Which luxury card offers the most advantageous perks: Capital One Venture X or American Express Platinum?

American Express offers various benefits and promotions. Visit their website for more information.

If you're searching for a travel card with premium benefits, the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express are excellent options. These cards offer valuable rewards and a range of perks, including airport lounge access and statement credits.

Both the Capital One Venture X and American Express Platinum cards have high annual fees, so it's important to consider the benefits before applying. If you're seeking a premium rewards card, here's what you need to know about these two options.

Annual fee

The Capital One Venture X Rewards Credit Card has a lower annual fee of $395 compared to The Platinum Card from American Express, which has a premium annual fee of $695 (see rates and fees). Both cards do not charge foreign transaction fees.

The Amex Platinum's annual fee is higher, but it offers annual statement credit and other benefits worth over $1,500, making it worth it. The Venture X is even easier to justify due to its smaller upfront cost, which takes fewer benefits to offset. The card offers an annual $300 Capital One Travel credit and a 10,000-mile anniversary bonus (worth at least $100), so with only two benefits, you can recoup the cost every year.

Welcome bonus

You can earn 80,000 Membership Rewards® points with the Amex Platinum Card after spending $8,000 on eligible purchases in the first six months of membership. With these points, you can book $800 in airfare through American Express Travel and take advantage of Amex's travel partners for even more value.

The Capital One Venture X offers a welcome bonus of 75,000 miles when you spend $4,000 in the first three months after opening an account. These miles can be used to cover $750 in travel expenses or transferred to a partner travel loyalty program for premium cabin flights.

Rewards

The Capital One Venture X and Amex Platinum provide a higher return on travel bookings made through their respective travel portals, but the Venture X earns double the return of the Amex Platinum on all other purchases.

Redemption options

American Express Platinum cardholders can earn Membership Rewards points, which can be redeemed for various options such as gift cards, statement credits, merchandise, or travel bookings through Amex Travel. The redemption value is typically 0.5 to one cent per point.

You can transfer Amex points to 21 partner travel programs at a 1:1 ratio, except for some programs where the transfer ratio is different.

• Aer Lingus AerClub
• Aeromexico Rewards (1:1.6)
• Air Canada Aeroplan
• Air France/KLM Flying Blue
• ANA Mileage Club
• Avianca LifeMiles
• British Airways Executive Club
• Cathay Pacific Cathay
• Emirates Skywards
• Etihad Guest
• Hawaiian Airlines HawaiianMiles
• Iberia Plus
• JetBlue TrueBlue (5:4)
• Singapore KrisFlyer
• Qantas Frequent Flyer
• Qatar Airways Privilege Club
• Virgin Atlantic Flying Club
• Choice Privileges
• Hilton Honors (1:2)

Capital One Venture X miles can be redeemed for cash back, gift cards, and recent travel purchases, as well as used to pay for travel booked through Capital One Travel. The value of these redemptions is typically 0.5 to one cent per mile.

You can transfer Capital One miles to 18 travel loyalty programs (1:1 transfer ratio unless specified).

• Aeromexico Rewards
• Air Canada Aeroplan
• Accor Live Limitless (2:1)
• Air France KLM Flying Blue
• Avianca LifeMiles
• British Airways Executive Club
• Cathay Pacific Cathay
• Choice Privileges
• Etihad Guest
• EVA Air Infinity MileageLands (2:1.5)
• Finnair Plus
• Qantas Frequent Flyer
• Singapore Airlines KrisFlyer
• TAP Air Portugal Miles & Go
• Turkish Airlines Miles & Smiles
• Virgin Red
• Wyndham Rewards

The most effective way to maximize your value with either of these cards is to transfer the rewards you earn to travel partners. Both loyalty programs offer a comprehensive list of travel partners that allow you to book award flights with any of the three major airline alliances.

Benefits

You can expect a wealth of benefits with a premium rewards card, such as the Amex Platinum, which offers travel and shopping credits, as well as access to top-notch global airport lounges.

Elite status perks are available to Amex Platinum cardholders, including Gold status with Hilton Honors and Marriott Bonvoy (enrollment required; terms apply). Additionally, cardholders can enroll to enjoy car rental privileges with Avis, Hertz, and National (terms apply). The card offers a comprehensive suite of shopping and travel protections*, as well as airport lounge access (enrollment required) that includes visits to Delta Sky Clubs and American Express Centurion Lounges.

You can earn over $1,500 in statement credits annually, including:

• Get up to $200 back in hotel statement credits on select prepaid bookings with Hotel Collection, but note that a minimum two-night stay is required and some room categories are not eligible for upgrade.
• Up to $200 annual airline fee credit per calendar year
• Up to $300 per calendar year in Equinox credit (enrollment required)
• Enroll to receive up to $100 annual Saks Fifth Avenue credit, with $50 back semi-annually.
• Enroll in CLEAR® Plus for up to $189 credit, which will automatically renew (excluding taxes and fees).
• Enrollment is required for the annual digital entertainment credit of up to $240, which is equivalent to $20 per month.
• The Walmart+ membership offers up to $155 in annual credit, with a monthly fee of up to $12.95 plus applicable taxes. However, Ups are not eligible for this offer, and the membership will automatically renew.
• Uber Cash and VIP status are available to Basic Card Members, with a maximum of $200 in Uber cash annually ($15 per month, $20 in Dec.).
• Every four years, you can receive a $100 application fee credit for Global Entry, or every 4.5 years, you can receive up to $85 for TSAPreCheck.

Capital One Venture X cardholders can access Capital One airport lounges and enroll for access to more than 1,400 Priority Pass and Plaza Premium lounges. Additionally, cardholders can add up to four authorized users for free, and each of those cardholders can enroll to receive their own Priority Pass membership.

The card offers top-tier travel and purchase protections, Hertz President's Circle Status (enrollment required), and Visa Infinite rental car privileges with Avis and National. Additionally, when you use the card to pay for your Global Entry or TSA PreCheck application, you'll receive a fee credit of up to $100 (once every four years).

You'll receive up to $300 in travel credits annually for eligible Capital One Travel bookings, and on every card anniversary, you'll earn 10,000 bonus miles.

The eligibility and benefit level vary by card, and there are terms, conditions, and limitations that apply. For more details, visit americanexpress.com/benefitsguide. This is underwritten by New Hampshire Insurance Company, an AIG Company.

Compare savings accounts

Which should you get?

Both the Capital One Venture X and the American Express Platinum offer premium perks, but it's up to the individual to determine which card best suits their needs and budget.

Although the Amex Platinum has a higher initial fee, it provides a more valuable set of benefits. However, redeeming these benefits can be complex, as many of the statement credits are only applicable to specific brands and others are earned on a monthly or semi-annual basis.

The Capital One Venture X card is affordable and you can fully offset the fee by utilizing two simple benefits. Each year you hold the card, you'll receive a 10,000-mile bonus worth at least $100 in travel. Additionally, you'll receive an annual $300 Capital One Travel credit that can be used for any travel booked through Capital One Travel.

**see rates and fees

Why trust CNBC Select?

Our goal at CNBC Select is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each of our personal finance articles is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of financial products. While CNBC Select does earn a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.

Stay up to date with CNBC Select's comprehensive coverage of credit cards, banking, and money by following us on TikTok, Facebook, Instagram, and Twitter.

To view the rates and fees for The Platinum Card® from American Express, please click here.

Some of the benefits listed for Capital One products are provided by Visa or Mastercard and may differ depending on the product. Check the respective Guide to Benefits for details, as terms and exclusions apply.