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There are dozens, even hundreds, of travel credit cards out there to pick from … but three of them are a cut above the rest: The Chase Sapphire Reserve® and The Platinum Card® from American Express, and the Capital One Venture X Rewards Credit Card.
These aren't introductory cards for the average Joe or Jane, but rather powerful weapons for the frequent traveler with big annual fees to boot. And while those annual fees may scare some off, all three of these cards come with top-of-the-line perks that can easily offset those annual fees.
With travel booming and banks and airlines going all-in on premium travelers, it's time to put these three titans of travel rewards under the microscope. Which card comes out on top? Which premium perks win out? And could it make sense to hold more than one?
We'll break down all the information you need to know, category by category for beginners or even advanced travelers to decide which premium travel credit card suits them best.
Annual Fee Comparison
Let's get the sticker shock out of the way first. And that shock keeps growing.
In early 2020, the Chase Sapphire Reserve added a handful of new benefits and increased the card's annual fee from $450 each year to $550 a year.
Following Chase's lead, American Express made a similar move in July 2021 on the Platinum Card by adding a handful of new benefits and increasing the card's annual fee from $550 each year up to a whopping $695 each year (see rates & fees).
Then we have the relative newcomer on the block: The Capital One Venture X Rewards Credit Card. Capital One launched the card in November 2021 … with an annual fee of just $395 – far less than either the Sapphire Reserve and the Amex Platinum Card.
That was no accident. In an interview with Thrifty Traveler last year when the Venture X card launched, Capital One executives didn't exactly hold back when talking about the card's annual fee.
"Right now, there is a gap in the market as (travelers) are looking for the right travel card. They don't want to pay $600 for a card that has travel benefits. And they don't want to have to take the time to continue to track a laundry list of benefits that they have to remember to register for," said Lauren Liss, Capital One's managing vice president of U.S. card.
So far, Capital One has delivered on that promise with a premium card with a much lower annual fee … along with an easy path to fully recoup the annual fee.
So for now, there is a clear winner in this category when looking at the out-of-pocket cost each year.
Winner: The Capital One Venture X Rewards Credit Card
 
Welcome Bonuses
When you are considering paying $395 to $695 for a premium travel rewards credit card, getting a huge welcome offer points bonus is essential. Without it, it doesn't make sense.
Here's what each of these three cards has to offer when it comes to a big bonus…
The Chase Sapphire Reserve®
You'll earn 80,000 Chase Ultimate Rewards points after spending $4,000 in the first three months of card membership. This is a limited-time offer set to end at 6 p.m. EST on Nov. 30! The typical bonus on this card is 60,000 points for the same spending requirement.
The Capital One Venture X Rewards Credit Card
You'll earn 75,000 Capital One Venture Miles after spending $4,000 in the first three months of card membership.
The Platinum Card® from American Express
You'll earn at least 80,000 American Express Membership Rewards points after spending $6,000 in the first six months of membership. But you can likely do much, much better than the standard 80,000-point offer.
First, you can find a 150,000-point offer through CardMatch for the same spending requirement. This offer is targeted and won't be available for all potential card members. Data points suggest those who have never had an American Express card product previously will have the best odds of an approval.
If you aren't eligible for the 150,000 point offer through CardMatch, there is a good chance you can find the same, 150,000-point offer through a personal referral link from somebody who already holds the card. Otherwise, try our targeted referral offer – you might need to open it in an incognito window.
Read more: 3 Ways You Can Still Get Up to 150K Points on the Amex Platinum
Which Offer is Best?
With Chase and Capital One, what you see is what you get. You won't find better offers through different channels or personal referral links.
still, there's those are great offers that can easily offset the annual fee. At a minimum, the 75,000-mile offer on the Venture X is worth $750 towards travel. With the Chase Sapphire Reserve, the current 80,000-point offer is worth at least $1,200 towards travel. Both can easily justify the card's annual fee in your first year.
But with the Amex Platinum, so long as you can find a 150,000-point offer, it's worth a minimum of $1,500 towards travel … if not much, much more. That easily justifies your annual fee in the first year, and easily makes it the winner in this category.
Winner: The Platinum Card® from American Express
 
