Has Chase Finally Made This Amex Loyalist Question Everything? My 1.2 Million Point Dilemma
Hey friends, Phillip here with Points with Phillip, and if you know this channel, you know I'm one of the biggest American Express fans out there. I use AMX cards daily, I teach people how to maximize AMX points, and last year alone, I earned over 1.2 million Membership Rewards points. Yes, you read that right – 1.2 million!
But today, I'm here to tell you why Chase just made me question everything and think about switching.
That's right, Chase just rolled out a change specifically tied to the Chase Sapphire Reserve that's big enough to make even a diehard AMX loyalist like myself stop and reconsider. In this post, I'm going to break down what changed, why it matters, and whether this is finally the moment where Chase takes the crown from AMX.
The Game-Changing News from Chase
So, what's got me in a spin? The big news (though it broke a few days ago, I'm just catching up) is that Chase has changed how you can get sign-up bonuses with their Chase Sapphire cards.
Last year, my wife, who is under 5/24, signed up for the Chase Sapphire Preferred when it had an all-time high 100,000-point offer for a $95 annual fee. Those Chase points have been incredible, especially for United flights. While we haven't used the Preferred much beyond DoorDash (thanks to our other cards like the Citi Strata Premiere for American Airlines and the Amex Gold for 4x groceries and dining), the value was undeniable.
Now, here's the kicker: Chase made it possible to earn the Chase Sapphire Reserve sign-up bonus even if you already have the Chase Sapphire Preferred card active and open! This means we don't have to downgrade the Preferred immediately (though we likely will to a Freedom Unlimited when the annual fee posts). We can now go for the 125,000-point sign-up bonus for the Chase Sapphire Reserve.
That's 125,000 points for spending $6,000 in the first 3 months – roughly $2,000 a month in everyday spend, which is totally manageable for us. This is a seriously solid sign-up bonus.
My Amex Platinum Card Dilemma
Before we dive deeper into the Sapphire Reserve, we need to talk about my American Express Platinum card. I recently did a video detailing how my Platinum card earned me almost $2,500 in credit value in its first year. I even got a 125,000 Amex point sign-up bonus for upgrading from my Gold card.
Despite getting thousands of dollars in value, I'm facing an $895 annual fee (plus a $195 authorized user fee) coming up in February. And February is a significant month for me. Any day now, I expect the call that my adopted son is ready to come home.
Spending nearly $1,100 on a credit card, even one that provides immense value, just feels wrong right now. The math works, I know it does, but the emotional cost is high. We'll be having a newborn and aren't planning any flying trips until next July (and those flights are already booked with 5x points). I won't need lounge access for six months. I love the points game, but the thought of that huge annual fee just makes me want to step back.
I'm seriously considering not keeping it open. Once I downgrade to the Green card, I don't foresee upgrading anytime soon unless there's an irresistible offer.
Why the Chase Sapphire Reserve is Looking So Good
Okay, so the Amex Platinum is on the chopping block. Could the Chase Sapphire Reserve step in?
First off, my wife and I have the Ritz Carlton card, so lounge access isn't a primary driver for the CSR. This is purely about points and value. Chase's own math suggests over $5,000 in value from points, travel, and lifestyle benefits from the Sapphire Reserve.
The annual fee for the Sapphire Reserve is $550, and authorized users are $75 each – much lower than the Amex Platinum. My wife would be the primary cardholder, and I'd be the authorized user.
Here's why this card actually makes a lot more sense for our lifestyle and travel:
8x on Travel booked through the Chase Travel Portal (including the Luxury Hotel & Resort Collection).
4x on Flights and Hotels booked directly. While not the Platinum's 5x, 4x is still excellent, especially for Chase Ultimate Rewards, which are incredibly valuable with partners like Hyatt for international business flights.
3x on Dining. To get this with Amex, you need the Gold card, which is another $250 annual fee. If we're looking to consolidate, this becomes a powerful dining and travel card in one. (Pairing it with a card like the Bilt Mastercard for 3x on groceries could complete our daily spend categories efficiently.)
1x on everything else (standard).
Breaking Down the Credits and Benefits:
The real magic of the CSR for me lies in its credits:
$300 Annual Travel Credit: Unlike my Ritz Carlton credit, which is specific to flight incidentals, this Chase credit is incredibly flexible. If it's remotely travel-related, it usually counts. You can use it on January 1st or December 31st. This immediately brings the effective annual fee down significantly.
Luxury Hotel & Resort Collection (LHRC) Stays: I've been looking at the LHRC, and while some high-end options like the Four Seasons Orlando are out of my league, there are properties we already frequent that are part of the program.
The Omni at Champions Gate (south of Disney) is a resort with great amenities. With LHRC, you often need a two-night stay to get the $250 credit, effectively a free night. We do several staycations a year, and this credit could easily replace the Amex Hotel Collection credit I value.
The Kemp in Vero Beach, a couple of hours from us, is another great option, with rates around $300-$400/night. The $250 credit would cover most of a night.
This year only, there's an additional $250 credit for other hotels, including IHG, and this can even apply to the Kemp.
Between the $300 travel credit, the $250 LHRC credit, and the limited-time $250 hotel credit, we're already looking at $800 in easily usable travel value against the annual fee.
Sapphire Exclusive Tables Dining Program: This program offers a $150 credit twice a year for aspirational dining experiences. In Orlando, there are several good options we already enjoy, like Norman's. This is perfect for date nights or special occasions like Valentine's Day or my wife's birthday. That's another $300 in value.
Other Credits:
StubHub: While I don't frequently use it, there are options for events in Orlando/Tampa. I might use one for friends or a specific event.
DoorDash: I dislike these promos, but we'll use the $5 monthly restaurant credits and the DashPass membership.
Apple Music: My wife uses it, so that's another $288 of value we're already spending.
By my rough calculations, even without working too hard, we can easily stack credits to offset the annual fee and then some.
The Power of Chase Ultimate Rewards
The 125,000-point sign-up bonus for the CSR is a huge draw. These points can go directly to Hyatt, offering incredible value. Staying at a Park Hyatt in Washington D.C., for instance, can yield 2.5 cents per point. There are also great Hyatt properties in Florida we love.
I recently finished earning 300,000 points with the Business Platinum card (finalizing adoption payments!) and my wife and I are wrapping up a 100,000-point Venture X bonus. So, we're not desperate for points, but Chase points for hotel stays are always welcome. You can never have too many nice hotel stays, right?
Beyond the points, the Chase Sapphire Reserve is a Visa Infinite card. This means:
Accepted literally everywhere: A huge advantage for international travel compared to Amex.
Better built-in protections: Things like premium rental car protection are included without extra fees, unlike Amex Platinum.
While we'll likely pair it with the Venture X for no foreign transaction fees, the CSR is a much easier and more versatile card to carry for overseas travel than the Platinum. It has more reasons to stay in my wallet.
The Big Question: Am I Crazy?
Six months ago, if I suggested making this video, I would have said I was crazy. And maybe I still am! But my Amex Platinum annual fee is hitting in February. I can either renew it, downgrade it, or embrace the Chase Sapphire Reserve.
Given my current lifestyle, with a newborn on the way and reduced air travel plans, the Chase Sapphire Reserve feels like a better fit. The points are easily deployable for hotels, the credits are more universally usable for our current spending patterns, and the Visa acceptance is a practical advantage.
So, what do you think? Have you considered making a similar switch? Does the ability to earn both the Chase Sapphire Preferred and Chase Sapphire Reserve sign-up bonuses change your perspective? Let me know in the comments below – I look forward to hearing your thoughts!