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 12, 2016, 4:49 pm
#61
Join Date: Sep 2004
Location: CLT
Programs: US CP, SPG Gold
Posts: 592
Not sure yet about the Schwab side of it. There is a spot on the Schwab account summary for the card, total balance, credit limit, and "next steps" but it gives me a message saying data is not yet available. I don't know how detailed this will be; perhaps someone else can chime in.
If I log in to Amex the Schwab card appears just like any other Amex card's txns.
If I log in to Amex the Schwab card appears just like any other Amex card's txns.
Apr 12, 2016, 4:51 pm
#62
Join Date: Jun 2014
Posts: 207
I can probably answer this... at least for schwab plat. Card definitively shows up on amex.com. A new section was created for the schwab card on my schwab.com login, but so far no data is available... been "Your data is not yet available. Please try again in a few days." for the past week. I assume eventually I'll see something there... once they get stuff sync up, but am too lazy to call and inquire about it.
Apr 18, 2016, 10:05 pm
#65
Join Date: Jun 2004
Posts: 90
Watch out for a 1099-Misc for that $500. CSR just told me that Schwab will send it (but verify for yourself)
Apr 18, 2016, 10:30 pm
#66
Join Date: Jun 2014
Posts: 207
Apr 19, 2016, 6:40 am
#67
Join Date: Mar 2014
Location: Florida
Posts: 274
Please consult with your tax advisor regarding the tax implications of any reward.
Apr 19, 2016, 7:43 am
#68
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Credit card rewards are a partial refund of spending. I cannot think of any basis to classify a refund as income, except in the case where rewards earned by a company are used by an individual, but the financial institution wouldn't know that. Extensive discussion here:
http://www.flyertalk.com/forum/miles...all-banks.html
http://www.flyertalk.com/forum/miles...all-banks.html
Apr 19, 2016, 8:02 am
#69
Join Date: Jun 2004
Posts: 90
Credit card rewards are a partial refund of spending. I cannot think of any basis to classify a refund as income, except in the case where rewards earned by a company are used by an individual, but the financial institution wouldn't know that. Extensive discussion here:
http://www.flyertalk.com/forum/miles...all-banks.html
http://www.flyertalk.com/forum/miles...all-banks.html
Anyway, this is something that, if you are considering cashing out a large number of points, you certainly want to be sure of before doing.
I would rather err on the side of caution (especially if this is what the CSRs are telling me and if this is written on the FAQ), then trust an anonymous poster on an internet forum. ;-)
Apr 19, 2016, 8:11 am
#70
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Apr 19, 2016, 10:18 am
#72
Join Date: Jun 2014
Posts: 207
Redemption Certificate Number
Points Used 100000
Points used will be immediately deducted by American Express from your Membership Rewards account. Charles Schwab will deposit associated funds into your chosen eligible brokerage account1 within 4 to 6 business days, excluding bank holidays. Points are not refundable once redeemed.
For questions about the funds deposit, please call Schwab at (800) 435-4000.
Regardless of what the amex supervisor said, your point 1 is just not true in practice. Did it multiple more time after that; all went through just fine. Guess I'll find out about 2 next year.
Last edited by gsxsilver; Apr 19, 2016 at 10:23 am
Apr 19, 2016, 11:59 am
#73
Join Date: Jun 2014
Posts: 9
$200 airline credit and PWP
If I already have a Platinum card and add this Schwab card, will I be able to either pick another airline for the $200 airline fee credit or take another $200 credit on the same airline as the primary card?
Along those same lines, will I be able to pick a second airline for the 30% off Pay with Points Benefit? Or does the PWP not apply to the Schwab card (I guess it's not listed as a benefit here).
Along those same lines, will I be able to pick a second airline for the 30% off Pay with Points Benefit? Or does the PWP not apply to the Schwab card (I guess it's not listed as a benefit here).
Apr 19, 2016, 12:08 pm
#74
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Apr 19, 2016, 12:15 pm
#75
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954