Earning Bonus Points
Beyond the initial welcome offer bonus, you'll earn points every time you swipe your card to make a purchase. At a minimum, you'll earn 1x point for every dollar you spend – or much more.
With all three of these cards, you'll earn bonus points on specific spending categories, helping you add to your stash of points. But they vary wildly, so let's look at what's available on all three of these cards.
The Chase Sapphire Reserve®
With the Chase Sapphire Reserve, you'll earn 3x points per dollar spent on dining at restaurants (including takeout) and on all travel purchases.
You'll also earn 10x points per dollar spent on hotels and car rentals and 5x points per dollar spent on air travel booked through the Chase Ultimate Rewards Travel Portal.
Finally, through March 2025, you'll earn 10x points per dollar spent on Lyft rides.
All other purchases earn 1x point per dollar spent.
The Capital One Venture X Rewards Credit Card
With the Capital One Venture X card, you'll earn 10x Venture Miles on hotels and rental cars and 5x miles on flights booked through the Capital One Travel Portal. Finally, through May 16, 2023, you'll earn 10x miles per dollar spent on Turo rental car bookings.
But most importantly, you'll earn 2x miles for every other dollar spent on the card, no matter what kind of purchase.
The Platinum Card® from American Express
With the Amex Platinum Card, you'll earn 5x points per dollar spent on airfare directly with any airline, or through Amextravel.com. You'll also earn 5x points per dollar spent on prepaid hotels booked through Amextravel.com. That 5x points on travel is capped on up to $500,000 spent each year.
You'll earn 1x point per dollar spent on all other purchases.
Because you can earn 5x points per dollar spent on airfare booked directly with the airline or through Amex Travel, we think the Platinum Card is the best card for booking flights.
 
Which Card is Best?
The answer to this question will largely depend on where you spend the most money. That said, the ability to earn 2x miles per dollar spent on all purchases is a pretty nice feature of the Capital One Venture X Card.
But if you spend a lot on travel and dining, the Sapphire Reserve might be the best option.
With the Platinum Card, you only earn bonus points on flights and prepaid hotels booked through Amex. Outside of those categories, there are simply better options for your spending.
No matter which card you hold, the best way to maximize your spending likely involves other cards in combination with one (or more) of these cards.
That said, we think the Sapphire Reserve is a great option as it simply covers a lot of potential spending at a 3x earn rate on dining and travel. But again, this category will largely come down to where you are spending money.
Winner: The Chase Sapphire Reserve®
 
Booking Flights
No matter which of these three cards you hold, you'll have the ability to book through a co-branded travel portal. These travel portals are essentially online travel agencies (OTAs). And as you'll see, all three banks will incentivize you with bonus points to book through their portal.
But which card offers the best incentive to actually book through their portal?
The Chase Sapphire Reserve®
In addition to the bonus points you'll earn for booking travel and paying cash through Chase's travel portal, your Chase Ultimate Rewards points earned from the Sapphire Reserve are also worth more when you go to redeem them for travel purchases through the portal.
When you use points through the Chase Travel portal, they'll be worth 1.5 cents each when redeemed towards travel or with the Pay Yourself Back Benefit for Airbnb purchases.
That means if you wanted to book a flight that cost $500, you would only need to use 33,333 points to cover that cost.
Read More: How to Book Flights Through the Chase Ultimate Rewards Travel Portal
The Capital One Venture X Rewards Credit Card
With the Capital One Venture X, you'll have a few options for using your miles outside of their stable of transfer partners.
First, you have the ability to cover travel purchases with your miles. That means you can use your Venture X card to pay for any travel expenses. Once that purchase posts to your account, you'll be able to log in and remove that purchase from your statement.
When you do this, each mile is worth one cent. That means a $500 flight (or any other travel purchase) could be removed for 50,000 Venture Miles.
Read more: 9 Unique Ways to Use Capital One Miles for Travel
You'll also have access to the Capital One Travel portal. Similarly, when booking flights, hotels, or rental cars through the travel portal, they will be worth one cent each, so a $500 purchase could be free by using 50,000 miles.
Capital One does offer a few other benefits for bookings through the portal to help incentive cardholders to use it. Think price drop protection, the ability to freeze flight prices (for a fee) before booking, and predictive analytics powered by Hopper that can help cardholders zero in on the best time to book their flight.
Read More: How to Book Flights & More Through the Capital One Travel Portal
The Platinum Card® from American Express
On the Platinum Card from American Express, you'll have the ability to use your Membership Rewards points to make bookings through the Amex Travel portal. However, Amex doesn't provide you with any sort of incentive to do so: Each point will be redeemable for 1 cent toward travel.
That means a $500 flight could be completely covered using 50,000 Membership Rewards points.
 
