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.
Mar 2, 2022, 12:37 pm
#541
Join Date: Jul 2009
Location: World
Posts: 1,647
mster you already asked that question above, I already answered it, and you already acknowledged that answer... the answer (again) is you do not need to fund your Schwab account prior to approval.
Mar 3, 2022, 4:17 pm
#542
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).
Mar 30, 2022, 12:05 am
#543
Join Date: Jan 2022
Posts: 39
Sign-on bonus for Schwab Platinum separate from Amex Platinum?
Not sure if this has been discussed before, but if you've only had the Schwab Platinum, are you still eligible for the regular Amex Platinum sign-on bonus? I thought these were essentially the same product and signed up for the Schwab version only to learn that Schwab counts as co-branding and therefore is not eligible for the corporate advantage program (reduced annual fees). If it's technically a co-branded card, then shouldn't the sign-on bonuses be counted separately for each?
Mar 30, 2022, 6:11 am
#545
Join Date: Jul 2020
Location: JFK/LGA/BDL
Posts: 419
As noted above, provided you aren't pop-up jail (flatly prohibited from receiving any SUB), then you can receive a SUB for each of the current Platinum cards, as they are considered separate products. This means you could receive a SUB for the "vanilla" Platinum, Business Platinum, CS Platinum, and MS Platinum.
It is still early and I am trying to read between the lines in your post but, if you're considering closing your CS Platinum for the "vanilla", just make sure you keep your CS Platinum open for a year. If you close it ahead of your second Annual Fee posting then you are likely to have your SUB clawed back and risk damaging your relationship with amex (land in pop-up jail or declined for future applications). After the second AF posts you are free to close your CS and you will receive a refund of that AF provided you close within 30 days of it posting.
Less important considerations, the CS Platinum carries all of the benefits of the "vanilla" and the opportunity to redeem MR into your brokerage at a rate of 1.1 cpp. It also features an Appreciation Bonus which can reduce your Annual Fee provided you have a certain amount of holdings with Schwab (notably a mortgage counts towards this balance). You receive $100 off your AF if you hold more than $250k and $200 off your AF if you hold more than $1MM.
The "vanilla's" advantage is that it tends to exclusively receive some of the more lucrative one-time offers.
It is still early and I am trying to read between the lines in your post but, if you're considering closing your CS Platinum for the "vanilla", just make sure you keep your CS Platinum open for a year. If you close it ahead of your second Annual Fee posting then you are likely to have your SUB clawed back and risk damaging your relationship with amex (land in pop-up jail or declined for future applications). After the second AF posts you are free to close your CS and you will receive a refund of that AF provided you close within 30 days of it posting.
Less important considerations, the CS Platinum carries all of the benefits of the "vanilla" and the opportunity to redeem MR into your brokerage at a rate of 1.1 cpp. It also features an Appreciation Bonus which can reduce your Annual Fee provided you have a certain amount of holdings with Schwab (notably a mortgage counts towards this balance). You receive $100 off your AF if you hold more than $250k and $200 off your AF if you hold more than $1MM.
The "vanilla's" advantage is that it tends to exclusively receive some of the more lucrative one-time offers.
Last edited by imnotalawyer; Mar 30, 2022 at 6:22 am
Mar 31, 2022, 6:16 pm
#546
Join Date: Aug 2012
Posts: 6,752
In my view, this aspect of the CS Plat is under appreciated. With this feature, again IMHO, MRs are hands down the best rewards program of them all. You can redeem for flights with points transfers. GCs, I guess if one's bored enough. But, the notion of harvesting a bunch of MRs and investing it in some early stage good ideas would have been something I'd give my right arm for 25 years ago.
