Will Chase’s $795 Sapphire Reserve Outshine Amex Platinum’s Luxury Perks?

JPMorgan Chase’s Sapphire Reserve card, relaunched on June 23, 2025, now carries a $795 annual fee, a 45% jump from its previous $550. The bank claims over $2,700 in annual benefits, including a $500 credit for stays at its luxury hotel collection, a $300 dining credit for Sapphire Reserve Exclusive Tables, and a $300 credit for StubHub or Viagogo purchases.

A new redemption program doubles point values for select travel offers, and high spenders ($75,000 annually) unlock top-tier status with Southwest Airlines and IHG Hotels. Free subscriptions to Apple TV+ and Apple Music, valued at $250 yearly, sweeten the deal. Yet, the fee hike has sparked debate: do these perks truly offset the cost for most cardholders?

Will Amex Platinum’s Lounge Access Keep It Ahead?

The hallmark of American Express Platinum is its unrivaled lounge access, offering entry to over 1,400 lounges worldwide via the Global Lounge Collection, including exclusive Centurion Lounges, Delta Sky Clubs (10 visits annually unless $75,000 is spent), and Priority Pass Select.

Chase Sapphire Reserve offers Priority Pass Select and operates its Sapphire Lounges, which are currently located in Boston and Hong Kong, with plans for future expansion.

Amex’s broader network, especially its Centurion Lounges, remains a draw for frequent flyers seeking luxury. However, Chase’s lounges are gaining praise for their upscale amenities, hinting at a tighter race. Amex’s edge may hinge on whether its upcoming refresh enhances lounge perks further.

ALSO READ | Is Amex’s Platinum Card Worth Its Hefty $695 Annual Fee Post-Refresh?

Is Chase’s Rewards Program More Lucrative?

The Chase Sapphire Reserve offers flexible rewards: 10x points on hotels and car rentals, 5x on flights via Chase Travel (after a $300 travel credit), 3x on dining and other travel, and 1x elsewhere.

Points redeemed through Chase Travel get a 50% bonus, valuing 60,000 points at $900. Amex Platinum earns 5x points on flights booked directly with airlines or Amex Travel (up to $500,000 annually) and prepaid hotels via Amex Travel, but only 1x on other purchases.

Amex points are worth 1 cent each via Amex Travel, less than Chase’s 1.5 cents. Both cards allow transfers to travel partners, but Chase’s broader travel categories and redemption bonus give it an edge for versatile spenders.

Amex Platinum’s Credits Demand More Effort

Amex Platinum’s $695 fee is offset by over $1,000 in annual credits, including $200 for airline incidentals, $200 for Uber (monthly credits plus a December bonus), $200 for Fine Hotels & Resorts or The Hotel Collection bookings, and $100 for Saks purchases.

However, these credits require strategic spending, limiting their appeal for those who don’t align with Amex’s partners.

Chase’s $300 travel credit is simpler, applying to any travel purchase, while its new $500 hotel, $300 dining, and $300 event credits are more targeted but still flexible. Chase’s straightforward credits may resonate more with users seeking ease, though Amex’s higher credit total keeps it competitive.

Did you know?
In 1984, American Express launched the Platinum Card as an invite-only product, pioneering the premium credit card category with perks like concierge services and lounge access, setting the stage for competitors like Chase’s Sapphire Reserve decades later.

Sapphire Reserve’s Fee Hike Signals Market Shift

Chase’s $795 fee aligns with a premium card trend: escalating costs paired with lavish perks to retain affluent customers. Amex Platinum, at $695, is rumored to increase its fee with its 2025 refresh, potentially matching or exceeding Chase.

Both cards cater to high spenders, but Chase’s new business Sapphire Reserve card, also $795, directly challenges Amex’s Business Platinum.

The market is polarizing, with banks betting that exclusive benefits will justify soaring fees. Whether consumers embrace or reject this shift will shape the future of premium cards.

What Lies Ahead for Premium Travel Cards?

Chase Sapphire Reserve’s $795 fee and bold perks signal an aggressive bid to outpace Amex Platinum, but Amex’s entrenched luxury benefits and upcoming refresh keep it in the race. Chase excels in rewards flexibility and simpler credits, while Amex dominates lounge access and credit volume.

As both banks push upmarket, cardholders must weigh whether their spending habits align with these costly perks. Will the premium card war drive innovation or alienate cost-conscious travelers?