It’s been a big year for the premium card category, with two industry heavyweights making major revamps and another major rival joining the fray. both American Express Platinum Card® and Chase Sapphire Reserve® (See Rates and Fees) New benefits announced for 2025, along with new price tags to match, while Citi launched a new Citi Strata Elite℠ Card (See Rates and Fees).
Although still new to the market, the 2026 TPG Premium Card of the Year Award winner is a familiar name in the luxury world: American Express Platinum Card. Here’s a look at why the OG card is once again number one in our wallets.
New and updated statement credits
In September, American Express added a host of new statement points to the Platinum Card:
Certain benefits require registration.
Additionally, it raises the cap on three existing (and popular) statement credits:
Certain benefits require registration.
RELATED: Why the New American Express Platinum Card Changes Keep Me a Cardmember
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TPG is excited to see these new additions, which for many of us are easy to maximize. Resy points, in particular, are a super easy way to get up to $400 in extra value from this card, since all you need to trigger the points is to pay with your Amex Platinum (after signing up). A look around the TPG offices reveals many happy new Oura Ring users thanks to this honor.
Changes to hotel credit are also popular. I’ll be the first to admit that I’ve been giving up $200 in annual points for years, choosing to use the points to book a hotel room instead of paying the difference between the points and a one-night stay at Amex Fine Hotels + Resorts. But American Express increased the credit limit to $300 every six months, which changed my mind. For example, I recently booked a night at the Andaz Prague – the stay was $285 – which would be paid for entirely with points.
Welfare launch
Not surprisingly, all of these new American Express Platinum Card benefits come at a price: $895, to be specific (see Rates & Fees) — an increase of $200 and $100 more than the annual fee Chase charges for its revamped Chase Sapphire Reserve. But considering American Express is adding hundreds of dollars in value with the new statement points, we feel like it’s a fair deal.
For those on the fence, American Express is giving existing customers a grace period before they start incurring higher costs, while still giving them immediate access to the new benefits.
The new benefits were launched on September 18, while the new renewal fees take effect after January 2, giving customers the opportunity to try annual, semi-annual and quarterly points (twice) before making any charging decisions.
In the four months since the change went into effect, I’ve used most of the new and updated points multiple times, some three times. Since my credit card anniversary is in November, I didn’t have to pay the renewal fee until more than a year after the points were launched.
no negative changes
Importantly, American Express is also keeping all existing benefits on the card intact as part of the update, making the fee increase the only negative adjustment. Cardholders can still enjoy:
- Earn rates remain unchanged, including 5 points per dollar spent on flights booked directly with the airline or through American Express Travel® (up to 1 point per dollar spent on such purchases up to $500,000 per calendar year) and 5 points per dollar spent on prepaid hotels booked through American Express Travel
- Marriott Bonvoy and Hilton Honors Gold membership (registration required)
- Multiple statement credits (registration may be required), including up to $200 in air fare credits on select airlines, up to $100 in Saks Fifth Avenue credits per calendar year, and up to $200 in Uber Cash credits per calendar year (available for Uber rides and Uber Eats orders in the U.S.; your Amex Platinum must first be added to your Uber account, then you can redeem it with any Amex card)
Use the lounge
With an extensive list of domestic and international Centurion lounges, American Express continues to be ahead of the competition in terms of lounge access, especially when combined with the American Express Platinum Card’s access to Delta Sky Club lounges (limited to 10 times per year). In fact, the American Express Platinum Card will once again win the TPG Lounge Access Card of the Year award.
Related: Everything you need to know about using the Amex Centurion Lounge
While Centurion continues to play a significant role in the airport lounge space with its vast network, it faces stiff competition from the expanding Capital One and Chase Sapphire networks, which offer more food and beverage options and differentiated amenities. For example, the Capital One Lounge at New York’s John F. Kennedy International Airport (JFK) (winner of this year’s Best New Credit Card Lounge award) offers a cheesemonger experience where guests can enjoy a 45-minute tasting of a personalized handcrafted cheese board with optional wine pairings.
