Why We’re Keeping Both The AmEx Platinum and CSR

With the annual fees increasing on
The Platinum Card® from American Express
and the
Chase Sapphire Reserve®
, many premium credit cardholders are reevaluating their choices. In my household, my boyfriend and I have decided to keep one of each card between us.

For these two cards alone, we’ll be paying nearly $1,700 in annual fees next year. While that may seem excessive, I believe it enables us to travel more frequently and comfortably than we could by simply spending that amount.

Maximizing the benefits of both credit card rewards programs remains worthwhile for us, and possibly for other households as well. Here’s why.

Despite the increased annual fee, the enhanced credits on

The Platinum Card® from American Express

can translate into savings on expenses I already incur: my subscriptions to the New York Times and Disney+, my monthly Ubers (typically to and from the airport), and dining out at restaurants available on Resy, an online reservation platform.

With the digital entertainment credit, Uber Cash, my boyfriend’s Uber One subscription, and Resy credits on
The Platinum Card® from American Express
, we’re already gaining over $1,000 in value. (Enrollment required. Terms apply).

This doesn’t even include other indulgences we treat ourselves to, thanks to the credits on this card: a new cropped Lululemon top for me, the fancy hand soap from Saks that my boyfriend loves, and a

CLEAR+

membership just because. Enrollment required. Terms apply.

Essentially, the AmEx credits effectively cancel out the annual fee for us. Ironically, earning AmEx points feels more like a bonus than the primary reason for retaining this card.

While the credits from
The Platinum Card® from American Express
cover a wide range of expenses, the

Chase Sapphire Reserve®

offers more limited credits. The standout is the automatic $300 travel credit, but the

new hotel credits

through Chase’s travel portal and dining credits can be trickier to utilize.

Instead, we primarily use the
Chase Sapphire Reserve®
for most travel and restaurant expenses because the points we accumulate are incredibly valuable.

Compared to
The Platinum Card® from American Express
, the
Chase Sapphire Reserve®
earns more points per dollar on direct hotel bookings and dining. The bonus category for direct hotel bookings is crucial for me, as I prefer not to book through travel portals or online agencies to avoid complications and preserve my hotel loyalty benefits.

Chase’s transfer partners

are also more beneficial for me. I can consistently achieve

1.8 cents

or more in value when transferring my Chase Ultimate Rewards® points to World of Hyatt for award redemptions. There’s nothing more satisfying than redeeming 45,000 points or less per night for a luxury hotel stay, as I’ve done numerous times with the

Hyatt award chart

.

I’m aware that Chase has recently devalued many redemptions in its travel portal and introduced the more limited Points Boost-eligible redemptions. One of my fellow writers even referred to it as a “

points bust

.” However, I want to highlight one positive aspect: hotel redemptions in the Chase travel portal.

As someone who enjoys high-end hotels while traveling, I’ve been pleasantly surprised by the Points Boost properties available through Chase’s travel portal. I managed to book hotels that are part of Marriott’s boutique brand at a redemption rate of nearly 2 cents per point. This rate is almost double the value I would have received by booking with Marriott points. According to NerdWallet,

Marriott points

are valued at just
0.8 cent
each.

When comparing the

list of AmEx’s transfer partners

and the redemption rates in the AmEx Travel portal (typically just 0.7 cent per point on most hotel and flight bookings) to Chase, it becomes evident that Chase Ultimate Rewards® is the superior transferable currency for most users.

Ultimately, holding two premium travel cards is beneficial for us. Both cards have their limitations, but my boyfriend and I can offset the annual fees with the credits and points they offer. Additionally, we gain more redemption options with two distinct sets of transfer partners.

Moreover, only premium travel cards provide us access to airport lounges and automatic elite status with various hotel loyalty programs. We can book travel confidently, knowing we have some of the best travel insurance protections available in case of unforeseen issues.

While the annual fees are significant, the extensive travel redemptions and credits we receive from both cards are luxuries I’m not ready to forgo just yet.

Top photo by Meghan Coyle/NerdWallet.