Which Card is Best?
This is an easy one. Only the Chase Sapphire Reserve provides an incentive to book through their travel portal by making your points worth more. Each Chase Ultimate Rewards point will be worth 1.5 cents towards any booking made through Chase's travel portal.
Winner: The Chase Sapphire Reserve®
 
Airline & Hotel Transfer Partners
All three of these cards earn transferrable points, allowing you to send them to a dozen or more airline and hotel programs. It's the key to getting more value out of your points.
But those list of options vary from card to card. Here's what each card and points program offers.
The Chase Sapphire Reserve®
Chase is a titan in the travel rewards industry, and that's due in large part to some excellent transfer partners.
With 11 airline and three hotel partners, Ultimate Rewards points are a must for any frequent or aspiring traveler. 
Ultimate Rewards points will transfer at a 1:1 ratio to all programs. That means one Chase Ultimate Reward point equals one hotel point or airline mile.
 
| Program | Type | Transfer Ratio | Transfer Time |
| Aer Lingus | Airline | 1:1 | Instant |
| Air Canada Aeroplan | Airline | 1:1 | Instant |
| Air France/KLM | Airline | 1:1 | Instant |
| British Airways | Airline | 1:1 | Instant |
| Emirates | Airline | 1:1 | Instant |
| Iberia Plus | Airline | 1:1 | Instant |
| JetBlue | Airline | 1:1 | Instant |
| Singapore Air | Airline | 1:1 | 12-24 hours |
| Southwest Airlines | Airline | 1:1 | Instant |
| United Airlines | Airline | 1:1 | Instant |
| Virgin Atlantic | Airline | 1:1 | Instant |
| World of Hyatt | Hotel | 1:1 | Instant |
| IHG | Hotel | 1:1 | 1 day |
| Marriott Rewards | Hotel | 1:1 | 2 days |
Read up on Chase transfer partners, including how to transfer your points and which options here are best!
The Capital One Venture X Rewards Credit Card
Capital One is a recent addition to the world of transferable points – and they've steadily added more partners.
You can now transfer points from great credit cards like the Capital One Venture X Rewards Credit Card, or the Capital One Venture Rewards Credit Card to 15 airline partners and three hotel chains. For years, these transfers weren't as lucrative as other banks.
Capital One improved their transfer partners last year by making most of their transfer partners 1:1. That means 1 Capital One Venture mile gets you 1 airline mile or hotel point.
Here's the list of the options:
 
| Program | Type | Ratio | Transfer Time |
| Aeromexico | Airline | 1:1 | Instant |
| Air Canada Aeroplan | Airline | 1:1 | Instant |
| Air France/KLM | Airline | 1:1 | Instant |
| Avianca LifeMiles | Airline | 1:1 | Instant |
| British Airways | Airline | 1:1 | Instant |
| Cathay Pacific AsiaMiles | Airline | 1:1 | Up to five business days |
| Emirates | Airline | 1:1 | Instant |
| Etihad | Airline | 1:1 | Up to 1 day |
| EVA Air | Airline | 2:1.5 | Up to five business days |
| Finnair | Airline | 1:1 | Instant |
| Qantas | Airline | 1:1 | Up to 1 day |
| Singapore | Airline | 1:1 | Instant |
| TAP Air Portugal | Airline | 1:1 | Same day |
| Turkish Airlines | Airline | 1:1 | Same day |
| Virgin Red | Other | 1:1 | Same day |
| Accor | Hotel | 2:1 | Up to two business days |
| Wyndham | Hotel | 1:1 | Same day |
| Choice Hotels | Hotel | 1:1 | Same day |
Read our guide on how to transfer Capital One miles!
The Platinum Card® from American Express
American Express has 19 airline transfer partners and three hotel partners for a total of 22 transfer partners – more than you'll find from any other credit company.
While that flexibility and easy earning opportunities make Membership Rewards points a must for any frequent traveler, there are a few downsides to keep in mind.
First, American Express charges a very small fee (.06 cents per point) on transfers to domestic airlines. So if you transfer 100,000 points to Delta or JetBlue, you'll get charged $60. These fees are capped at $99.
And note that, unlike Chase, there are several partners to whom your Amex points don't transfer on a 1:1 basis. For example, transferring 1,000 points to JetBlue would get you just 800 TrueBlue points.
Here's the full list:
 
