One of my most prioritized goals, when I first started working remotely, was to travel more. I’d done as much as I could when I worked in restaurants, but–for me–the entire point of working from a laptop was to become a bonafide digital nomad.
So, as I transitioned to working in tech full-time, I began looking at travel hacks and deals. One thing I knew from the get-go was this: I wanted in on the travel rewards game. Visions of myself in various hotels, getting upgrades and free trips, spun in my head and I started researching the best options and–more specifically–my strategy for working my way up through the ranks.
The first really nice, metal card on my list was the then-brand-new rose-gold American Express (a fantastic option for all of my fellow foodies out there). It was a step in the right direction, even though the travel points weren’t quite as substantial as the restaurant rewards.
Then, the first real travel card I ever snagged was the Capital One Venture Rewards card. I was over-the-moon to receive it and immediately got to work earning points.
With that card, I was able to earn 2 miles per dollar spent on every single purchase, and 5 miles per dollar spent on hotels and rental cards, as long as I booked everything through Capital One Travel, which has acted as a sort of concierge for me in a pinch.
The welcome bonus for that card included 75,000 miles as long as you spend $4k in the first 3 months. I immediately used it to pay my rent, since I was going to spend that money, anyway.
Doing that ensured I made the minimum immediately, which equals about $750 in cash (definitely worth the $80 penalty for using a credit card that month).
Within 6 short months, I racked up enough points to offset all but $300 of my round-trip flight to Japan back in 2022.
I was also able to secure my Costco Executive membership, as well complimentary Global Entry membership (which is basically TSA PreCheck, but it includes international flights).
It’s a fantastic option for people just starting out in the points-for-travel game, and even includes access to a couple of lounges.
Last year, however, I upgraded my AMEX Gold card. Now, in its place, sits the American Express Platinum card: 18 grams of matte-finished stainless steel…a luxury-loving traveler’s best friend.
Mine is engraved with colorful flowers: a shimmering garden in my wallet.
Because the Venture Rewards card is more comparable to the AMEX Gold series, I’m going to actually review the Venture X card, as it is more closely aligned with AMEX Platinum. I’ll compare the AMEX Gold and Venture Rewards cards in a future article.
First, let’s talk fees
The price-to-pay difference between Venture X to AMEX Platinum isn’t insignificant: the annual fee for the Capital One Venture X card is, at the time of this posting, $395.00. The fee for the AMEX Platinum card, on the other hand, sits at a pricy $695.
The Venture X offers a 19.99-29.99% APR, while the AMEX Platinum’s APR is between 21.24-29.24%.
Both cards require an “excellent” credit rating.
So, what do you get for the money?
Each card offers premium travel perks.
Both cards have sign-on mile and point incentives that fluctuate, depending on when you apply. These sign-on bonuses look similar at first glance, but they do differ slightly:
To recap from before, the sign-on bonus for Venture is 75,000 miles if you spend $4,000 within the first 3 months of opening the account. Generally, that translates to a roughly $750 value, which means you’d essentially make $355 by getting the card, once you subtract the annual fee.
Keep in mind that the sign-on bonus is a one-time thing, though. The next year, you’ll have to pay the fee without getting that bonus, though they do hand out 10,000 “anniversary miles” every year you renew with them. I like to look at this way: by making the bonus, you’ll pay yourself back for all of the first annual payment and most of the payment for the second year you have the card.
The AMEX Platinum gives you between 80,000-120,000 points if you spend $8,000. It seems like an astronomical minimum in comparison until you realize that AMEX gives you 6 months to spend that $8k.
So, in other words, you have to spend twice as much to get the points, but you also have twice as long to do it.
It’s also important to consider that one card gives you easily transferrable miles (Venture X), but AMEX rewards are handed over in the form of points, whose value vary depending on how they’re used. So, the AMEX rewards may or may not be worth the extra money. It really depends.
The rewards for each card don’t stop there.
The Venture X card gives you a $300 annual travel credit for bookings through Capital One Travel, and it offers slightly better insurance benefits on car rentals than AMEX Platinum will.
