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.
Feb 28, 2024, 12:15 am
#631
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,140
You may not be eligible to receive a welcome offer
The key word here is "may". If you apply directly on the CS website, you will not get the welcome bonus. Not sure if this still holds true, when I applied for my CS I did so after receiving a link from my assigned "advisor" (from the local CS office where I initially opened my brokerage account) that offered a SUB higher than that available on the website. I believe that some of the links do not include the exclusion language. I have no idea how the links work, who is eligible to receive them and how many flavors are offered. I do know that when I did receive the link, it must have been some type of promotion within CS because my advisor was eager to have people apply and it was available for a very limited time, I believe about ten days if my memory serves me right. Prior to this, I had let him know that if any Amex promotions crossed his desk, to let me know.
The bonus is posted to your account the month of your anniversary.
The key word here is "may". If you apply directly on the CS website, you will not get the welcome bonus. Not sure if this still holds true, when I applied for my CS I did so after receiving a link from my assigned "advisor" (from the local CS office where I initially opened my brokerage account) that offered a SUB higher than that available on the website. I believe that some of the links do not include the exclusion language. I have no idea how the links work, who is eligible to receive them and how many flavors are offered. I do know that when I did receive the link, it must have been some type of promotion within CS because my advisor was eager to have people apply and it was available for a very limited time, I believe about ten days if my memory serves me right. Prior to this, I had let him know that if any Amex promotions crossed his desk, to let me know.
The bonus is posted to your account the month of your anniversary.
LAX
Feb 28, 2024, 7:18 am
#632
Join Date: Sep 2015
Location: San Francisco
Posts: 91
I always take either screen shots or printouts of each page whenever I apply for a credit card on line. I just checked my files and still had the printouts from my CS application for the Amex platinum card. When I completed the application via the link sent to me, except for one, all the fields had already been populated, all I had to do was input my annual income. There was a box for my reps info, plus two other boxes that were pre-populated with a combination of numbers and letters.
Feb 28, 2024, 8:53 pm
#633
Join Date: May 2002
Location: EWR/JFK/LGA
Programs: DL Silver, AA, UA Silver, Hilton Diamond, Marriott Gold
Posts: 389
Thanks for this info. I might just drop an email to my rep at CS to see what's available. When you mentioned "advisor", do you mean your account is under their management that incurs a fee? I am an index investor, so I mostly self manage, and may not be eligible for offers that were available to you.
LAX
LAX
Feb 29, 2024, 12:27 am
#634
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,140
My account is solely self managed and I do not pay any fees. My "advisor" reaches out to me about once per year trying to convince me to change to a managed account. I believe I have an "advisor" because I initially opened my account at a local CS branch and my advisor is located at this branch. In reality, he is my rep because he isn't advising me on anything. One time when he reached out to me I asked about any Amex platinum special offers (I knew they existed because my neighbor had received one earlier) and he told me he would get back to me if anything crossed his desk - he did get back to me almost one year later.
LAX