Why You Should Apply Now For The American Express Schwab Platinum Card

A lot of people are thinking about whether they should signup for a new credit card now given various time-limited enhancements that cards have gotten over the past few weeks. I just wanted to do one quick recommendation which could make sense for a lot of people: the American Express Schwab Platinum card. 

American Express Platinum Schwab version

Upside

The American Express personal Platinum card got an added benefit for 8 months of $20 in streaming credits ($160 total) and $20 in mobile wireless credits ($160 total). And, through May, Amex will give you 6 months to do the signup bonus spend instead of the regular 3 months.

This is all true for any version of the personal Platinum card, including the regular Platinum, Schwab Platinum, and Morgan Stanely Platinum.

Since Amex has a once per lifetime rule, a lot of us try waiting until we get one of those 100,000 points offers before applying. If you can’t a good offer on the Amex Platinum, the decision is harder, and some have decided to hold off now.

The Schwab and Morgan Stanley both come with a standard signup bonus of 60,000 points after $5,000 in spend. The Morgan Stanley version is harder to get due to $5,000 deposit requirement. Both of these cards have the 60k bonus as a constant, we’ve never seen that number change. (Update: almost never.)

And that’s why the Schwab card could make sense now: you get all the added benefits without ‘losing’ any signup bonus since it never goes higher, and you are gaining the extra $320 in credits and the longer 6-month spend time.

An added factor in why this card makes sense now particularly is because a lot of people don’t see themselves traveling a ton in the upcoming months/years, and thus don’t necessarily want to keep huge stashes of Membership Rewards points. The Schwab card allows you to get 1.25 cents per point which some might consider a poor value under ordinary times but a good value under their current travel expectations.

Downsides

It is worth noting two downsides here:

  • You’re giving up on the potential triple-dip $200 travel incidental credits. These travel credits are getting harder to use, so some people won’t fret the loss of the third credit much.
  • If you’d apply a different time, you’d likely be able to make more use of the travel benefits throughout the membership year than you’ll be able to do in the coming year.

Final Word

In the end, for most people it’ll depend on how much you value the travel benefits; if you value them highly, it’s probably worth waiting to apply to the Schwab Amex Platinum (and any other version); if you don’t value them much, this is really the best opportunity to signup now.

Certainly someone who is mainly interested in cash back (e.g. doesn’t travel regularly) would usually not gain much from the card and now can gain significantly more: Typically, the $750 signup bonus (60k x 1.25) only gets you $200 cash after the $550 annual fee, and then you get to use the $200 Uber credit and whatever you can get out of the $200 airline incidental credit and $50 Saks credit. Now, you’ll get all that, plus the $320 in wireless and streaming credits. This already seems more worthwhile.

This article is primarily for those who have not gotten the Schwab Platinum card before and are eligible for the signup bonus, but even those who won’t get the signup bonus might consider the card if they really want that 1.25% cashout option. All of those credits can offset the annual fee and you net the cash-out option.

There are some other cards, like the business Platinum, which might make sense to signup for now, even without getting the absolute best signup offer…but that’s for another time…lots of articles have been written about signing up for cards now, I just thought this Schwab angle was something worth highlighting.

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Schwab
Schwab (@guest_1651468)
July 11, 2023 13:47

 Chuck A new tier has been added to the yearly “Schwab Appreciation Bonus” based on assets held at Schwab. If you have 10MM+ at Schwab they will also give you a $800 cash bonus to you Schwab Brokerage account on top of the existing annual $200 Card statement credit for having 1MM+ at Schwab.

Schwab Appreciation Bonus Amounts
If on a Measurement Date either:

(1) your Qualifying Schwab Holdings are:
(i) equal to or greater than $250,000 and less than $1,000,000, you will receive a $100 Card statement credit;
or (ii) equal to or greater than $1,000,000 and less than $10,000,000, you will receive a $200 Card statement credit;
or (iii) equal to or greater than $10,000,000, you will receive a $200 Card statement credit and an $800 cash bonus award deposited into your Schwab Brokerage or IRA account.

Or (2) you are a member of Schwab Private Wealth Services you will receive a $200 Card statement credit and an $800 cash bonus award deposited into your Schwab Brokerage or IRA account.

Terms and Conditions for the Schwab Private Wealth Services program apply; visit schwab.com/programdetails for more information.

Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt before applying. Any related taxes are your responsibility. For taxable accounts, the bonus may be reported on your Form 1099-MISC.

Source: https://www.americanexpress.com/us/credit-cards/card-application/apply/partner/print/personal-card/csb/charles-schwab-platinum-card/ep-ADAP?print=false#offer-terms

Beat2def
Beat2def (@guest_1221999)
July 13, 2021 13:20

WELP, just got my first time…based on your history with credit card balance transfers, American Express welcome offers, introductory APR offers, or the number of Cards you have opened and closed, you are not eligible to receive the welcome offer.

We have not yet performed a credit check. Would you still like to proceed?

Bummer. How long before I should try again?

Benjamin P
Benjamin P (@guest_1050896)
September 9, 2020 01:25

IS this worth to apply for at this point even?

jc
jc (@guest_1038087)
August 17, 2020 21:25

Does the Schwab Platinum have a separate bonus from Vanilla Platinum? Or is once-per-lifetime applied if you had either card?

jc
jc (@guest_1038981)
August 19, 2020 09:47
  jc
Steven
Steven (@guest_1013720)
July 10, 2020 13:12

Applied on Tuesday and received the card the next day via UPS next day air. That was fast Amex!

Kaze
Kaze (@guest_1005379)
June 28, 2020 01:19

I am a bit confused on the verbiage for the lifetime bonus. If I already got the bonus for the AMEX platinum, can I still get the bonus on the AMEX platinum schwab version?

satyawadihindu
satyawadihindu (@guest_1004581)
June 26, 2020 13:37

Late to the party. But does this card still makes sense? Will those temporary streaming and phone bill credit will still apply if I get this card?

Avi
Avi (@guest_1004820)
June 26, 2020 20:52

satyawadihindu Go for it. You still might be able to redeem the June credits if you are instantly approved and use the instant card number they give you.

Baked
Baked (@guest_987096)
May 26, 2020 20:11

Does Schwab issue 1099s for the cashed out MR points ?

Baked
Baked (@guest_987102)
May 26, 2020 20:17

 Chuck Thanks for the quick response!

Baked
Baked (@guest_990739)
June 2, 2020 00:18

 Chuck Thanks very much for the great idea and walking through the thesis. Got this card in May.

Aby
Aby (@guest_981935)
May 17, 2020 19:43

This card will only make sense for me if we get the limited time 100000 offer

I use Ultra mobile and paid up front for full year so can’t use monthly wireless credit

I have hacked my Fire stick for streaming needs so I don’t subscribe to any streaming services

SDubbs
SDubbs (@guest_981076)
May 16, 2020 10:14

Just got this to start cashing/investing my MR since between covid and a second baby coming, I won’t be traveling at all which drastically changed what cards I was planning on getting. Under 5/24 with only this card earlier this month and the Everyday Preferred (6/17), any recommendations for which Amex cards to hit next? Aware of the rules/things to know for Amex. TIA