Well-dispersed Pt catalysts with very high utilization efficiencies for fuel cell reactions have been prepared by ethylene glycol reduction on polymer-wrapped single-walled carbon nanotubes (SWCNTs). By wrapping the SWCNTs in a polymer such as polystyrene sulfonate, we are able to break up the nanotube bundles to achieve better dispersion. These polymer-wrapped SWCNTs with platinum nanoparticles deposited on them show very high electrochemically active surface areas. The increase in utilization efficiencies for platinum catalysts on these SWCNT supports can be attributed to the increased surface areas and the well-dispersed nature of the carbon support and catalyst. The catalyst dispersion facilitates diffusion of reactant species which in turn results in higher methanol oxidation currents and more positive potentials for oxygen reduction.