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.
Jan 25, 2016, 12:24 pm
#16
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,949
Thank you. I see that this paragraph mentions the names of both cards:
...while this paragraph only describes the rewards program of one card:
Eligiblity
The Platinum Card® from American Express Exclusively for Charles Schwab and the Charles Schwab Investor Credit Card™ from American Express are only available to you if you have an eligible Schwab brokerage account (an "eligible brokerage account").
The Platinum Card® from American Express Exclusively for Charles Schwab and the Charles Schwab Investor Credit Card™ from American Express are only available to you if you have an eligible Schwab brokerage account (an "eligible brokerage account").
1.5% Cash Back
Cash back is only available to the Basic Card Member on a Charles Schwab Investor Credit Card™ from American Express who has a Schwab One® Account or Schwab General Brokerage Account held in the name of the Basic Card Member or in the name of a revocable living trust where the Basic Card Member is the grantor and trustee. (an "eligible brokerage account").
Cash back is only available to the Basic Card Member on a Charles Schwab Investor Credit Card™ from American Express who has a Schwab One® Account or Schwab General Brokerage Account held in the name of the Basic Card Member or in the name of a revocable living trust where the Basic Card Member is the grantor and trustee. (an "eligible brokerage account").
Jan 26, 2016, 12:36 pm
#17
Join Date: Jan 2005
Location: San Francisco, California
Programs: Amex Centurion, United Global Services
Posts: 847
2.7% FTF is not going to attract the high-spender travelers, it's the near-free card for people like my mom that if she was to go overseas the last thing she would wonder about would be the FTF. Not me, who spends $25k+ a month overseas and that fee adds up and isn't easily expensed at work without hassle.
As a big Schwab customer (and Amex) I'm pretty underwhelmed. Love them for my personal banking, wish they would offer a premium product like ML.
As a big Schwab customer (and Amex) I'm pretty underwhelmed. Love them for my personal banking, wish they would offer a premium product like ML.
Jan 27, 2016, 10:59 am
#19
Join Date: Oct 2005
Location: SF
Programs: UA, VX, QF, EY, VA
Posts: 756
2.7% FTF is not going to attract the high-spender travelers, it's the near-free card for people like my mom that if she was to go overseas the last thing she would wonder about would be the FTF. Not me, who spends $25k+ a month overseas and that fee adds up and isn't easily expensed at work without hassle.
As a big Schwab customer (and Amex) I'm pretty underwhelmed. Love them for my personal banking, wish they would offer a premium product like ML.
As a big Schwab customer (and Amex) I'm pretty underwhelmed. Love them for my personal banking, wish they would offer a premium product like ML.
I don't know why people thought this was going to be interesting. Slapping a logo on the Plat and a 1.5% CB card? Eh.
Mar 20, 2016, 7:00 am
#22
Join Date: Apr 2002
Posts: 587
Not sure. I thought this card was supposed to come out last year. I might transition over to this from my Ameriprise AMEX Platinum next year when the annual fee hits for the same reason - extra airline credit and bonus points. Plus, I do have a Schwab Brokerage Account which I think is the only Schwab requirement.
Mar 20, 2016, 9:11 am
#23
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,949
Mar 20, 2016, 2:55 pm
#24
Join Date: Jun 2002
Location: California USA
Posts: 652
Not sure. I thought this card was supposed to come out last year. I might transition over to this from my Ameriprise AMEX Platinum next year when the annual fee hits for the same reason - extra airline credit and bonus points. Plus, I do have a Schwab Brokerage Account which I think is the only Schwab requirement.
The cards will be available by the end of the month according to their customer service.
The requirement is that you have to be a brokerage client. If you open a checking account they automatically open a Schwab One account for you, that qualifies you as a brokerage client.
