Which Premium Cards are Keepers? Version 4.0

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With Amex increasing the annual fee on their personal Platinum card from $550 to $695, they’ve raised the stakes.  It was already a bad idea to keep paying the Platinum card annual fee if you didn’t get good value from the card’s perks.  Now, it’s a really bad idea.

There’s no question that the Platinum card’s incredible welcome bonus is worth pursuing (125K plus 15x rewards! Whaaaaat?!!!).  The question is whether to keep the card in year 2 and beyond.  The Platinum card may be uniquely expensive, but it’s not alone in fitting this pattern: Many premium cards are worth signing up for because they have great welcome bonuses.  The question in each case is whether the cards are worth keeping past the first year. When the second year annual fee comes due, should you keep or cancel?

Premium and ultra-premium cards typically offer terrific benefits in exchange for high fees ($95 to $695 per year). Sometimes the value of the benefits far outweigh those fees, but not always.

Do the card’s benefits outweigh the annual fee? Everyone will have a different answer.  Each person should conservatively estimate the value of each benefit to them to figure this out. I recommend trying to estimate how much you’d be willing to pay for each feature if it was available stand-alone as a subscription. For example, if a card offers free checked bags, you could save hundreds of dollars if you use that benefit often enough. But how much would you pay in advance for an annual subscription to get free checked bags? That answer should be substantially lower than the amount that you think you’ll save. Otherwise, why prepay for that benefit?

To help you come up with your own estimates, I created a Google Doc spreadsheet with tabs for each of the most popular ultra-premium rewards cards (and a handful of popular premium cards). Click here to open the spreadsheet.

The spreadsheet currently includes general estimates of how much each major card benefit may be worth, along with my own personal valuation to give you an idea of how I think about each.

To use the spreadsheet, create a copy of it and then overwrite the values in columns D and E on each tab with your own value estimates.

Tips for using the spreadsheet effectively

  • Be conservative with your estimates. Enter values that you would pay for a subscription for that benefit rather than the amount you expect to save.
  • Don’t double count perks.  Once you identify cards that you know that you’ll keep year after year, make sure to consider that when evaluating overlapping benefits on other cards. For example, I know I’ll keep my Ritz card which has a fantastic version of Priority Pass, so I assigned $0 value to every other card that offers Priority Pass.

The Card Roundup

At the time of this writing, the spreadsheet includes the following cards…

Bank Cards

Card Name w Details & Review (no offer)
U.S. Bank Altitude Reserve Visa Infinite Card

FM Mini Review: With points worth 1.5 cents each towards travel, this card offers an excellent signup bonus. For ongoing use, this card is a winner for those who spend a lot on mobile payments (at 3X, rewards are worth 4.5%)


Annual Fee: $400

Card Type: Visa Infinite

Base
Travel
Dine
Shop
Other

Earning rate: 5x prepaid hotel & car rental through Altitude Rewards Center ⚬ 3X travel and mobile wallet payments ⚬ 3X dining & food delivery through 6/30/21

Noteworthy perks: $325 in travel/dining credits per membership year ⚬ Points worth 1.5 cents each towards travel ⚬ Real Time Mobile Rewards (redeem points at full value at time of purchase) ⚬ Priority Pass Select airport lounge access (4 per year) ⚬ 12 free Gogo Wifi passes per year ⚬ Primary car rental coverage ⚬ No foreign transaction fees ⚬ Free authorized user cards

The Platinum Card® from American Express for Schwab

Annual Fee: $695

Card Type: Amex Pay Over Time Card

Base
Travel

Earning rate: ⚬ 5X points for flights booked directly with airlines or with American Express Travel ⚬ 5X points for prepaid hotels booked through American Express Travel

Noteworthy perks: This card includes all of the great perks that come with the American Express Platinum Card, plus: ⚬ Use Membership Rewards® points for deposits by Schwab to your eligible brokerage account. (For example, 10,000 points = $125) ⚬ $100 credit with Schwab holdings of $250,000+ or $200 credit with holdings of $1,000,000+ on approval & each year.

See also: Amex Platinum Guide

The Platinum Card® from American Express Exclusively for Morgan Stanley

FM Mini Review: In my opinion, this is the best of the consumer Amex Platinum cards when you need two cards thanks to Morgan Stanley offering one free authorized user. Unfortunately you do need to have a Morgan Stanley account to apply.


Annual Fee: $695

Card Type: Amex Pay Over Time Card

Base
Travel

Earning rate: ⚬ 5X points for flights booked directly with airlines or with American Express Travel ⚬ 5X prepaid hotels booked with American Express Travel

Big spend bonus: $500 after $100K cardmember year spend

Noteworthy perks: This card includes all of the great perks that come with the American Express Platinum Card, plus: ⚬ 1 Free Authorized User ⚬ Redeem points for 1 cent each into your Morgage Stanley account ⚬ $550 Annual Engagement Bonus for Reserved Clients

See also: Amex Platinum Guide

The Platinum Card® from American Express

FM Mini Review: This card is absolutely loaded with high end perks. Depending upon your situation, those perks may be worth the annual fee or much more.


Annual Fee: $695

Card Type: Amex Pay Over Time Card

Base
Travel

Earning rate: 5X points for flights booked directly with airlines or with American Express Travel ⚬ 5X points for prepaid hotels booked through American Express Travel

Noteworthy perks: ⚬ $200 Airline Fee Credit. Up to $200 a year in baggage fees and more at one qualifying airline ⚬ $200 prepaid hotel credit annually valid on Fine Hotels & Resorts and The Hotel Collection bookings. ⚬ Up to $300 in Equinox credits. ⚬ Up to $240 in credits for select streaming services annually. ⚬ $179 CLEAR fee reimbursement annually. ⚬ Up to $200 for Uber rides annually. Credit and Uber VIP status for Basic Member only ⚬ Complimentary Uber Eats Pass Membership for up to 12 months (must enroll by 12/31/21) ⚬ Up to $100 in credits annually for purchases at Saks Fifth Avenue (up to $50 in credits semi-annually, enrollment required) ⚬ $100 Global Entry fee reimbursement or $85 TSA Precheck reimbursement once every 5 years ⚬ Airport lounge benefits ⚬ Rental car elite status ⚬ Marriott Gold status ⚬ Hilton HHonors Gold status ⚬ Free Gold card AUs. Terms Apply. (Rates & Fees)

See also: Amex Platinum Guide

The Business Platinum Card® from American Express

FM Mini Review: This card is absolutely loaded with high end perks. Depending upon your situation, those perks may be worth the annual fee or much more.


Annual Fee: $595

Card Type: Amex Pay Over Time Card

Base
Travel
Other

Earning rate: 5X flights and prepaid hotels at AmexTravel.com ⚬ 1.5X points per dollar on eligible purchases of $5000 or more (up to 1 million additional Membership Rewards points per year) ⚬ 1X elsewhere ⚬ Terms apply.

Noteworthy perks: Up to $200 a year in statement credits for airline incidental fees ⚬ Up to $200 a year in statement credits for Dell purchases ($100 Jan-June; $100 July-Dec) ⚬ $100 Global Entry fee reimbursement.⚬ Airport lounge benefits ⚬ Rental car elite status ⚬ Marriott Gold status ⚬ Hilton Gold status. ⚬ $179 CLEAR fee reimbursement annually ⚬ 35% Airline Bonus: Get 35% points back after you Pay With Points for flights with your selected airline (or premium cabin with any airline).

See also: Amex Platinum Guide

CNB Crystal Visa Infinite Credit Card

FM Mini Review: This card's value is hobbled by an inferior Priority Pass membership (as of 1/1/20).


Annual Fee: $400

Card Type: Visa Infinite

Base
Travel
Dine

Earning rate: ⚬ 3X airline, hotel, taxi, limousine, rental car, train bus, restaurant, fast food and takeout food and dining purchases ⚬ 1X everywhere else

Big spend bonus: Get reimbursed up to $550 for airline lounge club membership after $50K calendar year spend.

