Two American Express Charles Schwab Cards Will Be Available March 31st, 2016 + Full Details Of Cards

Charles Schwab accidently leaked the details of their co-branded American Express credit cards (again, this is the second leak). They will be offering two cards with the following features/benefits:

Schwab Investor Credit Card from American Express

• No annual fee
• Sign up bonus of $100 after $1,000 in spend
• Card earns 1.5% cash back on all purchases with no cap
• 0% Introductory APR on balance transfers and purchases for the first six months.

This card isn’t exciting at all, you can earn 2%+ cash back on all purchases and there are cards with cash bonuses far higher than $100.

American Express Platinum Card® for Schwab

• Annual fee of $450
• 40,000 American Express Membership Rewards points after $3,000 in purchases in the first three months
• Ability to deposit American Express Membership Rewards points into your account at a rate of 1.25¢ per point
• Receive a $100 Card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000 or receive a $200 Card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000, when measured following Card account approval and annually thereafter.
• Card earns 1x Membership Reward point per dollar spent
• Standard American Express Platinum Benefits:
  • Airport Lounge Access Program and Priority Pass™ Select
  • Fee Credit for Global Entry or TSA Pre✓™
  • $200 Airline Fee Credit

This card is basically the standard American Express Platinum card, but gives you the ability to redeem your points for 1.25 in cash value and also gives you a discount on the annual fee if you have significant holdings with Schwab. The good thing about this card is that it’s considered a separate product, so if you already have/had the other versions of the Platinum card you can get this card and get the sign up bonus again (remember you can only get the sign up bonus on American Express cards once per lifetime).

Our Verdict

Investor card is really of no interest, Platinum card looks to be an interesting deal. Depending on what accounts qualify (gotta have a brokerage account with Schwab to apply) I might pick it up and liquidate some membership rewards points into cash. What are your thoughts on the new cards? Let me know in the comments.