Why We’re Keeping Both an AmEx Platinum and a Sapphire Reserve

With annual fees creeping higher—currently $695 for The Platinum Card® from American Express and $795 for the Chase Sapphire Reserve®—many cardholders are asking themselves a tough question: Should I keep either of these cards?

In one two-person household, the decision was to keep both, paying nearly $1,700 a year in combined fees. Sounds steep? Absolutely. But for travelers who know how to maximize the benefits, these premium cards can still be well worth it.

Here’s why keeping both cards may still make sense for certain cardholders—and how to make the most of what they offer.

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📌 Quick Summary

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💳 AmEx Platinum: High Fee, High Value (If You Use the Credits)

While the AmEx Platinum’s annual fee is no small pill to swallow, the value of the card’s monthly and annual creditscan easily outweigh the cost—if you’re taking full advantage.

AmEx Platinum Credits That Can Offset the Annual Fee:

• $240 Digital Entertainment Credit (e.g., NYT, Disney+, Peacock)

• $200 in Uber Cash (for rides or Uber Eats, $15/month + $20 in December)

• $200 Airline Fee Credit (with selected airline)

• $100 Saks Fifth Avenue Credit ($50 twice per year)

• $189 CLEAR® Plus Credit

• $300 Equinox Credit (for gym memberships or Equinox+ app)

• $100 Global Entry / TSA PreCheck Fee Credit

• Resy Dining Credits and other lifestyle perks

Enrollment required for select benefits. Terms apply.

In one household example, these credits add up to well over $1,000 annually in used value—from Uber rides to streaming services and even that favorite soap from Saks. That means the real cost of the card—after using credits—is significantly less.

Interestingly, for some users, earning AmEx Membership Rewards® points isn’t even the main reason to keep the card. It’s the lifestyle perks and travel access that drive the value.

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💎 Chase Sapphire Reserve®: Easier Points, Better Travel Redemptions

Where the AmEx Platinum leans heavily into lifestyle and luxury perks, the Chase Sapphire Reserve® shines in one key area: earning and using points is far more straightforward.

Why Chase Points Are More Valuable for Many:

• 3X points on dining, travel, and hotels (booked directly)

• 1.5¢ value per point when redeemed through Chase Travel

• Transfer partners like World of Hyatt, United, and Air Canada

• Consistent redemptions around 1.8–2.0¢ per point with Hyatt (often better than hotel programs like Marriott or IHG)

NerdWallet values Marriott points at just 0.8¢, so getting 2¢ per point through Chase for a Marriott boutique hotel stay is a big win.

Chase Travel Credits and Perks:

• $300 annual travel credit (simple and automatic)

• New hotel credits via The Edit and Points Boost properties

• Points Boost on select hotel redemptions (up to 2¢ per point)

Though Chase’s redemption options were slightly devalued in 2025, hotel bookings in the portal remain a sweet spot, especially at high-end brands.

Unlike AmEx, points earned on hotel bookings and dining stack up quickly—and redeeming them is easy, whether you use the travel portal or transfer to partners.

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🎯 Why Carry Both Cards?

If you’re managing travel for two or more people and can take advantage of both cards’ benefits, diversifying may make more sense than choosing one over the other.

Here’s what dual-card households often gain:

1. Twice the Travel Perks

• Lounge access through multiple networks (Centurion, Priority Pass, Chase Sapphire Lounge)

• Hotel elite status and upgrades via both cards

• Better travel insurance coverage across different carriers

2. Broader Redemption Options

• Use AmEx points for airlines like Delta, ANA, and Emirates

• Use Chase points for Hyatt, United, Southwest, and more

• Tap into the strengths of each loyalty program depending on your trip

3. Offsetting High Fees with Credits

With careful planning, a couple or household can use $2,000+ in annual value across:

• Lifestyle and subscription credits (AmEx)

• Travel credits (Chase)

• Lounge visits

• Insurance protections

• Bonus points for everyday spending

Bottom line: The annual fees are steep—but so are the rewards when used strategically.

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🧠 Final Thoughts: Who Should Keep Both Cards?

Keeping both the AmEx Platinum and Chase Sapphire Reserve® makes sense if:

• You travel regularly and use lounges

• You value premium hotel and airline experiences

• You’re able to fully use the annual and monthly credits

• You prefer flexible, high-value redemptions across different platforms

• You want elite status, concierge services, and comprehensive travel protection

But if you’re not maximizing at least 60–70% of the benefits, you’re likely better off downgrading to a lower-fee cardor sticking with just one premium option.

For those who know how to play the game, holding both cards can unlock thousands in value—far beyond the $1,700 in annual fees.

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💬 Thinking About Ditching a Premium Card?

Explore our Top Travel Credit Cards list to see which options best fit your lifestyle, spending habits, and travel goals—whether you want all the perks or just the best value.