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.
Apr 2, 2016, 11:35 am
#46
Join Date: Aug 2014
Location: Kirkland, WA, USA
Programs: Marriott Gold; LEGO VIP, Amex Platinum, HHonors Gold
Posts: 563
Gosh, that was fast.
I received both new cards via UPS this morning, less than 48 hours after applying, and 2 days earlier than they suggested it should take in the confirmation email.
I received both new cards via UPS this morning, less than 48 hours after applying, and 2 days earlier than they suggested it should take in the confirmation email.
Apr 9, 2016, 9:50 am
#48
Join Date: Mar 2014
Location: Florida
Posts: 274
Do the cobranded Platinum cards from the different brokerages ever boost the signup bonus from the standard bonus? I'm wondering if the 40k signup bonus is as good as it will get or whether it might be worth waiting for a higher signup bonus.
Apr 9, 2016, 1:05 pm
#49
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
The Ameriprise offer is typically a fee waiver for the first year, but they did offer 25,000 points on top of the fee waiver for awhile. However, Ameriprise may have a different relationship with American Express because Ameriprise was spun off from American Express in 2005.
Apr 9, 2016, 6:32 pm
#50
Join Date: Mar 2014
Location: Florida
Posts: 274
The Ameriprise offer is typically a fee waiver for the first year, but they did offer 25,000 points on top of the fee waiver for awhile. However, Ameriprise may have a different relationship with American Express because Ameriprise was spun off from American Express in 2005.
Apr 9, 2016, 7:43 pm
#51
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,959
Apr 9, 2016, 8:54 pm
#52
Join Date: Dec 2006
Posts: 161
Schwab appears willing to match other firms offers for new money, and in particular the $2500 for a million dollars offers that are currently available. The extra $200 off on the Platinum card makes this offer more attractive.
Last edited by ed765; Apr 9, 2016 at 9:10 pm
Apr 10, 2016, 11:29 am
#53
Join Date: Apr 2002
Posts: 587
Anyone can confirm if this counts as a different Platinum product with regard to eligibility for the bonus points ? I'm thinking about getting it in October when some insurance bills are due. I already received 40,000 bonus points from the regular Platinum card years ago and I currently have the Ameriprise card (no bonus points, but fee waived for the first year). I plan to cancel it after obtaining the Schwab card.
Apr 10, 2016, 12:12 pm
#54
Suspended
Join Date: Dec 2014
Posts: 8,460
Anyone can confirm if this counts as a different Platinum product with regard to eligibility for the bonus points ? I'm thinking about getting it in October when some insurance bills are due. I already received 40,000 bonus points from the regular Platinum card years ago and I currently have the Ameriprise card (no bonus points, but fee waived for the first year). I plan to cancel it after obtaining the Schwab card.
Apr 12, 2016, 11:36 am
#57
Join Date: Feb 2008
Posts: 783
Does anyone know yet if we can transfer other MR points (earned from other cards) into our Schwab account at $.0125/point? I sometimes burn MR points through gift cards and get $.01/point, so this would be pretty nifty deal of extracting extra 25% from Every Day Card or Gold cards, etc.
Yes, i am aware that you can get other value out of MR points via miles, so please don't burn me on getting only $.01 value out of them.
Cheers,
PedroNY
Yes, i am aware that you can get other value out of MR points via miles, so please don't burn me on getting only $.01 value out of them.
Cheers,
PedroNY
Apr 12, 2016, 12:21 pm
#58
Join Date: Jun 2014
Posts: 207
Does anyone know yet if we can transfer other MR points (earned from other cards) into our Schwab account at $.0125/point? I sometimes burn MR points through gift cards and get $.01/point, so this would be pretty nifty deal of extracting extra 25% from Every Day Card or Gold cards, etc.
Yes, i am aware that you can get other value out of MR points via miles, so please don't burn me on getting only $.01 value out of them.
Cheers,
PedroNY
Yes, i am aware that you can get other value out of MR points via miles, so please don't burn me on getting only $.01 value out of them.
Cheers,
PedroNY
Apr 12, 2016, 12:30 pm
#59
Join Date: Sep 2004
Location: CLT
Programs: US CP, SPG Gold
Posts: 593
Unlike the conventional wisdom in this thread, which I agree with generally, for my needs I like the Investor Credit Card at 1.5% cash back with no gimmicks. I applied, got a healthy credit line upon instant approval, and it will now be my go-to card. I bank with Schwab, invest with Schwab, and having everything in one spot, conveniently and automatically, means something to me. I recognize it is not the 2% Fidelity card, but for me it works.
Apr 12, 2016, 4:21 pm
#60
Join Date: Mar 2014
Location: Florida
Posts: 274
Do your transactions for the Schwab Cards show up in your Schwab online account or on americanexpress.com, or both?