By Joseph Hellman-Benjamin, Founder and CEO of The Points King. Last updated: October 12, 2026. Editorial Policy
Amex Platinum vs. Chase Sapphire Reserve in 2026 comes down to lounges against everyday earning. The Platinum Card costs $895 a year and the Sapphire Reserve $795. The Platinum has the larger lounge network and more transfer partners, 20 against 14. The Sapphire Reserve earns 3 points per dollar on dining and 4 on flights and hotels booked direct, its points are worth 1 cent as cash against 0.6 for Amex, and its $300 travel credit applies to almost any travel purchase.
My company buys both Membership Rewards and Ultimate Rewards points, so I follow what each is worth closely, and this page has no affiliate links. Most card comparison sites are paid by the banks they list; what a credit card broker is explains how. If I could hold only one and did not care about lounges, I would take the Sapphire Reserve. If I flew Delta or wanted the widest lounge access, the Platinum. The numbers behind that are below, taken from each bank’s card page on October 10, 2026.
Amex Platinum vs. Chase Sapphire Reserve at a Glance
| Amex Platinum | Chase Sapphire Reserve | |
|---|---|---|
| Annual fee | $895 | $795 |
| Additional card | $195 a year | $195 per authorized user |
| Public welcome offer, October 2026 | “As high as 175,000 points” after $12,000 in purchases in 6 months. Offers vary by applicant | 100,000 points after $6,000 in purchases in 3 months |
| Flights | 5X booked direct with airlines or through Amex Travel, on up to $500,000 a year | 8X through Chase Travel, 4X booked direct |
| Hotels | 5X on prepaid hotels through Amex Travel | 8X through Chase Travel, 4X booked direct |
| Dining | 1X | 3X worldwide |
| Everything else | 1X | 1X |
| Point value, The Points Guy, October 2026 | 2.0 cents | 2.05 cents |
| Point value, NerdWallet, October 2026 | 1.3 cents | 1.8 cents |
| Transfer partners | 16 airlines and 4 hotels | 10 airlines and 4 hotels |
| Value as cash | 0.6 cents as a statement credit | 1 cent |
| Lounges | Centurion Lounges, Priority Pass, and 10 Delta Sky Club visits a year when flying Delta | 9 Chase Sapphire Lounges and 1,300+ Priority Pass lounges |
What Changed on Both Cards in 2026
Both cards were overhauled in 2025, and both kept changing this year. If you are reading a comparison written before the summer of 2026, parts of it are out of date.
Sapphire Reserve
- The Edit hotel credit now pays up to $250 per prepaid stay of two nights or more, to a maximum of $500 a calendar year. That rule took effect January 1, 2026.
- A 2026-only credit of up to $250 covers prepaid two-night stays at select hotel chains booked through Chase Travel, Frequent Miler reported.
- The DoorDash restaurant promo rose from $5 to $15 a month on October 1, 2026, per View from the Wing.
- Chase Sapphire Lounges opened in Las Vegas in December 2025 and at Dallas Fort Worth on July 16, 2026. The Hong Kong lounge closed in January 2026, according to One Mile at a Time.
- Wyndham Rewards joined as a transfer partner in February 2026. From October 1, 2026, Hyatt transfers are 4:3 on the Sapphire Preferred and Ink Business Preferred. They stay 1:1 on the Sapphire Reserve.
Platinum Card
- The Saks credit ended on June 30, 2026, per Upgraded Points.
- Etihad Guest left the transfer partner list on June 30, 2026. The Leading Hotels of the World joined on July 28, 2026, at 4 points to 1.
- Since July 8, 2026, Centurion Lounge guests must be on the same flight as the cardholder, AwardWallet reports.
- A Centurion Lounge opened at Amsterdam Schiphol on September 17, 2026, the 33rd in the network.
- Access to Lufthansa lounges with the Platinum Card ended on October 1, 2026, per Upgraded Points.
Annual Fee and Credits
Neither fee makes sense on points alone. Both cards expect you to earn the fee back through credits, and most of those credits are tied to a specific merchant. Count only the ones you would have paid cash for anyway.
Sapphire Reserve: $795
- Travel: up to $300 each account anniversary year, applied automatically to travel purchases.
- The Edit hotels: up to $500 a calendar year, at up to $250 per prepaid stay of two nights or more.
- Dining: up to $300 a year, $150 in each half, at Sapphire Reserve Exclusive Tables restaurants on OpenTable.
- StubHub and viagogo: up to $300 a year, $150 in each half, through December 31, 2027. Activation required.
- DoorDash: a DashPass membership and up to $35 a month in promos, through December 31, 2029.
- Lyft: up to $10 a month in credit and 5X points, through September 30, 2027.