Mar 20, 2016, 3:42 pm
#25
Join Date: Nov 2009
Location: 6km East of EPAYE
Programs: UA Silver, AA Platinum, AS & DL GM Marriott TE, Hilton Gold
Posts: 9,582
I have been a Schwab customer for a long time and love their customer service - i'd happily entertain a joint card between Schwab and AMEX ^
Mar 21, 2016, 11:00 am
#26
A FlyerTalk Posting Legend, Moderator, Information Desk, Ambassador, Alaska Airlines
Join Date: Dec 2006
Location: FAI
Programs: AS MVP Gold100K, AS 1MM, Maika`i Card, AGR, HH Gold, Hertz PC, Marriott Titanium LTG, CO, 7H, BA, 8E
Posts: 42,952
Wirelessly posted (beckoa's BB: Mozilla/5.0 (BB10; Kbd) AppleWebKit/537.35+ (KHTML, like Gecko) Version/10.3.2.858 Mobile Safari/537.35+)
Thanks for the updates ^
Will be interesting to see what the Platinum bennies are ultimately.
Thanks for the updates ^
Will be interesting to see what the Platinum bennies are ultimately.
Mar 21, 2016, 2:34 pm
#27
Join Date: Jan 2016
Location: LAX/JFK/SFO
Programs: Amex Plat, Hyatt, IHG cards
Posts: 120
http://www-qa.schwab.com/public/schw...s/credit_cards
$100 annual credit for having $250k+ at Schwab, or $200 for having $1M+. Assets will be measured shortly after applying, and then once again each year.
MRs can be converted to cash deposits at Schwab at 1.25 cpp. (Not that many people here would actually do that...)
I'm going to go for it. I can try out Platinum perks for a reduced AF and maybe go for the proprietary Platinum when a better bonus is available.
Of course, a $250k balance could earn a $600 transfer bonus at a few other brokerages...I do like Schwab, though.
$100 annual credit for having $250k+ at Schwab, or $200 for having $1M+. Assets will be measured shortly after applying, and then once again each year.
MRs can be converted to cash deposits at Schwab at 1.25 cpp. (Not that many people here would actually do that...)
I'm going to go for it. I can try out Platinum perks for a reduced AF and maybe go for the proprietary Platinum when a better bonus is available.
Of course, a $250k balance could earn a $600 transfer bonus at a few other brokerages...I do like Schwab, though.
Mar 21, 2016, 2:47 pm
#28
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,949
If anyone does intend to do this it's better to choose the free card which pays 1.5% rather than converting Membership Rewards points at 1.25%, but really you would do best to choose one of the 2% cashback cards from another issuer and simply deposit the funds yourself.
Mar 21, 2016, 3:22 pm
#29
Join Date: Jun 2014
Posts: 207
Don't think it comes down to straight cash back comparison. Pretty much all my cards got it beat regarding this, but will get it for the benefits.
Mar 21, 2016, 5:49 pm
#30
Join Date: Sep 2005
Location: SEA
Programs: DL, SPG, UA.
Posts: 230
http://www-qa.schwab.com/public/schw...s/credit_cards
$100 annual credit for having $250k+ at Schwab, or $200 for having $1M+. Assets will be measured shortly after applying, and then once again each year.
MRs can be converted to cash deposits at Schwab at 1.25 cpp. (Not that many people here would actually do that...)
I'm going to go for it. I can try out Platinum perks for a reduced AF and maybe go for the proprietary Platinum when a better bonus is available.
Of course, a $250k balance could earn a $600 transfer bonus at a few other brokerages...I do like Schwab, though.
$100 annual credit for having $250k+ at Schwab, or $200 for having $1M+. Assets will be measured shortly after applying, and then once again each year.
MRs can be converted to cash deposits at Schwab at 1.25 cpp. (Not that many people here would actually do that...)
I'm going to go for it. I can try out Platinum perks for a reduced AF and maybe go for the proprietary Platinum when a better bonus is available.
Of course, a $250k balance could earn a $600 transfer bonus at a few other brokerages...I do like Schwab, though.
Interesting to see how Schwab and Morgan Stanley have positioned their platnium and free fee product differently:
Schawb Plat gets:
- 1.25 cpm/MR (i guess one could say a worse case scenario)
- Annual credit of $100 -$200 based on AUM
Schawb free: 1.5% cash back
MS Plat:
- 1.0 cpm/MR
- Annual spend bonus ($500 for $100k)
MS free:
- 2x MR category bonuses
- 1.0 cpm/MR
- Annual spend bonus ($100 for $25k)
It comes down to your preference (and really, the choice of broker should out weight the card benefits). Given that these firms spend a lot of time researching what product to provide, my initial take is Schawb's product is more value focused vs. experience focused (MS).
