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The Platinum Card® from American Express has long been regarded as one of the most rewarding travel cards on the market, in part because of its generous benefits and valuable transfer partners. Along with a substantial welcome bonus, the card offers a vast range of statement credits and perks — including up to $200 in annual airline fee credit**more airport lounge access options than any other card, complimentary elite status with Hilton and Marriott**, and up to $200 in Uber credits** every year.

These premium benefits don't come cheap — the The Platinum Card® from American Express charges a whopping The Platinum Card® from American Express annual fee The Platinum Card® from American Express – Rates & Fees. Many cardholders are able to get much more than that in value each year, but if you're not able to maximize the benefits, paying The Platinum Card® from American Express for a card won't be worth it.

But there's now a premium credit card that offers many of the same perks for a much lower annual fee. The new Capital One Venture X Rewards Credit Card also offers a big welcome bonus, travel statement credits, and airport lounge access — with a Capital One Venture X Rewards Credit Card annual fee that's much more manageable and easier to justify.

If you're a frequent traveler looking for a card that offers premium benefits and top-notch travel and purchase coverage, either of these cards would be a good fit. Besides the difference in annual fees, there are other factors to consider before you decide which card is best for you. Here's what to know to help you make that decision.

Comparison: Capital One Venture X vs Amex Platinum

 

Capital One Venture X Rewards Credit Card

The Platinum Card® from American Express
Annual fee

Capital One Venture X Rewards Credit Card

The Platinum Card® from American Express
Welcome bonus

Capital One Venture X Rewards Credit Card

Up to $200 in statement credits for vacation rental purchases in the first 12 months of account opening

The Platinum Card® from American Express

 

Rewards rate

10x miles on hotels and rental cars booked through Capital One Travel

5x miles on flights booked through Capital One Travel

2x miles on all other purchases

5x points on airfare purchased directly through the airline, and on flights and hotels booked through Amex Travel*

1 point per dollar on everything else (Note: New cardmembers can earn 10x points on eligible purchases at U.S. Gas Stations and U.S. Supermarkets, on up to $15,000 in combined purchases, during the first 6 months of card membership)

Card benefits

Priority Pass and Capital One airport lounge access

10,000-mile bonus each account anniversary

Complimentary elite status with Hertz car rental

Primary car rental insurance

Travel accident insurance

Cell phone protection

Trip cancellation/interruption insurance

Return protection

Extended warranty

Visa Infinite concierge

Up to $200 in Uber Cash each calendar year**

Gold elite status with Hilton and Marriott (enrollment required)

Airport lounge access (Priority Pass**, Centurion lounges, and more)

Amex Fine Hotels and Resorts (benefits at exclusive luxury properties)

The Hotel Collection (property credits and upgrades)

Cell phone protection

Secondary car rental insurance

Trip cancellation insurance

Baggage insurance

Trip delay insurance

Return protection

Purchase protection

Extended warranty

Premium Global Assist Hotline

Discounts and bonuses through Amex Offers**

Statement credits

Up to $300 per year in statement credits toward Capital One Travel bookings 

Global Entry or TSA PreCheck application fee credit

Up to $200 in airline fee credits each calendar year

Up to $100 in Saks credits each calendar year**

Global Entry or TSA PreCheck application fee credit

Up to $300 annually (up to $25 per month) in Equinox credits**

$179 per year in credits for CLEAR membership**

Up to $200 in credits per year toward prepaid hotel bookings through Amex Fine Hotels and Resorts or The Hotel Collection

Up to $240 in annual credits (up to $20 per month) toward eligible digital subscriptions***

$12.95 in credits each month toward Walmart+ membership

$300 statement credit toward a purchase of SoulCycle At-Home Bike online

Foreign transaction fee

No

No The Platinum Card® from American Express – Rates & Fees

Review

Capital One Venture X Rewards credit card review

Amex Platinum card review

*Note: Starting January 1, 2021, the 5x points will apply up to $500,000 on flights booked directly with airlines or with American Express Travel per calendar year

***Eligible digital subscriptions include Audible, SiriusXM, The New York Times, and Peacock

Welcome bonuses

Both the The Platinum Card® from American Express and Capital One Venture X Rewards Credit Card offer six-figure welcome bonuses, plus new cardholder perks for a limited time.

