Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > American Express | Membership Rewards
Reload this Page >

American Express to Partner with Schwab. Applications online 3.21.2016.

American Express to Partner with Schwab. Applications online 3.21.2016.

    Hide Wikipost
Old May 28, 20, 9:18 am   -   Wikipost
Please read: This is a community-maintained wiki post containing the most important information from this thread. You may edit the Wiki once you have been on FT for 90 days and have made 90 posts.
 
Last edit by: LetsGoToo
Wiki Link
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:
An eligible brokerage account means a Schwab OneŽ 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.
Update June 2018 on eligible Schwab account per the Schwab website:

An eligible account means (1) a Schwab OneŽ 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.
Note that if you are not currently a Schwab Customer, you can still get these cards be 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:
  • You have the ability to cash out membership rewards at a rate of 1.25 cpp 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
Print Wikipost

Old Mar 19, 15, 3:18 pm
  #1  
Original Poster
 
Join Date: May 2010
Location: Rockin' the Bakken
Programs: Several
Posts: 915
American Express to Partner with Schwab. Applications online 3.21.2016.

Apparently American Express is teaming up with Schwab as well and will introduce two "premium" cards towards the beginning of 2016. No details yet on what types of cards these will be or benefits.

http://seekingalpha.com/pr/12879366-...charles-schwab


I'm actually intrigued by this, but I doubt it will match the old 2% Schwab card.


I feel like they had to give a press release on this so early to appease shareholders from any Costco fallout. One year away seems like an awfully long time to be giving a press release for new products.
UVU Wolverine is offline  
Old Mar 19, 15, 3:57 pm
  #2  
 
Join Date: Nov 2014
Location: NYC
Posts: 581
I wonder if this will be like the two Morgan Stanley offerings, or something different.
NYCRuss is offline  
Old Mar 19, 15, 6:58 pm
  #3  
 
Join Date: Nov 2013
Location: United States
Posts: 526
I imagine it'll be the same as the Morgan Stanley offerings but the annual spend bonuses will be replaced by something else. Will be happy to be proved wrong and fingers crossed they are availability to those without accounts with Charles Schwab.
Doctor of Credit is offline  
Old Mar 20, 15, 9:45 am
  #4  
A FlyerTalk Posting Legend, Moderator, Information Desk, Ambassador, Alaska Airlines
Hilton Contributor BadgeIHG Contributor Badge
 
Join Date: Dec 2006
Location: ANC, MRI
Programs: AS MVP Gold75K, AS 1MM, Maika`i Card, AGR, HH Gold, Hertz PC, Marriott LTG, SPG Gold, CO, 7H, BA, 8E
Posts: 42,015
Wirelessly posted (beckoa's BB: Mozilla/5.0 (BlackBerry; U; BlackBerry 9810; en-US) AppleWebKit/534.11+ (KHTML, like Gecko) Version/7.1.0.694 Mobile Safari/534.11+)

Ha was just at Charles Schwab last night
beckoa is offline  
Old Mar 20, 15, 12:48 pm
  #5  
mia
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 42,274
Originally Posted by Doctor of Credit View Post
I imagine it'll be the same as the Morgan Stanley offerings
My impression is that Schwab competes more directly with Fidelity than with Morgan Stanley. I would look for something with no annual fee and light benefits.
mia is online now  
Old Mar 20, 15, 1:45 pm
  #6  
 
Join Date: Apr 2013
Location: Lehigh Valley, Pennsylvania
Programs: Milege+, SkyMiles, AAdvantage, HHonors Diamond, Marriott Gold
Posts: 1,661
Amex is making a lot of announcements lately. Amex lost Shearson Lehman. Bank of America has Meryl Lynch. Maybe Amex will attempt some sort of relationship with Schwab to offer services beyond credit cards. I have little knowledge of how investment firms operate. Just my speculation.
eajusa is online now  
Old Mar 20, 15, 1:52 pm
  #7  
Original Poster
 
Join Date: May 2010
Location: Rockin' the Bakken
Programs: Several
Posts: 915
Originally Posted by mia View Post
My impression is that Schwab competes more directly with Fidelity than with Morgan Stanley. I would look for something with no annual fee and light benefits.
I agree. Even though the release quoted 'premium' cards, I doubt they'll have high annual fees. I'm thinking there will be one with no annual fee and one with an annual fee in the $90-$150 range.

