jgrossman2

Would you suggest then to apply for Schwab, then close regular Platinum? or Vice versa? Do you think me closing could have any effect on being approved for the Schwab?

CRAZ8

I applied for the Schwab and then cancelled my regular Platinum once I had the new card in hand. The Schwab card is a direct replacement of the Platinum card, so there's no real need to downgrade it unless you really want a different card. Don't wait too long and end up paying 2 annual fees by cancelling the old card too late.

mia

The closed account remains on your credit report for a decade. It's improbable that the benefit of keeping the account open could be worth $95/year.

thehimalayas

Anybody get an error when trying to get to the Schwab redemption page? The way I have been doing redemptions is by logging on to Schwab and clicking on the linked Amex Platinum account that shows up on the Summary page. Clicking through now gives the following error:

rewards.americanexpress.com/myca/loyalty/us/rewards/rw/csb/iwrhome
"We're Sorry.
A system error occurred. Your request cannot be processed at this time. Please try your request again at a later date."

Is there a different way to get to the Schwab redemption page? Using the regular MR portal does not show anything useful under "Use Points".

acinchus

Opened a new Schwab brokerage account in January and converted some MR to cash.

Is there a minimum balance requirement or any fees associated with having a low balance like zero or less than $10?

mhdena

wco81

What is SUB, the welcome bonus?

Is it confirmed that previous Amex Platinum holders can get this Schwab Amex Platinum and get the welcome bonus MRs?

Also I have a regular "Individual" brokerage account which hasn't been active in years. Also have a "Investor Checking" account which is more active.

Do either of those accounts meet the requirement?

Diplomatico

Yes.

If your previous Plat was the Schwab Platinum card, no. If your previous Plat was another of the "flavors" of the Platinum card, yes.

Yes.

Edit: You may find that your initial Schwab application is cancelled if you currently hold another version of the Plat (IT system may flag it as an application for the same product.) If that happens, call recon and ask for it to be manually reviewed, explaining that it is a different product from the card you currently hold. Should be approved after that.

wco81

Well I tried, got the popup:

Oh well.

Skywise

Have been a long term Personal Platinum holder for 10+ years and just got the Schwab platinum which should arrive tomorrow. My older card billing period closes on April 15 at which point I'll get my annual fee added so I want to close it before then. There's one offer I have linked to the older card which I intend to use in the next day or two (oddly I didn't get the same offer on the new card) but once that's done I plan on closing the account asap.
Any gotchas I should be worried about? I'm presuming once I've got the new card activated I can transfer the recurring billing, close the old one and pay it off. I shouldn't have any problems with my existing MR points as they should just carry over?

financialhippie

You can close the personal after the annual fee hits, they'll credit you the balance, just pay off the rest of the card. So when you go to close, have a $550 balance on the card, and AmEx can credit the annual fee and then close it out.

Alternatively, pay it all off, and AmEx will credit your annual fee. Then you can call in and have them cut you a check (what I usually do), or have them apply the credit to another AmEx card.

Blind and Green

Has anyone with a joint Schwab account successfully opened two different platinum cards (one for each member) as a way to cash out two different MR accounts?

Thank you!

ukengineer

Did you try this? I am in the same situation. I have a joint account and would like to have a card account for my wife and myself.

euromannn

Finding Uber credit to be distraction with the monthly credit. Instead of simply giving $200 at start of annual period it implemented a marketing gimmick of a credit to expire monthly and only redeemed in US. I've used Uber eats which is ok but not places I would like to go to. No use for Uber ride as drive/bicycle/walk everywhere.
Uber denies international use where recently I saw Uber delivering food on bicycles in Poland.
Sak's has poor quality selections and its $50 credit twice a year instead of $100 at start of annual period is once again gimmick to take away credit on those that don't use every 6 month period. Most clothing items online under $50 at Sak's are out of stock in my size(XL), same items online are not available in store so can't try on before ordering or inspect quality, or items I might buy at over $50 limit where I question buying since I don't really want the item. When I went to Sak's off 5th ave store in mall Sak's seems very cheap looking merchandise with no sales staff on floor and only one cashier.

Add the new airline credit restrictions eliminating the GC this is again difficult since I do mostly award travel(on multiple airlines) designating Delta for now to test out sky mile lounge. AMEX denies trip coverage because not I'm charging full amount on ticket. SO only fees (which are small) on award travel are reimbursed.Amex Plat is a difficult card to justify even with my $200 annual statement credit from Schwab to reduce AF. Probably the worst travel card I've had in past 5 years due AMEX benefit gimmicks.

Haven't had an opportunity to use longes yet(centurion or SKymile will next year). Thinking of buying refundable ticket one way on Delta to checkout centurion/Skymile lounges same day soon.

Another issue I have is redemption of AMEX membership rewards where for 100k bonus can be converted to $1250 at Schwab. However, this according to Schwab triggers at 1099-MISC decreasing the value by your tax bracket (25% nominally). If used as travel only worth $1000=100k points versus at CRS and Citi Prestige $1500 travel value.

In comparison to my previous Citi Prestige and current CSR card I find AMEX PLAT as too many gimmick benefits versus other travel bank cards.

gooselee

It sounds like the Amex Plat does not present you with good (or any?) value given your natural travel and spending habits/preferences. Even the airport lounge access as you describe seems like negative value - you're talking about buying tickets solely to use the lounge; rather than buying tickets to actually go somewhere and having the lounge as an ancillary option.

Perhaps I'm missing something, but given everything you just posted - is there a reason you are continuing to hold and pay for this card? (I don't mean this in a snarky way; I'm just sitting here thinking that none of the items listed are particularly new so if I were in your shoes, I'd have cancelled the card a long time ago.)