It was a huge year in the premium card category, with two industry heavyweights getting major makeovers and another major competitor joining the fray. Both the American Express Platinum Card® and the Chase Sapphire Reserve® (see rates and fees) unveiled new slates of benefits in 2025, along with new price tags to match, while Citi rolled out the all-new Citi Strata Elite℠ Card (see rates and fees).
Despite the newness in the market, the 2026 TPG Award winner for Premium Card of the Year is a familiar name in luxury: the Amex Platinum. Here’s a look at why the OG card in the category ranks No. 1 in our wallets once again.
New and updated statement credits
In September, Amex added a slew of new statement credits to the Platinum Card:
Enrollment required for select benefits.
Additionally, it raised the caps on three existing (and beloved) statement credits:
Enrollment required for select benefits.
Related: Why the new Amex Platinum changes are converting me to a cardmember
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We at TPG were happy to see these additions, which have been easy for many of us to maximize. The Resy credit, in particular, is a super simple way to reap up to $400 in additional value from the card, as all that’s required to trigger the credit is using your Amex Platinum to pay (after enrollment). And a look around the TPG office reveals a lot of happy, new Oura Ring users thanks to that credit, too.
The hotel credit changes were also very welcome. I’ll be the first to admit that I let the old $200 annual credit fall by the wayside for several years, opting to book hotel rooms with points rather than pay the difference between the credit and a one-night Amex Fine Hotels + Resorts stay. But Amex increasing the credit to $300 biannually changed the calculus for me. I recently booked a night at the Andaz Prague — a $285 stay — that will be completely covered by the credit, for example.
Benefit rollout
Unsurprisingly, all these new Amex Platinum benefits came with a price: specifically, $895 (see rates and fees) — an increase of $200 and $100 more than Chase charges in annual fees for its revamped Chase Sapphire Reserve. But considering the hundreds of dollars in value Amex added through the new statement credits, we felt like it was a fair trade.
For those on the fence, Amex gave existing users a grace period before they’d begin to incur the higher fee while still giving them access to the new benefits right away.
New benefits launched Sept. 18, while new fees took effect for renewals after Jan. 2, giving customers the chance to try out yearly, half-yearly and quarterly credits (twice) before making any fee-based decisions.
In the four months since the changes took effect, I’ve already used most of these new and updated credits more than once and some of them three times. And because my card anniversary is in November, I won’t have to pay the updated fee until more than a year after the credits rolled out.
No negative changes
Importantly, Amex also kept all existing benefits on the card intact as part of the refresh, making the fee hike the only negative tweak. Cardholders still enjoy:
- Unchanged earning rates, including 5 points per dollar spent on flights booked directly with airlines or through American Express Travel® (on up to $500,000 on these purchases per calendar year, then 1 point per dollar) and 5 points per dollar spent on prepaid hotels booked through American Express Travel
- Marriott Bonvoy and Hilton Honors Gold status (enrollment required)
- Several statement credits (enrollment may be required), including an airline fee credit of up to $200 with a selected airline, a Saks Fifth Avenue credit of up to $100 per calendar year and up to $200 per calendar year in Uber Cash (valid on Uber rides and Uber Eats orders in the U.S.; your Amex Platinum must first be added to your Uber account, and you can then redeem with any Amex card)
Lounge access
Amex’s extensive list of domestic and international Centurion Lounges continues to put it ahead of the competition when it comes to lounge access — especially when combined with the Amex Platinum’s access to Delta Sky Club lounges (limited to 10 annual visits). In fact, the Amex Platinum will again take home TPG’s Lounge Access Card of the Year prize.
Related: Everything you need to know about Amex Centurion Lounge access
While Centurion continues to play a big role in the airport lounge space with its sprawling network, it faces stiff competition from the ever-expanding Capital One and Chase Sapphire networks, which offer elevated food-and-drink options and differentiated amenities. For example, the Capital One Lounge at New York’s John F. Kennedy International Airport (JFK) — the winner of this year’s award for Best New Credit Card Lounge — offers a cheesemonger experience where guests are treated to a 45-minute personalized artisan cheeseboard tasting experience with optional wine pairings.