As much as I'd like to think they'll have good benefits, Schwab (along with Fidelity) have recently been all about low cost, no fees, etc. which leads me to believe what MIA said will most likely be true.

Then again though, Amex has recently been striving for what it calls "first coalition loyalty program" with the roll out of Plenti. The idea seems to be to get in before competitors, even if it's not the most popular of programs/rewards. Maybe these cards will have additional benefits with that in mind. If it's anything like the Fidelity 2% back card however, I'll probably switch most, if not all, of my spend to a card like this as the benefits of travel cards are eroding to me.
UVU Wolverine is offline  
Old Mar 20, 15, 2:18 pm
  #8  
mia
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 42,274
Originally Posted by eajusa View Post
... Amex lost Shearson Lehman.
Not exactly. American Express created Shearson Lehman through a series of acquisitions, and then sold it off in the 1990's. The last of the cluster of investment businesses was sold off in 2005, and is now called Ameriprise.

American Express currently issues cards for Ameriprise, Goldman Sachs, Morgan Stanley (charge card and credit card).

American Express previously issued cards for Fidelity (the current card is issued by Bank of America, on Amex-network). They also used to offer a card through First Republic Bank.
mia is online now  
Old Mar 21, 15, 8:56 pm
  #9  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,672
Originally Posted by UVU Wolverine View Post
I agree. Even though the release quoted 'premium' cards, I doubt they'll have high annual fees. I'm thinking there will be one with no annual fee and one with an annual fee in the $90-$150 range.

As much as I'd like to think they'll have good benefits, Schwab (along with Fidelity) have recently been all about low cost, no fees, etc. which leads me to believe what MIA said will most likely be true.

Then again though, Amex has recently been striving for what it calls "first coalition loyalty program" with the roll out of Plenti. The idea seems to be to get in before competitors, even if it's not the most popular of programs/rewards. Maybe these cards will have additional benefits with that in mind. If it's anything like the Fidelity 2% back card however, I'll probably switch most, if not all, of my spend to a card like this as the benefits of travel cards are eroding to me.
I'm hoping for 0% FTF like their debit card, or at the very least 1% canceled out with 2% cash back like Fidelity. Contactless support would be nice too but AmEx doesn't seem to do that with their cobranded cards.
tmiw is offline  
Old Jan 24, 16, 8:37 pm
  #10  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,672
Someone on reddit found the following links:

https://www.schwab.com/public/schwab...fer_terms.html
https://www.schwab.com/public/schwab..._and_fees.html
https://www.schwab.com/public/schwab...fit_terms.html
https://www.schwab.com/public/schwab...sclosures.html

Apparently it's a 1.5% cash back card with a $100 signup bonus (after $1K spend) and a 2.7% FTF. Not compelling at all, guys.
tmiw is offline  
Old Jan 24, 16, 9:40 pm
  #11  
 
Join Date: Dec 2015
Posts: 530
1.5 pretty meh. There will also be a Platinum card branded as Schwab and that might be worth it.
runb4fun is offline  
Old Jan 25, 16, 5:58 am
  #12  
mia
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 42,274
Originally Posted by runb4fun View Post
...There will also be a Platinum card branded as Schwab and that might be worth it.
Isn't that the card in the third link?
mia is online now  
Old Jan 25, 16, 11:02 am
  #13  
FlyerTalk Evangelist
 
Join Date: Jan 2014
Location: San Diego, CA
Programs: GE, Marriott Gold
Posts: 14,672
Originally Posted by mia View Post
Isn't that the card in the third link?
Looks like Schwab pulled all the pages now but IIRC they only really mentioned the rewards info for the 1.5% card.
tmiw is offline  
Old Jan 25, 16, 11:08 am
  #14  
mia
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
 
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 42,274
The third link mentioned 1.5% and referred to the card as Platinum.
mia is online now  
Old Jan 25, 16, 12:15 pm
  #15  
 
Join Date: Jul 2013
Posts: 384
This still appears to be active though it's on the AmEx site. Via Reddit:
https://qwww265.americanexpress.com/...t-card/csb-001
takeshi74 is offline  

Thread Tools
Search this Thread
Search Engine: