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The information for the American Express Platinum Card® for Schwab has been collected independently by The Ascent. The card details on this page have not been reviewed or provided by the card issuer.
If you're a Charles Schwab client with an eligible account, American Express offers a special version of its Platinum Card. The American Express Platinum Card® for Schwab gets you the same perks, plus a couple more, including the opportunity to invest your rewards. Terms apply. Read our full American Express Platinum Card® for Schwab review for all the details.
American Express Platinum Card® for Schwab
Good (670-850)
Intro APR
Purchases: N/A
Balance Transfers: N/A
Regular APR
21.24% to 29.24%, variable
Rewards Earn 5X points for flights booked directly with airlines or with American Express Travel and prepaid hotels booked through American Express Travel, 1X points for all other eligible purchases.
1X - 5X points
Annual Fee
$695
Welcome Offer You can earn 80,000 Membership Rewards® points after spending $6,000 in purchases on your Platinum Card from American Express for Charles Schwab in your first 6 months of Card Membership.
80,000 points
This premium card offers all kinds of benefits, including a huge welcome bonus and over $1,000 in yearly spending credits, in exchange for an expensive annual fee.
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
This credit card is a good fit for: Charles Schwab clients who travel often and want rewards they can use for expensive bookings or investments.
The American Express Platinum Card® for Schwab has quite a few features, from big bonus offers to ample spending credits.
As a new cardholder, you earn a welcome bonus of 80,000 points for spending $6,000 on purchases in the first 6 months. Terms apply. That many points is more than what many top credit cards offer, so you get quite a bit of upfront value from this card.
Check out more bonuses: Best Sign-Up Bonus Credit Cards
The American Express Platinum Card® for Schwab earns:
A highlight with every version of The Platinum Card® from American Express is the airport lounge access. It gets you into more lounges than any travel credit card we've seen, and that includes the card issuer's high-end Centurion Lounges. You also get access to Priority Pass lounges (enrollment into this program is required), Delta Sky Clubs, and several additional types of lounges. Terms apply.
See more: Best Credit Cards With Airport Lounge Access
An exclusive benefit with the American Express Platinum Card® for Schwab is an annual statement credit offer. The amount you receive depends on your qualifying holdings with the broker:
It's not exactly a large credit, considering the amount of cash that's required to get it. But if you have significant holdings with Schwab, you can at least get something extra back.
The American Express Membership Rewards program is one of our favorite credit card rewards programs. That's primarily because of all its transfer partners. American Express has over 20 airline and hotel partners where you can transfer your Membership Rewards points. After that, you can make an awards booking with the partner. Terms apply.
Transfers are normally the best way to use your points, because you can get $0.03 per point or more like this. However, you also have the option of redeeming points at a fixed rate for American Express Travel bookings.
Learn more: A Complete Guide to American Express Membership Rewards Points
This card allows you to redeem points directly into any eligible Schwab accounts you have. Rewards have a value of $0.011 per point when redeemed this way. You can use those deposits to purchase investments through Schwab.
You get quite a few different spending credits from this American Express card. Assuming you can use some or all of these annual spending credits, they easily make the card worth getting:
See more: Best Airline Credit Cards
To improve your stays with two popular hotel chains, this card includes complimentary Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status. Terms apply.
There are usually plenty of complimentary protections available with American Express cards, and that's the case with this card. It offers the following on eligible purchases:
Your Platinum Concierge can assist you with almost anything you could dream up, from reserving event tickets to finding the right gift for a loved one. Just call the number on the back of your card to use this service. Terms apply.
LEARN MORE: Best Credit Card Concierge Service
Since this American Express card is designed for frequent travelers, it doesn't charge a foreign transaction fee.
While this card has quite a few things going for it, there are also a couple notable cons.
The annual fee for the American Express Platinum Card® for Schwab is about as expensive as it gets, outside of some ultra-exclusive credit cards. It costs $695 per year to have this card.
An annual fee isn't a problem if the card has enough features to make up for it. This American Express card clearly does, since you can get thousands of dollars in value from its benefits. Terms apply. But if those benefits aren't a good fit for you, then it's not worth paying such a costly annual fee.
One of the more frustrating parts about the American Express Platinum Card® for Schwab is all the fine print on its benefits. It has perks that are great if you can use them, but a lot of consumers won't be able to.
That's especially true with its spending credits, such as the $300 in annual Equinox credits. Terms apply. Although that much money sounds nice, Equinox is an expensive gym, and $300 per year doesn't make much of a dent in the monthly fee for any of its plans. It's also only available in certain areas, so some card members won't have access to any of its gyms.
It's a good idea to read some other credit card reviews before you commit, as you may find one with benefits that work better for you.
The rewards rate on this card fails to impress. You'll earn bonus points on flights booked with airlines and through American Express Travel, as well as prepaid hotels booked through American Express Travel. That's only two types of purchases, and both of them are narrow spending categories. Other rewards cards offer much more, such as bonuses on all air travel, hotel spending, or even travel as a whole.
See more: Best Credit Cards
A FICO® Score of at least 670 is recommended before you apply for the American Express Platinum Card® for Schwab. Since this is one of the best rewards cards in the American Express lineup, the card issuer typically only approves applicants with good credit or excellent credit.
Improve your credit: How to Increase Your Credit Score
To get the American Express Platinum Card® for Schwab, you must have one of the following eligible Charles Schwab accounts:
You have a Charles Schwab brokerage account and the card's perks are a good fit for your lifestyle. The American Express Platinum Card® for Schwab is nearly unmatched in the number of features it offers. If you're a big spender who travels frequently, this card could be exactly what you need.
Keep reading: Best Rewards Cards
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
Active-duty service members and their spouses pay a $0 annual fee for the American Express Platinum Card® for Schwab. Currently, every other cardholder must pay the full annual fee.
Yes, you can. Just log into your American Express account and click "use rewards" under your Membership Rewards Points summary. From there you just redeem your points as a deposit into another eligible brokerage account. You can deposit points in intervals of 1,000 and the value of your points will show up in your brokerage account within four to six business days.
Our Credit Cards Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
For rates and fees for the American Express Platinum Card® for Schwab, click here
For rates and fees for the The Platinum Card® from American Express, click here
The Motley Fool recommends Amex.