We devote thousands of hours of research to help you get Big Travel with Small Money. You support us by signing-up for credit cards through partner links which earn us a commission. Here’s our full Advertising Policy.

Review of the New Charles Schwab AMEX Cards

Review of the New Charles Schwab AMEX Cards

Million Mile SecretsReview of the New Charles Schwab AMEX CardsMillion Mile Secrets Team

We devote thousands of hours of research to help you get Big Travel with Small Money. You support us by signing-up for credit cards through partner links which earn us a commission. Here’s our full Advertising Policy.

Update:   One or more card offers in this post are no longer available.  Check our Hot Deals for the latest offers. 

Just when you thought you’d run out of AMEX cards to apply for with their 1-bonus-per-lifetime rule

Two new American Express cards are now available from Charles Schwab, but to apply you need to have an eligible Charles Schwab brokerage account.

The Schwab Investor Credit Card From American Express is a cash-back card which has a welcome bonus of $100 after completing minimum spending.

And the American Express Platinum Card for Schwab earns AMEX Membership Rewards points, with a welcome bonus of 40,000 points after meeting minimum spending.

Review Of The New Charles Schwab AMEX Cards
Charles Schwab and AMEX Have Teamed up to Offer 2 New Cards – but You Must Have a Charles Schwab Investment Account to Apply

What’s the Deal?

To apply for either of these cards, you must have a Schwab One Account or Schwab General Brokerage Account.

If you’ve opened a Charles Schwab High Yield Investor Checking Account to avoid international ATM fees in the past, you may already have an eligible brokerage account (even if you don’t use it!).

You can open a brokerage account online.  But keep in mind, it requires a hard credit pull, so it might not be worth it for many folks.

1.  Schwab Investor Credit Card From American Express

Link:   Schwab Investor Credit Card From American Express

With the Schwab Investor AMEX, you’ll earn a sign-up bonus of $100 (as a statement credit) after you spend $1,000 on purchases in the 1st 3 months of opening your account.

And you’ll earn unlimited 1.5% cash back on all purchases.  Your cash back is automatically deposited into your eligible Charles Schwab brokerage account.

Review Of The New Charles Schwab AMEX Cards
Earn a $100 Sign-Up Bonus and Unlimited 1.5% Back With the Schwab Investor AMEX

There’s no annual fee.

This could be a good card for folks looking for simplicity, because there are no bonus categories to worry about and the card earns 1.5% cash back everywhere.

It’s automatically deposited into your eligible Schwab brokerage account.

But there are other cards I’d recommend instead of this one!

There Are Better Cash Back Cards

The $100 welcome bonus after spending $1,000 in the 1st 3 months of opening the Schwab Investor AMEX isn’t very exciting.  There are other no-annual-fee cash back cards with better bonuses and lower spending requirements.

For example, the new Chase Freedom Unlimited earns 1.5 Chase Ultimate Rewards points per $1 (1.5% cash back) on all purchases, and has a sign-up bonus of $150 (15,000 Chase Ultimate Rewards points) after spending $500 on purchases in the 1st 3 months of opening your account.

Plus, if you also have the Chase Sapphire Preferred, Chase Ink Plus, or Chase Ink Bold (no longer offered) card, you can combine your Chase Ultimate Rewards points and transfer them to terrific hotel and airline partners like Hyatt and United Airlines!

Review Of The New Charles Schwab AMEX Cards
If You Have Certain Other Cards, You Can Transfer Points Earned From the Chase Freedom & Freedom Unlimited to Partners Like Hyatt, and Stay at the Park Hyatt Sydney Like I Did!

Alternately, the Capital One Quicksilver also earns unlimited 1.5% cash back on everything.  This card also has a $100 bonus, but you’ll only have to spend $500 on purchases in the 1st 3 months to earn it.  Keep in mind, some folks avoid applying for Capital One cards because they pull your credit report from all 3 credit bureaus (so 1 application = 3 hard pulls).

And there are other fee-free cards which earn more on purchases!  For example, the Citi Double Cash Card earns 1% back when you make a purchase, and another 1% back when you pay it off.

The Discover it Miles earns 1.5 miles per $1 you spend (1.5% back) – and your miles are doubled at the end of your 1st 12 billing cycles.  So it’s effectively a 3% back card for the 1st year.

And the Fidelity Rewards Visa earns unlimited 2% cash back on all purchases – as long as you deposit your earnings into a Fidelity investment account.

However, none of those cards have a welcome bonus.

Plus, folks who spend a lot on certain expenses might do better with the bonus cash back categories on cards like the Chase Freedom, Discover it, Blue Cash Everyday® Card from American Express, and Blue Cash Preferred® Card from American Express.

I wouldn’t rush to get this card, especially if you don’t already have a Charles Schwab account.  But if you do, it might be worth considering to earn cash back in non-bonus categories.

