Chase Sapphire Reserve vs American Express Platinum: Which premium credit card is right for you

Both cards come with generous travel credits that go a long way toward offsetting the annual fee.

Of course, you'll still have to pay the fee upfront before making some of it back from the credits. The fee for the Sapphire Reserve is $450, while the Amex Platinum has a $550 yearly charge.

The Sapphire Reserve comes with a straightforward and easy-to-use $300 travel credit. The first $300 you spend on travel-related purchases every cardmember year is credited back to your account. The "travel" category is expansive, including everything from subways, taxis, parking, and tolls to airfare and hotels. When you subtract that credit from the annual fee, the card only costs $150 per year.

The Platinum Card, meanwhile, has three different credits.

The first is a $200 airline fee credit each calendar year. Every January, you pick one airline for that credit to apply toward. While the credit doesn't cover tickets, it covers incidental fees like checked bags, seat assignments on basic economy tickets, change fees, and more. Sometimes you can even be reimbursed for airline gift cards that you can apply toward tickets, even though this is an unpublished benefit — do some Googling to see whether that works on your airline of choice.

Second, you can get up to $200 in Uber credits each cardmember year, which is broken down into monthly chunks. Each month, cardholders receive $15 of credits to use on Uber rides or for Uber Eats. In December, that's boosted to $35.

Finally, you can get up to $100 in shopping credits each year at Saks-brand stores, broken into two chunks: You'll get up to $50 during the first six months of the year, and another $50 during the second.

When you subtract the three credits, the Platinum Card's annual fee is just $50. However, since the airline fee is each calendar year, you can actually collect it twice if you open your card mid-year and maximize the credit before and after January of that first cardmember year.

That would mean you're not just making up for the annual fee, you're actually getting more value than the fee in the first place. That's without even considering the other benefits and rewards.

Both cards come with a Priority Pass Select membership, which grants access to a network of more than 1,000 airport lounges all around the world. However, if you're mostly flying within the US, you may be better off with the Platinum Card.

That's because many Priority Pass lounges within the US are in international terminals. Fortunately for domestic flyers, the Platinum Card also comes with access to Amex's proprietary Centurion Lounges, which can be found at eight of the busiest airports in the US — plus Hong Kong — with more locations on the way. In addition, cardholders can enter Delta Sky Club lounges whenever they're flying with the airline.

If lounge access is important to you, especially when flying within the US, or if you frequently fly Delta, then the Platinum Card is the clear winner.

The Sapphire Reserve is one of the most rewarding cards out there for your everyday spending. You'll earn 3x points per dollar spent on travel and dining, and both of those categories are defined fairly broadly, with the dining category including things like bars, cafes, and in many cases, bakeries or ice cream shops.

The Platinum Card, meanwhile, earns 5x points on flights purchased directly through the airline — so no online travel agencies like Priceline or Expedia — and prepaid hotel reservations made through the Amex Travel portal. That's useful if you fly a lot, and you can book your own work travel, but tough to maximize otherwise.

Depending on your spending habits, the Sapphire Reserve wins this category. Earning 3x points on your commute, lunch, and drinks after work, it's easy to stockpile a ton of points quickly.

Both cards come with other benefits, too, which are worth considering. While these are generally less discussed, they're still valuable feature of the cards.

The Sapphire Reserve includes:

• Primary rental car loss/damage coverage
• Trip cancellation/interruption insurance (covering you for up to $10,000 per ticket if a trip is cancelled or interrupted due to things like illness, personal sickness, etc.)
• Trip delay insurance (which reimburses up to $500 per covered ticket when your travel is delayed 6+ hours or overnight)
• Baggage delay coverage
• Various purchase and shopping protections
• Baggage loss and damage coverage
• Travel accident insurance
• A credit for TSA PreCheck or Global Entry

The Platinum Card, meanwhile, offers:

• Gold elite status at Marriott and Hilton hotels.
• Various purchase and shopping protections
• Concierge service
• Baggage loss and damage coverage
• Travel accident insurance
• A credit for TSA PreCheck or Global Entry

These perks are all potentially useful, and even though they differ between cards, both offer strong options.

The big ones to keep in mind are the Sapphire Reserve's trip delay coverage, which can be extremely useful when you're delayed because of bad weather or something else, and the Platinum's hotel elite status, which can get you a ton of valuable extras during hotel stays.

No matter which card you choose, both the Chase Sapphire Reserve and the American Express Platinum are great cards that come with a ton of value.

This article was originally published on 1/23/2018.