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American Express Platinum Card® for Schwab
- Cash Advance APR 25.24% variable based on the Prime Rate
- Annual Fee $695
- Credit Needed 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
- 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 greate
- Annual Fee: $695
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: Up to $40
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
- 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
- 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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1About Charles Schwab
Charles Schwab is a financial services company founded and based out of San Francisco, California. The firm, founded in 1971 by Charles Schwab, is the 14th largest financial institution worldwide, with over $3.1 trillion in assets as of 2019.
Schwab offers a variety of banking and financial services and products. These products and services include wealth management, stock brokerage services, commercial banking, and more.
While mostly online, the Charles Schwab brand also operates a variety of in-person branches, mostly in major financial hubs across the United States and Europe. In total, Schwab has more than 345 branches worldwide, with the vast majority in the United States and the United Kingdom.
Charles Schwab Investor Cards
Despite mainly focusing on wealth management, Charles Schwab also offers two credit cards through a partnership with American Express. Schwab investor credit cards allow current Schwab wealth management customers to earn rewards with everyday purchases – rewards they can then pump into their Schwab accounts.
The American Express Platinum Card® for Schwab is the highlight of the Schwab credit card lineup, offering the purchasing power of the Amex payment network, the sheer luxury of the Platinum Card, and the ability to earn Schwab bonuses with frequent use.
Charles Schwab FAQs
Here are answers to some frequently asked questions about Charles Schwab:
How much money do you need to open a Charles Schwab account?
- While Charles Schwab investment accounts are free to open, you can’t do anything with one until you fund it with at least $1,000. To begin using a Schwab investment account, you must fund the account with $1,000 or more.
How does Charles Schwab compare with Fidelity?
- Both Schwab and Fidelity are great brokerages, but Fidelity often receives better reviews for new investors. Schwab, on the other hand, is more expert-oriented, or geared towards those with more funds.
Can you deposit cash at Schwab branches?
- No, cash cannot be deposited at Schwab’s 345 branches.
Is Charles Schwab Bank FDIC insured?
- Schwab’s banking accounts are FDIC insured for up to $250,000.
