by Daniel | Last Updated Jan 25th, 2022
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With the recent introduction of the Capital One Venture X credit card, it has put into question whether cards like the Chase Sapphire Reserve card and the Amex Platinum Card are worth the extra cost.
For this reason, I have decided to review and compare both the Platinum Amex card and the Venture X card to see if there is any point in paying an extra $300 per year for the American Express Card.
Who Are These Cards Good For?
Both the Venture X card and the Amex Platinum card are travel reward cards that are perfect for anyone who likes to travel frequently.
Each card offers a whole range of fantastic benefits, from extensive access to literally thousands of Airport lounges, to a generous points earning structure.
APR
Now the APR for the Capital One Venture X card is a variable rate of between 16.99% and 23.99%, whereas the Amex Platinum has a slightly lower variable APR of 15.99% to 22.99%.
And both of these rates are dependent on what your creditworthiness is and can vary with the market depending on what the Prime rate is.
Annual Fee
Next up let’s take a look at what the annual fee is for each card.
Starting with the Capital One Venture X card you will have an annual fee of $395, which is considerably cheaper than the Platinum card, but still rather pricy.
But it is relatively easy to offset the annual fee just from the sign-up bonus.
Next up, the Platinum Amex has an annual fee of $695, which is one of the more expensive credit cards available now.
But similar to the Venture X card, it has a generous sign-up bonus that covers the annual fee.
So if you’re looking for a cheaper card, the Venture X card is almost half the price of the Amex Platinum on an annual basis, so is better value in terms of cost.
But let’s continue on and see exactly what you get with the sign-up bonus of each card.
Sign-up Bonus
Now lets take a look at the sign-up bonus of each card and how much each one is worth.
Starting with the Capital One Venture X card it offers 100,000 bonus miles if you are able to spend $10,000 within the first 6 months of opening the account, which works out to be $416 per week.
And Capital One Miles are worth about 1 cent per mile, which means this sign-up bonus is worth approximately $1,000.
Next up, the Platinum Amex is offering 100,000 membership rewards points after you spend $6,000 within the first 6 months of card ownership, which is $4,000 less than what you will need to spend with the Venture X card.
And this works out to be $250 a week, which is not really that much.
And similar to the Venture X card, these points are worth up to 1 cent per point depending on what you use them for, which means the sign-up bonus is worth about the same, which is $1,000.
So for this section, the Amex Platinum Card comes out on top as it requires a lot less spend requirements to receive its sign-up bonus.
Earning Miles/Points
Next up, let’s take a look at how each card stacks up in terms of points earning potential.
Starting with the Capital One Venture X card you will have 3 separate ways of earning points.
The first way is 10x miles on hotels and rental cars that are specifically booked through Capital One Travel.
The second way is 5x miles for flights that are booked through Capital One Travel.
And finally, all other purchases will receive 2x miles per dollar spent.
Next up, with the Platinum Amex as a new cardmember, you will have 3 separate ways of earning points.
First of all, you will earn 5x points on flights that are either booked directly with the airline or through American Express Travel, and this is limited to a total spend of $500,000 per year calendar year.
You will earn 5x points on pre-paid hotels that are specifically booked through AmexTravel.com
And finally, all other purchases will receive 1 point per dollar spent.
So for this section, the Amex Platinum Card offers a bit more variety in terms of where you can earn points.
And for this reason, I would say that the Capital One Venture X card has slightly more potential to earn points than the Amex Platinum Card.
Benefits and User Perks
Now both of these cards have an extensive list of benefits and user perks that are worth quite a lot if you take advantage of all of them.
And starting with the Capital One Venture X card you will get an annual travel credit of $300 each year that can be used through Capital One travel.
Along with this, they are also offering a limited-time $200 vacation rental credit that can be used for bookings that are made through companies such as Airbnb, VRBO, and Turnkey.
And his has to be used within the first year of card ownership.
There is a 10,000-mile anniversary bonus each year that is worth $100 that you can use towards travel.
You will get a $100 credit that can be used towards either TSA PreCheck Or Global Entry.
Then you will have access to well over 1,000 airport lounges worldwide with a complimentary Priority Pass Membership which is worth $429.
And finally, you will have access to Capital One Lounges which are starting to open up across the US.
So these bonuses are worth about $1,129 which is pretty good.
