Amex announced last year that they’re partnering with Schwab for two new co-branded credit cards. Not many details were available at the time, and some more info came now to light. While there are no official links to the cards and they are not yet available for signup, wunderlicious on Reddit found some details on the card on the Schwab website. (There are no links yet to this web page, but it’s part of the Schwab site.)
Here are the signup bonus details
- Both cards are only for Schwab account holders
- There will be one standard ‘Investor’ version and one Platinum version
As mentioned on that page:
The Platinum Card® from American Express Exclusively for Charles Schwab and the Charles Schwab Investor Credit Card™ from American Express are only available to you if you have an eligible Schwab brokerage account.
On the Investor/Standard card:
- Signup bonus will be $100 after $1,000 in spend
- Regular rewards will be 1.5% cashback, deposited into the linked Schwab brokerage account
- $0 annual fee
We don’t yet know what the signup bonus or reward details will be for the Platinum version. (One Reddit user says the bonus will be 40k.)
In any case, the Platinum version will presumably have all the standard Platinum benefits, like $200 airline incidental reimbursements, Global Entry, etc.
It’s interesting that the Schwab cards differ from the Amex/Morgan Stanely partnership which offers two co-branded cards; both the standard and Platinum card are part of the Membership Rewards program. With the upcoming Schwab cards, only the Platinum will be MR (like all Platinum cards) and the standard card will be a cashback card.
The Schwab cards are supposed to be released in early 2016, so we’ll probably know more some time soon.
Since a schwab brokerage account holder, is qualifying for this AE card easier, what score do you need? anyone know ?
This came directly from a Schwab chat window earlier today. Applications begin on March 31, 2016.
The American Express Platinum Card- Charge card, balance paid in full each month, annual fee of $450, no foreign transaction fees, get 40,000 Membership Rewards® Points after making $3,000 in purchases in first 3 months, enjoy complimentary access to over 850 airport lounges, including The Centurion® lounge network, Delta Sky Clubs®, and Airspace Lounges, plus a number of other travel features.
The links about the Schwab cards no longer work. Fidelity has already switched to a 2% cash back Visa. It’s current card holders of the Fidelity Amex will be switched to the Visa around mid-year 2016. I don’t know what is going on with the Schwab card. I have interest as have both checking and brokerage accounts there. But a 1.5% cash back card would not perk my interest. When I can easily acquire a 2% card. However Amex does have better purchase protection, how often is it used though.
I just downgraded my CITI AAdvantage to a CITI Double Cash so thats 2% no AF card that I have in drawer. I do banking and investment with Schwab so I’m thinking about this car if it’s 2%. 1.5 will not work for me give the MR I get from charge and credit cards
Don’t know why anyone would bother with it when Quicksilver gives you 1.5% with no requirement to deposit it anywhere, and Citi Double Cash at 2% with no requirements.
On the 1.5% No AF card, I agree.
However, the Platinum *may* be another easy way to get another Platinum card with no AF for the first year, and free authorized users (if it’s the same/similar as the Ameriprise AmEx).
With only 1 signup bonus per card per lifetime, it definitely puts a crimp on churning. So any new variants of the AmEx Platinum are welcome.
Links are dead!
Not surprised.
does the Swabb platinum counts as a new card with bonus or not if you have had the current platinum card.
I believe each separately branded card is considered separate.
It should count as a new card, it does with the other Platinum versions out there.
Both have a logo of “blue box”…
Aw man only 1.5% back? I’m gonna miss my Fidekity AmEx when they take it away. Maybe I’ll look at the Citi 2% card again.
Schwab sucks. They may waive foreign ATM fees but that’s about as good as it gets. If you don’t use your brokerage account, they will close all your accounts and keep your funds as long as they please. Be warn.
I’ve had just the Investor Checking account with no money in my brokerage account for over three years. I’ve never had any problems and the ATM rebates and no forex fees are great benefits.
weird, I opened a schwab account back in maybe 2008. I have $0 in my brokerage account since I don’t use it. I only use them for checking due to the free checks plus waived domestic and foreign ATM fees. They haven’t closed my account at all.
Many people use only the checking account and have not had all their accounts closed and funds held. What did you do to piss them off?
I’ve kept assets at Schwab for over 15 years and Schwab’s service has been excellent. Schwab had a 2% cash-back Visa card until dropping it after Dodd-Frank became law. I don’t care much for AMEX, and 1.5% cash back isn’t as remunerative as Citibank’s Double Cash MasterCard at 2% with no fee. In any case, Schwab’s debit (ATM) card is useful because Schwab refunds fees charged by banks you use to get cash anywhere in the world. Also, there’s no foreign transaction fee when using a Schwab debit card to make Visa purchases.
A foreign transaction fee is a thoroughgoing ripoff.