Lounge access, travel credits, insurance, elite boosts—do they offset the fee for you?
We model the break-even and call winners by traveler type.
2025 landscape (what changed)
- Chase Sapphire Reserve (CSR) jumped to a $795 annual fee and added a stack of new credits (Dining $300, StubHub $300, Apple Music/TV+ $250, Lyft $120, DoorDash promos $300) plus lounge access via Sapphire Lounges and Priority Pass. The familiar $300 travel credit stays. Points Boost replaces the old 1.5× portal multiplier, with transition rules for existing users. Chase Media Center
- Amex Platinum holds a $695 annual fee with its long list of perks: Global Lounge Collection, $200 airline incidental credit, $200 prepaid hotel credit via Amex Travel, $200 in U.S. Uber Cash (monthly), and a CLEAR Plus credit (currently listed up to $209). American Express, American Express Benefits
- Capital One Venture X stays the “value premium” play: $395 annual fee, $300 Capital One Travel credit, 10k anniversary miles, and lounge access (Capital One Lounges + Priority Pass + Plaza Premium). Note: authorized-user lounge access rules tighten Feb 1, 2026. Capital One, NerdWallet
- U.S. Bank Altitude Reserve: $400 annual fee, $325 dining/travel credit, and eight free lounge visits—a niche but efficient cash-flow card. rewards.usbank.com, NerdWallet
Simple break-even math
Net fee = Annual fee − credits you’ll actually use in normal life (no contortions).
- CSR (new 2025): If you’ll reliably use the $300 travel + $300 dining = $600, your “net” is $195 before any lounges/points. If you also use StubHub or Apple/Lyft/Dash perks, you can drive the net well below $0—but only if those credits match your habits. Chase Media Center
- Amex Platinum: Many travelers easily use $200 airline incidentals + $200 hotel (FHR/Hotel Collection) + $200 Uber Cash → “net” $95, with lounges and CLEAR credit as upside. (Enrollment/terms apply; hotel credit requires prepaid bookings via Amex Travel.) American Express Card, American Express
- Venture X: $300 travel credit + 10k anniversary miles (we peg ≈$100 at 1¢ each) often makes the “net” ≈ −$5 before valuing lounges—why it’s the perennial value leader. (You must book through Capital One Travel for the $300.) Capital One
- Altitude Reserve: Use the $325 credit and your “net” is $75, with eight lounge visits as a kicker. rewards.usbank.com
Lounges (who gets you in, and how often)
- CSR: Chase Sapphire Lounges by The Club + Priority Pass (primary/AUs; 2 guests free on PP). Chase Benefits, Chase
- Amex Platinum: Global Lounge Collection (Centurion, Priority Pass (enrollment req.), Delta Sky Club when flying Delta, select partners)—one of the widest footprints. American Express
- Venture X: Capital One Lounges + Priority Pass + Plaza Premium; coming rule change removes free AU lounge access on Feb 1, 2026. Capital One, NerdWallet
- Altitude Reserve: Priority Pass with eight complimentary visits per year. rewards.usbank.com
Which card wins by traveler type?
1) “I live in lounges, but hate coupon books.” → Venture X
Lowest friction: one big $300 travel credit you’ll likely use, broad lounge footprint, and anniversary miles that all but erase the fee. Families should note the 2026 AU lounge change. Capital One, NerdWallet
2) “I want the most lounges + luxury hotel extras.” → Amex Platinum
Centurion access and FHR/Hotel Collection benefits pair with the $200 hotel and $200 airline credits; if you also use Uber Cash and CLEAR, the fee is easy to justify. American Express, American Express Benefits
3) “I can actually use lots of monthly/partner credits.” → CSR (new 2025)
If you’ll burn the $300 travel + $300 dining and a meaningful slice of StubHub/Apple/Lyft/DoorDash, CSR’s steep $795 fee can still pencil out—plus Sapphire/PP lounges. If you won’t, skip it. Chase Media Center
4) “I travel, but not constantly—just want net-low fee.” → Altitude Reserve
Swipe the $325 dining/travel credit and you’re almost even, with a handful of lounge visits for peak days. rewards.usbank.com
What about points earning?
- CSR (2025): 4× flights/hotels direct, 8× via Chase Travel; Points Boost offers can double redemption rates on select flights/hotels (replacing the old 1.5× portal value, with transition rules). Great if you book through Chase often. Chase Media Center
- Amex Platinum: Not a “multiplier beast” for everyday spend; you hold it for access/credits and pair with a stronger earner (e.g., Amex Gold for dining/groceries). Lounge + credits do the heavy lifting. American Express
- Venture X: 2× everywhere; boosted 5×–10× through Capital One Travel; simple. Capital One
- Altitude Reserve: 3× when you pay via mobile wallet, which can be powerful for non-bonused purchases. NerdWallet
How to decide in 3 steps
- List the credits you’d use without changing your habits. (If you don’t already buy concerts or Apple subs, don’t count those.)
- Compute your net fee using the formula above.
- Add lounge value (e.g., what you’d otherwise spend on food/space during airport time) and any trip protections you care about (primary rental coverage, delays, etc.). Then choose.
Bottom line (our call today)
- Best total-package value: Venture X (lowest effort, strong lounges/credits). Capital One
- Best for maximum lounge footprint + luxury hotel perks: Amex Platinum (if you’ll use airline/hotel/Uber/CLEAR). American Express
- Best only if you’ll exploit many credits: CSR post-refresh (steep fee, huge upside if you’re a power user). Chase Media Center
- Efficient “almost-free” premium lite: Altitude Reserve with that $325 credit. rewards.usbank.com
Rates/benefits change—always confirm on the issuer’s page before applying. WalletAware provides education, not individualized financial advice.