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 12, 2022, 11:34 am
#526
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
You may find this page helpful: https://www.schwab.com/credit-cards/eligible-account
Jan 12, 2022, 2:29 pm
#527
Join Date: Nov 2006
Programs: Marriott Platinum, Hilton Diamond, IHG Platinum
Posts: 3,729
You may find this page helpful: https://www.schwab.com/credit-cards/eligible-account
Further confirmation to #1 (no minimum bal for checking or brokerage) is helpful. I remember someone got their checking closed for inactivity, so I'll be sure to generate an activity once a year (at least). Do I need to do the same for brokerage?
Jan 12, 2022, 8:21 pm
#529
Join Date: Nov 2009
Location: Yellow Springs
Programs: AS 75k
Posts: 1,523
Thanks. This kind of answers #2. Brokerage is required to maintain Schwab Plat, while cash out is to checking. Easy way is to maintain both.
Further confirmation to #1 (no minimum bal for checking or brokerage) is helpful. I remember someone got their checking closed for inactivity, so I'll be sure to generate an activity once a year (at least). Do I need to do the same for brokerage?
Further confirmation to #1 (no minimum bal for checking or brokerage) is helpful. I remember someone got their checking closed for inactivity, so I'll be sure to generate an activity once a year (at least). Do I need to do the same for brokerage?
Jan 12, 2022, 9:20 pm
#530
Join Date: Aug 2007
Location: Truth or Consequences, NM
Programs: HH Diamond, Marriott Titanium, Hertz President's Circle, UA Silver, Mobile Passport Unobtanium
Posts: 6,195
Thanks. This kind of answers #2. Brokerage is required to maintain Schwab Plat, while cash out is to checking. Easy way is to maintain both.
Further confirmation to #1 (no minimum bal for checking or brokerage) is helpful. I remember someone got their checking closed for inactivity, so I'll be sure to generate an activity once a year (at least). Do I need to do the same for brokerage?
Further confirmation to #1 (no minimum bal for checking or brokerage) is helpful. I remember someone got their checking closed for inactivity, so I'll be sure to generate an activity once a year (at least). Do I need to do the same for brokerage?
Jan 13, 2022, 9:07 am
#532
Join Date: Aug 2012
Posts: 6,752
No. Generally, what I'd do is open a Brokerage along with an accompanying CMA, and then fund it with $25; oh, look to see if there's a $100 opening bonus. While this isn't necessary, in mine, I just have some buy & hold stuff that spits out a dividend. The CMA is very useful for ATMs since they'll reimburse all fees.
Feb 10, 2022, 6:07 am
#534
Join Date: Jul 2020
Location: JFK/LGA/BDL
Posts: 419
mster yes, that was my experience two-ish years back. Signed up for a Schwab brokerage account, applied for the CS Platinum, and was approved all in the same day. Funded the account thereafter and began dumping my MR in month by month...
That still appears to very much be the case. Schwab has an FAQ page which answers this, quoted below...
No dollar value attached to the definition of "eligible account", so you should be good to go!
That still appears to very much be the case. Schwab has an FAQ page which answers this, quoted below...
Who is eligible to apply?
Individuals 18 years of age or over with a valid U.S. home address (including in the U.S. territories and Puerto Rico) and an eligible Schwab account may apply for a Card account.
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.
Individuals 18 years of age or over with a valid U.S. home address (including in the U.S. territories and Puerto Rico) and an eligible Schwab account may apply for a Card account.
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.
Feb 10, 2022, 8:58 am
#535
Join Date: Jul 2009
Location: World
Posts: 1,647
mster yes, that was my experience two-ish years back. Signed up for a Schwab brokerage account, applied for the CS Platinum, and was approved all in the same day. Funded the account thereafter and began dumping my MR in month by month...
That still appears to very much be the case. Schwab has an FAQ page which answers this, quoted below...
No dollar value attached to the definition of "eligible account", so you should be good to go!
That still appears to very much be the case. Schwab has an FAQ page which answers this, quoted below...
No dollar value attached to the definition of "eligible account", so you should be good to go!
Feb 28, 2022, 6:08 pm
#536
Join Date: Dec 2013
Location: California
Posts: 264
Is the Schwab Appreciation Bonus (the $100 or $200 annual credit based on assets at Schwab) delayed for everyone recently?
Last year, mine posted on Feb 3; this year it hasn't posted yet (my annual fee posted on Feb 18). I saw another similar data point on reddit (his annual fee posted a few weeks before mine, so his delay seems even longer).
Last year, mine posted on Feb 3; this year it hasn't posted yet (my annual fee posted on Feb 18). I saw another similar data point on reddit (his annual fee posted a few weeks before mine, so his delay seems even longer).
Feb 28, 2022, 7:20 pm
#537
Join Date: Sep 2013
Posts: 466
Is the Schwab Appreciation Bonus (the $100 or $200 annual credit based on assets at Schwab) delayed for everyone recently?
Last year, mine posted on Feb 3; this year it hasn't posted yet (my annual fee posted on Feb 18). I saw another similar data point on reddit (his annual fee posted a few weeks before mine, so his delay seems even longer).
Last year, mine posted on Feb 3; this year it hasn't posted yet (my annual fee posted on Feb 18). I saw another similar data point on reddit (his annual fee posted a few weeks before mine, so his delay seems even longer).
Mar 1, 2022, 4:43 am
#538
Join Date: Dec 2003
Location: Washington, DC
Programs: Hyatt Globalist, AA Executive Platinum
Posts: 1,932
Your Qualifying Schwab Holdings will be measured (a) within five business days of Card account approval and (b) on the first calendar day of your annual Card account renewal month (each date, a "Measurement Date"). If on a Measurement Date your Qualifying Schwab Holdings are: (i) equal to or greater than $250,000 and less than $1,000,000, you will receive a $100 Card statement credit; or (ii) equal to or greater than $1,000,000, you will receive a $200 Card statement credit.
Mar 2, 2022, 9:44 am
#539
Join Date: Jul 2009
Location: World
Posts: 1,647
Do you need to actually fund your schwab account prior to applying?
Or is the only thing that you need in practice a proper Schwab login so that you can access the Schwab Plat application? That is to say can you setup a Schwab account, skip funding it (leave at $0) and still apply and be approved for the Schwab Plat?
Or is the only thing that you need in practice a proper Schwab login so that you can access the Schwab Plat application? That is to say can you setup a Schwab account, skip funding it (leave at $0) and still apply and be approved for the Schwab Plat?