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.
Sep 12, 2016, 1:31 pm
#138
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
I believe we do have a few reports of co-branded Platinum cards downgraded to Green or Gold, even when there is no co-branded version of the lower tier card. I cannot say if these were true downgrades or if the CSR processed a simultaneous cancellation/application.
Sep 17, 2016, 4:01 pm
#140
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,955
The Schwab cards are issued by American Express and count against the limit. However, there is no known limit on charge cards. The limit of credit cards is now reported to be five: http://www.flyertalk.com/forum/ameri...ard-limit.html
Sep 21, 2016, 11:46 am
#141
Join Date: Dec 2014
Posts: 10
How long to wait until I can transfer MR points to Schwab?
I got approved for this card 5 business days ago and I'm still not seeing my MR information in my Schwab account. Can I transfer MR points to Schwab over the phone, or do I need to patiently wait for the website to update?
Sep 21, 2016, 8:17 pm
#142
Join Date: Mar 2014
Location: Florida
Posts: 274
You need to add your card to your americanexpress.com account and you can transfer from there.
Oct 6, 2016, 5:19 am
#143
Join Date: Jun 2012
Posts: 101
Any recent data point on this?
A reddit thread (on 10/4) says that "Ameriprise Platinum ..... counted as a prior Platinum card" and the OP did not receive his bonus. Yet a flyertalk wiki indicates the opposite. Since I've had both the regular Platinum and the MB version in the past, I wonder if I'm still eligible for the Schwab bonus. Or is this a YMMV thing?
A reddit thread (on 10/4) says that "Ameriprise Platinum ..... counted as a prior Platinum card" and the OP did not receive his bonus. Yet a flyertalk wiki indicates the opposite. Since I've had both the regular Platinum and the MB version in the past, I wonder if I'm still eligible for the Schwab bonus. Or is this a YMMV thing?
Oct 6, 2016, 5:57 am
#144
Join Date: Aug 2010
Location: CLT
Programs: AA, UA, BA, Hilton Diamond, Marriott Gold, IHG Platinum
Posts: 2,074
Any recent data point on this?
A reddit thread (on 10/4) says that "Ameriprise Platinum ..... counted as a prior Platinum card" and the OP did not receive his bonus. Yet a flyertalk wiki indicates the opposite. Since I've had both the regular Platinum and the MB version in the past, I wonder if I'm still eligible for the Schwab bonus. Or is this a YMMV thing?
A reddit thread (on 10/4) says that "Ameriprise Platinum ..... counted as a prior Platinum card" and the OP did not receive his bonus. Yet a flyertalk wiki indicates the opposite. Since I've had both the regular Platinum and the MB version in the past, I wonder if I'm still eligible for the Schwab bonus. Or is this a YMMV thing?