My impression is that Schwab competes more directly with Fidelity than with Morgan Stanley. I would look for something with no annual fee and light benefits.
I agree. Even though the release quoted 'premium' cards, I doubt they'll have high annual fees. I'm thinking there will be one with no annual fee and one with an annual fee in the $90-$150 range.
As much as I'd like to think they'll have good benefits, Schwab (along with Fidelity) have recently been all about low cost, no fees, etc. which leads me to believe what
MIA said will most likely be true.
Then again though, Amex has recently been striving for what it calls "first coalition loyalty program" with the roll out of Plenti. The idea seems to be to get in before competitors, even if it's not the most popular of programs/rewards. Maybe these cards will have additional benefits with that in mind. If it's anything like the Fidelity 2% back card however, I'll probably switch most, if not all, of my spend to a card like this as the benefits of travel cards are eroding to me.