Premium credit cards promise elevated travel experiences, lucrative rewards, and exclusive perks—but in exchange, they charge hefty annual fees.
If you find yourself asking if they’re worth it, you are not alone. As someone who holds the Capital One Venture X Rewards Credit Card, Chase Sapphire Reserve®, and The Platinum Card® from American Express, I’ve had the opportunity to extensively test drive each of them.
Let me take a moment to stress that I absolutely do not recommend holding three premium travel cards. For the vast majority, one should do the trick.
I pay over $1,600 a year in annual fees on these cards alone, and that doesn’t make sense for 99 percent of civilians. It only makes sense because I write about credit cards for a living, my family is travel-obsessed, and as you’ll learn I am not planning to keep all three for the long term.
Let me tell you how I use each of the three premium cards noted above, and which ones I believe are truly worth the cost. After reading about how I use them, you should get a good idea whether a premium credit card is right for your wallet.
Capital One Venture X: For me, this premium credit card is worth it
The Capital One Venture X is my go-to card for everyday spending. Why? It’s simple, rewarding, and cost-effective. With a $395 annual fee, it’s the most affordable premium card that offers transferable points—a feature that’s critical for travelers who want flexibility in redeeming rewards.
Some experts complain about the Capital One miles program because it doesn’t have a domestic airline partner, like American Express (Delta) or Chase (United). But I’ve had no problem redeeming Cap One miles on both domestic and international flights using Air Canada Aeroplan, Air France/KLM Flying Blue and British Airways Executive Club.
Why the Venture X earns a top spot in my wallet
The Venture X earns 2X miles on all purchases, making it an excellent catch-all card for spending non-bonus categories. Whether I’m paying for groceries, subscriptions, or utility bills, I know I’m earning a solid return without having to think about bonus categories.
For travel booked through Capital One Travel, the card earns 10X on hotels and rental cars and 5X on flights.
The card also includes a $300 annual travel credit, which effectively reduces the net cost of the card to $95 as long as you book through Capital One Travel. Add in 10,000 anniversary miles (worth $100 toward travel), and you’re already ahead of the game if you travel even occasionally.
Another standout feature is its lounge access. Venture X gets you into Priority Pass lounges worldwide as well as Capital One’s own lounges (which are excellent and especially useful for me as my home base of Washington, DC has two airports with Cap One lounges).
But the real secret sauce in my family's travel strategy is Venture X's ability to add up to four authorized users at no additional cost. By adding each of my three family members as authorized users, I've effectively given them each their own Priority Pass membership, granting access to over 1,300 airport lounges worldwide.
It was quite the flex for my college student to get his friends into the swanky Capital One Lounge on the way to their Florida spring break trip last year.
Verdict
The Capital One Venture X is a no-brainer for travelers who want simplicity, affordability, and strong rewards without the hassle of juggling bonus categories. If you only want one premium card for your entire household, it’s without a doubt the best choice and the Venture X is my everyday workhorse card for good reason.
Chase Sapphire Reserve: This premium credit card is also worth it
The Chase Sapphire Reserve is my go-to card for dining and travel purchases—and it’s also the one I rely on for its industry-leading travel insurance protections. While its $550 annual fee is higher than Venture X’s $395 fee, it delivers enough value to justify the cost for frequent travelers like me.
Why the Sapphire Reserve works for me
First and foremost, this card shines when it comes to dining and travel rewards. You’ll earn 3X points on dining and travel purchases, plus elevated rates through Chase Ultimate Rewards: 10X on hotels and car rentals and 5X on flights booked through their portal. For someone like me who spends heavily in these categories, the points add up quickly.
The Sapphire Reserve also includes a $300 annual travel credit that applies automatically to any travel purchase—flights, hotels, rideshares—you name it. This credit effectively reduces the annual fee to $250, making it more palatable.
But what really sets this card apart is its travel insurance benefits, which are among the best in the business:
- Trip cancellation/interruption insurance covers up to $10,000 per person or $20,000 per trip.
- Trip delay reimbursement and baggage delay coverage provide up to $500 each after just six hours of delay.
- Lost Luggage reimbursement provides up to $3,000 per covered traveler per covered trip.
- Primary rental car insurance covers up to $75,000 for theft or collision damage.
These protections, especially primary car rental insurance, have saved me both money and headaches over the years and provide peace of mind every time I book a trip.