The The Platinum Card® from American Express welcome offer is The Platinum Card® from American Express. Potentially, if you max out the $25,000 spending limit to earn at restaurants and Shop Small businesses in the US in the first six months, you could earn an additional 250,000 points on top of the 100,000-point intro bonus.

Read more: Capital One Venture X card review

Meanwhile, the Capital One Venture X Rewards Credit Card comes with a welcome bonus of Capital One Venture X Rewards Credit Card. Plus, new cardholders can receive up to $200 in statement credits for vacation rental purchases (like Airbnb and VRBO) in the first 12 months of account opening.

While both intro bonuses look similar on the surface, it's important to remember that the value of Capital One miles and Amex Membership Rewards points vary depending on how you redeem your rewards. Keep in mind, too, that the minimum spending requirement to unlock the Capital One Venture X Rewards Credit Card's bonus is a full $4,000 more than that of the The Platinum Card® from American Express, although the spending timeframe is the same.

Overall, you can get more potential value from the The Platinum Card® from American Express bonus — but only if you spend a lot in the 10x limited-time categories over the first six months. If your spending doesn't match these categories but you can use a statement credit for vacation rentals, the Capital One Venture X Rewards Credit Card bonus is likely a better deal for you — as long as you can meet the substantial minimum spending requirement.

Ongoing rewards earning

In addition to the new cardholder 10x bonus categories, the The Platinum Card® from American Express earns bonus points on certain travel purchases. Cardholders earn 5x points on airfare purchased directly through the airline, and on flights and hotels booked through Amex Travel (5x points on flights booked directly with airlines or with Amex Travel applies to up to $500,000 per calendar year). Otherwise, the card earns 1 point per dollar on all other eligible purchases.

Read more: Amex Platinum card review

Similarly, you'll earn bonus miles for some purchases made with the Capital One Venture X Rewards Credit Card — 10x miles on car rentals and hotels booked through Capital One Travel, and 5x on flights booked the same way. All other eligible purchases earn 2 miles per dollar.

Overall, you have the potential to earn more rewards on non-bonus category spending with the Capital One Venture X Rewards Credit Card, at 2 miles per dollar versus 1 point per dollar with the The Platinum Card® from American Express. And for hotels and car rentals booked through Capital One, it's hard to beat earning 10x miles.

Statement credits

Travel credits

The Capital One Venture X Rewards Credit Card offers a straightforward annual travel credit — each year, cardholders receive up to $300 in statement credits toward flight, hotel, or car rental purchases made through Capital One Travel. While booking through Capital One Travel means you may not earn hotel or car rental points (or have your loyalty status recognized), it should be fairly easy for most folks to maximize this credit.

Read more: Cards like the Amex Platinum and Chase Sapphire Reserve offer annual credits for travel that can offset their high annual fees. Here's what you need to know.

The The Platinum Card® from American Express offers more opportunities to earn statement credits for travel-related purchases, but it's a little more complicated. You can get:

Read more: My plan to maximize the Amex Platinum card's new $200 hotel credit for a nearly free luxury stay

By dollar value alone, the The Platinum Card® from American Express comes out ahead — as long as you're able to maximize the credits. For example, the airline fee credit doesn't cover airfare — only extras like bag fees or seat selection fees — so if you don't incur any of these additional charges when you travel, your benefit may go unused.

Global Entry/TSA PreCheck credit

Both the The Platinum Card® from American Express and Capital One Venture X Rewards Credit Card offer a statement credit toward the Global Entry ($100) or TSA PreCheck ($85) application fee. These trusted traveler programs are worth having if you're a frequent flyer, because they can save you a lot of time waiting in line at the airport.