Noteworthy perks: ⚬ Up to $350 a year in statement credits for airline incidental fees (as of 1/1/20) ⚬ 12 Gogo In-Flight Wifi passes per card ⚬ $100 Global Entry fee reimbursement ⚬ Priority Pass lounge membership for 2 cardholders (guests are not free as of 1/1/20)

See also: CNB Crystal Visa Infinite loses valuable perks as of Jan 1 2020

Citi ThankYou Prestige Card

FM Mini Review: The Prestige card's best in class 5X rewards for dining, airfare, and travel agencies is hard to beat. Sadly, this travel card doesn't provide any travel protections.


Annual Fee: $495

Card Type: Mastercard World Elite

Base
Travel
Dine

Earning rate: 5X airfare, dining, and travel agencies ⚬ 3X hotels and cruise line ⚬ 1X everywhere else

Noteworthy perks: $250 travel rebate per calendar year ⚬ Free lounge access: Citi Properietary Lounges; and Priority Pass Select with free guests ⚬ $100 Global Entry application fee credit ⚬ 4th night free hotel benefit

See also: Citi ThankYou Rewards Complete Guide

Chase Sapphire Reserve Card

FM Mini Review: Excellent all-around card for frequent traveler. Best when paired with no-fee Chase Freedom Flex, no-fee Freedom Unlimited & no-fee Chase Ink Cash


Annual Fee: $550

Card Type: Visa Infinite

Base
Travel
Dine
Other

Earning rate: 3X Travel and Dining ⚬ 10X Lyft (through March 2022)

Noteworthy perks: $300 Annual Travel Credit ⚬ Points worth 1.5 cents each towards travel ⚬ Primary auto rental collision damage waiver ⚬ Priority Pass Select lounge access ⚬ $100 Global Entry fee credit ⚬ $60 annual DoorDash credit in 2020 & 2021 ⚬ Free DashPass for at least 1 year (activate by 12/31/21) ⚬ One year Lyft Pink membership ⚬ Earn 10X on Lyft spend

See also: Chase Ultimate Rewards Complete Guide

Chase Sapphire Preferred Card

FM Mini Review: Great signup bonus. Solid option to pair with fee-free Ultimate Rewards cards such as the Freedom cards, Ink Business Cash, and Ink Business Unlimited in order to unlock ability to transfer points to airline and hotel partners.


Annual Fee: $95

Card Type: Visa Signature

Base
Travel
Dine
Other

Earning rate: 2X Travel and Dining ⚬ 5X Lyft (through March 2022)

Noteworthy perks: Primary auto rental collision damage waiver ⚬ Free DashPass for at least 1 year (activate by 12/31/21)

See also: Sapphire Preferred 100K Q&A: Everything you need to know

American Express® Green Card

FM Mini Review: This card is worth considering as your go-to travel card, but only if you value its CLEAR and Lounge Buddy credits. Also note that Amex cards continue to have limited acceptance in many international destinations.


Annual Fee: $150

Card Type: Amex Pay Over Time Card

Base
Travel
Dine

Earning rate: ⚬ 3X on travel & transit (including flights, hotels, taxis, and rideshares) ⚬ 3X dining ⚬ 1X points on other purchases. Terms apply. See

Noteworthy perks: $100 CLEAR credit annually ⚬ $100 LoungeBuddy credit annually ⚬ Complimentary Uber Eats Pass Membership for up to 12 months (must enroll by 12/31/21). Terms Apply.

American Express® Gold Card

FM Mini Review: This card offers an awesome return on US supermarket and worldwide dining spend, putting it at or near the top-of-class in both categories. Dining credits and Uber / Uber Eats credits go a long way towards reducing the sting of this card's annual fee.


