Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
Annual fees: The Platinum Card from American Express $895/yr, Rakuten American Express Card $0/yr. Strongest bonus categories: The Platinum Card from American Express on hotels, Rakuten American Express Card on dining.
Card data as of September 27, 2026.
American Express
First Electronic Bank
Annual Fee
Welcome Bonus
| Category | The Platinum Card from American Express | Rakuten American Express Card |
|---|---|---|
| Flights | 5X | 1X |
| Dining | 1X |
The Rakuten American Express Card wins in 2 of 2 categories. The The Platinum Card from American Express leads in 0. 2 more categories depend on booking channel or caps.
Hotels
Depends: via amextravel
The Platinum Card from American Express earns 5X when conditions are met; Rakuten American Express Card earns 1X (1X without restrictions)
Flights
Depends: via AmexTravel; up to $500,000/yr
The Platinum Card from American Express earns 5X when conditions are met; Rakuten American Express Card earns 1X (1X without restrictions)
Dining
Rakuten American Express Card earns 2X vs 1X
Grocery Stores
Rakuten American Express Card earns 2X vs 1X
Modeled net value (bonus categories at unconditional rates, caps applied). Spend mix: dining 15%, groceries 15%, gas 10%, travel 10%, everything else 50%. Statement credits use the same recurring usable estimates as each card's detail page; first-year-only credits count in year one only. Welcome offers valued at each card's program rate shown on this page.
Close — depends on how much of the credits you use
| Scenario | The Platinum Card from American Express | Rakuten American Express Card | Ongoing winner | Year-one winner |
|---|
Close — depends on how much of the credits you use
Published annual fees: The Platinum Card from American Express $895/yr, Rakuten American Express Card $0/yr — a $895 difference before welcome offers and credits.
| 2X |
| Grocery Stores | 1X | 2X |
| Hotels | 1X | 1X |
| Everything Else | 1X | 1X |
Network
Key Benefits
Pros
Cons
| Light spender: $1,000/month | Rewards: $180 Credits (our usable estimate): $1,445 − Annual fee ($895) Ongoing: $730 Year one: $730 | Rewards: $234 Credits (our usable estimate): $0 − Annual fee ($0) Ongoing: $234 Year one: $334 | Close — depends on how much of the credits you use | Close — depends on how much of the credits you use |
| Heavy spender: $4,000/month | Rewards: $720 Credits (our usable estimate): $1,445 − Annual fee ($895) Ongoing: $1,270 Year one: $1,270 | Rewards: $936 Credits (our usable estimate): $0 − Annual fee ($0) Ongoing: $936 Year one: $1,036 | Close — depends on how much of the credits you use | Close — depends on how much of the credits you use |
The The Platinum Card from American Express costs $895/yr — that's $895 more than the Rakuten American Express Card (no annual fee). To justify that gap, you need to extract at least $895 in annual value from the card's higher earn rates and benefits.
The The Platinum Card from American Express includes travel credits, dining credits, lounge access, Global Entry/TSA PreCheck credit, complimentary hotel status. Those perks are not included in the earn-rate scenario table above — compare their dollar value to the $895 fee gap for your own usage.
Bottom line: Use the year-one vs ongoing table for modeled earn value at your spend level. The $895 fee gap means the The Platinum Card from American Express needs roughly $895 more in annual rewards (or credits you will use) to break even on hotels and flights and everyday spend.
Get the Rakuten American Express Card if you:
Editorial disclosure: CardRewards.ai is an independent comparison service. Card data comes from issuers' published terms; data as of September 27, 2026. Card issuers do not influence our rankings or content.
