Before adding the American Express Platinum Card® to my wallet, I analyzed my current card setup. The Amex Platinum’s $895 annual fee (see rates and fees) was more than enough to prompt a review of my current strategy.

At the time, I had only one card in my wallet with an annual fee exceeding $200: the Capital One Venture X Rewards Credit Card. At $395 each year, the Venture X is among the most affordable cards in the premium market. But was the Venture X worth keeping once I added the Amex Platinum?

After weighing the pros and cons, I decided to keep both of these popular premium travel rewards cards. These are the four factors that influenced my decision.

I earn two valuable currencies

I’m all about collecting transferable points and miles from each of the major issuers. I value both American Express Membership Rewards points and Capital One miles highly. Plus, earning both currencies gives me even more flexibility when making redemptions, as I unlock two sets of transfer partners.

I like to redeem Capital One miles for Delta Air Lines tickets, which I usually book through SkyTeam alliance partner Air France-KLM’s Flying Blue. I recently transferred 15,000 miles to Flying Blue to book two one-way domestic Delta flights between Greenville-Spartanburg International Airport (GSP) in South Carolina and Detroit Metropolitan Wayne County Airport (DTW).

These cards offer fantastic welcome bonuses:

• Amex Platinum: New cardmembers can find out their offer and may be eligible for as high as 175,000 bonus points after spending $12,000 on purchases in the first six months of card membership. (Welcome offers vary, and you may not be eligible for an offer.) Per TPG’s May 2026 valuations, this bonus is worth up to $3,500.
• Venture X: Earn 75,000 bonus miles after spending $4,000 on purchases in the first three months from account opening. TPG’s May 2026 valuations deem this offer worth $1,388.

Related: How (and why) you should earn transferable credit card points

I pay with the Venture X — most of the time

I love using my Venture X. It provides at least 2 miles per dollar spent on everything, which is a very solid earning rate.

Reward your inbox with the TPG Daily newsletter

Join over 700,000 readers for breaking news, in-depth guides and exclusive deals from TPG’s experts

By signing up, you will receive newsletters and promotional content and agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.

Conversely, my Amex Platinum isn’t the best choice for the majority of my spending, since it earns 1 point per dollar spent on most purchases.

However, it comes in clutch when I need to book flights directly or make hotel reservations through American Express Travel®, since it earns 5 points per dollar spent in these categories (on up to $500,000 per calendar year for airfare booked direct or through Amex Travel, then 1 point per dollar spent).

Related: Why you should get a fixed-rate rewards credit card

I can access more airport lounges

I added the Amex Platinum partly for access to the card’s extensive American Express Global Lounge Collection.

I have plenty of choices at most airports I visit. I love the Escape Lounge at my local Greenville-Spartanburg International Airport (GSP) in South Carolina. And I expect to visit the Centurion Lounges at Charlotte Douglas International Airport (CLT) and Hartsfield-Jackson Atlanta International Airport (ATL), as I frequently connect through these airports.

Plus, when I pass through ATL on a same-day Delta ticket, I can use up one of my 10 annual visits to the Delta Sky Club.*

*Spending $75,000 or more on the card unlocks unlimited Sky Club visits.

The Venture X was my first card with lounge access, and I’ve had fantastic experiences in their issuer-branded lounges.

Since I’ve passed through Las Vegas’ Harry Reid International Airport (LAS) twice in the past year for concerts, and I often fly through Dallas Fort Worth International Airport (DFW) when I connect on American Airlines, it makes sense for me to keep access to the fantastic Capital One lounges in these two airports.

Related: The do’s and don’ts of visiting an airport lounge

I maximize statement credits

This is a major factor when deciding whether it’s worth paying an annual fee.

Amex Platinum statement credits

There is a long list of statement credits offered by the Amex Platinum. This is how I use four of my favorites:

• Airline fee credit*: I receive up to $200 in statement credits per calendar year toward incidental fees on my one selected U.S. airline. I use this when I need to check bags on Delta, since I’ll occasionally fly with them but don’t have one of their cobranded cards nor SkyMiles elite status.
• Digital entertainment statement credit*: I get $25 off my YouTube TV subscription each month, using up to $300 in statement credits per calendar year toward eligible subscriptions.
• Dining statement credit*: I spent a $100 quarterly statement credit on date night dinner and cocktails at The 07, a restaurant in my area. I receive up to $400 in statement credits per calendar year at participating U.S. restaurants affiliated with Resy (no reservation required; simply pay with your card at an eligible restaurant).
• Hotel statement credit: I booked a two-night stay at The Read House, a historic hotel in Chattanooga, Tennessee, for only $236 out of pocket thanks to a biannual $300 credit. I receive up to $600 in statement credits per calendar year toward prepaid stays booked through Amex Travel at Fine Hotels + Resorts or The Hotel Collection properties (two-night minimum at The Hotel Collection properties).

*Enrollment required

Venture X travel credit

The Venture X doesn’t have nearly as long a list of credits, but its $300 annual travel credit for bookings made through Capital One Travel lowers the effective annual fee to $95 on its own.

Last year, I used this credit to get $300 off a three-night stay at the Conrad Las Vegas at Resorts World.

Related: Credit card perks and benefits you should be using this month

When it wouldn’t make sense

There are a few instances where it wouldn’t make sense for me to keep both the Amex Platinum and Venture X.

• If I didn’t have an organized plan to maximize statement credits across both cards, or if I didn’t intend to make statement credits a priority.
• If I didn’t plan to visit an Amex or Capital One lounge in the foreseeable future.
• If I wanted to maintain a simple, one-card setup.

If any of these applied to my situation, I’d downgrade to the $95 annual fee Capital One Venture Rewards Credit Card instead of keeping up with the Venture X.

Related: Why the Capital One Venture X could be the best option for your first premium card

Bottom line

My wallet is unquestionably stronger with both the Amex Platinum and Venture X.

From elevated earning rates to expansive lounge access and high-value statement credits, the perks on these two cards pair exceptionally well. Their strengths fill in each other’s gaps, creating a well-rounded setup that suits many different types of travelers.

I’m confident these cards will meaningfully enhance my upcoming trips — and they already have.

To learn more about either card, read our full reviews of the Amex Platinum and Venture X.

Apply here: American Express Platinum Card

Learn more: Capital One Venture X Rewards Credit Card

For rates and fees of the Amex Platinum, click here.