Annual Fee: $250

Card Type: Amex Pay Over Time Card

Base
Travel
Dine
Grocery

Earning rate: 3X points for flights booked with airlines or on amextravel.com ⚬ 4x points at US Supermarkets (up to $25K in purchases, then 1x) ⚬ 4x at restaurants worldwide ⚬ 1X points on other purchases. Terms apply. (Rates & Fees)

Noteworthy perks: Up to $10 in statement credits monthly with participating dining partners (Boxed.com, Shake Shack, Seamless/Grubhub, Cheesecake Factory and Ruth’s Chris Steakhouse) ⚬ $10 monthly Uber or Uber Eats credit (use it or lose it each month) ⚬ Complimentary Uber Eats Pass Membership for up to 12 months (must enroll by 12/31/21) ⚬ $100 hotel credit on qualifying charges on stays of 2 nights or longer, plus a room upgrade upon arrival, if available with The Hotel Collection at americanexpress.com/hc ⚬ Enrollment required for select benefits.

American Express® Business Gold Card

FM Mini Review: This card is pricey for one with few perks. Keep only if you make good use of one or two 4X categories.


Annual Fee: $295

Card Type: Amex Pay Over Time Card

Base
Travel
Dine
Gas
Biz

Earning rate: Earn 4X on the two categories where your business spends the most each billing cycle from the following categories: ⚬ US purchases at restaurants ⚬ Airfare purchased directly from airlines ⚬ U.S. purchases for advertising in select media ⚬ U.S. purchases at gas stations ⚬ U.S. purchases for shipping ⚬ U.S. computer hardware, software, and cloud computing purchases made directly from select providers. 4X applies to first $150,000 in combined purchases in your two categories each calendar year, 1X point per dollar thereafter and on other purchases. Terms apply.

Noteworthy perks: 25% Airline Bonus: Get 25% points back after you Pay With Points for flights with your selected airline (or premium cabin with any airline). Terms Apply. (Rates & Fees)

Airline Cards

Card Name w Details & Review (no offer)
United Club℠ Infinite Card

FM Mini Review: While pricey, the Chase United Club Infinite Card is a great choice for those who want a United club membership and waived close-in award fees.


Annual Fee: $525

Card Type: Visa Signature

Base
Travel
Dine
Brand

Earning rate: ⚬ 4X United ⚬ 2X dining & travel

Noteworthy perks: ⚬ United Club membership ⚬ Priority check-in, security screening, baggage handling, and boarding ⚬ Free 1st and 2nd checked bags ⚬ Hertz President's Circle Elite Status ⚬ Primary auto rental collision damage waiver

Delta SkyMiles® Reserve for Business Credit Card

FM Mini Review: Excellent choice for frequent Delta flyers who can make use of SkyClub access and companion certificate. Also a good choice for big spenders seeking Delta elite status.


Annual Fee: $550

Card Type: Amex Credit Card

Base
Brand
Other
1.5X
(1.8%)

Earning rate: 3X Delta ⚬ 1.5X on all spend per calendar year after spending $150K

Big spend bonus: Earn 15K MQMs (towards elite status) after $30K spend up to four times per year ⚬ Throughout 2021, earn an additional 3,750 MQMs with $30K in purchases up to 4 times ⚬ Medallion Qualifying Dollar waiver (up to Platinum status) with $25K spend across one or more Delta cards (or $250K spend for Diamond status) ⚬ After you spend $150K in a calendar year, earn 1.5X miles per dollar on eligible purchases for the rest of the year (excludes Delta purchases after you meet the $150K requirement) ⚬ Terms and limitations apply.

Noteworthy perks: Domestic economy or first class companion certificate (subject to taxes & fees) after card renewal ⚬ SkyClub access ⚬ 2 Delta SkyClub one-time guest passes ⚬ Centurion Lounge access when you book your Delta flight with your Reserve card ⚬ Complimentary upgrades ⚬ $100 Global Entry fee credit every 4 years (or 4.5 years for TSA Precheck) ⚬ Priority boarding ⚬ First checked bag free on Delta flights. Terms and limitations apply. (Rates & Fees)

See also: Delta Reserve complete guide

Delta SkyMiles® Reserve Credit Card from American Express

FM Mini Review: Excellent choice for frequent Delta flyers who can make use of SkyClub access and companion certificate. Also a good choice for big spenders seeking Delta elite status.


