These days, credit cards are getting a bad rap, but those that are responsible with their credit cards are trying to take advantage of the perks that come with a preferred or platinum credit card. So, which one is better? Who has the best perks? Who has the least fees and the lowest interest rates? These are all questions that we ask when doing our research and finding the right card to fit our budget and personality.
For credit worthy customers, there is the Chase Sapphire Preferred and the American Express Platinum. Both of these cards offer outstanding elite benefits to their card holders. They both have their pros and cons. It’s up to you do choose which card’s negatives outweigh the positives.
One noticeable difference for these cards is charge card and credit card. Chase Sapphire Preferred is a credit card which means you have the option to carry a balance on your monthly statement. The American Express Platinum is a charge card which doesn’t afford you that same luxury. Monthly statements are to be paid in full. If your bill is not paid in full, it could possibly lead to your card being revoked.
Chase Sapphire Preferred
This card has several great benefits. You can earn 2 points for every dollar spent on travel and dining at restaurants. All other purchases that are made using the card earn 1 point for every dollar spent. Your points earn can be used for travel services through their partners. They have a 1:1 ratio for point redemption. Redeeming 1,500 points is equal to 1,500 miles. Points can also be used for airlines and hotels.
Other added benefits include:
- Trip cancellation insurance/Trip interruption insurance
- Purchase protection
- Rental car collision damage waiver
- 15.99% APR, this is one of the lowest rates amongst credit card and can go up based on your credit and other factors.
- 40,000 bonus points when you spend $4,000 within the first three months of opening the account.
- 5,000 additional points are earned when you add an authorized user and they make a purchase with the first three months of opening the account.
- No foreign transaction fees
One thing that we know and love more than anything is being able to reach a customer service specialist at any time. Chase Sapphire Preferred provides 24/7 direct access to customer service specialist. To put the icing on the cake, the annual fee is waived for the first year. After that it’s $95 per year. The only negative I could find with this card is the ability to access airport lounges. If you enjoy having a place to relax while in between flight this is the card that doesn’t provide that perk.
American Express Platinum
The American Express Platinum card has it perks as well even though they are not as generous as Chase, but with the $450 annual fee it makes it difficult to see if it’s really even worth it. American Express offers:
- 40,000 bonus points after spending $3,000 within the first 3 months of opening the account.
- Annual $200 airline free credit. This is received after you’ve chosen a qualifying airline.
- No foreign transaction fees
- Platinum card concierge. Use this luxury if you need assistance making last minute reservations or finding a gift. Of course there are terms and restrictions that may apply
- No APR because no balance can be carried over to the next month on your statement.
- Access to Airport Club. This gives you access to exclusive airport lounges such as the Delta Sky Club. There are 600 lounges worldwide that you can gain entry to no matter what class or airline you use.
Making a Decision
If you are into the outward luxuries like airport lounges and concierge services, then American Express is the way for you. You can truly play the glamourous role with this card. This is a card made for frequent flyers and people that can take on the challenge of making statement payments in full. Make sure you can afford the annual fee before applying for this card. $450 can be a drop in the bucket for some and a budget buster for others. With the luxurious benefits, it seems like the card is truly worth the price. Or you can consider going for the gold which has a cheaper annual fee of $175 and is waived for the first year.
Chase has a lot more perks, but they don’t offer the lounge and concierge services that AMEX has. If you’re not into that, then this is the card for you. Overall, this credit card is more affordable. Monthly statements don’t have to be paid in full and the annual fee is a lot lower. Not to mention, the fee is also waived for the first year. When it comes to redemption, you get more for your points with the 1:1 ratio.
Credit Donkey has a great article if you want more information about these two cards.