| Program | Type | Transfer Ratio | Transfer Time |
| Aer Lingus | Airline | 1:1 | N/A |
| AeroMexico | Airline | 1:1.6 | 2-12 days |
| Air Canada Aeroplan | Airline | 1:1 | Instant |
| Air France/KLM | Airline | 1:1 | Instant |
| ANA | Airline | 1:1 | 1-2 days |
| Avianca | Airline | 1:1 | Instant |
| British Airways | Airline | 1:1 | Instant |
| Cathay Pacific | Airline | 1:1 | 1-7 days |
| Delta | Airline | 1:1 | Instant |
| Emirates | Airline | 1:1 | Instant |
| Etihad | Airline | 1:1 | Instant |
| Hawaiian | Airline | 1:1 | Instant |
| Iberia | Airline | 1:1 | 1-3 days |
| JetBlue | Airline | 1.25:1 | Instant |
| Qantas | Airline | 1:1 | Instant |
| Singapore | Airline | 1:1 | 12-48 hours |
| Virgin Atlantic | Airline | 1:1 | Instant |
| Choice Privileges | Hotel | 1:1 | Instant |
| Hilton Honors | Hotel | 1:2 | Instant |
| Marriott Bonvoy | Hotel | 1:1 | Instant |
Read our full guide to Amex transfer partners, how they work, and how to get the most out of them!
Which Points Program is Best for Transfers?
The answer to this question largely depends on which partners you will use the most. And as you'll see, there is a lot of overlap between the three programs. For example, you can transfer points from all three banks to Air Canada Aeroplan, Singapore Airlines, Virgin Atlantic, and more.
Capital One's largest weak spot is that it doesn't have a U.S.-based airline transfer partner while Chase has United, Southwest, and jetBlue while Amex has Delta and jetBlue, and Hawaiian.
But remember, not all Amex transfer partners transfer 1:1. Plus, Amex charges a very small fee (.06 cents per point) on transfers to domestic airlines. So if you transfer 100,000 points to Delta or JetBlue, you'll get charged $60. These fees are capped at $99 per transfer.
Chase really stands out because points transfer to all its partners on a 1:1 basis. That includes World of Hyatt, the most valuable hotel loyalty program in the world and arguably the best transfer partner of all three banks.
It's close, and your specific travel goals could sway this one way or another. But Chase ekes out a win here.
Winner: The Chase Sapphire Reserve®
 
