Johnny Jet has partnered with CardRatings for our coverage of credit card products. Johnny Jet and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed, or approved by any of these entities.
So you’re trying to figure out if you should play it safe and get the Capital One Venture Rewards Credit Card or reach for luxury with The Platinum Card® from American Express. Both cards are great for travelers. They both earn rewards but also come with several perks exclusive to cardholders.
In this Capital One Venture vs Amex Platinum comparison, we’ll look at the pros and cons of each, as well as the exciting bonus offers available, to help you determine which is the better fit for you in 2024. Here’s a sneak peek at the bonuses available:
LTO! $250 Capital One Travel Credit + 75,000 bonus miles (after spending $4,000 in the first 3 months): Capital One Venture Rewards Credit Card
80,000 bonus Membership Rewards® points with The Platinum Card® from American Express (after spending $8,000 in the first 6 months)
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more.
Capital One Venture vs Amex Platinum
The Capital One Venture Rewards Credit Card is a flat-rate earning card. This means cardholders earn unlimited 2x miles per $1 on all purchases. However, they earn 5x miles on hotels and rental cars booked through Capital One Travel. That means if you go out for dinner, hit the shops for new shoes, purchase a movie to stream, and even pay for an online purchase while abroad with your Venture Rewards card, all of those purchases will earn 2x miles.
Meanwhile, The Platinum Card® from American Express is a premium card, which means the benefits tend to be bigger, but the annual fee is also higher (See Rates & Fees). It earns up to 5x Membership Rewards® points per $1 spent on select travel purchases. Earn 5x Membership Rewards® points on prepaid hotels booked with American Express Travel. Oh, and don’t forget all of the programs that cardholders can benefit from (more on that below).
Note that if you want to compare a premium Capital One travel card offer with the Amex Platinum, check out our detailed review of the Capital One Venture X Rewards Credit Card vs The Platinum Card from American Express.
Capital One Venture vs Amex Platinum: Earning Points
While both cards are considered some of the best travel rewards cards to have in your arsenal, they are also good to earn on everyday spending.
The Capital One Venture Rewards Credit Card earns at least 2x miles on every purchase. Earning at least 2x miles on everything is easy. There are no bonus categories to calculate, and you don’t have to worry about any limits. However, earn 5x miles on hotels and rental cars booked through Capital One Travel.
The Platinum Card from Amex earns in several categories:
- Cardholders earn 5x Membership Rewards® Points for flights booked directly with airlines or with American Express Travel, up to $500,000 on these purchases per calendar year
- 5x Membership Rewards® points on prepaid hotels booked with American Express Travel
- 1x points for everything else
It’s easier to maximize daily spending with the Venture Card. But if you’re a frequent flyer, the Amex Platinum earns double the points than most travel rewards credit cards (which is why it’s one of the best credit cards for travel miles).
Similarly, if you want to learn more about the different ways to earn points and how you might maximize them, the in-depth American Express Platinum review is a good place to start.
Verdict: The Platinum Card® from American Express
Redeeming Points/Miles
For both cards, your points/miles are most valuable when redeeming for award travel. But both cards offer varying redemption options. Your preferred redemption option and the additional card benefits are probably the two most important factors in knowing which card is the better fit.
Capital One Venture Rewards Credit Card
You can redeem Capital One Venture miles by transferring them or using your miles to book flights, hotels, and more. Each mile is worth 1 cent each. You can also use your miles at Amazon.com or PayPal. This is a better option if you don’t want to always redeem your points for award flights (which Amex Membership Rewards are most valuable for).
You can also transfer your miles at a 1.5 to 1 ratio (1,000 Venture miles are worth 667 airline miles). There are several overlapping partners with Amex that offer a more favorable transfer ratio. Cardholders can transfer miles to over 15+ leading travel loyalty programs, including Capital One hotel transfer partners.
The Platinum Card from American Express
Your points are worth 1 cent each when booking award flights on AmexTravel.com but less than 1 cent for other award travel. The better option can be transferring your American Express points to the Membership Rewards airline and hotel transfer partners. Most of these partners have a 1:1 transfer ratio and include Delta Airlines, Emirates, British Airways, and Singapore Airlines.
Verdict: Varies. The Capital One Venture Rewards Credit Card is better if you prefer to redeem your miles for any travel purchase.
The Platinum Card® from American Express is better if you want a 1:1 point transfer to more popular airlines and want to book award flights.
Capital One Venture vs Amex Platinum: Travel Benefits
Venture Rewards
The Capital One Venture Rewards Credit Card issues an application fee credit for Global Entry or TSA PreCheck, up to $100. Plus, earn miles on every single purchase.
