The Amex Platinum Is Too Rich for My Blood. Here's the Card I'm Getting Instead

The American Express Platinum Card® is one of the most valuable cards you'll find, with over $3,500 in annual perks. It's also one of the most expensive, with an $895 annual fee (see rates and fees).

That's too rich for my blood.

For the infrequent travelers like me, there are much better options. One of them is the Chase Sapphire Preferred® Card (see rates and fees), one of the most popular and versatile travel cards out there.

And with a $95 annual fee, the Chase Sapphire Preferred® Card is much easier to justify than the Platinum Card®. Here's why I think it's a better choice for most.

A welcome offer worth at least $750 in Chase Travel℠ value, plus a $50 yearly credit

First, the Chase Sapphire Preferred® Card comes with a great welcome offer that's not too difficult to earn. Right now, new cardholders can earn 75,000 bonus points after spending $5,000 in the first 3 months.

That's a bonus worth at least $750 in Chase Travel℠ value -- and potentially even more, if you redeem with one of Chase's many transfer partners.

The Chase Sapphire Preferred® Card also comes with $50 annual credit to use for hotel stays booked through Chase Travel. That means if you land the welcome bonus, you've got at least $800 in first-year value -- more than eight times the Chase Sapphire Preferred® Card's $95 annual fee.

Yes, the Platinum Card® has a lucrative welcome bonus offer of its own, plus thousands in annual perks. But if you can't swallow an $895 annual fee, I don't blame you -- go with the Chase Sapphire Preferred® Card instead.

Want to land $800 in first-year value? Read our full review of the Chase Sapphire Preferred® Card to apply today.

The Chase Sapphire Preferred has arguably better earning rates

That's not all you'll get with the Chase Sapphire Preferred® Card. It also comes with:

• 5X points on travel purchased through Chase Travel℠
• 3X points on dining, select streaming services, and online groceries
• 2X points on all other travel purchases
• 1X points on all other purchases

Believe it or not, those earning rates are arguably better than those of the American Express Platinum Card®:

• 5X points on flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year
• 5X points on prepaid hotels booked with American Express Travel®
• 1X points on other purchases
• Terms apply

Most of the Platinum Card®'s value comes from its annual statement credits, not its earning rates, so this isn't too surprising. But if your only goal is to rack up rewards on purchases, the Chase Sapphire Preferred® Card is actually just as viable, if not more so.

Solid travel and purchase protections

It's true: The Chase Sapphire Preferred® Card can't compete with the annual perks of the Platinum Card®. But it does come with reliable travel and purchase protections to help you out when you need it most, like:

• Trip cancellation/interruption insurance: Reimburses up to $10,000 per traveler and $20,000 per trip for prepaid, non-refundable travel expenses.
• Baggage delay insurance: Up to $100 per day for essentials for delays over six hours.
• Travel and emergency assistance: Access to legal and medical referrals while traveling.
• Purchase protection: Covers new purchases against damage or theft for 120 days, up to $500 per item.
• Auto rental coverage: Primary coverage for theft and collision up to $60,000 on most rental vehicles.
• Trip delay reimbursement: Up to $500 per traveler for delays over 12 hours.
• Extended warranty protection: Extends U.S. manufacturer warranties by an additional year, up to four years total.

These aren't as eye-popping as, say, $600 a year in hotel credits (terms apply). But they're valuable, underrated perks that can cover you in a pinch.

The best part? You'll only have to pay $95 a year to get them. Throw in everything else the Chase Sapphire Preferred® Card has to offer, and you've got a valuable travel card at a fraction of the cost of the Platinum Card®.

Is the jury still out on which card is best for you? Check out our full list of the top travel cards to explore more options.