Annual Fee: $550

Card Type: Amex Credit Card

Base
Brand

Earning rate: 3X Delta

Big spend bonus: Earn 15,000 Medallion Qualification Miles (MQMs) after you spend $30,000 in purchases on your Card in a calendar year, up to four times per year ⚬ Complimentary upgrades ⚬  $100 Global Entry fee credit every 4 years (or 4.5 years for TSA Precheck) ⚬ Medallion Qualifying Dollar waiver (up to Platinum status) with $25K
spend across one or more Delta cards (or $250K spend for Diamond status) ⚬ Terms apply.

Noteworthy perks: Domestic economy or first class companion certificate (subject to taxes & fees) after card renewal ⚬ SkyClub access ⚬ 2 Delta SkyClub one-time guest passes ⚬ Centurion Lounge access when flying Delta ⚬ Complimentary upgrades ⚬  $100 Global Entry fee credit every 4 years (or 4.5 years for TSA Precheck) ⚬ Priority boarding ⚬ First checked bag free on Delta flights. Terms and limitations apply. (Rates & Fees)

See also: Delta Reserve complete guide

Delta SkyMiles® Platinum Credit Card from American Express

FM Mini Review: Good choice for frequent Delta flyers who can make use of annual companion certificate


Annual Fee: $250

Card Type: Amex Credit Card

Base
Travel
Dine
Grocery
Brand

Earning rate: 3X Delta ⚬ 3X purchases made directly with hotels ⚬ 2X restaurants ⚬ 2X US Supermarkets

Big spend bonus: Earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year ⚬ Medallion Qualifying Dollar waiver (up to Platinum status) with $25K
spend across one or more Delta cards (or $250K spend for Diamond status) ⚬ Terms apply.

Noteworthy perks: Domestic economy companion certificate (subject to taxes & fees) each year upon card renewal ⚬ Priority boarding ⚬ First checked bag free on Delta flights ⚬ Terms and Limitations Apply. (Rates & Fees)

Delta SkyMiles® Platinum Business Credit Card from American Express

FM Mini Review: Good choice for frequent Delta flyers who can make use of annual companion certificate


Annual Fee: $250

Card Type: Amex Credit Card

Base
Travel
Brand
Other
1.5X
(1.8%)

Earning rate: 3X Delta ⚬ 3X purchases made directly with hotels ⚬ 1.5X on purchases of $5K or more (max 50K extra miles per year)

Big spend bonus: Spend $25,000 in purchases on the Card in a calendar year and earn 10,000 Medallion(R) Qualification Miles (MQMs); spend a total of $50,000 in eligible purchases on the Card in a calendar year and earn an additional 10,000 MQMs ⚬ Throughout 2021, earn an additional 2,500 MQMs with $25K in purchases up to two times. ⚬ Medallion Qualifying Dollar waiver (up to Platinum status) with $25K spend across one or more Delta cards (or $250K spend for Diamond status) ⚬ Terms and limitations apply.

Noteworthy perks: Domestic economy companion certificate (subject to taxes & fees) each year upon card renewal ⚬ Priority boarding ⚬ First checked bag free on Delta flights ⚬ Terms and Limitations Apply. (Rates & Fees)

Citi AAdvantage® Executive World Elite MasterCard®

FM Mini Review: Excellent choice for those who need Admirals Club access (included for both the primary member and authorized users). Heavy spenders who are short of the miles necessary for status can earn 10K elite qualifying miles with $40K spend. Plus, it offers the usual collection of perks for flying AA (free checked bag, priority boarding, etc.).


Annual Fee: $450

Card Type: Mastercard World Elite

Base
Brand

Earning rate: 2X AA

Big spend bonus: 10K Elite Qualifying Miles towards elite status when you spend $40K in calendar year

Noteworthy perks: ⚬ First Checked Bag Free ⚬ Admirals Club® access for both primary and authorized users ⚬ 25% savings on eligible in-flight purchases on American Airlines and US Airways flights ⚬ Up to $100 Global Entry or TSA PreCheck application fee credit

Hotel Cards

Card Name w Details & Review (no offer)
Marriott Bonvoy Brilliant™ American Express® Card

FM Mini Review: Decent ultra-premium option for Marriott fans, but Hilton fans may prefer the ultra-premium Hilton Aspire card.


