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Last updated on November 11th, 2021
American Express Platinum Card® for Schwab
American Express Platinum Card® for Schwab
Earn 100,000 Membership Rewards® Points
- Regular Purchase APR See Pay Over Time APR
- Cash Advance APR 28.99% variable based on the Prime Rate
- Annual Fee $695
Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Excellent
- Processing Network American Express
- $100 Card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000
- $200 Card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000
- 5X points on bookings through Amextravel.com
- Regular Purchase APR: See Pay Over Time APR
- Cash Advance APR: 28.99% variable based on the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greate
- Annual Fee: $695
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
At a Glance
The American Express Platinum Card® for Schwab offers cardholders an impressive 5x Membership Rewards® points on flights and prepaid hotels on amextravel.com and the ability to earn up to 100,000 Membership Rewards® points within the first three months of their card membership. Factor in other perks, such as airport lounge access through the American Express Global Lounge Collection℠ and the possibility of a Schwab appreciation bonus should an account holders’ Schwab holdings exceed at least $250,000, and this card is a powerful rewards tool for the frequent traveler.
Ideal for Those Who:
- Travel often and can take advantage of a myriad of benefits including access to airport lounges and Uber credits
- Intend to sign up for Global Entry or TSA Pre✓®
- Prefer airline flexibility when redeeming their points for travel
- Are likely spend $6,000 within their first six months
- Will take advantage of exclusive events and experiences available only to Platinum cardholders
- Are a Schwab investor
Amex Platinum Card® for Schwab Review
One of the marquee benefits that boosts the impressive American Express Platinum Card® for Schwab includes 5x Membership Rewards® points on flights and prepaid hotels on amextravel.com. Cardholders also benefit from no foreign transaction fees, making this a potent bit of plastic for the frequent world traveler – either for business or pleasure. New members can also earn 100,000 Membership Rewards® points after spending $5,000 on purchase within the first 3 months of card membership, which is an enticing welcome bonus with a cash value of around $750. New accounts also enjoy 10X Membership Rewards points on dining purchases for the first six months – another huge bonus!
How to Redeem Amex Membership Rewards
As with other loyalty programs, Amex Membership Rewards points apply to a wide variety of redemption options. Those redemption options include:
- Statement credits
- Shopping for merchandise
- Gift Cards
- Charitable donations
- Partner transfers
Flexible Airline/Hotel Rewards
The flexibility of the American Express Platinum travel card makes it a great option for those who aren’t loyal to a particular airline or want more than just travel perks. As such, point earnings can be redeemed for:
- Travel, including flights, cruises and hotels
- Merchandise through select stores
- Gift cards from select companies
- Statement credits toward eligible purchases on your bill
That said, you also have the option to transfer your rewards to a number of partnered loyalty programs. More importantly, you’ll need to choose a particular airline in order to access the $200 airline fee credit this card includes.
Each year you can select an eligible carrier and put this credit toward baggage fees and other incidentals, as long as you use your card to pay. Qualifying companies include but aren’t limited to: Hawaiian Airlines, Delta, Spirit, Southwest and Alaska Airlines.
This flexibility means you may miss out on some of the loyalty perks that dedicated airline cards typically provide, such as complimentary tickets or in-flight discounts. However, you’ll be able to put your points toward the carrier with the best price for your travel plans.
Note: You may need to have a minimum amount of points in order to start redeeming, depending on your redemption option. For example, you need at least 5,000 points to redeem with American Express Travel. After cashing in your introductory bonus, you’ll need to spend about $1,000 to build your points back up to this level.
Current Amex Membership Rewards Transfer Partners
Other Amex Platinum Card® for Schwab Features
The Amex Platinum Card® for Schwab also features a statement credit for Global Entry or TSA Precheck® (every 4.5 years for TSA Precheck®, and every 4 years for Global Entry) and access to over 1,200 luxurious airport lounges in the American Express Global Lounge Collection. Because of these benefits, constant travelers may have found their next favorite travel partner with this card.
Since the American Express Platinum Card® for Schwab is geared towards the traveler, the addition of Uber ride perks is another excellent feature. Cardholders receive $15 in Uber credits each month with their card membership, plus an additional $20 each December, meaning even after leaving the airport the AMEX Platinum Card pays dividends.
The Amex Platinum Card® for Schwab features an annual fee of $695 which may sound steep, but it is more than made up for with the handsome rewards it provides. Cardholders also benefit from the exceptional customer service that American Express has become renowned for over the years, as well as acceptance at over 1.6 million locations across the United States, and millions more around the world.
Should You Apply for the American Express Platinum Card® for Schwab?
Overall, the American Express Platinum Card® for Schwab offers value far exceeding its hefty annual fee. While this card may not be for everybody, for the frequent traveler, there aren’t many better rewards cards available today. The $200 airline fee credit, combined with $100 for Global Entry, $200 in Uber Cash and the $100 hotel credit already gives you a value of $600 in your first year. During years when you can’t cash in on Global Entry, you’ll have a difference of about $50.