If you hold the Chase Sapphire Reserve® or The Platinum Card® from American Express, you already know the value of their premium travel perks. But did you know you can earn thousands of bonus points just by referring friends? In this comprehensive 2026 comparison, we break down the exact referral bonuses, annual fee trade‑offs, and long‑term value of each card so you can decide which one to refer—and which one earns you more.
Both cards sit at the top of the travel rewards market, but their referral programs work quite differently. We’ll look at bonus amounts, annual caps, point values, and the fine print that can make or break your referral earnings.
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📋 Table of Contents
- 1. Referral Bonus: Chase Sapphire Reserve vs Amex Platinum
- 2. Annual Fees & the Real Cost of Keeping the Card
- 3. How Much Are Chase Ultimate Rewards® vs Amex Membership Rewards® Worth?
- 4. Annual Referral Caps & Earning Limits
- 5. Travel Perks That Make Referring Easier
- 6. Eligibility & Fine Print: Who Can You Refer?
- 7. Real‑World Case Study: $2,500 in Referral Bonuses
- 8. Which Card Should You Refer in 2026?
- 9. Frequently Asked Questions
1. Referral Bonus: Chase Sapphire Reserve vs Amex Platinum
Both cards offer generous referral bonuses, but the amounts and structures differ. Here’s the current 2026 data:
| Card | Standard Referral Bonus | Typical Promo Bonus | Annual Cap (per calendar year) | Points Currency |
|---|---|---|---|---|
| Chase Sapphire Reserve® | 10,000 Ultimate Rewards points | 15,000 points (limited-time offers) | 50,000 points (approx. 5 referrals) | Chase Ultimate Rewards |
| Amex Platinum Card® | 15,000 Membership Rewards points | 25,000 points (targeted promos) | 100,000 points (approx. 4‑7 referrals, depending on bonus) | Amex Membership Rewards |
Key takeaway: Amex Platinum’s standard referral bonus is 50% higher than Chase’s (15,000 vs 10,000 points). However, Chase occasionally runs 15,000‑point promotions, and Amex sometimes offers 25,000 points. The annual cap on Chase is 50,000 points (about 5 referrals), while Amex caps at 100,000 points (about 4‑7 referrals depending on bonus level).
💡 Tip: Check your online account for targeted offers
Both Chase and Amex frequently run limited‑time referral bonuses. Always log in and check the referral page before sharing your link—you might find a 15,000 or even 25,000 point offer waiting.
2. Annual Fees & the Real Cost of Keeping the Card
Referral bonuses are only valuable if you keep the card (and pay its annual fee). Here’s how the fees stack up:
| Card | Annual Fee | Authorized User Fee | Credits That Offset the Fee |
|---|---|---|---|
| Chase Sapphire Reserve | $550 | $75 for each additional card | $300 annual travel credit, Global Entry/TSA PreCheck ($100) every 4 years, DoorDash credits, Lyft Pink |
| Amex Platinum | $695 | $175 for up to 3 cards (then $175 each) | $200 airline fee credit, $200 Uber Cash, $240 digital entertainment credit, $300 Equinox credit, $189 CLEAR credit, $100 Saks credit, Global Entry ($100) every 4 years |
While Amex’s fee is higher, its credits can completely offset the cost if you use them. Chase’s $300 travel credit is simpler and easier to use. Both cards can effectively pay for themselves if you take advantage of the perks.
⚠️ Consider the opportunity cost
If you don’t naturally use the credits, the annual fee eats into your referral earnings. Make sure you’re getting enough value from the card to justify keeping it year after year.
3. How Much Are Chase Ultimate Rewards® vs Amex Membership Rewards® Worth?
Points are only as valuable as their redemption options. Both programs allow you to transfer to travel partners, which usually yields the highest value.
| Program | Value per point (cash back) | Value per point (travel portal) | Value per point (transfer partners) | Best‑in‑class partners |
|---|---|---|---|---|
| Chase Ultimate Rewards | 1 cent (cash back) | 1.5 cents (pay yourself back/Chase Travel) | 1.5‑2+ cents (Hyatt, United, etc.) | Hyatt, United, Southwest, Marriott, IHG |
| Amex Membership Rewards | 0.6 cents (cash back, less ideal) | 1 cent (Amex Travel for flights) | 1.5‑2+ cents (Delta, British Airways, etc.) | Delta, Air France/KLM, Hilton, Marriott, British Airways |
When you transfer to partners, both programs can deliver 2 cents per point or more. Chase points are generally easier to redeem for high value (especially Hyatt), while Amex points shine for international business class flights.
✅ Referral bonus real‑world value (10,000 points)
- Chase 10,000 points: $100 cash, $150 toward travel, or up to $200+ transferred to Hyatt.
- Amex 15,000 points: $90 cash, $150 toward flights, or up to $300+ transferred to partners.
4. Annual Referral Caps & Earning Limits
Both issuers limit how many referral bonuses you can earn in a year. Exceeding these caps may result in forfeited bonuses or account reviews.
- Chase Sapphire Reserve: 50,000 points per calendar year (typically 5 referrals at 10,000 each). Bonuses beyond that are not awarded.
- Amex Platinum: 100,000 points per calendar year. If you refer at the standard 15,000, that’s about 6‑7 referrals. During promos with higher bonuses, the number of qualifying referrals drops accordingly.
Both caps are per card, not per person. If you hold multiple Amex cards, each has its own referral limit.