Annual Fee: $450

Card Type: Amex Credit Card

Base
Travel
Dine
Brand

Earning rate: 3X airfare charged by airline; 3X US restaurants, 6X Marriott; 2X on all other eligible purchases

Big spend bonus: Platinum Elite status with $75K calendar year spend

Noteworthy perks: ⚬ 50K Free Night Award each year upon renewal ⚬ $300 Marriott statement credit per membership year ⚬ Gold Elite status ⚬ 15 elite nights credit ⚬ Priority Pass Select with 2 free guests ⚬ Global Entry fee credit ⚬ Free premium internet at Marriott properties

See also: Marriott Bonvoy Complete Guide

Hilton Honors American Express Aspire Card

FM Mini Review: This card is loaded with valuable perks that are more than worth the card's annual fee if you stay in Hilton resorts at least once per year, and other Hilton properties a few times a year..


Annual Fee: $450

Card Type: Amex Credit Card

Base
Travel
Dine
Brand

Earning rate: ⚬ 14X Hilton spend ⚬ 7X US restaurants, flights booked directly with airlines or amextravel.com, select car rental companies ⚬ 3X on all other eligible purchases ⚬ Terms & Limitations Apply.

Big spend bonus: Second free weekend night after $60K spend in calendar year

Noteworthy perks: ⚬Annual Weekend Night Reward upon approval and every year upon renewal ⚬ Free Diamond Status ⚬ Priority Pass w/ 2 free guests ⚬ $250 Hilton Resort Credit per membership year ⚬ $250 Airline Incidental Fee Credit per calendar year ⚬ $100 on-property credit w/ Aspire Card package ⚬ Terms Apply. See Rates & Fees

See also: Amex Hilton Aspire In-Depth Review

Chase Ritz Carlton Rewards Visa Infinite

FM Mini Review: While the card is pricey, the annual free night, plus $300 in ariline fee credits, plus other perks make this card a keeper.


Annual Fee: $450

Card Type: Visa Infinite

Base
Travel
Dine
Brand

Earning rate: ⚬ 6X Ritz & Marriott.⚬ 3X airline tickets purchased directly with the airline, at car rental agencies and at restaurants ⚬ 2X everywhere else

Big spend bonus: $75K spend per account year for Platinum elite status

Noteworthy perks: ⚬ Annual 50K hotel certificate upon renewal ⚬ 3 club level upgrades. $100 hotel credit for each 2 night or longer stay ⚬ Priority Pass Select with unlimited guests ⚬ $300 annual credit for airline incidentals ⚬ Automatic Gold Status

See also: Marriott Bonvoy Complete Guide

My Personal Keepers

Here’s where I landed after analyzing each bank card (for brevity, airline and hotel cards aren’t shown):

As you can see above, I found that my Schwab Platinum card is a keeper and that the Morgan Stanley Platinum card is worth getting.  The regular Platinum card and Business Platinum cards are candidates for cancellation.  My Amex Gold card is still a keeper and the Business Gold card is still definitely not a keeper.  For the first time that I can remember, the Sapphire Reserve card no longer appears to be a keeper for me.  If they charge only $450 with the next renewal (as they’ve been doing during COVID), though, then it will be worth keeping another year.  And after that, a lot can change.

To understand the above results, I recommend clicking into the spreadsheet to see the details on each tab.  While reviewing the details, keep in mind the following dependencies:

  • The Ritz card (not shown above) is an obvious no-brainer for me since it offers many perks that I highly value. As a result, other cards that offering duplicative benefits were not valued as highly. For example, I don’t value getting Priority Pass from any of the other cards since this one gives me Priority Pass with unlimited guests.
  • I currently have multiple versions of Platinum cards: regular consumer Platinum, Schwab Platinum, and Business Platinum.  After analyzing these cards, I decided that the Schwab Platinum was the most likely keeper this coming year, so I zeroed out the duplicate benefits on the other Platinum card tabs whenever there’s no value in having the benefit twice. For example, there’s no advantage to having two multiple cards that offer Emergency medical evacuation, so I only assigned value to that feature for the Schwab card.  Then, even without these duplicative features, I found that the Morgan Stanley Platinum card is probably the best fit for me.  So, once I get that card, I’ll redo the analyses with the Morgan Stanley card as the primary one that gets assigned the value of duplicative benefits.

