I also have both and plan to keep them both. For the Sapphire I like the 3X points on travel and dining, and for the Amex I like the Centurion Lounge and FHR. Combined with the annual travel credits on each, those things make it worth it to me. I'm sure that people who enjoy doing such things can find myriad ways to explain that one can get the same benefits cheaper without having both cards, but I don't really feel the need to micromanage my finances to that degree. I find that I get sufficient value from each card that the annual fee is a non-issue.