Charles Schwab AmEx Platinum: What You Need to Know

Today, American Express is the third biggest payment processing company in the United States, right behind Visa and Mastercard. One of the main reasons behind the company’s success seems to be the wide range of packages they offer, from affordable cards for day-to-day spending to premium business-oriented products. One such offer is the Amex Platinum Card for Schwab.

But what makes this card so exceptional? What are the requirements for applying for it? In this Charles Schwab Credit Card review, we’ll take a closer look at its advantages to see if it’s worth it.

The Overview of American Express Charles Schwab Card

Whether you are an Amex client or not, you have probably heard about its luxurious Platinum Сard products, known for having a pricey annual fee and multiple exclusive perks. However, few people know that this card has a twin, a slightly different option with a focus on investment. It’s an Amex Platinum Charles Schwab Card, typically looking almost the same as Amex Platinum despite literally having two additional art designs. Besides, it is differentiated by some additional ways you can redeem your bonus points.

As the card features the same costly annual fee as its twin at $695, it fits best for those who are used to spending significant sums during the year, travel often, and are also Schwab investors. To get this card, you need to have a good credit score, with a minimum of 670. In addition to that, eligibility requirements include having an active Schwab brokerage account in your name or in the name of a living trust you are able to coordinate. As an alternative, you must have a Schwab IRA that is not under the management of an independent investment advisor.

Top Amex Schwab Platinum Benefits

Massive Sign-Up Bonus

In the first six months, new cardholders can earn an 80,000-point welcome bonus after spending $8,000. That’s far more than most premium cards offer, making the offer particularly tempting if you’re planning a significant purchase.

Getting 5X Reward Points for Every $1

It’s easy to earn points when booking travel with the Charles Schwab American Express Card. It can bring you 5X Membership points per dollar spent on air tickets booked directly with airlines or via American Express Travel, as well as for prepaid hotel reservations made through the same company. The bonus is capped at $500,000 per calendar year. Additionally, all other qualifying purchases will earn you 1 point per dollar.

Airport Lounge Pass

One of the most appealing benefits of top Amex cards is airport lounge access. Charles Schwab Amex Platinum also has this feature, as befitting a premium-class product. It also grants cardholders access to far more lounges than any other travel-focused card, including the upscale Centurion Lounges. In addition, you’ll have a chance to visit Priority Pass lounges upon enrollment, lounges of Delta Sky Club, Plaza Premium, Airspace Lounges, and Escape Lounges.

Yearly Statement Credit of $200

If you maintain an eligible Schwab account that meets a specific balance threshold, you’ll unlock an additional benefit of the Charles Schwab Platinum. If your Schwab holdings total at least $250,000, you’ll be rewarded with a $100 statement credit each year. For those with Schwab account balances of $1 million or more, the annual limit is increased to $200.

These credits can go a long way toward offsetting the card’s substantial annual fee, making it a more cost-effective option for high-net-worth individuals. However, if your Schwab account balances fall below these thresholds, you won’t qualify for these extra credits, meaning you’ll miss out on this benefit.

Making Investments with the Card

This is what makes this card so interesting. Cardholders may use it to redeem points instantly into any Schwab account that complies with the issuer’s requirements. The redemption rate is 1.1 cents per point, but after cashing out 1 million points, each point’s value drops to 0.8 cents. The points can then be used for savings, making investments with Schwab, or simply withdrawing the cash.

No Foreign Transaction Fees

Many travel cards don’t charge foreign transaction fees, but it's rare to find a bank that also waives ATM fees for international transactions. This is where Schwab card stands out.

$200 Credit on Travel

With the Amex Charles Schwab Platinum Card, you can earn up to $200 in extra statement credits each year when using the card to cover incidental fees, such as baggage fees, in-flight refreshments, or seat upgrades, with a qualifying airline.

On top of that, you can get a $200 statement credit each year for prepaid bookings made through Amex Travel for Fine Hotels + Resorts or The Hotel Collection properties if you stay for two nights or more. These credits help you offset the card’s annual fee and make your business trips more comfortable in the process.

$240 Credit for Online Entertainment

The card provides monthly statement credits of up to $20 on purchases at one or more participating businesses. These include The New York Times, The Wall Street Journal, Peacock, Disney+, ESPN+ and Hulu. This way the cardholders can save up to $240 per year.

To get the credit, you need to enroll in the benefit in your bank account and then use an eligible Amex card to pay for a subscription. It is usually applied automatically after the charge is posted to your account.

To conclude, the Charles Schwab AmEx Platinum card is a compelling blend of privileges and financial perks tailored for investors. This credit card provides outstanding rewards on regular purchases, exclusive travel benefits, and point investment opportunities. It’s a versatile tool for people looking to make the next step in their financial journey. Whether you’re a frequent traveler or a dedicated investor, the Charles Schwab Amex Platinum card provides exceptional value, making it a smart choice for those seeking both lifestyle and financial rewards.