American Express® Platinum for Schwab vs Chase Sapphire Reserve®
Side-by-side comparison
| American Express® Platinum for Schwab | Chase Sapphire Reserve® | |
|---|---|---|
| Annual fee | $895 | $795 |
| Welcome offer | 80,000 Membership Rewards® Points | 100,000 Ultimate Rewards® Points |
| Dining | 1x | 3x |
| Groceries | 1x | 1x |
| Gas | 1x | 1x |
| Travel | 5x | 4x |
| Streaming | 1x | 1x |
| Everything else | 1x | 1x |
| Est. yearly rewards* | $364 | $406 |
| Points type | Transfers to airlines & hotels | Transfers to airlines & hotels |
| Network | Amex | Visa |
*Estimated yearly rewards on typical household spending, every point valued at a flat 1 cent. Verified August 2026. See your own numbers in the calculator.
Welcome bonus and value over time
| Over time | American Express® Platinum for Schwab | Chase Sapphire Reserve® |
|---|---|---|
| Welcome bonus | 80,000 Membership Rewards® Points | 100,000 Ultimate Rewards® Points |
| To earn it | $12,000 in 6 months | $6,000 in 3 months |
| Est. first-year value* | $3,333 | $2,959 |
| Est. ongoing value / yr* | $2,533 | $1,959 |
The American Express® Platinum for Schwab wins on both fronts: it comes out ahead in year one on the welcome offer and stays ahead every year after. Short term or long, it is the stronger pick on the numbers.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent.
Perks, credits, and redemptions
| Perks | American Express® Platinum for Schwab | Chase Sapphire Reserve® |
|---|---|---|
| Lounge access | Yes — Centurion, Priority Pass, Delta Sky Club | Yes — Priority Pass, Sapphire Lounges |
| Annual credits | ~$3,064/yr (12 credits) | ~$2,348/yr (9 credits) |
| Points & redemptions | Transferable to airline & hotel partners | Transferable to airline & hotel partners |
On perks and redemptions, the American Express® Platinum for Schwab carries the heavier credit stack (about $3,064 a year). Weigh those against the fee, since credits and lounge access only count if you will actually use them.
Transfer partners and point value
The American Express® Platinum for Schwab earns Amex Membership Rewards, which transfers to Delta, ANA, Air France-KLM Flying Blue, Virgin Atlantic, plus Hilton and Marriott. The Chase Sapphire Reserve® earns Chase Ultimate Rewards, reaching World of Hyatt, United, Air Canada, Southwest, and British Airways Avios. Most transfers are 1:1 on both, so the partners themselves, not the ratios, are what separate them.
The standout difference is the crown-jewel partner: for the American Express® Platinum for Schwab it is ANA and Virgin Atlantic, the routes behind the famous business- and first-class sweet spots to Asia; for the Chase Sapphire Reserve® it is World of Hyatt at 1:1, widely considered the single best hotel transfer in points. Pick the program whose best partners match the trips you would actually book.
The verdict
On a typical year of household spending, the American Express® Platinum for Schwab earns about $364 a year in rewards and the Chase Sapphire Reserve® about $406, valuing every point at a flat 1 cent. The American Express® Platinum for Schwab charges $895, but carries about $3,064 in annual statement credits that offset it for anyone who uses them. The Chase Sapphire Reserve® charges $795, but carries about $2,348 in annual statement credits that offset it for anyone who uses them. Counting rewards, fees, and any credits, the American Express® Platinum for Schwab delivers more total value, about $216 a year more for a typical spender, mostly because it earns more where you spend most, on travel. Both earn transferable points rather than flat cash, so the deciding factor is whose transfer partners reach the airlines and hotels you would actually book. On the sign-up bonus, the Chase Sapphire Reserve® currently has the larger welcome offer. A welcome bonus is a one-time event, so weigh it apart from the ongoing rewards.
Pick the American Express® Platinum for Schwab if your spending leans toward travel. Pick the Chase Sapphire Reserve® if your spending leans toward dining.