We’re certainly not counting out Amex Centurion, especially given its own lineup of new lounges set to open in 2026, but let’s just say the race is on.
Which cards were runners-up?
While the Amex Platinum did ultimately beat out its competitors for our coveted Premium Card of the Year slot, it was definitely a close call. And given the continued trend of issuers prioritizing their premium products, we expect next year’s awards to be an even tighter race.
Chase Sapphire Reserve
The definite runner-up this year was the Chase Sapphire Reserve, which also introduced a host of new and updated benefits with its own refresh, including new statement credits and increased earning rates for flights and hotels booked directly (4 points per dollar, up from 3 points per dollar previously).
However, many of the competing benefits fall short of Amex’s in terms of dollar value and/or flexibility, and the rollout of the changes wasn’t as smooth.
A few examples:
- $500 annual statement credit for The Edit, Chase’s curated collection of luxury hotels and resorts (split into two $250 biannual credits), compared with Amex’s up to $600 annual hotel statement credit
- $300 annual dining credit and prime-time reservations at Sapphire Reserve Exclusive Tables, which you can book on OpenTable (split into two $150 biannual credits automatically applied within the Sapphire Reserve Exclusive Tables program), compared with Amex’s up $400 in annual Resy statement credits (for purchases at U.S. Resy restaurants; enrollment required)
- $288 annual statement credit for Apple TV+ and Apple Music subscriptions (one-time activation per service is required through chase.com or the Chase Mobile app), compared with Amex’s up to $300 annual digital entertainment statement credit, which covers a range of services (enrollment required)
And while Chase made some undeniably positive changes to the Sapphire Reserve, it also made some negative ones:
- All other travel dropped from 3 points per dollar to just 1 point per dollar, which hurt those who typically used the card for travel expenses like cruise tickets, subway transit and Airbnb stays.
- It replaced its 50% boost when redeeming Chase Ultimate Rewards points through Chase Travel℠ with a new accelerator tool, Points Boost. While Points Boost does offer some legitimately good deals, it made using Chase’s portal far more complicated than it was when it offered the fixed-rate redemption option.
- Chase, like Amex, gave existing cardholders a grace period before the higher annual fee kicked in; however, Chase forced them to wait months before unlocking their new perks, whereas Amex gave existing cardholders access right away.
Related: Chase Points Boost: A valuable redemption option or a disappointing devaluation?
All of that said, to its credit, Chase has instituted some positive Sapphire Reserve changes since Amex’s refresh:
If this streak continues, the cards could be neck and neck in our next awards race.
Citi Strata Elite Card and Capital One Venture X Rewards Credit Card
While Amex and Chase were certainly the two front-runners this year, that doesn’t mean Citi and Capital One weren’t part of the conversation.
The Citi Strata Elite Card offers some unique credits — like a Splurge credit that covers up to $200 in statement credits on cardmembers’ choice of up to two brands each calendar year (exclusions apply) — but its overall list unfortunately falls way short of those from Amex and Chase. Citi did take home the award for Best New Transfer Partnership thanks to its providing the ability to transfer Citi ThankYou Rewards points directly to American Airlines, so we wouldn’t discount the card as we get further into 2026.
The Capital One Venture X Rewards Credit Card, last year’s award winner, has made strides over the last year when it comes to lounge access, broadening its network to include outposts at JFK and Las Vegas’ Harry Reid International Airport (LAS). Its array of benefits doesn’t compare to the breadth of different credits offered by the Amex Platinum or the Chase Sapphire Reserve, but it’s significantly cheaper and often easier to maximize thanks to its straightforward benefits and miles redemption options.
Bottom line
With several strong cards vying for luxury travelers’ attention, there’s no runaway victor in the premium cards space. But Amex’s improved list of statement credits and favorable benefit rollout schedule helped seal a win this time around.
If you’re looking for a card that’ll boost your luxury experience at home, in transit and at your destination, this one has all the features you’ll need. Check out our full review of the Amex Platinum to learn more.
Apply here: American Express Platinum Card
For rates and fees of the Amex Platinum, click here.
Every year, the TPG Awards honor excellence in credit cards, loyalty programs and travel. Please click here to read more about our winner-selection process and methodology for the 2026 TPG Awards.
