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 Specific. 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 site visitors right here at TPG, each on the positioning and on our social media channels, particularly amongst current cardmembers. However as we additionally coated, now is just not 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 decide the one which’ll work greatest for you.
To assist, here 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 straight with airways or by way of American Specific Journey® (on as much as $500,000 in purchases per calendar 12 months, then 1 level per greenback)
5 factors per greenback spent on pay as you go motels booked with American Specific 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 means of Sept. 30, 2027) 4 factors per greenback spent on flights and resort purchases straight 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 motels 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 resort packages)
|
14 (11 airways and three resort packages) | 15-plus (16 airways and three resort packages) |
| TPG’s June 2025 valuation | 2 cents per level | 2.05 cents per level | 1.85 cents per mile |
| Direct journey redemptions |
|
|
|
| Lounge entry | Eligible cardmembers have entry to American Specific International Lounge Assortment, which incorporates:
|
Chase Sapphire Lounges
Precedence Go lounges |
Capital One Lounges
Precedence Go lounges |
| Lounge visitor privileges | Two free friends in Precedence Go, Plaza Premium and Escape lounges | Two free friends in Sapphire and Precedence Go lounges | Two free friends in Capital One and Precedence Go lounges, although this can turn out to be extra restrictive as of Feb. 1, 2026 |
| Notable assertion credit |
*Enrollment is required; terms apply. |
|
|
| Elite standing | Complimentary Gold standing with Marriott Bonvoy and Hilton Honors (enrollment is required) | Complimentary IHG One Rewards Platinum standing by means of Dec. 31, 2027 | None |
| Annual payment | $695 (see charges and charges) | $550, although this can enhance to $795 for brand spanking 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 these three playing cards — and that does not even think about 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 number of concrete methods to research which may be a greater match to your state of affairs.
What’s your typical spending exercise?
The Sapphire Reserve’s bonus classes are amongst its greatest adjustments, as you may not take pleasure in incomes 3 factors per greenback on all journey spending. Beginning subsequent week (or Oct. 26, 2025, for current cardmembers), it will be 8 factors per greenback spent at Chase Journey, 4 factors per greenback spent on direct airline and resort 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 general, it is nonetheless a lower above the Amex Platinum and Enterprise X. Nonetheless, the Enterprise X is incredible for all purchases, given that you simply earn a minimum of 2 miles per greenback spent, so take into consideration the place you spend your cash and which card would maximize these purchases as an entire.
What’s the precise worth of the assertion credit?
Card issuers have embraced annual assertion credit lately, however it’s vital to consider your personal, 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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Nonetheless, the Amex Platinum has an extended record of different assertion credit, whereas the Sapphire Reserve will quickly have its personal record. However assume by means of how simple they’re to make use of, and to what extent you’ll truly use them to save cash. For instance, an Apple TV+ subscription solely places a refund in your pocket in the event you already pay for it.
Which forex is most useful to you?
Every of those transferable currencies can provide great worth, however you need to analyze which is sensible for you. Amex sometimes affords the bottom direct redemption worth, however it has incredible switch companions like ANA Mileage Membership. Chase at the moment has one of the best worth for direct redemptions, however that’ll ultimately change with the implementation of Factors Increase. 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.
Have a look at the switch companions and be sincere about how you intend to make use of your rewards. Then, decide this system that matches your habits.
What’s lounge entry actually value primarily based on the place you reside and fly?
Lastly, take a look at the lounges in your house airport and your frequent locations. Does certainly one of these playing cards provide extra in depth entry? What about visitor insurance policies and charges? For those who incessantly journey with your loved ones like I do, you may wish to take that into consideration when entry. The issuer-branded lounges are incredible, however there is no worth in gaining access to the Sapphire Lounge at New York’s LaGuardia Airport (LGA) in the event you all the time fly Delta Air Traces, which operates from a distinct terminal.
There’s time to make this choice
A very powerful factor to notice is that you’ve got loads of time to make the choice on which of those playing cards is best for you. In spite of everything, current Sapphire Reserve cardmembers will not see a better annual payment till their subsequent renewal date on (or after) Oct. 26, 2025. We cannot see new lounge entry restrictions with the Enterprise X till Feb. 1, 2026. And we have now zero particulars on what a revamped Amex Platinum may appear like. Perhaps its annual payment may hit $1,000 — however Amex may additionally take a very completely different strategy.
It is simple to get caught up in these bulletins, however do not make an emotional choice. Rigorously analyze every card by means of the lens of your personal state of affairs. Then, decide the one that provides you one of the best rewards and most worth (in comparison with the annual payment).
For charges and charges of the Amex Platinum, click on right here.
