The Chase Sapphire Reserve and the Amex Platinum are two of the most popular cards for travelers, and both recently announced substantial annual fee increases.
In 2025, both Chase and Amex decided to hike annual fees on their top-tier travel credit cards. As a cardholder of both, I can tell you: one refresh feels like a true upgrade, while the other is a complete flop.
Both credit card companies promised shiny, luxurious new perks to make up for the increased rates. First, Chase hiked the fee of their beloved Sapphire Reserve from $550 to $795 annually in June 2025.
Just a few months later, Amex followed suit by increasing the annual rate of the travel-premium Platinum card by $200, to an annual fee of $895.
On the surface, it looks like they’re doing the same thing by charging more and promising more travel benefits and perks.
But here’s the problem: Chase stripped away the very perks that made its card so valuable and replaced them with brand-specific credits that feel like a coupon book. Amex, on the other hand, raised its fee but added perks that feel useful and actually align with the Platinum card’s luxury lifestyle appeal.
The reaction from cardholders says it all. Chase’s “refresh” has been met with frustration, even mockery, while Amex’s updates are being welcomed with excitement by most cardholders.
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Chase Sapphire Reserve: From gold standard to glorified coupon book
The Chase Sapphire Reserve used to be a card built on simplicity, making it one of the best options for travelers. Prior to the changes, the Reserve earned 3x points on every travel purchase, 3x on dining, and 1.5x value when redeeming through Chase Travel.
When you add in the automatic $300 travel credit and lounge access, the math worked for just about anyone who traveled frequently.
This is what made it the gold standard. As an international traveler, the Reserve card made it easy to rack up miles thanks to a generous travel category. Between airfare, hotels, trains, cruises, Airbnbs, Ubers, and taxis, you didn’t need to think about whether your purchase qualified. As a cruiser, the Chase Sapphire Reserve was my go-to.
Then came the 2025 “refresh” that changed the formula, and not in a good way. Instead of building on what made the card great, Chase stripped away its best features and replaced them with gimmicky perks.
Here’s a quick summary of the biggest changes:
- The 3× travel multiplier is gone. You’ll only get 4x on flights and hotels, while everything else (Airbnb, parking, tolls, trains) drops to 1x.
- The 1.5× redemption bonus is disappearing, replaced by a restricted “Points Boost” system on select bookings.
- A shift to brand-specific credits. Perks now include Apple Music, StubHub, and OpenTable credits, benefits that only matter if you remember to redeem them.
Now, the Reserve card feels more like an overly complicated bundle of credits than a premium travel product. Unless you’re tracking every credit and optimizing redemptions, it’s easy to lose value.
Why Chase’s refresh felt like a downgrade to users
The reaction from Chase Sapphire Reserve cardholders has been overwhelmingly negative. On Reddit, longtime users say the card went from a no-brainer premium travel card to what feels like an overpriced coupon book.
The biggest frustration is that Chase removed the very perks that made the card valuable for travel, including the overarching 3x travel multiplier and the 1.5x redemption bonus. Instead, the refresh replaced these multipliers with brand-specific credits that many won’t fully use.
One user wrote, “I think the Chase Sapphire is now an extremely niche card, and probably not worth it for 99% of people. Travelers are better off getting an airline branded card for lounge access, and point maximizers are better off with something else. An $800 coupon book is not what people want in a credit card.”
“They were so close to making this really good, I think if the general 3x stayed, or even if they bumped the dining up to 4x it could actually be very good. But nope, they missed the mark,” commented another.
Another summed it up: “Tons of perks (nobody asked for) (and removed some key drivers for people to get this card).”
“This is kind of trash. It’s not really a solid travel card now. It would be better to stick to a hotel brand orientated card or cashback. Stubhub would be interesting if it was more than $300,” replied another.
Amex Platinum: Refresh with hiked fees but real value
The Amex Platinum has always been a card built around luxury, offering travelers premium perks and lifestyle benefits.