Amex Platinum
There are many Amex Platinum travel benefits. The value of these benefits alone can exceed the annual fee. Plus, frequent flyers can easily use them.
Cardholders can get up to $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings with American Express Travel when they pay with their Platinum Card®. The Hotel Collection requires a minimum two-night stay.
Also, select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees are charged by the airline to your Card.
Access to The Centurion® Network with locations worldwide is also included.
Related: Premium Card Battle Between The Chase Sapphire Reserve vs American Express Platinum
Other Platinum Card from American Express Benefits
There’s also a digital entertainment credit, making this card one of the best for streaming services. Cardholders can get up to $20 in statement credits each month when they pay for eligible purchases with the Platinum Card®. Enrollment required.
In addition to enjoying TSA PreCheck or Global Entry access, cardholders can also enjoy CLEAR perks. Breeze through security with CLEAR® Plus and get up to $189 back per year on your membership (subject to auto-renewal) when you use your Card.
Cardholders who enroll can get up to $300 back each year in the form of statement credits on an Equinox+ subscription or any Equinox club membership when they pay with their Platinum Card.
There’s also an annual $155 Walmart+ credit (which covers the cost of a $12.95 monthly Walmart+ membership with a statement credit) after you pay for Walmart+ each month with your Platinum Card. The cost includes $12.95 plus applicable local sales tax.
Annual Fee
Both cards are good for international travel.
The Capital One Venture Rewards Credit Card has an annual fee of $95. There are no foreign transaction fees with any of the Capital One cards.
The Platinum Card has a $695 annual fee but no foreign transaction fees (See Rates & Fees). At first glance, this fee is high. In fact, it’s one of the most expensive credit cards you can own. But this credit card offers many lucrative travel and shopping credits and fringe benefits that can make the effective annual fee much lower. The perks are valued at over $1,400.
Verdict: Capital One Venture Rewards Credit Card
Platinum and Capital One Venture Signup/Welcome Bonus Offers 2024
For a limited time, new Capital One Venture Rewards Credit Card cardholders can earn 75,000 miles once they spend $4,000 on purchases within the first three months of account opening, plus they’ll receive a one-time $250 Capital One Travel credit their first cardholder year. Earning the entire bonus is equal to $1,000 in travel!
New The Platinum Card® from American Express cardmembers can earn 80,000 Membership Rewards® points after spending $8,000 on purchases on their new Card in the first 6 months of Card Membership.
Verdict: The Platinum Card® from American Express
Credit Score Needed
For either card, you should wait until you have at least a 740 credit score, or good to excellent credit. It’s possible to get approved with a score in the low 700s. But, you may need to be a current bank member or have a high annual income to boost your approval odds.
Here’s how hard it is to get the Amex Platinum.
And here’s how hard it is to get the Capital One Venture Rewards.
If your score is still in the 600s, you will need to apply for a different credit card. Your best option in the Capital One family is the Capital One VentureOne Rewards Credit Card. It earns unlimited 1.25 miles on purchases and doesn’t have an annual fee. Check out our comparison of the Capital One Venture vs VentureOne for more information.
When to Go for the Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card wins the Capital One Venture vs Amex Platinum battle in these instances:
- You can earn more with the 2x flat-rate purchase rewards
- Prefer redeeming your miles for travel statement credits
- The Amex Platinum travel benefits are not worth the annual fee
- Have earned the Platinum Card welcome offer in the past
This card is the better option if you are not a frequent flyer who can use the airline fee credit and lounge benefits. Having the flexibility of redeeming your miles is also a huge plus.
Related: Best Credit Cards For Eating At Home (Food Delivery and Meal Kits Too!)
When to Go for the Platinum Card from American Express
Frequent flyers who visit airport lounges can use the travel credits and find the other travel perks useful, should consider getting the American Express Platinum first.
- Want to earn 5x points on select travel
- Will transfer your American Express Membership Rewards points to redeem for travel
- Can use the up to $200 airline fee credit and airport lounge access (enrollment required)
If you’re wondering how hard it is to get the American Express Platinum Card, you may be surprised to find that it’s not as difficult as you’d think.
Summary Amex Platinum vs Capital One Venture
The Capital One Venture and Amex Platinum are two of the best travel credit cards. Both cards earn above-average rewards and have flexible redemption options. But both cards cater to different travel habits. The most frequent travelers may get more value from the Amex Platinum because of its many benefits.
LTO! $250 Capital One Travel Credit + 75,000 bonus miles: Capital One Venture Rewards Credit Card
80k Bonus With The Platinum Card® from American Express
Related Articles:
For rates and fees of The Platinum Card® from American Express, please click here.
Johnny Jet has partnered with CardRatings for our coverage of credit card products. Johnny Jet and CardRatings may receive a commission from card issuers. Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
