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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Steven
Steven

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

Kaze
Kaze

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

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

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

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

Aby
Aby

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

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

Bill
Bill

I know some have wondered if new applicants will get these credits. They do:

I opened the Schwab brokerage 5/9

Initially hit a site error applying for the card, but got through 5/10, immediate approval with bonus

Received the card 5/12
Charged cell phone $20 that day

Charge posted 5/14

Wireless credit posted today 5/16

Also already had 50-60k MR points, so I fronted myself the cash bonus. Money was in my checking acct within a day, I was impressed with the speed of the points/brokerage transfer

Thanks doc

Gerry
Gerry

Adding to Bill’s comment here, I charged Netflix on this card on May 13th and the credit posted on May 15th.

Thank you for this post as well. As an avid reader of the site, Doc doesn’t push credit cards unless it makes a ton of sense. This one does.

Baked
Baked

Bill Great DP, thanks. Want to cash out my Amex Plat points as well – If I get the Schwab Plat, will I see both Schwab Plat and Amex Plat points under the SAME Schwab login ??

Bill
Bill

I was cashing out accumulated points from a premier rewards gold and a business gold. All the points are pooled (despite the business having an entirely separate login). Hope that answers your question

Baked
Baked

Bill yes thank you

Chris Paterniti
Chris Paterniti

If I get the pop-up for The Hilton Amex card, am I very likely to get the pop-up for this one as well? Don’t want to get an unnecessary HP from CS opening.

Avi
Avi

Chris Paterniti You won’t get a HP if you decide to ditch the application after getting the pop up. If you’re a current Amex customer, you likely won’t get a HP even if you do fully apply for the card.

TravelingTricks.com

Should have clarified Avi, – I know AMEx wouldn’t be a Hard Pull – but the prerequisite setting up of the Schwab Account would be.

Avi
Avi

TravelingTricks.com Ah, ok. I think you should assume you’ll get the pop-up, so don’t bother if the hard pull bothers you (although personally, I don’t think hard pulls really matter much). I’m in pop-up purgatory too, with the strange exception of the Blue Business Cash card I got last August. It seems next to impossible for us undesirable customers to get an Amex bonus or get approved for a Cap One card anymore.

TravelingTricks.com

Thanks Avi ! Good point, Im going to try for the $100 / $1000 CS Brokerage Bonus, and then give it a go and report back… I got the Hilton Biz popup 14 months ago… Applied anyways, and spent $15K for the free night and to get into their good graces… We’ll see if it was all for naught.

charlie
charlie

Was doing the CC/Charge apps. Did the 100k honors first then came in for this one and go the pop-up. Never had this but have had ameriprise (2x) and vanilla (1x)

JB SanDiego
JB SanDiego

I just got a rude awaking this morning. I just saw a post that the Canada version of the Amx Plat just got the signup bonus slashed by 85%. This just upped the risk on the Schwab card?

Looks like I may have to make a move here (apply) within the next couple of days, it not today. In any event, no guarantee that I would get approved for this card. Very nervous here!!

I keep you posted.

JB SanDiego
JB SanDiego

Correction…60% slash!

Also, the bank stocks are one of the poor performers and should be leading the rebound in the market recovery. Instead, the FAANG stocks are leading (wrong group) the recovery. If the markets retest the March lows and then some, then the banks will get slaughtered. This just adds to the uncertainty for bank cards, in general!

Oooouch!!