We certainly wouldn’t count on Amex Centurion, especially considering its own new lounge lineup is set to open in 2026, but let’s just say the competition is on.
Which cards came in second place?
While the American Express Platinum Card ultimately beat out the competition to earn our coveted Premier Card of the Year spot, it was definitely a close call. Given the ongoing trend of issuers prioritizing quality products, we expect competition for the awards to be even fiercer next year.
Chase Sapphire Reserve
This year’s clear runner-up is the Chase Sapphire Reserve, which also introduces a slew of new and updated benefits, including new statement points and a higher earn rate (4 points per dollar, up from 3 points per dollar previously) for booking flights and hotels directly.
However, many of the competitive advantages were lower than American Express in terms of dollar value and/or flexibility, and the rollout of the changes was not smooth.
To give a few examples:
- The Edit, Chase’s curated collection of luxury hotels and resorts, offers a $500 annual statement credit (split into two biennial $250 credits), and American Express’s annual hotel statement credit of up to $600
- $300 in annual Sapphire Reserve Exclusive Tables dining credits and Prime Time reservations you can book on OpenTable (split into two annual $150 credits that are automatically applied in the Sapphire Reserve Exclusive Tables program), and an additional $400 in annual Resy bill credits from American Express (for purchases at U.S. Resy restaurants; registration required)
- Apple TV+ and Apple Music subscriptions include a $288 annual bill credit (each service requires one-time activation through Chase.com or the Chase Mobile app), while American Express offers up to $300 in annual digital entertainment bill credits across a range of services (registration required)
While Chase made some undeniably positive changes to Sapphire Reserve, it also made some negative ones:
- All other travel dropped from 3 points per dollar to just 1 point per dollar, hurting those who typically use the card to pay for travel expenses like cruise tickets, subway transportation and Airbnb stays.
- It replaces the 50% boost when redeeming Chase Ultimate Rewards points through Chase Travel℠ with a new accelerator tool, Points Boost. While Points Boost does offer some reasonable deals, it makes using the Chase portal much more complicated than it would be if it offered a fixed-rate redemption option.
- Chase, like American Express, gives existing cardholders a grace period before raising their annual fees; however, Chase forces them to wait months to unlock new benefits, while American Express gives existing cardholders access immediately.
Related: Chase Points Boost: A Worthy Redemption Option or a Disappointing Devaluation?
All that said, to its credit, Chase has made some positive changes to the Sapphire Reserve since the American Express update:
If this momentum continues, the two sides could be neck and neck in our next awards race.
Citi Strata Elite Card and Capital One Venture X Rewards Credit Card
While American Express and Chase are undoubtedly the two frontrunners this year, that doesn’t mean Citigroup and Capital One aren’t part of the discussion.
this Citi Strata Elite Card There are some unique credits available — like the Splurge credit, which allows cardholders to select up to two brands per calendar year (exclusions apply), resulting in up to $200 in statement credit — but unfortunately, its overall list is much lower than American Express and Chase’s credits. Citi did win the award for Best New Transfer Partner for offering the ability to transfer Citi Thank You Rewards points directly to American Airlines, so we won’t be discounting that card as 2026 approaches.
Last year’s winner, the Capital One Venture Its array of benefits doesn’t compare to the breadth of different points offered by the American Express Platinum or Chase Sapphire Reserve cards, but it’s much cheaper and generally easier to maximize thanks to its straightforward benefits and mile redemption options.
bottom line
With several strong cards vying for luxury travelers’ attention, there’s no clear winner in the premium card space. But American Express’s improved statement credit list and favorable benefits rollout timeline helped seal a win this time around.
If you’re looking for a card that will enhance your luxury experience at home, on the road and at your destination, this card has all the features you need. Check out our full review of the American Express Platinum Card to learn more.
Apply here: American Express Platinum Card
For American Express Platinum Card rates and fees, click here.
Each year, the TPG Awards recognize excellence in credit cards, loyalty programs and travel. Please click here Learn more about the selection process and methodology for the 2026 TPG Awards winners.
