous ongoing spending rewards. The American Express Platinum card earns 5 points per $1 on flights booked with airlines or with American Express Travel (up to $500,000 spent per year), 5 points per $1 spent on prepaid hotels booked through Amex, and 1 point per $1 on all other purchases. And Chase Sapphire Reserve earns a total of 10 points per $1 spent on hotels and car rentals booked through Chase, a total of 10 points per $1 spent on prepaid restaurant reservations or takeout orders made through Chase, a total of 5 points per $1 spent on flights purchased through Chase, 3 points per $1 spent on all other travel and dining purchases, and 1 point per $1 on all other purchases.
However, the American Express Platinum card 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 the American Express Platinum cardand Chase Sapphire Reservecan be well worth it. Their rewards offset the annual fees for those who spend enough. 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.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.