http://www.flyertalk.com/forum/credi...wards-spg.html

Based on the information you provided, I agree, Chase Sapphire preferred:

a) Better signup bonus
b) Lower annual fee
c) Worse threshold bonus (15K on Amex vs 7% on Chase which will be about 5K)
d) Chase 2x on all travel and restaurants vs. 3x Amex on airfare and 1x on other categories,

If some of your charged expenses will be overseas, hands-down to Chase as it has no foreign transaction fee.

If not, then probably advantage to Chase, but look at the list of transfer partners.