Why travelers are doubling down on Capital One Venture X — and when the Amex Platinum makes sense

I added the Amex Platinum to a wallet that already carried a Capital One Venture X and, like a lot of travelers, I hesitated for a minute at the sticker shock. But within a few months it became obvious why many people keep both: the two cards cover different gaps, and together they give far more flexibility than either alone.

Two currencies, more options

The simplest argument for owning both is diversity. Capital One miles and American Express Membership Rewards points are both transferable — but to different partner airlines and hotels. That means you can shop award space across more programs and exploit sweet spots that exist in one partner but not another. If you value options when booking premium cabins or need a flexible way to cover domestic tickets on Delta or partners like Air France-KLM, having both currencies is a strategic advantage.

There’s also an acquisition angle: both cards have been running strong welcome offers. Capital One has returned a limited-time 100,000-mile offer (spend requirements apply), which is meaningful at typical transfer values; Amex’s Platinum has historically offered very large Membership Rewards bonuses for sizable spend. If you can legitimately meet the minimums, the sign-up value alone can justify a premium card.

Where each card shines

• Capital One Venture X: a reliable day-to-day earner with 2x miles on everything, and big multipliers when you book through Capital One Travel (10x on hotels/rental cars, 5x on flights/vacation rentals). It also comes with a $300 annual Capital One Travel credit, a 10,000-mile anniversary bonus, Priority Pass and Capital One lounge access, and useful protections like cell phone insurance and rental coverage. For many people this card is the go-to for all purchases that don’t fit into other accelerated categories.
• American Express Platinum: a category king for certain purchases and travel booked through Amex Travel (5x on flights and prepaid hotels booked via Amex Travel, enrollment required). The Platinum’s long list of statement credits — airline incidental credits, hotel travel credits, streaming/dining credits in some versions — plus the Centurion and partner lounge network make it the pick for lounge variety and premium service at airports where Amex Centurions operate.

Use them together: pay general spend with Venture X for 2x, save the Platinum for flights or Fine Hotels & Resorts stays that earn 5x and often deliver hotel benefits.

Lounge access and a policy shift to know about

Capital One’s lounges and Priority Pass access are part of the Venture X appeal, but policies are changing. Starting in February 2026 Venture X will charge for guests at Priority Pass lounges (a per-guest fee) unless you meet a high spending threshold in a calendar year. That reduces the card’s once-generous companion value unless you either travel alone or plan to hit the spend requirement that restores guest access. Amex Platinum still gives access to Centurion lounges (subject to terms) and other parts of the Amex Global Lounge Collection, which can matter for travelers who often bring companions.

Statement credits: the habit that pays

What often convinces people to keep a premium card is recurring credits. Venture X’s $300 travel credit effectively knocks its $395 annual fee down for many users. The Amex Platinum offers a longer list of credits — airline incidental reimbursement, hotel credits through Fine Hotels + Resorts, streaming or dining credits that add up if you use them. The math is straightforward: if you can systematically use the credits you already have, annual fees start to feel like prepaid benefits rather than pure cost.

Transfer partners and redemption strategy

Capital One and Amex have different partner lineups. Capital One’s partners include Aeroplan, Flying Blue, Turkish Miles&Smiles, Singapore KrisFlyer and others; Amex’s roster overlaps partially but includes different strengths. If you chase specific premium awards (e.g., Singapore Airlines Suites/KrisFlyer availability, or Amex transfer sweet spots), the right transfer partner will make or break a booking — and having both currencies gives you more booking routes.

A practical rule: use Venture X miles to “erase” travel purchases quickly when award space is poor (Capital One’s fixed-value option), and transfer points to partners when you can get outsized value from an award chart or availability.

Who should keep both — and who shouldn’t

Keep both if:
• You travel enough to use lounge access and statement credits regularly.
• You want flexibility via two transferable currencies.
• You’ll use the Amex Platinum’s premium perks (Centurion lounges, Fine Hotels + Resorts benefits, or the list of statement credits).
Consider dropping one (or downgrading) if:
• You don’t use lounges or credits; the fees then outweigh the perks.
• You prefer a single-card simplicity strategy and aren’t chasing premium redemptions.
• You can’t or won’t meet the spending needs that justify the cards’ biggest extras.

If you ditch Venture X, a lower-fee Capital One option is a straightforward replacement; if Amex Platinum feels underused, there are mid-tier Amex cards that keep Membership Rewards earning without the ultra-high annual fee.

Practical setup checklist

• Enroll immediately in any benefits that require it (Priority Pass, Hertz President’s Circle, hotel programs tied to the card’s travel portal).
• Put the Venture X on recurring bills you don’t otherwise earn bonus points on to fill the 2x gap.
• Use the Venture X $300 travel credit every year via Capital One Travel — it’s flexible and widely usable.
• Stack Amex credits where possible: pick an airline for incidental reimbursement, enroll in eligible dining or streaming credits, and use Fine Hotels + Resorts for two-night minimum stays that unlock biannual credits.
• Consider authorized users strategically: their spend helps you reach bonuses but note changes to lounge access for authorized users on some issuer policies.

The competition: Citi Strata Elite and the simplicity question

Newer premium cards like Citi’s Strata Elite push a different trade-off: higher headline annual fee but big bonuses in certain categories and richer statement credits. That card may beat Venture X on transfer ratios for certain partners (and it uniquely partners with American Airlines AAdvantage), but it demands you book through its travel portal to unlock top earning. For most people who want a simpler, reliable base return and a lower headline fee, Venture X is easier to live with. If you’re willing to funnel travel through a portal and you use the specialized credits, Citi’s premium product could return more value.

Owning both a Venture X and Amex Platinum isn’t a status symbol so much as an insurance policy against poor award availability and missed credits. When used deliberately — enrollments completed, credits redeemed, the right card paid for the right purchase — the pair can pay for themselves and then some. If you’re deciding tonight, map out how often you’ll hit lounges, whether you’ll use the credits, and which transfer partners you actually want to fly with. That simple exercise usually reveals whether doubling up is a win for your wallet or just a monthly bill you can skip.