With the AMEX Platinum card, you’ll get $200 annually to go toward what are considered travel incidentals, like baggage fees. That will only apply to one single airline, and you will have to choose the airline when you enroll. AMEX also gives you $200 annually toward prepaid hotel bookings when you book through American Express Travel, which includes more than 2k hotels to choose from.
Both cards will gift you a $100 statement credit for Global Entry (renewable every 4 years) or TSA PreCheck (renewable every 4-1/2 years) and both offer Priority Pass memberships.
AMEX Platinum also includes an annual $189 statement credit to cover the cost of a Clear membership (which is amazing, but only available in 15 airports throughout the US. Because of its limited use, view this as a luxurious addition to either Global Entry or PreCheck, not as a substitute).
Each card will also give you access to 1,300 lounges worldwide through both Priority Pass and Plaza Premium.
AMEX Platinum also includes access to the coveted American Express Centurion and Escape lounges, as well as Delta Sky Clubs when you fly Delta. For these more luxurious, exclusive lounges, you can bring 2 guests for a fee ($50 for adults or $30 for minors). Those fees are waived if you spend over $75,000 annually on the card. (Stay tuned for my review of the AMEX Centurion Lounge in San Francisco, where I’ll break down the reasons lounge access can actually save you money and stress if you’re a frequent traveler, which goes toward the rate of return on your card.)
Neither card charges you foreign transaction fees, which is nice.
Each card includes other benefits (like the $200 Uber/Uber Eats credit and $300 Equinox membership from AMEX, or the $150 Costco Executive membership from Venture), but I wanted to keep this already lengthy article focused on travel-specific perks.
Racking up the points
Using the Venture X, you’ll earn 10 miles per dollar you spend on hotels and rentals, as long as you book them through Capital One Travel. You’ll also earn 5 miles per dollar spent on flights (again, booked through Capital One Travel) and then 2 miles per dollar spent on everything else.
The AMEX Platinum gives you 5 points per dollar spent on flights booked directly through airlines or through American Express Travel. You’ll also earn 5 points per dollar on prepaid hotels booked through American Express Travel and then 2 points per dollar spent on other travel-related purchases booked through AMEX. You’ll earn 1 point per dollar on all other purchases.
So, which one should you choose?
If you’re looking for a lower annual fee and ease-of-use, I’d say go for the Venture X card. The travel benefits are fantastic and it’s really user-friendly.
If you’re looking for a “lifestyle” card and you’re the type of person who will make sure to use all the benefits, spring for the AMEX Platinum, whose annual rewards value equates to around $1,500 (so, twice as much as the annual fee, amounting to an $805 profit, not counting that hefty sign-on bonus at the beginning).
Keep in mind that this amount is in the form of total benefits, not specifically cash-back.
AMEX also includes a special concierge service, which will not only help with booking travel, but extends into dinner reservations and memberships to things like Resy–which is great for getting on the list for exclusive, hard-to-get-into restaurants.
I’ve enjoyed the perks from both, though I haven’t upgraded my Venture Rewards card to the Venture X yet, as many of the benefits overlap and I’m practically covered between the two companies.
One thing that IS important to remember, though: Capital One Venture X is a traditional credit card with a monthly minimum payment, while the AMEX Platinum is a charge card. You do have to pay off your entire AMEX balance monthly, unless you sign up for the pay-over-time feature, which will stretch charges over $100 over the span of 3 months.
When you use AMEX’s pay-over-time feature, you CAN use points to pay off charges, but they will NOT go toward the minimum payment due at the end of the current month. They will go toward your balance for the following month. It’s not a dealbreaker, but it can be a little annoying.
I do love those Centurion lounges, though.
In a future article, I plan to research and dive into the Chase Sapphire card, which my sister (also an avid traveler who actually taught me quite a bit about travel rewards cards) absolutely loves.
Until then, safe travels.
Cheers.
Kara Adamo is a globe-trotting ex-bartender, booze nerd, and booze writer. She is the author of Fancy Grape Juice: De-Snootifying the World’s Snootiest Beverage; Artimals: Coloring the Whimsical Wild; and Brews & Hues: A Coloring Book About Beer.
Adamo is a digital nomad, working as a UX writer and UX designer.
She is writing her fourth book, Layers of Cake.
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