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.
Jul 7, 2018, 5:01 am
#256
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
There is evidence that American Express treats Everyday and Everyday Preferred as the same product for bonus purposes if the applications are submitted within a ~12 month period, but not enough reports to say that 12 months is a bright line.
There is also some evidence that American Express now treats standard and Ameriprise Platinum as the same product, but also evidence that they do not.
American Express practice often deviates from written policy, usually in the customers' favor. American Express could treat some or all versions of Platinum as the same product for application bonus purposes. The fact that they have not done this in the past could have been due to agreements with their co-brand partners -or- a technological limitation. They now have a tool that evaluates bonus eligibility in real time, and past results may no longer tell us what to expect.
There is also some evidence that American Express now treats standard and Ameriprise Platinum as the same product, but also evidence that they do not.
American Express practice often deviates from written policy, usually in the customers' favor. American Express could treat some or all versions of Platinum as the same product for application bonus purposes. The fact that they have not done this in the past could have been due to agreements with their co-brand partners -or- a technological limitation. They now have a tool that evaluates bonus eligibility in real time, and past results may no longer tell us what to expect.
Jul 7, 2018, 9:08 am
#258
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
Jul 12, 2018, 11:04 am
#261
Join Date: Oct 2004
Location: Clinging to the edifices of a decadent past from the biggest city in America nobody really cares about.
Programs: (ಠ_ಠ)
Posts: 9,077
Short answer: yes, no.
Long answer: if you have a Schwab Plat AX linked to your Membership Reward account, you can redeem Membership Reward points through Schwab's Invest With Rewards program.
This means if you've got points in your MR account, regardless of the source, you can redeem them through Schwab (edited to add: assuming you actually have a Schwab AX Plat.)
Long answer: if you have a Schwab Plat AX linked to your Membership Reward account, you can redeem Membership Reward points through Schwab's Invest With Rewards program.
This means if you've got points in your MR account, regardless of the source, you can redeem them through Schwab (edited to add: assuming you actually have a Schwab AX Plat.)
Last edited by J.Edward; Jul 12, 2018 at 4:32 pm
Jul 12, 2018, 4:19 pm
#262
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,193
Short answer: yes.
Long answer: if you have a Schwab Plat AX linked to your Membership Reward account, you can redeem Membership Reward points through Schwab's Invest With Rewards program.
This means if you've got points in your MR account, regardless of the source, you can redeem them through Schwab.
Long answer: if you have a Schwab Plat AX linked to your Membership Reward account, you can redeem Membership Reward points through Schwab's Invest With Rewards program.
This means if you've got points in your MR account, regardless of the source, you can redeem them through Schwab.
Jul 13, 2018, 10:19 am
#264
Join Date: Aug 2017
Posts: 1,610
Related question - is redeeming to schwab a good value? Its 1.25 .... and I suppose one can get a higher value if they get some aspirational trips by transfering points (but that has its own issues with award availability, plus the fact that cash is king).
Would folks suggest a full schwab cashout in general or something one shouldn't even consider? We do travel very frequently, but have healthy AA/Alaska/Avios/Delta balances already (all approx 100k-200k each for me and partner).
Would folks suggest a full schwab cashout in general or something one shouldn't even consider? We do travel very frequently, but have healthy AA/Alaska/Avios/Delta balances already (all approx 100k-200k each for me and partner).
Jul 13, 2018, 12:58 pm
#265
Join Date: Jan 2016
Location: LAX/JFK/SFO
Programs: Amex Plat, Hyatt, IHG cards
Posts: 120
Related question - is redeeming to schwab a good value? Its 1.25 .... and I suppose one can get a higher value if they get some aspirational trips by transfering points (but that has its own issues with award availability, plus the fact that cash is king).
Would folks suggest a full schwab cashout in general or something one shouldn't even consider? We do travel very frequently, but have healthy AA/Alaska/Avios/Delta balances already (all approx 100k-200k each for me and partner).
Would folks suggest a full schwab cashout in general or something one shouldn't even consider? We do travel very frequently, but have healthy AA/Alaska/Avios/Delta balances already (all approx 100k-200k each for me and partner).
Of course, if you won't need the miles for several years, then cashing them out can be good so they can accumulate interest or some investment return.
Nov 27, 2018, 3:52 pm
#266
Join Date: Dec 2017
Posts: 45
AMEX Platinum Questions
I have held the AMEX Platinum vanilla now for 2 years. I am interested in applying for the AMEX Schwab as I have checking account and brokerage account with them and also to get the 60k bonus.
Questions:
1.
Should I product change the AMEX platinum to something else to avoid the annual fee coming in January?
or
Should I apply for the AMEX Schwab Platinum and then product change the vanilla Platinum?
2. Should I wait until the very beginning for the annual travel credits to be issued and then downgrade?
Thanks!
Questions:
1.
Should I product change the AMEX platinum to something else to avoid the annual fee coming in January?
or
Should I apply for the AMEX Schwab Platinum and then product change the vanilla Platinum?
2. Should I wait until the very beginning for the annual travel credits to be issued and then downgrade?
Thanks!
Nov 27, 2018, 6:57 pm
#267
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
Platinum is a charge card. Charge cards cannot be changed to credit cards, only to another charge card. There is no "free" charge card. You can change to Green ($95) or Gold ($250).
Nov 27, 2018, 7:07 pm
#269
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
What is the perceived benefit of changing to a Green card, rather than closing? This account has no bearing on your ability to open the Schwab Platinum card.