Don't Want to Pay $695 for the Amex Platinum Card? Here Are 3 Great Alternatives

If you travel a lot, then it often pays to sign up for a credit card that makes it easy to rack up air miles and cash back on your various journeys and purchases. But sometimes, to get those benefits, you need to be willing to pony up an annual fee.

Now when it comes to credit card benefits, it's pretty darn tough to beat The Platinum Card® from American Express. Not only does the card give you 5X points per $1 on flights booked directly with airlines or through American Express Travel, but it also gives you more than $1,500 in annual spending credits for services such as Uber, Walmart+, and Equinox (terms apply).

But perhaps the most appealing aspect of the Amex Platinum Card is its generous welcome offer. You can score 80,000 Membership Rewards® Points reward points (worth $800) for spending $8,000 on your card within 6 months of opening an account (terms apply).

That said, to get that offer, you'll need to be prepared to spend a whopping $695 for the card's annual fee (see rates and fees). That's a lot of money -- enough to almost negate your welcome offer. So if you can't see yourself spending that much money on a single card, here are three terrific alternatives to consider.

1. Chase Sapphire Preferred

Similar to the Amex Platinum Card, the Chase Sapphire Preferred® Card offers 5X points on travel purchased through Chase Travel. You also get a $50 annual hotel credit.

Right now, the Chase Sapphire Preferred® Card has a welcome offer that could put 60,000 bonus points in your pocket if you spend $4,000 within 3 months of opening your account. That's a $750 value if you redeem those points through Chase Travel.

And you get all of this for an annual fee of $95. Since the $50 hotel credit alone puts half of that fee back in your pocket, this card could be a great choice if you want to minimize the amount of money you're spending on a travel card.

2. Wells Fargo Autograph Card

If a $695 annual fee sounds like too much to you, how does $0 sound? With the Wells Fargo Autograph℠ Card (see rates and fees), that's the annual fee you're looking at.

Now the Wells Fargo Autograph℠ Card only offers a welcome bonus of 20,000 bonus points worth $200 -- considerably lower than the 80,000 Membership Rewards® Points you can get with the Amex Platinum Card. But to get those 20,000 bonus points, you only have to spend $1,000 within 3 months. That's a pretty low threshold. And again, you're paying $0 for the card to begin with, so any bonus offer you snag is pure profit.

Plus, the Wells Fargo Autograph℠ Card gives you 3X points on travel purchases, restaurants, transit, gas and EV charging stations, some streaming services, and phone plans. So it's easy to rack up extra points even if you don't travel a whole lot.

3. Capital One Venture Card

The Amex Platinum Card (see rates and fees) has one of the most generous welcome offers available today. But the Capital One Venture Rewards Credit Card has a comparable offer: 75,000 Miles once you spend $4,000 on purchases within the first 3 months of account opening, plus receive a one-time $250 Capital One Travel credit in your first cardholder year – that’s equal to $1,000 in travel.

Of course, the Capital One Venture Rewards Credit Card's 75,000 Miles alone are a notch below the 80,000 Membership Rewards® Points you'll get with the Amex Platinum Card. But the Capital One Venture Card only has an annual fee of $95 (see rates and fees). That's a much easier price point to manage, especially if you travel a moderate amount but not a ton.

Plus, the Capital One Venture Card will credit your account when you pay $100 for Global Entry or $85 for a TSA PreCheck membership. So that basically makes you whole on your annual fee.

Oh, and the perks don't stop there. You can also earn unlimited 2X miles on purchases, plus 5X miles on hotels and rental cars booked through Capital One Travel.

The Amex Platinum Card could be a great choice if you're a frequent traveler and know you'll make up your $695 fee in benefits throughout the year. But if you can't see yourself spending that much money on an annual fee, then it pays to look into these way more affordable options instead.