May 18, 2022, 12:03 pm
#547
Join Date: May 2015
Posts: 183
Charles Schwab Brokerage & CS Amex Platinum
I have a Charles Schwab Brokerage account. The only reason I have it is so that I can have the CS Amex Platinum. I don't wish to use that brokerage account for investing. Up until now I have been keeping some cash in there so that it would show a balance and I would not risk them closing the account as unused. Is this something I need to be worried about? If I let the balance go to zero do I have to worry about them closing the account? If so, what would be a safe minimum amount to keep in the account? I did a search but did not find anything (although perhaps I choose poor search terms).
Thanks!
Thanks!
May 18, 2022, 1:18 pm
#548
Join Date: Aug 2005
Programs: AA LTP, UA, DL, HH, Marriott/SPG
Posts: 585
I have 2 Schwab accounts (I originally got mine for the no fee or fx ATM card and eventually, the Amex Schwab plat). 5 years ago, I opened a second account jointly with my daughter. I wanted her to have a no-fee or fx atm card during her college semester abroad. She has not used the account in over 4 years. The account has a balance of <$10 and there has been no effect.
May 18, 2022, 3:18 pm
#549
Join Date: Feb 2000
Posts: 6,545
just will offer my $0.02 that i could not be more pleased w/ Schwab as my main financial instiution. was able to painlessly transfer Vanguard funds from Vanguard into Schwab, preserving the original tax basis. Schwab well supports i401K accounts. Schwab debit card is fully fee free to use. Schwab accepts high dollar value check deposits via the app. best of all, $1M in assets yields $400 in amex statement credits for a couple where each has the schwab amex plat card (making each card better than free).
May 18, 2022, 6:18 pm
#550
Join Date: May 2015
Posts: 183
I have 2 Schwab accounts (I originally got mine for the no fee or fx ATM card and eventually, the Amex Schwab plat). 5 years ago, I opened a second account jointly with my daughter. I wanted her to have a no-fee or fx atm card during her college semester abroad. She has not used the account in over 4 years. The account has a balance of <$10 and there has been no effect.
just will offer my $0.02 that i could not be more pleased w/ Schwab as my main financial instiution. was able to painlessly transfer Vanguard funds from Vanguard into Schwab, preserving the original tax basis. Schwab well supports i401K accounts. Schwab debit card is fully fee free to use. Schwab accepts high dollar value check deposits via the app. best of all, $1M in assets yields $400 in amex statement credits for a couple where each has the schwab amex plat card (making each card better than free).
May 18, 2022, 8:33 pm
#551
Join Date: Feb 2012
Posts: 4,477
The risk of the above may be higher for a new account. If having a stable account is important to you, why not park some balance there, like a money market fund. You can easily find other uses for a brokerage account, besides investments (e.g. making "direct deposits").
May 19, 2022, 12:08 pm
#552
Join Date: Aug 2005
Programs: AA LTP, UA, DL, HH, Marriott/SPG
Posts: 585
I am presuming that your first Schwab account IS funded/active and I wonder if that might change how Schwab views the situation. Could they be more tolerant of an open unused account when it is associated with a customer who has another Schwab account that is actively being used?
May 31, 2022, 10:08 am
#553
Join Date: Sep 2002
Location: Bainbridge Island, WA
Posts: 8,964
I had a Schwab Plat Amex for years. I cancelled it last September. I miss it.
If I apply again am I eligible for the welcome 100K points if I spend 6K? And am I right in my calculations that equals over $1000 that can be transferred to may Schwab account.. essentially paying for two years of annual dues? ( based on $495 a year)
If I apply again am I eligible for the welcome 100K points if I spend 6K? And am I right in my calculations that equals over $1000 that can be transferred to may Schwab account.. essentially paying for two years of annual dues? ( based on $495 a year)
May 31, 2022, 8:28 pm
#554
Join Date: May 2015
Posts: 183
I am not sure about getting the sign-up bonus again. I think the Amex site will tell you when you apply if your are not eligible. The annual fee is now $695. At 1.25 cents per point, 106,000 points would convert to $1325 transferred into your CS account. That would be almost 2 years of fees.