Before the refresh, Platinum cardholders already enjoyed lounge access, automatic elite status with Hilton and Marriott, annual airline credits, and one of the strongest travel protection packages available. The card leaned into its premium identity, and for many frequent travelers, the perks easily outweighed the $695 annual fee.
Now, in 2025, Amex has raised the annual fee to $895 — but unlike Chase, it didn’t really take anything away. Instead, the Platinum stacked on new benefits that many cardholders see as genuinely useful.
- $300 Lululemon credit ($75 per quarter), one of the most popular additions, aligning perfectly with the Platinum’s accessible luxury vibe.
- $400 dining credit through Resy ($100 per quarter), making the card more valuable for dining.
- $600 annual hotel credit when booking through Amex Fine Hotels & Resorts or The Hotel Collection, doubling down on premium travel value.
- Lifestyle perks, including $200 toward an Oura Ring and an expanded $300 entertainment credit for services like YouTubeTV and YouTube Premium.
The new perks also make the Platinum feel more accessible. Instead of overcomplicating things, Amex doubled down on what already worked and added perks that feel practical and relevant to cardholders.
Most importantly, Amex preserved all its existing perks while adding new ones that feel modern and premium, such as credits for Lululemon, Resy dining restaurants, Oura rings, and more entertainment. Instead of a downgrade, the refresh feels like the card is being elevated with a facelift.
Why Amex’s refresh feels like an upgrade
The sentiment online couldn’t be more different than the response to Chase. On Reddit, many Amex Platinum users describe the new perks as a welcome upgrade, especially the Lululemon and Resy dining credits. The added benefits align with how cardholders already spend, which makes it easier to justify the higher annual fee.
One cardholder summed it up: “Resy has 4 restaurants we go to regularly. That $400 is worth 100%. We shop at Lululemon enough that the $75/qtr is worth 50-100%. We already have YoutubeTv so $25/month is worth 100%. We are in their target demographic. New benefits are keeping us on board.”
Another user commented, “Assuming the credits are easy enough to use — and they are for me — I value them at half of their face value and still come out with about $1,200 in expected value. This calculation is just from the credits alone and doesn’t include the value of lounge access, status upgrades, or other perks.”
“We’ve had the Platinum since January 2024. We were about 50/50 on canceling, but after this refresh we’re 100% keeping it. The $100 quarterly Resy credit is easy to use in both of our most-visited cities. The $300 Lululemon credit, split quarterly, is easy to use; there’s a store five minutes away. My wife has wanted an Oura Ring, so the $200 credit there is an easy win,” wrote one user.
Some skeptics still aren’t fully sold on the refresh, pointing to the Platinum’s relatively low earning multipliers and questioning whether most cardholders will actually use the new credits.
But overall, the general sentiment is far more positive. Cardholders were given more reasons to keep the Platinum in their wallets, reinforcing the card’s premium identity instead of watering it down.
Amex was the clear winner for premium credit card refreshes
There’s no denying that Amex wins the refresh battle decisively. While the Chase updates left me feeling disappointed and frustrated, Amex’s refresh was a welcome change.
Although Amex raised the fee with the Platinum, at least valuable, easy-to-use perks were actually added. The company also kept all existing benefits intact instead of removing popular benefits. In my opinion, this reinforces the card’s premium identity, and has me thinking about closing my Chase Reserve card.
In contrast, Chase hiked the fee while removing core travel multipliers and replacing them with narrow brand credits that feel gimmicky.
The 3x travel multiplier was one of the card’s biggest draws, but now earning rates are more restricted, and the new credits are scattered across yearly, monthly, and quarterly buckets — harder to track and easier to forget.
In the end, Amex’s upgrade feels worthwhile with the added benefits, while Chase’s feels like a downgrade in disguise.
Disclaimer: This article reflects my personal opinions and experiences. This does not constitute financial advice. Credit card perks, offers, and benefits are subject to change by the issuer. Always review the official terms and conditions before applying.