Travel and Other Statement Credit Credits
All three of these premium travel credit cards offer statement credits for different things that can drastically offset the out-of-pocket expense you'll pay to hold these cards.
Some are easier to use than others. But no matter which card you carry, using these credits is the key to making the annual fee math work.
Let's take a look at what each card offers.
The Chase Sapphire Reserve®
Just for holding the Chase Sapphire Reserve, you'll get an annual $300 travel statement credit.
This annual travel credit is one of the most lucrative benefits on any travel credit card … and it's also one of the easiest to use. With that $300 travel credit, you can essentially think of the Sapphire Reserve's annual fee as being $250 a year.
That's because any purchase that Chase considers travel will qualify for the $300 annual travel credit on the Chase Sapphire Reserve. And that covers a lot of ground, including many expenses you might not normally consider "travel." While by no means exhaustive, here's a list of some charges that will trigger the Chase Sapphire Reserve travel credit:
- Airline (airfare, baggage fees, seat selection, etc.)
- Airbnb, VRBO, or other home-sharing platforms
- Campgrounds
- Car rentals
- Cruise lines
- Hotels
- Parking (ramps, lots, meters)
- Public transport
- Taxis or rideshare (Uber & Lyft)
- Timeshares
- Tolls
- Trains
- Travel Agency services
- Thrifty Traveler Premium
For a full list of purchases that Chase will code as travel, visit the FAQs on Chase's credit cards rewards page.
In addition to the $300 annual statement credit, Sapphire Reserve cardholders will also get a $5 monthly DoorDash credit.
The credit can be redeemed by DashPass members in the DoorDash app and Reserve cardholders can accumulate the credit for up to three months before expiration (for a maximum of $15 total credit to redeem).
Finally, Reserve cardholders get one year of complimentary Instacart+ with up to a $15 monthly Instacart statement credit through July 2024.
The Capital One Venture X Rewards Credit Card
Like the Sapphire Reserve, the Venture X card offers an annual $300 travel credit. But there is a catch…
In order to get the $300 credit, you must book your flight, hotel, or rental car through the Capital One travel portal. Booking directly with an airline, hotel or other travel companies won't cut it.
That may seem like a downside to some travelers who would much rather book their travel direct with an airline, hotel chain, or rental car agency. Still, it should be incredibly easy for almost any traveler to use up that $300 credit each year.
Being that the card has a $395 annual fee, if you can use this credit, it makes the card's annual fee more like $95 each year.
Additionally, starting in your second year of membership, you'll automatically get 10,000 Venture miles after paying your annual fee. These miles are worth a minimum of $100. With these two credits alone, you can easily get $400 in value for a card that costs you $395 a year.
The Platinum Card® from American Express
Last but not least, we have the Platinum Card. This card offers so many different credits each year, keeping track of them is like a full-time job.
But using these credits is the key to justifying the Platinum Card's $695 annual fee.
Here's a list of the credits the card offers:
- $200 Airline Incidental Fee Credit: Each year you hold the Platinum Card, you also receive a $200 credit to use with one selected airline. The credit is intended to be used for things like checked bags, change or cancelation fees, seat assignments, lounge access, and more.
- $200 Hotel Credit: Get a $200 annual statement credit for prepaid hotel bookings through the Amex Travel booking portal. This new credit only applies to Fine Hotels + Resorts® or Hotel Collection properties, which includes some great resorts and hotels around the globe. Notably, stays at Hotel Collection properties require a minimum stay of two consecutive nights.
- $200 Annual Uber Credit: Each year you hold the Platinum Card, you will receive $200 toward Uber rides. You will be issued $15 each month, and $35 in the month of December (for $200 total annually). You'll also get a complimentary Uber Eats Pass membership.
- $240 Digital Entertainment Credit: Cardholders will receive up to $240 in annual statement credits for select entertainment services, with monthly installments of $20. But this new benefit is incredibly restrictive: It currently only applies to purchases or subscriptions with Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, Audible, SiriusXM, and The New York Times.
- $300 Equinox Gym Credit: Receive up to a $300 credit annually to use for Equinox gym memberships or a digital subscription to Equinox+. The credit will be doled out in $25 increments each month until Jan. 1, 2023, when it becomes an annual credit.
- $100 Annual Credit for Saks Fifth Avenue: Each year of card membership, you will receive two $50 credits to be used at Saks Fifth Avenue stores. One $50 credit will be available from January through June, with another available from July through December.
- A $189 Credit for CLEAR®: Platinum cardholders now get a $189 annual credit for the privately run security program. Just pay for your membership with your Platinum Card and the credit should kick in automatically.
- Monthly Walmart+ Credit: Cardholders receive a $12.95 monthly credit to cover the cost of Walmart+, the retail giant's response to Amazon Prime with free shipping, same-day local delivery, and discounts at the gas pump.
Which Card has the Best Statement Credits?
There is a lot to unpack with these statement credits. That's especially true of the Amex Platinum Card.
One thing to note is that all three of these cards also provide up to a $100 credit to cover the cost of either Global Entry or TSA PreCheck once every four years. Membership in both programs is good for five years.
While the Amex Platinum offers a ton in terms of statement credits, many of these require a lot of effort to use and have questionable value in the first place. That's why we think the Chase Sapphire Reserve is the winner in this category. It doesn't offer nearly as much in terms of statement credits, but they are incredibly easy to use to help offset the annual fee.
Winner: The Chase Sapphire Reserve®
 