5. Travel Perks That Make Referring Easier
The best way to earn referrals is to genuinely love the card and share your experiences. Here are the standout perks that help you convince friends:
Chase Sapphire Reserve®
Premium Travel- $300 Annual Travel Credit: Automatically applied to travel purchases (airfare, hotels, rideshare, tolls). Easy to explain.
- Priority Pass Select: Unlimited lounge access for you and up to two guests.
- Primary Rental Car Insurance: Huge peace of mind when renting.
- DoorDash Credits: $5 monthly credit and DashPass membership.
- Lyft Pink: 15% off rides.
Best pitch: “The $300 travel credit makes the effective fee $250, and you get lounge access and great insurance.”
Amex Platinum®
Ultra‑Premium- $200 Airline Fee Credit: Covers baggage fees, seat upgrades, etc.
- $200 Uber Cash: Monthly credits for Uber rides and eats.
- Centurion Lounge & Priority Pass: Best‑in‑class lounge network.
- $240 Digital Entertainment Credit: Covers Disney+, Hulu, Peacock, etc.
- Hotel Elite Status: Gold status with Hilton and Marriott.
- Fine Hotels & Resorts: Unique perks when booking through Amex.
Best pitch: “If you use the credits, the card pays you to keep it. Plus you get into the exclusive Centurion Lounges.”
6. Eligibility & Fine Print: Who Can You Refer?
Referral bonuses are only paid if the referred applicant is approved and meets certain criteria. Here’s what you need to know:
| Requirement | Chase Sapphire Reserve | Amex Platinum |
|---|---|---|
| Referred applicant history | Cannot have received a new cardmember bonus for any Sapphire card in the past 48 months (Chase 5/24 rule applies). | Typically once per lifetime (Amex’s “once per lifetime” rule for welcome bonuses). |
| You must be a cardholder in good standing | Yes, account must be open and not delinquent. | Yes, account must be active and not in default. |
| Referral link validity | Unique link, usually valid for 90 days after generation. | Unique link, typically valid for 90 days. |
| Bonus posting time | After the referred friend makes their first purchase (usually 6‑8 weeks). | After the referred friend is approved and uses their card (6‑8 weeks). |
🔍 Note on Chase 5/24
Chase’s 5/24 rule means the referred friend won’t be approved if they’ve opened 5 or more credit cards (from any bank) in the last 24 months. Make sure your friends are aware before they apply.
7. Real‑World Case Study: $2,500 in Referral Bonuses
📊 How Alex earned 115,000 points in one year
Alex, a frequent traveler, held both cards. He strategically referred friends based on their spending habits. Over 12 months, he referred:
- 3 friends to Chase Sapphire Reserve during a 15,000‑point promo → 45,000 Ultimate Rewards points.
- 4 friends to Amex Platinum (two at 15,000, two at 25,000 via targeted offer) → 80,000 Membership Rewards points.
Total points: 125,000 across both programs. Valued conservatively at 2 cents each, that’s $2,500 in travel. Alex used the points for a business‑class trip to Tokyo and a Hyatt stay in Kyoto.
Key lesson: Alex kept a spreadsheet of which friends were interested and followed up during bonus promotions.
8. Which Card Should You Refer in 2026?
There’s no one‑size‑fits‑all answer—it depends on your friends’ spending habits and your own goals. Use this decision matrix:
Choose Chase Sapphire Reserve if your friend...
- ✔ Values simple, flexible travel credits ($300 off any travel)
- ✔ Wants primary rental car insurance
- ✔ Prefers Hyatt or United as transfer partners
- ✔ Is under Chase 5/24 (opened fewer than 5 cards in 24 months)
Choose Amex Platinum if your friend...
- ✔ Will use the various credits (Uber, airline fees, digital entertainment)
- ✔ Wants the best lounge access (Centurion Lounges)
- ✔ Flies Delta or international airlines frequently
- ✔ Values hotel elite status (Hilton/Marriott Gold)
For you, the referrer: Amex’s higher standard bonus (15,000 vs 10,000) usually gives more points, but Chase points are often easier to redeem for outsized value. If you have a targeted promo on either card, that can tip the scales.
Frequently Asked Questions
Absolutely. You can generate referral links from each card independently. Just make sure you comply with each issuer’s terms (e.g., not sharing links publicly).
No, the bonus only counts toward your cap if the friend is approved and you actually receive the points. Denied applications don’t count against your limit.
Both Chase and Amex links typically expire 90 days after generation. You can always generate a new link from your online account.
The IRS considers referral bonuses as income, but credit card points are generally treated as rebates and not taxed. However, if you receive a large number of referrals, it’s wise to consult a tax professional. As of 2026, no 1099 is issued for referral points.
Yes, but they may not be eligible for a welcome bonus if they’ve had the card before (Amex’s once‑per‑lifetime rule) or if they received a Sapphire bonus in the last 48 months (Chase). You’ll still get your referral bonus if they’re approved.
Maximize Your Referral Earnings in 2026
Both the Chase Sapphire Reserve and Amex Platinum offer compelling referral programs. Amex typically pays a higher standard bonus, but Chase points can be more valuable depending on how you redeem. The best strategy is to understand your friends’ travel styles and match them to the card that fits.
Remember to always check for targeted promotions before sharing your link, and never spam your referral code—authentic recommendations convert best. With the right approach, you can easily earn $500‑$1,000+ in travel value each year just from referrals.
💫 Ready to dive deeper?
Check our related guides on maximizing credit card rewards and stacking referral bonuses with other programs.