- Apple TV and Apple Music: subscriptions that Chase values at $324 a year. Activate by June 22, 2027.
- Peloton: up to $10 a month toward a membership, through December 31, 2027.
- Global Entry, TSA PreCheck or NEXUS: up to $120 once every four years.
Spending $75,000 in a calendar year adds mid-tier World of Hyatt status, IHG Diamond Elite status, Southwest A-List status, a $500 Southwest credit through Chase Travel and a $250 credit at The Shops at Chase.
Platinum Card: $895
- Hotels: up to $600 a year, $300 in each half, on prepaid Fine Hotels + Resorts or The Hotel Collection bookings.
- Resy: up to $400 a year, at $100 a quarter.
- Digital entertainment: up to $300 a year, at $25 a month.
- lululemon: up to $300 a year, at $75 a quarter.
- Uber: up to $200 a year in Uber Cash, plus up to $120 toward an Uber One membership.
- Airline fees: up to $200 a calendar year on one airline you select, for incidental fees only.
- CLEAR+: up to $219 a year.
- Walmart+: up to $155 a year.
- Oura Ring: up to $200 a year.
- Equinox: up to $300 a year.
- Global Entry or TSA PreCheck: $120 every four years for Global Entry, or up to $85 for TSA PreCheck.
Several of these need enrollment before they work. The Platinum Card also gives Marriott Bonvoy Gold and Hilton Honors Gold status. The Sapphire Reserve gives IHG One Rewards Platinum Elite status through December 31, 2027.
Points: Earning, Value and Transfer Partners
On earning, the Sapphire Reserve is the broader card. It pays 3 points per dollar at restaurants and 4 on flights and hotels booked directly, where the Platinum pays 1 point on dining and nothing extra on hotels booked outside Amex Travel. The Platinum is ahead only on flights booked directly with the airline, at 5 points per dollar against 4.
On value, the two currencies are close when you transfer them to airlines. The Points Guy puts Ultimate Rewards at 2.05 cents and Membership Rewards at 2.0 cents for October 2026. NerdWallet, which measures differently, has 1.8 cents for Sapphire Reserve points and 1.3 cents for Amex points. The gap shows up when you do not transfer. A Chase point is worth 1 cent as cash, and up to 2 cents on select Chase Travel bookings through Points Boost offers, which rotate. An Amex point is worth 0.6 cents as a statement credit.
One detail for long-time Sapphire Reserve holders: NerdWallet reports that if you applied before June 23, 2025, points earned before October 26, 2025 still redeem at 1.5 cents through Chase Travel until October 26, 2027.
On partners, Amex has the longer airline list, including Delta, ANA, Qatar Airways and Qantas. Chase has United, Southwest and Hyatt, none of which takes Amex points. For Hyatt in particular, see can you transfer Amex points to Hyatt. Eight airline programs take points from either bank. The full comparison is in Amex points vs. Chase points.
Airport Lounges
This is the Platinum Card’s category. American Express counts more than 1,550 lounges in its Global Lounge Collection as of January 2026: 33 Centurion Lounges, Priority Pass with enrollment, and 10 Delta Sky Club visits a year when you fly Delta, which become unlimited after $75,000 in annual spending. Centurion guests cost $50 per adult and $30 per child unless you have spent $75,000 on the card in the calendar year.
The Sapphire Reserve gets you into nine Chase Sapphire Lounges, all in the US: Boston, New York LaGuardia, New York JFK, Washington Dulles, Phoenix, San Diego, Philadelphia, Las Vegas and Dallas Fort Worth. It also includes more than 1,300 Priority Pass lounges. Two guests come in free, and authorized users get the same access. Skytrax named the LaGuardia lounge the best independent lounge in the world in September 2026.
For how the card lounges compare with the airline first class lounges, see the best airport lounges in the world.
Travel Insurance and Purchase Protection
This is the part of the comparison most people skip, and it is where the two cards differ most.
| Protection | Amex Platinum | Chase Sapphire Reserve |
|---|---|---|
| Trip delay | Up to $500 per trip after 6 hours; two claims a year | Up to $500 per traveler after 6 hours or an overnight delay |
| Trip cancellation or interruption | Up to $10,000 per trip, $20,000 per card a year | Up to $10,000 per traveler, $20,000 per trip |
| Baggage delay | Not offered | Up to $100 a day for 5 days after a 6 hour delay |
| Lost luggage | Up to $3,000 per person; the whole fare must be on the card | Up to $3,000 per traveler |
| Rental car damage | Secondary, up to $75,000; not in Australia, Italy or New Zealand | Primary, up to $75,000 |
| Emergency evacuation | Arranged through the Premium Global Assist Hotline | Up to $100,000 |
| Emergency medical and dental | Not offered | Up to $2,500, with a $50 deductible |
| Purchase protection | 90 days, up to $10,000 per purchase | 120 days, up to $10,000 per item |
| Return protection | 90 days, up to $300 per item | 90 days, up to $500 per item |
| Cell phone protection | Up to $800 per claim, $50 deductible | Not listed among Chase’s published benefits |
The Sapphire Reserve is the stronger card for travel insurance. Its rental car cover is primary, it pays for delayed bags and for medical care abroad, and charging part of the trip to the card is usually enough to qualify. The Platinum’s trip delay and cancellation cover applies only to a round trip paid for with the card or with points, as The Points Guy sets out (updated August 5, 2026). The Platinum is ahead on one item, cell phone protection. Limits are from each bank’s card page, read October 12, 2026; the benefit guides have the exclusions.
