Luxury credit cards are those that, in exchange for a higher annual fee, offer higher earning opportunities and carry exclusive benefits for the card holder. With the pandemic having such an impact on travelers, arguably the heaviest user of these cards, both of the industry leaders, American Express (AMEX) and Chase, have adapted to ensure cardholders still receive value from their accounts. For those thinking about adding one of these cards to their wallet, below is everything you need to know about both the AMEX Platinum Card and the Chase Sapphire Reserve card.
- Annual Fee: $550
- Current Sign-Up Bonus: 75,000 Membership Rewards (MR) points
- Sign-Up Bonus Valuation: $1,500 ($0.02 / MR)
- First Year Net: +$950
Cell Phone Credit
Receive $20/month in statement credits on your cell phone bill. Offer valid through 12/31/2020.
Receive $20/month in statement credits for streaming services such as Netflix, Hulu, Disney+ and Apple Music. Offer valid through 12/31/2020.
Receive $200 each year in Uber Cash, good for both rides and Uber Eats. The funds are divided into $15 monthly credits with a bonus $20 credit in December each year.
Saks Fifth Avenue Credit
Each January and July, you will receive up to $50 in statement credits when you purchase items online or in store from Saks Fifth Avenue.
Airline Fee Credit
After selecting your primary airline, receive $200 each year in statement credits when you incur fees related to lounge memberships (annual or day passes), baggage fees, change fees, and inflight food and drink purchases.
TSA Precheck / Global Entry Credit
Once every four years, receive a 100% discount on your TSA Precheck or Global Entry membership which will expedite your airport security experience, as well as (for Global Entry) your re-entry after international travel through US Customs.
10% Back on All Airline Purchases
Earned in the form of 5X MR points (valued at $0.02 each), earn 10% back on airline purchases (tickets, seat upgrades, etc.) for ALL airlines.
Airport Lounge Memberships
Receive Priority Pass airport lounge membership in addition to Centurion Lounge and Delta Skyclub lounge memberships.
Hilton Honors Gold Status
As a cardholder, you will be recognized as a Gold member with Hilton hotels increasing your likelihood of room upgrades and other perks during your stays.
Marriott Bonvoy Gold Status
As a cardholder, you will be recognized as a Gold member with Marriott Bonvoy hotels increasing your likelihood of room upgrades and other perks during your stays.
Other benefits include purchase protection, trip cancellation and delay insurance, car rental privileges and no foreign transaction fees.
Chase Sapphire Reserve
- Annual Fee: $550
- Current Sign-Up Bonus: 50,000 Chase points
- Sign-Up Bonus Valuation: $1,000 ($0.02 / point)
- First Year Net: +$450
DoorDash Pass Membership
Receive a free DoorDash Pass membership (normally $10/month) which removes delivery and service fees for all eligible orders. Offer valid through 12/31/2021.
Receive $60/year in statement credits when you order with DoorDash using your card. Offer valid through 12/31/2021.
Receive $300 in annual statement credits on any travel purchase including airfare, hotels, rental cars and more. This is by far the easiest perk to use in the industry, as in response to the pandemic, Chase is now crediting grocery store and gas station purchases from this travel credit too.
6% Back on Dining and Travel
Earned in the form of 3X points (valued at $0.02 each), earn 6% back on all dining and travel purchases.
One Year Lyft Membership
Receive a one year membership to Lyft Pink (normally $199 annually) which provides riders with priority status at airports and 15% off all rides. Offer valid through 3/31/2022.
20% Back on Lyft Rides
Earned in the form of 10X points (valued at $0.02 each), earn 20% back on all Lyft rides through March 2022.
Airport Lounge Membership
As a cardholder, receive a membership for the Priority Pass airport lounge membership which will grant you access to a lounge in most major airports.
Primary Rental Car Insurance
The only card in the industry that offers it, cardholders can deny all coverage at the rental car counter and use Chase’s rental coverage as their primary insurance. Covering damages up to $75,000, this policy also includes loss of use.
Other benefits include purchase protection, trip cancellation and delay insurance and no foreign transaction fees.
Honestly, it depends on your use! The AMEX Platinum card (referral link) is superior when it comes to status and lounge access, but the Chase Sapphire Reserve card is the easiest to use. As you know, we carry both with the latter serving as our affordable auto insurance policy for rental cars and backup card when AMEX is not accepted. As always, remember that the perks associated with these cards are only beneficial when you pay your statements in full each month and never carry debt!