2.   American Express Platinum Card for Schwab

Link:   American Express Platinum Card for Schwab

You’ll earn 40,000 American Express Membership Rewards points after you spend $3,000 on purchases in the 1st 3 months of opening an American Express Platinum Card for Schwab account.

That’s the same welcome bonus as the regular Platinum Card from American Express.  Like that card, you’ll also get:

  • $200 in statement credits per calendar year for airline incidentals with your selected airline (luggage fees, in-flight food & drink, etc)
  • Access to airport lounges (Delta, Priority Pass Select, Airspace, and American Express Centurion Lounges)
  • Statement credit for Global Entry or TSA PreCheck
  • No foreign transaction fees
  • Terms & limitations apply

The $450 annual fee is NOT waived for the 1st year.  But you can off-set much of the fee with the yearly $200 airline incidental credit, airport lounge access, and Global Entry or TSA PreCheck credit.

And if you’re a big Charles Schwab investor, you’ll earn an additional $100 statement credit after account approval if your qualifying Schwab holdings are $250,000 or more.  Or a $200 credit if you’ve invested over $1,000,000.  And you’ll earn the credit each year afterwards if you meet the same thresholds.

Review Of The New Charles Schwab AMEX Cards
Access Airport Lounges Like the Centurion Lounge in Seattle With the Charles Schwab Platinum AMEX Card

Here’s what else makes this card different.  You can redeem American Express Membership Rewards points for deposits into your eligible Schwab brokerage accounts at a rate of 1.25 cents each.

That’s a better deal than redeeming American Express Membership Rewards points toward paid travel, statement credits, or gift cards.

But you’ll still usually get the most value from your AMEX Membership Rewards points by transferring them to airline and hotel partners like British Airways, Delta, or Singapore Airlines.

This card might be a good option for folks who’ve already earned the welcome bonuses on other American Express Platinum cards, like The Platinum Card® from American Express, American Express Mercedes-Benz Platinum, or The Business Platinum® Card from American Express OPEN.

Remember, American Express now restricts folks to 1 welcome bonus per person, per lifetime on all its personal and small business cards.

If you don’t already have a Charles Schwab investment account, and are considering an American Express Platinum card, it’s easier to apply for 1 of the other versions of the card first.  Unless you’re holding out for a higher welcome bonus!

Bottom Line

You can now apply for the new Schwab Investor Credit Card From American Express and American Express Platinum Card for Schwab cards.

To apply, you must have an eligible Schwab investment account.  You can apply online, but the extra work (and hard credit pull required) might be a turn-off for many folks.

The Schwab Investor Credit Card From American Express has a welcome bonus of $100 after meeting minimum spending requirements.  It earns unlimited 1.5% back on all purchases.  That said, there are better no-annual-fee cash back cards available.

And the American Express Platinum Card for Schwab has the same welcome bonus as the regular American Express Platinum card.  You’ll earn 40,000 AMEX Membership Rewards points after meeting minimum spending.

This could be a good choice if you bank with Charles Schwab and have already earned the welcome bonus on other AMEX Platinum cards.  Or if you want the option to invest your Membership Rewards points at 1.25 cents per point.

If you liked this post, why don’t you join the 25,000+ readers who have signed-up to receive free blog posts via email (only 1 email per day!) or in an RSS reader …because then you’ll never miss another update!

Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry that something went wrong, repeat again!

11comments

by Newest
by Best by Newest by Oldest

The Fidelity card does offer free cash incentives if you already have an investment or retirement account with them.

I would recommend you don’t get the Schwab Cards; they had Investor cards before and when the economy and market got hit they stopped backing the card really fast.

That leaves you with the backer of the card (this time it is Amex which is great) last time it was Bank of America that immediately tried to get you off the card so they didn’t have to give you cash back at that level. Eventually they pulled other features with small print mailings.

Be warned – Schwab will not stick around.

how smooth was the transaction of going from amex points to cash in hand?

I have 100k in points from an amex offer, if i get this card, now i’m up to 140k. can i simply hit redeem on their website and it’ll drop 140k x 1.25 into my account that i can then transfer to my bank account?

i just want to make sure i have my thought process correct

1. apply for CS Amex – get approval

2. My amex rewards bank will state that i have 100k plus miles

3. cancel amex platinum to avoid $450

4. meet min spend on CS Amex Plat and get the 40k points – pay the $450

5. cash my 140k points for $1750 and that money will go to my linked bank accoutn i have associated with my CS Brokerage accoutn i ahd to create to get the CS Amex?

When I log into my Schwab account, it offers the card with the 40,000 miles… but says it has a $450 annual fee!!! Seriously???

How do you convert the 40K points to $500 cash?

Load more