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 29, 2016, 8:20 pm
#108
Join Date: Mar 2014
Location: Florida
Posts: 274
From a signup bonus perspective yes, the MB Platinum is better. The advantage to the Schwab version is the discounted annual fee if you have $250k+ at Schwab and the ability to cash out your MR for 1.25 cpp.
May 1, 2016, 4:57 pm
#109
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
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May 4, 2016, 3:34 am
#110
Join Date: Apr 2011
Posts: 567
I have a Schwab pension plan (not IRA). Its a brokerage account, only of a very specific type - not sure it qualifies for the Amex card, but I did get a marketing email from Schwab about the new Amex Plat. Does that mean I qualify? Or should I call Amex?
May 4, 2016, 7:27 am
#111
Join Date: Sep 2011
Posts: 1,857
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.
May 4, 2016, 7:30 am
#112
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
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.
- Click HERE
- Scroll down
- Click [Apply now]
- You will be prompted to login. I would not expect the system to allow you to apply if your account is not eligible.
Last edited by mia; May 4, 2016 at 7:44 am
May 4, 2016, 10:19 am
#113
Suspended
Join Date: Dec 2014
Posts: 8,460
In Jan 2017, also use the airline credit on old plat and then cancel.
May 6, 2016, 3:55 pm
#116
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
It is not. Fee disclosure here: https://www.schwab.com/public/schwab..._platinum.html
May 10, 2016, 10:54 am
#117
Join Date: Sep 2007
Location: stl
Programs: AA LT Plat/8.1mm now with 1350 miles left in my account and proud of it.. SPG LT Titanium.
Posts: 3,082
As for your pension plan, here is some of the language from the cardmember agreement:
the aggregate assets held in the following retirement Schwab Brokerage Account types...Traditional Individual Retirement Accounts, Roth and Roth Conversion IRAs and Rollover IRAs but excluding (all of the above) that are managed by an independent investment advisor pursuant to a direct contractual relationship...
and quoting exactly:
"Retirement Assets not held in accounts listed above are excluded"
In my case I have a number of Schwab accounts some of which are trusts and retirement accounts and all of which are managed by an independent advisor and wanted to make sure which ones counted. I called the application number and they conferenced Schwab in and went over the various accounts.
Took a little bit of time but was pretty painless.
May 11, 2016, 1:25 am
#119
Suspended
Join Date: Dec 2014
Posts: 8,460
May 11, 2016, 4:56 am
#120
Join Date: Mar 2014
Location: Florida
Posts: 274