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While both of these cards come with significantly higher annual fees — $550 for the Sapphire Reserve and $695 for the Amex Platinum — they also include more benefits and, in the case of the Reserve, more flexibility.

Amex Platinum: More lounges, more complexity and a higher annual fee

Amex Platinum is still the leader when it comes to lounge access, with access to its Global Lounge Collection and American Express Centurion Lounge, Delta Sky Clubs (when there’s a same-day Delta flight)**, Priority Pass lounges and more. . Registration is required for select benefits; Conditions apply.

While Capital One has lofty ambitions with its own lounge network, Amex has a significant head start with Centurion Lounges across the US and in places like London (LHR) and Hong Kong (HKG).

But Venture X isn’t all about lounge access; It’s also about value and simplicity. This is where the Amex Platinum falters.

Amex Platinum has a laundry list of perks and benefits, including various built-in statement credits from monthly to semi-annually, annually and in increments every 4-4½ years.

While you can offset Amex Platinum’s hefty annual fee with these included credits, it’s a lot to keep track of. The Venture X beats the Amex Platinum from a pure convenience perspective.

**Effective 2/1/25, eligible Platinum Card members will receive 10 visits per eligible Platinum Card per year when traveling on a Delta Sky Club or same-day Delta-operated flight.

Chase Sapphire Reserve: More flexibility, higher annual fee

Another major Venture X competitor is the Chase Sapphire Reserve. The Sapphire Reserve comes with an annual statement credit perk that’s probably the easiest to use — $300 for any travel, from hotels to ride-hailing services and airlines and more.

It’s not just Capital One that’s leaning into its travel portal. Chase Sapphire Reserve cardholders also earn bonus points at the same rate as Venture X when booking through Chase Travel℠, including 10 points per dollar on hotel and car rental purchases and 5 points per dollar on airfare.***

In addition, Chase Sapphire Reserve has a dedicated 1.5-cent redemption rate for travel booked through its portal, which significantly exceeds the 1 cent per mile you get with Venture X when booking through Capital One Travel. Combined with travel partners, Chase Ultimate Rewards is worth up to 2.05 cents, according to TPG’s September 2024 valuation.

However, with a $550 annual fee and limited Chase airport lounge availability in the US, the Venture X still gives the Sapphire Reserve a run for its money.

*** Enhanced earning rate begins on eligible travel purchases after receiving a $300 annual travel credit.

Related: The battle of the premium travel rewards cards — which one is best for you?

A long-term value proposition

The math here is simple: If you max out the $300 annual credit toward Capital One Travel, the Venture X’s annual fee effectively drops to $95, the same annual fee as the Capital One Venture Rewards credit card.

Add in a 10,000-mile bonus for each account anniversary ($185 value, according to TPG’s September 2024 valuation) and lounge access, and the Venture X must-have travel card becomes even more compelling.

The bottom line

The Capital One Venture X could be a great option for many travelers, and the card will only become more attractive over time as Capital One continues to invest in its rewards program and its lounge network.

The Venture X fits well into a competitive field of premium rewards cards, including established players from Amex and Chase. If you value simplicity, user-friendly travel portals and a growing network of airport lounges, consider adding the Venture X card to your wallet.