Schwab Investor Card® from American Express

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Last updated on October 11th, 2021

Schwab Investor Card® from American Express

Earn a $200 Statement Credit After Spending $1,000

Schwab Investor Card® from American Express
  • Regular Purchase APR 13.99% to 16.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 25.24% variable based on the Prime Rate
  • Annual Fee None
  • Credit Needed Excellent
  • Intro Purchase APR 0% for the first 6 months
  • Processing Network American Express
Best Benefits
  • No annual fee
  • 0% introductory APR for the first 6 months after opening account
  • $200 statement credit after making $1,000 in purchases within the first 90 days
  • 1.5% cashback on all purchases
Rates & Fees
  • Intro Purchase APR: 0% for the first 6 months
  • Regular Purchase APR: 13.99% to 16.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR: 25.24% variable based on the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater
  • Penalty APR: 29.99% variable based on the Prime Rate
  • Foreign Transaction Fee: 2.7% of each transaction after conversion to US dollars
  • Late Payment Penalty Fee: Up to $40
  • Return Payment Penalty Fee: Up to $40
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At a Glance

The Schwab Investor Card® from American Express is a no-fuss cash back reward credit card with some nice perks. The card earns a flat-rate 1.5% cashback on all purchases. New account holders also benefit from a $200 statement credit should they use their card to make at least $1,000 in purchases within the first 90 days of opening an account.

Other perks include 0% introductory APR for six months on purchases, access to Amex’s 24/7 dining and events assistant, and comprehensive security, fraud, and travel protections – all for no annual fee.

Ideal for Those Who:

  • Want to earn a solid cashback bonus with every purchase
  • Don’t want to pay an annual fee
  • Plan to make at least $1,000 in purchases within the first three months

Schwab Investor Card® from American Express Review

Charles Schwab credit cards are exclusive offerings for Schwab customers with eligible accounts, including:

  • Schwab One® Bank Account
  • Schwab General Brokerage Account
  • Schwab Traditional, Roth, or Rollover IRA Account

There are currently two Schwab credit card offers, the American Express Platinum Card® for Schwab and the Schwab Investor Card® from American Express.

How to Earn and Redeem Rewards

The Schwab Investor Card® from American Express is a versatile, cash back rewards card that earns an unlimited 1.5% back on all eligible purchases. Unlike other cards, however, the cash back rewards with the Schwab Investor Card are directly deposited into the eligible Schwab investment account and not for other rewards, like merchandise, travel, or gift cards.

This unique redemption method makes the Schwab Investor Card the ideal credit card for the serious investor who prioritizes their investment portfolio at all costs. The 1.5% back isn’t world-beating, but it holds its own against cards like the Cash Magnet from American Express, the Chase Freedom Unlimited, and countless other offers from small and medium-sized banks and credit unions.

Cash back rewards with the Schwab Investor Card take approximately six to eight weeks to debit into the associated eligible Schwab investment account.

Introductory Offers

The Schwab Investor Card® from American Express comes with two decent introductory offers.

New account holders can earn a $200 statement credit when they use their card to make just $1,000 in purchases within the first three months. While $1,000 may seem steep, as this card earns cashback with every purchase, $333 per month is not a tall order.

Additionally, new account holders also benefit from an introductory 0% APR for the first six months on purchases, meaning if you are considering making a large purchase you want to pay off over several months, the Schwab Investor Card® from American Express is perfect – especially allowed to earn cash back.

Other Card Features

Other perks with the Schwab Investor Card® from American Express include no annual fee, access to Amex’s 24/7 dining and events assistant service, which assists with reservations, and a plethora of purchase, fraud, and travel protections and benefits.

Cardholders also have access to American Express Travel services. It does, however, feature a foreign transaction fee of 2.7% of the transaction in US dollars.

Should You Apply for the Schwab Investor Card® from American Express?

While there may be other cashback rewards credit cards for those looking for improved rates on specific purchases, for those looking to earn a decent rate on everything they buy, the Schwab Investor Card® from American Express is a sound, reliable choice – with great additional perks to sweeten the pot.

If you are the type that prioritizes contributing to your Schwab investment accounts, but don’t want the steep annual fee or travel perks that comes with the Platinum Card from American Express, the Investor Card is a quality option to consider. 

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