The magic of the Chase Trifecta
What makes this card even more valuable is its role in the Chase trifecta. When paired with no-annual-fee cards like the Freedom Flex or Freedom Unlimited, you can maximize every dollar spent across various categories while transferring points to your Sapphire Reserve for higher-value redemptions (1.5 cents per point through Chase Ultimate Rewards) or to transfers to partners such as Hyatt and United Airlines. This synergy makes it one of the most powerful setups in the credit card world.
Verdict
The Chase Sapphire Reserve is worth it—especially if you spend heavily on dining and travel or value top-tier travel protections like I do. It’s not quite as affordable as Venture X but still delivers excellent value when used strategically.
American Express Platinum: I don’t think it’s worth it
I’ll be honest: I only hold the American Express Platinum because of an elevated upgrade offer from my Amex Gold Card. While this card has some unique perks—like Centurion Lounge access—it’s hard to justify its $695 annual fee unless you’re fully immersed in luxury travel or can maximize its niche benefits.
Where Amex Platinum falls short
One of my biggest frustrations with this card is its fragmented credit system. Amex advertises over $1,500 in potential annual credits—ranging from Uber Cash ($200) to digital entertainment subscriptions ($240)—but many of these credits are difficult to use or require meticulous tracking each month. Forgetting to order Uber Eats before month-end or failing to charge the correct streaming subscription to this card leaves money on the table.
Additionally, many of Platinum’s perks are duplicated by lower-cost cards like Venture X or Sapphire Reserve:
- Lounge access: While Amex Platinum gives access to Centurion Lounges (a unique perk), Priority Pass lounges are available through both Venture X and Sapphire Reserve.
- Travel credits: The Platinum’s $200 airline incidental credit and Amex Travel hotel credits are far less flexible than the Venture X and Sapphire Reserve’s more straightforward $300 travel credits.
When the Amex Platinum might be worth it
That said, there are scenarios where this card leads the pack:
- If you frequently fly through airports with Centurion Lounges but not Capital One, Chase or Priority Pass lounges, this benefit alone could justify keeping the card. Just keep in mind you can’t take any guests into Centurion Lounges for free unless you spend $75K per year on the card.
- The Platinum card generally has the highest welcome offer, so if you need a points infusion may be the way to go.
- The Platinum offers industry-leading return protection, covering up to $300 per purchase and $1,000 annually—perfect for forgetful shoppers like me who occasionally leave Amazon packages unopened past their return windows. This one benefit may be the only reason I keep the card long-term.
Verdict
Unless you’re someone who consistently leverages Centurion Lounge access or Amex’s robust return protection policy, this card likely isn’t worth its steep annual fee. For most travelers—including myself—it feels overly complicated compared to simpler options like Venture X or Sapphire Reserve.
Finding value in premium cards
Normally I would only hold two premium cards—the Venture X and the Sapphire Reserve—but even that doesn’t make sense for most. For those two cards I pay $945 in annual fees, which for me only works because I immediately turn around and spend the $600 worth of travel credits offered on each card.
But as someone who currently holds all three of these premium cards, here’s how I use them:
- The Capital One Venture X is my everyday spending card—it keeps things simple while earning solid rewards across all purchases.
- The Chase Sapphire Reserve is my go-to for dining and travel purchases—and I rely on its exceptional travel insurance protections whenever I’m on the road.
- The Amex Platinum stays in my wallet mainly because of an upgrade offer—but I don’t spend on it except at Amazon or on purchases where I might need return protection.
The takeaway
When deciding whether a premium credit card is worth it for you, ask yourself: Do the rewards align with your spending habits? Can you easily maximize credits without extra effort? Are specific transferable point partners important for your travel goals?
For most people, the Venture X delivers unbeatable value at an affordable price point. Meanwhile, the Sapphire Reserve offers strong rewards and protections but works best if dining and travel dominate your budget—or if you’re leveraging other Chase cards.
Finally, the Amex Platinum caters to luxury travelers but falls short for those who don’t need its niche benefits or who struggle with its complex credit system.
Related reading
- Looking for a new card? Check out my favorite credit card offers of the month.
- Wondering if an airline card is worth it? Here’s how I decide.
- Thinking about a new hotel credit card? Here are my favorites for free nights under $100.
