May 4, 2016, 7:42 am
Last edit by: goodeats21
After being announced in early 2015, the long rumored Schwab American Express were available for application on March 21, 2016. Both cards require you to have an eligible Schwab brokerage account in order to apply. From the Schwab website:
Update June 2018 on eligible Schwab account per the Schwab website:
Note that if you are not currently a Schwab Customer, you can still get these cards by opening the Schwab Brokerage Account. To do so, a hard pull is required and most report that pull is with Equifax. There is a $1000 minimum investment to open the brokerage account, but if you open a linked high-yield investor checking account with the brokerage account, the balance requirements are waived.
Schwab Investor Card
This is card is basically a straight 1.5% cashback back card where you cash back can be deposited straight into your Schwab Brokerage Account. You can then choose to either invest money or transfer the cash to another account.
Schwab Platinum Card
This has all the benefits of the standard American Express Platinum Card with two notable advantages:
Link to Charles Schwab card information. Scroll down to read FAQ or to apply:
http://www.schwab.com/public/schwab/...s/credit_cards
An eligible brokerage account means a Schwab One® Account or Schwab General Brokerage Account held in your name or in the name of a revocable living trust where you are the grantor and trustee. Eligibility is subject to change.
An eligible account means (1) a Schwab One® or Schwab General Brokerage Account held in your name or in the name of a revocable living trust where you are the grantor and trustee or (2) a Schwab Traditional, Roth or Rollover IRA that is not managed by an independent investment advisor pursuant to a direct contractual relationship between you and such independent advisor. Eligibility is subject to change.
Schwab Investor Card
This is card is basically a straight 1.5% cashback back card where you cash back can be deposited straight into your Schwab Brokerage Account. You can then choose to either invest money or transfer the cash to another account.
Schwab Platinum Card
This has all the benefits of the standard American Express Platinum Card with two notable advantages:
- You have the ability to cash out membership rewards at a rate of 1.10 cpp [changed from initial 1.25 at inception] into the brokerage account. This is called "Invest with Rewards". There is a separate thread debating the advantages and disadvantages of doing this. You can invest the cash or transfer out of Schwab.
- There is an appreciation bonus in the form of a statement credit if you have significant assets with Schwab (essentially a discount on the annual fee). If you have $250k-$1M, you get a $100 statement credit. If you have $1M+ you get a $200 statement credit. More details are here: http://www.schwab.com/public/schwab/...r_faq_platinum
Link to Charles Schwab card information. Scroll down to read FAQ or to apply:
http://www.schwab.com/public/schwab/...s/credit_cards
American Express to Partner with Schwab. Applications online 3.21.2016.
Feb 12, 2017, 3:17 pm
#166
Join Date: Oct 2016
Posts: 277
Yes, it's a bog-standard Platinum card except for adding the rebate-to-Schwab feature and the relationship bonus. The Schwab site/app will show you the total balance on your Plat, but only after you log in with Amex and grant permission for that feature.
Feb 15, 2017, 6:47 pm
#170
Join Date: Sep 2016
Posts: 123
Feb 16, 2017, 5:01 pm
#171
Join Date: Oct 2014
Posts: 62
Feb 16, 2017, 5:02 pm
#172
Join Date: Oct 2014
Posts: 62
My confirmation.
Redemption Certificate Number
Points Used 100000
Points used will be immediately deducted by American Express from your Membership Rewards account. Charles Schwab will deposit associated funds into your chosen eligible brokerage account1 within 4 to 6 business days, excluding bank holidays. Points are not refundable once redeemed.
For questions about the funds deposit, please call Schwab at (800) 435-4000.
Regardless of what the amex supervisor said, your point 1 is just not true in practice. Did it multiple more time after that; all went through just fine. Guess I'll find out about 2 next year.
Redemption Certificate Number
Points Used 100000
Points used will be immediately deducted by American Express from your Membership Rewards account. Charles Schwab will deposit associated funds into your chosen eligible brokerage account1 within 4 to 6 business days, excluding bank holidays. Points are not refundable once redeemed.
For questions about the funds deposit, please call Schwab at (800) 435-4000.
Regardless of what the amex supervisor said, your point 1 is just not true in practice. Did it multiple more time after that; all went through just fine. Guess I'll find out about 2 next year.
Feb 17, 2017, 6:40 pm
#173
Join Date: Dec 2016
Location: LAS
Posts: 13
Yes, around September 2016. Got all my 1099s: INT, B, DIV, etc and I did not find any of the MR transfer on there after examining carefully and doing my taxes.
Feb 20, 2017, 1:53 pm
#176
Join Date: Sep 2016
Posts: 123
Has anyone with frozen MR points been able to successfully cash out through Schwab while still "frozen"? Because it seems you can still use the points to book travel, etc, I'm wondering if this would work considering its not a transfer, but rather a redemption.
Mar 2, 2017, 8:10 am
#177
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
Moderator action
Discussion of refreshed Platinum card is here:
http://www.flyertalk.com/forum/ameri...fee-550-a.html
http://www.flyertalk.com/forum/ameri...fee-550-a.html
Mar 21, 2017, 9:09 pm
#180
Join Date: Apr 2012
Location: AL
Programs: AA Plat Pro, DL Sil, UA Sil, Hyatt Global, MR Amb, Hilton Diamond, National Exec, Hertz Pres
Posts: 477
http://www.flyertalk.com/forum/ameri...on-issues.html