Posted by William Charles on March 22, 2016
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Published on March 22nd, 2016 | by William Charles

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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.

schwab-investor-credit-card-from-american-express

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

american-express-platinum-card-for-schwab

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.

 



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Fiby

Because of the way Amex runs its MR points program, I assume that you should be able to deposit MR points accrued from other cards into your Schwab account for cash? That’s pretty good for those who have a lot of points and don’t have any travel aspirations.

Is there a forex fee on these cards?

Askmrlee

Platinum charge should have no Forex or FTF fee like all other Amex Platinum charge. The no annual fee credit card will likely have a 2.7% like most other Amex issued credit cards.

jackgopack4
jackgopack4

Looks like Schwab Brokerage accounts require an Equinox hard pull. So two hard pulls.

jackgopack4
jackgopack4

Equifax, excuse me.

PedroNY
PedroNY

Great news, so now MR points are worth 25% more. I hope it does not have Morgan Stanley type of $250k+ requirement.

PedroNY
PedroNY

Great news, so now MR points are worth 25% more. I hope it does not have Morgan Stanley type of $250k+ requirement.

Cheers,

PedroNY

Ali Raja
Ali Raja

FYI! When you open a Schwab Checking/Brokerage account, there will be hard pull done. They pull from Equifax only, so be careful before you make that decision.

Susan

Is the $100 card statement a one-time thing or every year that you maintain $250k? From what you wrote, it sounds like they check the balance every year so you can qualify for the $100 statement credit?

40,000 MR = $500
2 x $200 airline credit ($200 per calendar year so you can get it again early next year)
$100 statement credit
$100 Global Entry credit

1st year: Not including the other benefits, looks like you can net $650 the first year.
2nd and future years: If you keep it for the second year, the $200 airline + $100 statement credit (?) means you’re paying $150 annual fee for a card that earns you 1 MR (or 1.25 cents) per dollar. Not that great.

Since I have a Schwab brokerage account, I’d consider getting the card to net the $650 the first year but not beyond that. I got the AMEX Platinum last year and cancelled this year, so it’d be nice to have the Centurion Access again, but I have no need for the Global Entry credit.

Ivan

Though I have a banking relationship with Charles Schwab, these cards don’t look appealing – I still have Platinum products I haven’t gotten the bonus on yet, but I’m waiting for the targeted 75k to 100k bonuses.

Their investor checking is really good – no atm fees anywhere in the world (it is auto-credited, though you should check up on this after a major trip).

Ricardo
Ricardo

Aspiration has them beat – ATM fees are covered anywhere and you get a 1% rate versus .06% from Schwab.

G

Aspiration charges 1.1% foreign transaction fee while Schwab charges none

Beth
Beth

I think if you already have assets at Schwab the platinum sounds appealing.
And the investor checking account was recommended to me by my child’s study abroad program. It has no ATM fees anywhere worldwide–they refund them. It also has a higher withdrawal limit (so if you needed to take out money for rent, you don’t have to go back to the machine several days in a row to get enough out)

Steve
Steve

I echo what Ivan and Beth said; it’s a great ATM card for international travel. At least for a while, they limited it to one card per account, which was irritating.

jnrfalcon
jnrfalcon

Just hope they don’t require a certain amount in their account to be eligible… I might want to open a Schwab checking for foreign atm withdraw but won’t keep a whole lot of money in there…

The credit card is probably the second card that have a silver amex logo… I do like that… hahaha

Maria
Maria

“Ability to deposit American Express Membership Rewards points into your account at a rate of 1.25¢ per point.” -Dr.

Am I reading this correctly? You can buy MR points for 1.25¢ each? So, you can purchase 100,000 MR points for $1,250? Isn’t that a great deal? Why the lukewarm response? Other Platinum cards have the same feature? What am I missing here?

Jivepicnic
Jivepicnic

I’m pretty sure it means you can take your existing MR and transfer them into cash at the rate of 1.25 cents per MR point. 100000 MR points equals $1250 deposited into your account.

Bt
Bt

You will absolutely pay taxes on that transaction

Robert
Robert

What makes you say that?

Wong
Wong

He’s wrong because the IRS has ruled before that these spending bonuses and cashback are rebates on purchases. Even if they (incorrectly) issue 1099’s, you can just ignore it.

anthonyjh21
anthonyjh21

Bumping this if Bt is still around. Do you have actual data points to prove that you will be issued a 1099 from the MR point redemption?

Dima
Dima

One would hope they’d waive AF for those who have $1 Million+ with Schwab…

Josh m
Josh m

If you still have Serve the investor card will be the best for couch MS after the fidelity amex is gone right?

CtownBin
CtownBin

These cards are issued by AMEX, and so won’t earn any points for Serve loads.

Bryan
Bryan

B/c this is Scwab, is this considered 3rd party and not suggest to the 4 AMEX limit?

I only ask b/c I need an Amex to replace my AMEX JB and figured this wouldn’t be one of them

Jeezy
Jeezy

It’s a charge card. No limit to the number of those you can hold so long as they approve you. I have PRG, Regular Plat, Biz Gold, Standard Gold, and Green.

katye

Nice deal for American Express Platinum Card® for Schwab…one more card to load up on AMEX membership points. Since I don’t have immediate need for extra AMEX points, I may hold off on it for now. Will definitely jump on it if 100k/150k bonus comes up in the future.

stefano giovannini

1.5 is decent considering that Amex has better buyer’s protection and extended warranty.
on a $1000 purchase it is $5 difference in cash back, but whenever I used Amex’s extended warranty protection it saved me $100 / 200. I heard that Citi Double Cash is more cumbersome. I have a Blue Cash Amex which has 3% back on groceries and 2 % on gas, I also have a Citi Double cash, but I will apply for a Schwab Amex. 1.5 % back on electronics or stuff that may require a repair is better than Citi’s 2% back with worse buyer’s protection. I signed up for a Schwab account and I am happy. It is nice to be able to speak quickly with a local, competent phone rep compared to Citibank

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