Read more: The best credit cards for Global Entry or TSA PreCheck

There's one minor difference between the two cards. On the Capital One Venture X Rewards Credit Card, you'll receive a credit for either program's application fee once every four years. With the The Platinum Card® from American Express, the credit is available every four years for Global Entry, but 4.5 years for TSA PreCheck.

Other credits

The The Platinum Card® from American Express has added retail credits in the past couple of years, most recently adding new "lifestyle" benefits like digital entertainment and Equinox credits. Here's the full list:

Read more: Don't let the Amex Platinum's new 'lifestyle' benefits distract you from its true value — here's what the card is worth to the average person

Anniversary bonuses

Capital One Venture X Rewards Credit Card cardholders receive a 10,000-mile bonus each year on their account anniversary. Capital One miles are worth 1 cent each when you redeem them toward travel purchases (and potentially more when you transfer to partners), so this bonus is worth at least $100 in travel. 

The The Platinum Card® from American Express doesn't offer an anniversary points bonus.

Airport lounge access

The The Platinum Card® from American Express offers the widest airport lounge access of any premium card. You'll get access to Amex's proprietary Centurion Lounges (with two free guests allowed until February 1, 2023), as well as a range of other lounge options around the world. These include:

Read more: The best airport lounges you can access with the Amex Platinum card

The Capital One Venture X Rewards Credit Card also offers Priority Pass airport lounge membership, and the access it offers is actually slightly better than membership that comes with the The Platinum Card® from American Express.

With the Capital One Venture X Rewards Credit Card Priority Pass membership, you and up to two guests can access lounges and receive credits at participating airport restaurants that are part of the Priority Pass network. Amex cards removed airport restaurant credits from its Priority Pass access in 2019, so if this perk is important to you, the Capital One Venture X Rewards Credit Card has an advantage.

That said, the only other lounges you can access with the Capital One Venture X Rewards Credit Card are Capital One's new airport lounges, the first of which recently opened at Dallas-Fort Worth (DFW), with a second lounge in Denver (DEN) opening in 2022. 

Read more: I used a credit perk to dine for nearly free at an airport restaurant and it's my new favorite travel hack

Authorized users

The Capital One Venture X Rewards Credit Card is the clear winner in terms of authorized user access and benefits. You can add authorized users to the card at no cost, and they get many of the same top perks as the primary cardholder, including:

  • Priority Pass and Capital One airport lounge access (cardholder and up to two guests)
  • Hertz President's Circle elite status
  • Cell phone protection

Read more: The 3 best credit cards for adding someone as an authorized user — so they can build credit and get benefits like airport lounge access

The The Platinum Card® from American Express also offers benefits to authorized users, including airport lounge access, Global Entry/TSA PreCheck credit, and hotel elite status, but it's not free. Amex charges $175 to add up to three authorized users, then $175 per card after that The Platinum Card® from American Express – Rates & Fees. 

Travel and purchase protections

The Capital One Venture X Rewards Credit Card is a Visa Infinite card, which means it comes with excellent travel and purchase protections, including primary car rental insurance, trip cancellation/interruption insurance, and trip delay insurance.

As Amex's premium consumer card, the The Platinum Card® from American Express also offers great coverage. One advantage of the The Platinum Card® from American Express is emergency medical transportation assistance offered by its Premium Global Assist Hotline, which you won't find on the Capital One Venture X Rewards Credit Card. 

Read more: The best credit cards with travel insurance

However, keep in mind the The Platinum Card® from American Express only offers secondary car rental insurance (with the Capital One Venture X Rewards Credit Card, it's primary insurance) and doesn't come with travel accident insurance.

Keep in mind there are restrictions and exclusions for each of the benefits below — be sure to read the Capital One Venture X benefits guide and benefits guides for the Amex Platinum for important terms. 