Which Card Should You Get?
- You eat out and book travel directly: Sapphire Reserve, for 3X dining and 4X on direct flights and hotels.
- You fly Delta: Platinum. It carries Sky Club visits, and Delta takes Amex points but not Chase points.
- You fly United or Southwest, or stay at Hyatt: Sapphire Reserve. All three are Chase partners only.
- You want the most lounges: Platinum.
- You might want cash for your points one day: Sapphire Reserve, at 1 cent against 0.6.
- You will not use merchant credits: Sapphire Reserve. Its $300 travel credit needs no planning. Most Platinum credits are tied to one brand.
Holding both costs $1,690 a year. That only works if you use the credits on both without changing how you spend. For one Amex card at a lower fee, see Amex Platinum vs. Amex Gold.
If You Have Points You Will Not Use
Brokers, including The Points King, buy both kinds for cash. Selling Membership Rewards points is against the program’s terms, which say you can’t sell your points and let American Express take points away or cancel your card account. Chase’s Ultimate Rewards program agreement lists buying or selling points as misuse and says you lose all your points if your account is closed for it. Read the risks of selling miles and points first, then see our pages on selling Amex points and selling Chase points.
Frequently Asked Questions
Which has the higher annual fee, Amex Platinum or Chase Sapphire Reserve?
The Platinum Card, at $895 a year against $795 for the Sapphire Reserve. Both charge $195 for each additional cardholder.
Are Amex points or Chase points worth more?
They are close. The Points Guy values Chase Ultimate Rewards at 2.05 cents and Amex Membership Rewards at 2.0 cents for October 2026. As cash, Chase points are worth 1 cent and Amex points 0.6 cents.
Which card is better for airport lounges?
The Platinum Card. It includes 33 Centurion Lounges, Priority Pass and 10 Delta Sky Club visits a year. The Sapphire Reserve includes nine Chase Sapphire Lounges and Priority Pass.
Which card is better for dining?
The Sapphire Reserve earns 3 points per dollar at restaurants worldwide. The Platinum Card earns 1 point on dining and offers a Resy credit of up to $400 a year.
Can you transfer Amex points to Chase, or Chase points to Amex?
No. Neither bank transfers to the other. Both transfer to eight of the same airline programs, so points from each can be combined inside one airline account.
Does the Sapphire Reserve still give 1.5 cents per point for travel?
Only on older points. NerdWallet reports that cardholders who applied before June 23, 2025 keep the 1.5 cent rate through Chase Travel until October 26, 2027, for points earned before October 26, 2025. Newer points are worth 1 cent, or up to 2 cents on Points Boost offers.
Sources
- Chase: Sapphire Reserve card page, read October 10, 2026
- American Express: The Platinum Card, read October 10, 2026
- The Points Guy: Sapphire Reserve current offer, updated October 9, 2026
- The Points Guy: Platinum Card review, September 25, 2026
- NerdWallet: Chase Sapphire Reserve review, September 14, 2026
- One Mile at a Time: Chase Sapphire Lounges guide, August 17, 2026
- Upgraded Points: Chase transfer partners, October 7, 2026
- Upgraded Points: Amex transfer partners, updated August 21, 2026
- Upgraded Points: Platinum Card changes, September 17, 2026
- AwardWallet: Centurion Lounge guest policy, July 10, 2026
- Euronews: Skytrax 2026 lounge results, September 24, 2026
- The Points Guy: monthly valuations, October 1, 2026
- NerdWallet: points and miles valuations, updated October 6, 2026
- The Points Guy: travel insurance on the Sapphire Reserve and the Platinum Card, updated August 5, 2026
Update Log
- October 12, 2026: added a side by side table of travel insurance and purchase protection, and folded in an older duplicate of this comparison.
- October 10, 2026: rewritten against both banks’ card pages. Annual fees, credits, earning rates, lounge lists and transfer partners updated, and a section on 2026 changes added.