Also keep in mind:

  • I’ve gotten very good at getting full value from credit card travel credits, so my net cost on many of these cards is far less than it appears.

Update 7/6/21 Version 4.0: Updated consumer Platinum cards with new perks and new annual fee. Added Schwab and Morgan Stanley Platinum cards on their own tabs. Updated business Platinum card with new perks. Updated Gold card to clarify a few perks.

Updates to Versions 3.5.1 to 3.5.6: Added Citi Premier card. Added Citigold rebate for AA Exec cards.  Added Uber Eats benefits to Gold, Platinum, and Green cards. Removed Roadside assistance from Hilton Aspire. Added Emergency Evacuation to Hilton Aspire, Bonvoy Brilliant, Delta Reserve, Delta Reserve Business.  Removed Gogo benefit from Amex Business Platinum (benefit ended in 2020)

UPDATE 10/25/2020 Version 3.5: Added Chase’s Pay Yourself Back feature. Added Refer-A-Friend to all Amex cards.  Added a placeholder for an expected new Amex Gold feature. Changed many of the recommended valuations.  Changed how I value Sapphire Reserve 1.5 cents per point redemptions.

UPDATE 5/18/2020 Version 3.4: Changed name to “Premium Cards” (previously “Ultra-Premium Cards”). Updated screenshots in this post.

UPDATE 2/2020 Version 3.3: Worksheet only changes.  Added Sapphire Preferred. Added row in Sapphire Reserve for valuing ability to transfer to partners.

UPDATE 1/9/2020 Version 3.2: I added recent changes to the Sapphire Reserve.  The annual fee goes up to $550 and they add Lyft and DoorDash benefits.

UPDATE 11/4/2019 Version 3.1: That was fast!  I last published this post 5 days ago with Version 3.0 of the spreadsheet.  Since then, we learned of the CNB card’s massive devaluation (click here for details).  So, I’ve updated the spreadsheet to version 3.1 with the new CNB info.  Personally, this meant that the CNB card is no longer a keeper for me.  As a result, my valuations of other cards increased. I’ll now be leaning on my US Bank Altitude Reserve card for free in-flight Gogo passes.  And I’ll switch to my Ritz card for Priority Pass and for the Discount Air Benefit.

UPDATE 10/30/2019 Version 3.0:

I last published version 2.0 of the ultra-premium card analysis spreadsheet in February, but things have already changed enough to warrant an update.  One critical change was Citi dropping their purchase and travel protections.  If you thought the Citi Prestige was worth keeping before, you might want to take a second look.  Personally, I’ve retreated back to my Sapphire Reserve card for most travel purchases.

Another motivation for version 3 was the announcement about huge changes coming to Delta Amex cards.  The version 3 spreadsheet includes all Amex Delta features and annual fees that kick in on Jan 30 2020.  The previous version only included Delta Reserve cards, but the new spreadsheet includes the Delta Platinum cards as well.

Finally, the introduction of the Amex Green card was another motivator.  I decided to include the $150 Green card in the Ultra-Premium analysis since its features seem targeted directly at the Sapphire Reserve card (see my analysis of the new card here).  A number of people have told me that they are considering the Green card not as a replacement to the Sapphire Reserve, but as an add-on to their card collections.  That’s counter-intuitive to me.  In my mind the only exciting feature of the Green card is the $100 annual CLEAR rebate.  Why would you pay $150 per year for a $100 feature?  By adding the Green card to the spreadsheet, it is easier to make rational decisions about whether or not the Green card is a keeper.

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