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 26, 2016, 10:25 pm
#91
Join Date: Aug 2014
Location: Kirkland, WA, USA
Programs: Marriott Gold; LEGO VIP, Amex Platinum, HHonors Gold
Posts: 563
I'm about to cancel my old Platinum since I now have the Schwab, and have just finished using my Airline Credit on the old card.
Apr 27, 2016, 2:26 am
#92
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,314
I have a lot of Amex cards, but only one cobranded (SPG). Could I be declined on the Schwab Platinum (assuming I otherwise qualify) for having too many cards?
Thanks in advance!
Thanks in advance!
Apr 27, 2016, 7:27 am
#93
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Maybe, but less likely that in the past. Read the Wikipost and recent posts in this thread:
http://www.flyertalk.com/forum/ameri...ard-limit.html
http://www.flyertalk.com/forum/ameri...ard-limit.html
Apr 27, 2016, 7:56 am
#94
Join Date: Sep 2015
Location: SFO
Posts: 3,879
True...but why the rush unless one needs the 40k MR soon? I would just wait out the 11 months and hope for a better signup bonus.
Apr 27, 2016, 9:40 am
#95
Join Date: Nov 2009
Location: 6km East of EPAYE
Programs: UA Silver, AA Platinum, AS & DL GM Marriott TE, Hilton Gold
Posts: 9,582
Don't wait for 11 months - the Annual Fee is pro-rated for the refund. If you have 11 months left, you'll get most of the $450 back when you cancel.
I'm about to cancel my old Platinum since I now have the Schwab, and have just finished using my Airline Credit on the old card.
I'm about to cancel my old Platinum since I now have the Schwab, and have just finished using my Airline Credit on the old card.
Apr 27, 2016, 9:58 am
#96
Join Date: Jan 2012
Posts: 219
I created a joint account with Schwab, took about 2 days to get it all set up and activated. Got 2 Amex Platinum cards (one for me and one for Mrs. PedroNY), met spent on each card, received bonus 40,000 MR pts per account, transferred all of MR points from our accounts into Schwab (you can do this online), including MR points that came from other cards -- woo hoo! All money showed up within minutes in the Schwab account, it was "settled" next business day, all money was transferred out of that account to my bank.
As for 1099, I'll find out in 2017, but I have low expectation of getting it. Why would we get one from AMEX for this and not redeeming for Gift Cards? The value of a gift card is set, just like this redemption is set. I haven't heard or experienced of 1099 for any kind of Credit Card rebate, cashback, miles, etc. -- only in banking. At least not in last 12 years that I been doing this, and 100s of credit cards from pretty much every bank you can imagine.
This was an amazing deal for us, to cash out MR points at $.0125 -- absolutely loved it, from both of our accounts. I'll fly using miles, so MR for cash is just gravy, if it goes un-taxed, even better.
Cheers,
PedroNY
As for 1099, I'll find out in 2017, but I have low expectation of getting it. Why would we get one from AMEX for this and not redeeming for Gift Cards? The value of a gift card is set, just like this redemption is set. I haven't heard or experienced of 1099 for any kind of Credit Card rebate, cashback, miles, etc. -- only in banking. At least not in last 12 years that I been doing this, and 100s of credit cards from pretty much every bank you can imagine.
This was an amazing deal for us, to cash out MR points at $.0125 -- absolutely loved it, from both of our accounts. I'll fly using miles, so MR for cash is just gravy, if it goes un-taxed, even better.
Cheers,
PedroNY
Apr 27, 2016, 11:07 am
#97
Join Date: Jan 2009
Posts: 38
I've had an Amex platinum for years and have a small Schwab investment account already.
- If I get the Schwab platinum can I transfer the MR points to the new card? (Obviously can't use them for depositing to the Schwab account. ?)
- Do I keep the same Member Since date? (Pure vanity I know!)
- Otherwise, every other benefit is the same? I'm trying to see if there's any upside to keeping the "plain old platinum"
- If I get the Schwab platinum can I transfer the MR points to the new card? (Obviously can't use them for depositing to the Schwab account. ?)
- Do I keep the same Member Since date? (Pure vanity I know!)
- Otherwise, every other benefit is the same? I'm trying to see if there's any upside to keeping the "plain old platinum"
Apr 27, 2016, 11:26 am
#98
Join Date: Nov 2015
Posts: 14
I've had an Amex platinum for years and have a small Schwab investment account already.
- If I get the Schwab platinum can I transfer the MR points to the new card? (Obviously can't use them for depositing to the Schwab account. ?)
- Do I keep the same Member Since date? (Pure vanity I know!)
- Otherwise, every other benefit is the same? I'm trying to see if there's any upside to keeping the "plain old platinum"
- If I get the Schwab platinum can I transfer the MR points to the new card? (Obviously can't use them for depositing to the Schwab account. ?)
- Do I keep the same Member Since date? (Pure vanity I know!)
- Otherwise, every other benefit is the same? I'm trying to see if there's any upside to keeping the "plain old platinum"
2.) Member since date will be backdated to your first AMEX but won't be backdated on your credit report.
3.) If you don't care about your average age of accounts you can close the old card after getting the schwab platinum.
Last edited by mia; May 1, 2016 at 5:00 pm Reason: Portion of post was exported to another thread.
Apr 27, 2016, 11:27 am
#99
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Then, you can redeem those points. You can, in fact, redeem all points for Schwab credit if you think that is good value. Read THIS post.
http://www.schwab.com/public/schwab/...s/credit_cards
..or perhaps THIS post.
Apr 27, 2016, 6:50 pm
#101
Join Date: Apr 2010
Location: SFO
Programs: OZ *G; HH Diamond;
Posts: 1,644
Apr 27, 2016, 8:43 pm
#102
Join Date: Jun 2014
Posts: 207
Didn't check with credit report, but my schwab amex has member since date of my first very first amex from years ago printed.
Apr 27, 2016, 9:53 pm
#103
FlyerTalk Evangelist
Join Date: Aug 2002
Location: Intermountain West
Programs: Too many to list
Posts: 12,082
Apr 28, 2016, 10:13 am
#104
Join Date: Sep 2002
Location: Thousand Oaks, Ca., USA
Programs: AA Lifetime Plat; Bonvoy Titanium Lifetime Elite;Hyatt Globalist; HHonors Diamond; United Silver
Posts: 8,314
Apr 28, 2016, 10:27 am
#105
Join Date: Sep 2015
Location: SFO
Posts: 3,879
ETA: I suppose another reason to not wait the 11 months is if one needed the $200 airline reimbursements.