Now with the Amex Platinum card, you get even more benefits.
First of all, you will get $300 back each year on eligible Equinox memberships.
There is a $240 digital entertainment credit that can be used towards access to New York Times, Audible, Sirius XM, and Peacock.
You will get a $200 hotel credit each year for hotels that are booked through American Express travel.
There is a $200 airline fee credit that can be used toward incidental fees with one selected airline each year.
You will receive a $200 Uber credit that can be used for either Uber rides or Uber Eats.
There is a $179 credit that can be used for Clear membership, which is basically a quicker way to get through airport security.
You will now receive a $155 Walmart+ credit that can be used toward Walmart + membership.
Along with this, you will also get a $100 credit that can be used at Saks of Fifth Avenue each year.
There is a $100 credit that can be used for TSA PreCheck or Global Entry.
As part of the Hotel Collection, you will receive a $100 experience credit that can be used towards dining or spa treatments when you make a booking of 2 nights or more.
And as part of the Fine Hotels & Resorts Program, you will also receive a $100 experience credit that can be used at the hotel as long as you book a minimum of 2 nights.
Finally, you will get access to the American Express Global Lounge Collection which is a large range of airport lounges from all over the world and includes a complimentary Priority Pass (worth $429) and access to lounges such as the Amex Centurion Lounge, Delta Sky Club, and Escape Lounges.
So as you can see, even though the Amex Platinum Card costs $300 more per year, it offers quite a lot more in the way of benefits.
All up, these benefits are worth approximately $2,303, which is an extra $1,174 in benefits more than what you get with the Venture X card.
Insurance-related Benefits
Next up, let’s go all of the insurance-related coverage that comes with each card.
Starting with the Capital One Venture X card you will get trip cancellation/ trip interruption insurance of up to $2,000 per insured person if in case of injury, physical illness, or even death.
You will also get trip delay insurance that can provide up to $500 per ticket if you are delayed for more than 6 hours.
There is lost luggage reimbursement of up to $3,000 per trip that covers theft or misdirection by a common carrier.
You will be covered by return protection of up to $300 and for 90 days for products that a merchant won’t accept a return for.
There is also an extended warranty of 1 extra year on eligible US manufacturers warranties that are 3 years or less.
You will get cell phone protection of up to $800 in the event that your phone is damaged or stolen
And finally, you will be covered by an auto rental collision damage waiver that covers rental cars any physical damage or theft.
Now let’s take a look at what the Platinum Amex offers.
And like the Venture X card, you will also get trip cancellation coverage, but with the Platinum card it will cover up to $10,000 and $20,000 per card per year.
You will also get similar trip delay coverage of up to $500 per trip if your trip is delayed by more than 6 hours.
There is a baggage insurance plan that will cover up to $2,000 per person for checked luggage and up to $3,000 per person for carry-on luggage.
You will be covered by purchase protection that gives you 90 days and up to $10,000 per item and $50,000 per card per year.
There is also an extended warranty that provides up to 1 extra year of coverage on warranties that are 5 years or less and that are from within the United States.
You will get cell phone protection of up to $800 per claim, which is available 2 times per year.
And each claim is subject to a $50 fee.
And finally, you will get Car Rental Loss and Damage Insurance that covers up to $75,000 for damage or theft of a rental vehicle.
So in terms of insurance coverage, each card has a lot to offer, but the Platinum Amex does have an edge over the Venture X card as it has higher limits on both its trip cancellation and its purchase protection.
Final Thoughts
So what are my thoughts about each of these cards?
Both the Amex Platinum card and the Venture X card have a lot of similarities, they both offer over 100,000 bonus points upon sign up, which are each worth around $1,000.
They also offer access to a large range of airport lounges from all over the world, and they have a ton of insurance-related coverage.
Although the Amex Platinum card is $300 more per year, it does offer $1,174 more in terms of benefits and user perks, which is quite a lot.
But it is worth considering if you will take advantage of all of them.
For instance, do you work out at Equinox gym? do you shop at Saks of Fifth Ave? And do you even use Walmart+ membership? Just those perks alone knock $555 off the value of the benefits.
Either way, I think you can’t go too wrong with either card, I’ve had the Platinum Amex for quite a few years now and have been quite happy with it.
And I may even apply for the Capital One Venture X soon.