Does It Make Sense to Have Both an Amex Platinum and a Chase Sapphire Reserve Card?

If you ask any travel rewards nerd to list the top credit cards, chances are good the Amex Platinum Card and the Chase Sapphire Reserve will end up on that list. But if you then ask them what cards they have, you're rarely going to meet someone who owns both cards.

There are two big reasons for this:

• They're expensive. Amex's card has a $695 annual fee (see rates and fees), and Chase's option is only a little cheaper at $550. That's over $1,000 a year if you get both.
• There's a lot of overlap. Some of the rewards and benefits overlap on the two cards, such as the travel protections, Priority Pass membership, and TSA PreCheck credits.

Despite these points, there are two cases in which I can see opening both travel cards. 

Case 1: You luck into two great welcome bonuses

These two cards can have some of the best welcome bonuses in the game -- when you're lucky. You have to time your applications just right to take full advantage of these welcome bonuses.

For the Amex Platinum Card, the best bonus I've ever seen is for 150,000 Membership Rewards points (terms apply). For the Chase Sapphire Reserve, the best bonus I've ever seen was worth 100,000 Ultimate Rewards points.

If you can catch both of these top welcome bonuses -- and earn them without going into debt! -- then I could see getting both cards. You probably won't want to keep them both past that first year, however.

Case 2: You can (organically) maximize the credits

Both of these cards offer a lot of opportunity for earning statement credits. When your lifestyle makes it easy to earn those credits, then they can be exceedingly valuable.

That being said, you need to be able to earn those credits organically. This means you would be making the purchases with or without the credits, so you aren't spending money you wouldn't normally spend just to earn the credits. 

For the rare folks whose lifestyles happen to line up with the credits of both cards, you could come out way ahead even with two annual fees to pay.

Everyone else: Pick one, not both

In general, you'll want to pick one card or the other -- not both. Here's how to choose.

When to pick the Amex Platinum Card

This card is less of an everyday spending card and more of a credits and travel card. (I don't even keep mine in my wallet unless I'm heading out on a trip.) But if you can make use of even half of those credits, this card pays for itself and more. Even if you can't use the credits, if you travel often and will maximize the lounge access, this card could still be a great investment.

When to pick the Chase Sapphire Reserve

Although this card has some useful credits, it has much more focus on the rewards. The broad 3x travel and dining categories can add up quickly, and cardholders get a bonus when redeeming points in the Chase Travel portal. If you're less concerned about credits and luxury perks, and more about rewards, this card may be the better pick.

Two great travel cards

No matter which way you go, you'll end up with a great travel rewards card. But even if you're not 100% thrilled with your pick, it's OK! You can also cancel your card and try another one. Just make sure you wait at least one year before you cancel to avoid getting your welcome bonus clawed back.