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 OneŪ 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 OneŪ 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.
Mar 21, 2016, 7:44 pm
#31
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
The Ameriprise Platinum has a feature which is seldom discussed:
That's exactly the same 25% bonus as SPG $20000=25000 miles that people are perpetually excited about, and it's far better than the feeble 7% bonus that Chase Sapphire Preferred eliminated, but not as good at Blue for Business' 30% bonus, nor Everyday Preferred's 50% bonus.
5,000 additional Membership RewardsŪ points for every $20,000 in eligible spending, up to 30,000 additional Membership Rewards points annually
Last edited by mia; Mar 21, 2016 at 8:20 pm
Mar 21, 2016, 11:57 pm
#33
Join Date: Nov 2009
Location: BOS
Posts: 314
Too bad the fees link isn't yet up, or at least wasn't when I checked. A unique feature of the Morgan Stanley Platinum card is that they waive the fee for an authorized user. I wonder if this is something the Schwab one will offer as well.
Mar 28, 2016, 9:39 am
#34
Join Date: Feb 2011
Location: NYC suburbs
Programs: UA LT Gold (BIS), AA LT Plat (CC SUBs & BD), Hilton Dia (CC), Hyatt Glob (BIB), et. al.
Posts: 3,300
Mar 31, 2016, 12:09 pm
#35
Join Date: Aug 2005
Programs: AA LTP, UA, DL, HH, Marriott/SPG
Posts: 585
Mar 31, 2016, 12:41 pm
#36
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
In order to apply online for an American Express Platinum CardŪ for Schwab you must log in to your Charles Schwab account. If you do not have a log in, please click "New User?"
Mar 31, 2016, 1:24 pm
#37
Join Date: Jun 2002
Location: California USA
Posts: 652
Here is a link for information on the Schwab cards
http://www.schwab.com/public/schwab/...s/credit_cards
http://www.schwab.com/public/schwab/...s/credit_cards
Mar 31, 2016, 2:34 pm
#39
Join Date: Jul 2012
Location: Madison, WI
Programs: Hyatt Globalist
Posts: 973
Interestingly, I did click on the Rates & Fees, and didn't see anything either way regarding whether the AU has a fee or not.
Mar 31, 2016, 5:13 pm
#40
Join Date: Jan 2007
Posts: 206
Additional User fees are not waived. Standard 175$ for 3. You have to go all the way to apply to check it. Not necessarily apply though.
Mar 31, 2016, 5:41 pm
#41
Join Date: Aug 2014
Location: Kirkland, WA, USA
Programs: Marriott Gold; LEGO VIP, Amex Platinum, HHonors Gold
Posts: 563
For an existing Schwab and Platinum card member - which I am - with enough value in my Schwab accounts, getting an extra $100 or $200 per year is likely to be worth switching (apply for one, cancel the other) to the Schwab version of the Platinum card.
I'm unlikely to use the MR=>Investment at 1.25c though.
And then earning a 40K bonus as well is even better!
EDIT: That was easy - I applied and was approved, with my wife's extra card, in under 5 minutes. After my FHR stay next week, I'll call and cancel the existing cards.
I'm unlikely to use the MR=>Investment at 1.25c though.
And then earning a 40K bonus as well is even better!
EDIT: That was easy - I applied and was approved, with my wife's extra card, in under 5 minutes. After my FHR stay next week, I'll call and cancel the existing cards.
Last edited by CRAZ8; Mar 31, 2016 at 5:54 pm
Mar 31, 2016, 7:27 pm
#42
Join Date: Jun 2014
Posts: 207
For an existing Schwab and Platinum card member - which I am - with enough value in my Schwab accounts, getting an extra $100 or $200 per year is likely to be worth switching (apply for one, cancel the other) to the Schwab version of the Platinum card.
I'm unlikely to use the MR=>Investment at 1.25c though.
And then earning a 40K bonus as well is even better!
EDIT: That was easy - I applied and was approved, with my wife's extra card, in under 5 minutes. After my FHR stay next week, I'll call and cancel the existing cards.
I'm unlikely to use the MR=>Investment at 1.25c though.
And then earning a 40K bonus as well is even better!
EDIT: That was easy - I applied and was approved, with my wife's extra card, in under 5 minutes. After my FHR stay next week, I'll call and cancel the existing cards.
Apr 1, 2016, 6:04 am
#43
Suspended
Join Date: Dec 2014
Posts: 8,460
Think I'll get the Schwab card in early Dec and get the $200 Airline credit. Hit min spend quick. Get $200 airline credit again in Jan and then cancel card once points post in order to get annual fee refunded. Love new products.
Apr 1, 2016, 1:38 pm
#44
Join Date: Nov 2013
Location: LAX, LGB, SNA
Programs: AA EXP OWE, DL DM ST+, AS MVPG, UA, BA, WN CP, Hyatt E, Ritz Plat, HH GM
Posts: 3,185
I wouldn't do that, but then again I don't want to be blacklisted.