Comparing Top Credit Card Brands: American Express vs. Chase
Both American Express (AMEX) and Chase are premier credit card providers, widely known for their lucrative reward points, bonus offers, and other attractive perks. But which stands out between the two?
To determine the leader, I evaluated both based on five crucial parameters: Point deals, point transfer possibilities, redemption avenues, auxiliary card benefits, and charges. After a close contest, a leader emerged.
1. Point Deals:
American Express: They have five cards in their rewards points lineup. Here are notable four:
| Card Name | Welcome Bonus | Rewards Points | Annual Fee |
|---|---|---|---|
| The Platinum Card® from American Express | 80,000 Membership Rewards points after you spend $8,000 in purchases within your first six months of Card Membership | earn 5X Membership Rewards Points for flights booked directly with airlines or with American Express Travel (up to $500,000 on these purchases per calendar year). You also earn 5X Membership Rewards Points on prepaid hotels booked with American Express Travel. | $695 |
| American Express® Gold Card | 60,000 Membership Rewards Points after you spend $4,000 on eligible purchases with your new Card within the first 6 months | earn 4X Membership Rewards points at restaurants worldwide, 4X Membership Rewards points at US supermarkets (up to $25,000 in purchases per year, then 1X), 3X Membership Rewards points for flight booked directly with airlines or on amextravel.com, and 1X on everything else eligible | $250 |
| American Express EveryDay® Preferred Card | $200 after you spend $2,000 in purchases within the first 6 months | 3% at U.S. supermarkets (up to $6,000/year, then 1%), 3% on U.S. online retail purchases (up to $6,000/year, then 1%), 3% at U.S. gas stations (up to $6,000/year, then 1%) then 1% on other purchases. | $0 |
| American Express EveryDay® Credit Card | $250 statement credit after you spend $3,000 in purchases in the first 6 months | 6% on U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). Finally, 1% Cash Back on other purchases | $0 intro annual fee for the first year, then $95 |
Chase: Under its Ultimate Rewards umbrella, Chase offers three cards, plus additional airline and hotel partnership cards. Examples include:
| Card Name | Welcome Bonus | Rewards Points | Annual Fee |
|---|---|---|---|
| Chase Sapphire Reserve® | 60,000 Ultimate Rewards points after you spend $4,000 in purchases within the first three months | $300 annual travel credit; 5X points on flights, 10X points on hotels and car rentals purchased through Chase Ultimate Rewards, and 3X on other travel worldwide after the first $300 is spent on travel annually; 10X points on Chase Dining purchases, 3X points on all other dining, 1X points all other purchases (cash value: $300 +1 – 1.5 cents per point) | $95 |
| Chase Sapphire® Preferred Card | 60,000 Ultimate Rewards points after you spend $4,000 in purchases within the first three months | $50 annual hotel credit; 5X points on travel purchased through Chase Ultimate Rewards after the first $50 is spent on travel annually; 3X on dining, select streaming services, and groceries; 1X points for all other purchases (cash value: $50 +1 – 1.25 cents per point) | $95 |
| Ink Business Preferred Credit Card | 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening in the . | 3X points on the first $150,000 spent each anniversary year on shipping, advertising, Internet, cable, phone services, and travel; 1X points on all other purchases (cash value: 1 – 1.25 cents per point) | $95 |
| Southwest Rapid Rewards Premier Credit Card | 50,000 bonus points when you spend $3,000 in purchases in the first 3 months | 3X points on Southwest purchases; 2X points on Rapid Rewards hotel and car rental partners, local transit, and commuting, including rideshare, Internet, cable, phone services, and select streaming; 1X points on all other purchases; 6,000 additional points every year (cash value: 1 cent per point) | $69 |
Verdict on Point Deals: Chase gets the upper hand. Although AMEX offers higher bonus values, Chase’s consistent point value makes it the better option in the long run.
2. Point Transfers:
American Express: Allows point transfers to numerous airline and hotel partners with varying ratios.
Airline Partners include: Delta SkyMiles, British Airways Executive Club, and more.
Hotel Partners: Marriott Bonvoy, Hilton Honors, etc.
Chase: Offers a straightforward 1:1 point transfer to several airlines and hotels.
Partners comprise: Aer Lingus, British Airways, United Airlines, Marriott Bonvoy, and more.
Verdict on Point Transfers: Chase takes the lead, mainly for its 1:1 transfer simplicity and collaborations with prominent American airlines missing in AMEX’s list.
3. Points Redemption Options:
American Express: Their points value varies based on the redemption method. For instance, airfare redemption yields 1 cent per point, whereas statement credits offer 0.6 cents per point.
Chase: Point value remains consistent across various options like travel bookings, statement credits, and gift cards, all providing 1 cent per point value.
Verdict on Redemption Options: Chase again emerges superior due to its consistent and higher conversion values.
4. Additional Card Benefits:
American Express: Benefits vary by card, with the Platinum Card offering a plethora of annual credits, like $200 for Uber, $200 for airlines, and more.
Chase: The rewards also differ per card, with the Sapphire Reserve offering benefits like trip insurance, Global Entry or TSA pre-check credits, and more.
Verdict on Other Benefits: American Express leads in this category, especially with their Platinum Card’s wide range of credits.
5. Charges:
American Express: Their fees range from $0 to $695 annually, depending on the card, with some having foreign transaction charges.
Chase: Their yearly charges span from $69 to $550. Most of their cards lack foreign transaction fees.
Verdict on Fees: It’s a tie. While Chase cards generally have lower annual fees, the exact value will depend on the specific needs and preferences of the cardholder.
Final Verdict: Both American Express and Chase have their strengths. Your choice should align with your spending habits and rewards preferences. Consider all factors before making a decision.