Benefit

Capital One Venture X Rewards Credit Card

The Platinum Card® from American Express

Car rental insurance

Primary — up to $75,000 on eligible rentals

Secondary — up to $75,000 on eligible rentals

Trip cancellation/interruption

Up to $2,000 per person (cardholder and immediate family)

Up to $10,000 per trip and up to $20,000 per card per consecutive 12-month period

Travel accident insurance

Up to $1,000,000 N/A

Trip delay reimbursement

Up to $500 per ticket (cardholder and immediate family) for delays of six hours or more

Up to $500 per covered trip for delays of six hours or more, up to two times per consecutive 12-month period

Lost luggage reimbursement

Up to $3,000 per covered trip (cardholder and immediate family)

Up to $2,000 per person for checked bags and up to $3,000 per person for carry-on luggage

Purchase protection

Up to $10,000 in reimbursement per claim, and up to $50,000 per account, within 90 days of purchase

Up to a maximum of $10,000 per item and $50,000 per year

Extended warranty

Extends the time period of a US manufacturer's warranty on eligible items by an additional year, on warranties of three years or less

Extends the time period of a US manufacturer's warranty on eligible items by an additional year, on warranties of five years or less

Return protection

Up to $300 per item and an annual maximum of $1,000 per account, within 90 days of purchase

Up to $300 per item and an annual maximum of $1,000 per calendar year, within 90 days of purchase

Cell phone protection

Up to $800 in coverage per claim with a maximum of two claims and $1,600 per 12-month period ($50 deductible)

Up to $800 in coverage per claim with a maximum of two claims 12-month period ($50 deductible)

Travel and emergency assistance services

Yes (all costs are cardholder responsibility)

Yes (all costs are cardholder responsibility; emergency medical transportation assistance may be provided at no cost only if approved and coordinated by Premium Global Assist Hotline)

Hotel and rental car elite status

The The Platinum Card® from American Express offers complimentary elite status with several hotel chains and car rental agencies. These elite tiers come with perks that can get you upgrades and a better travel experience:

You won't get hotel elite status with the Capital One Venture X Rewards Credit Card, but it does offer complimentary Hertz President's Circle elite status, which comes with perks like guaranteed upgrades, skip the counter and e-return, a free additional driver, and more. 

Annual fees

Although you'll get far more benefits and statement credits with the The Platinum Card® from American Express, they don't come cheap — the card charges The Platinum Card® from American Express per year. That said, if you can make the most of its core benefits, it's possible to get a value worth much more than the annual fee.

Read more: 5 luxury credit cards with high annual fees that more than pay for themselves

The Capital One Venture X Rewards Credit Card is comparatively inexpensive at Capital One Venture X Rewards Credit Card per year. That's not a small sum, but if you know you'll use the $300 in Capital One Travel credit each year, the fee is effectively only $95 — and you can knock that out by redeeming your 10,000-mile anniversary bonus for $100 in travel.

Bottom line

The Platinum Card® from American Express has a definite advantage in the sheer number of benefits it offers, including various travel and retail statement credits and unmatched airport lounge access. For these perks, though, you'll pay a steep price — The Platinum Card® from American Express a year, compared to Capital One Venture X Rewards Credit Card on the Capital One Venture X Rewards Credit Card.

The Capital One Venture X Rewards Credit Card doesn't offer the array of credits the The Platinum Card® from American Express does, but its key benefits — a $300 annual travel credit, 10,000-mile anniversary bonus, and Priority Pass airport lounge access — are enough to easily offset the annual fee cost.

Read more: Capital One Venture X vs Chase Sapphire Reserve: Which premium rewards credit card is best for you?

Both cards offer excellent travel and purchase protection and a wide range of redemption options. The right card for you really depends on how much you'll use the benefits, and, in the case of the The Platinum Card® from American Express, whether or not the extra perks are worth an additional $300 per year.

Read the original article on Business Insider

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