American Express Platinum Card® for Schwab review | finder.com

American Express Platinum Card® for Schwab review

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American Express Platinum Card® for Schwab

Deposit membership rewards points directly to your Schwab account.

  • Get this card if you have a Schwab investor account and you want to directly deposit rewards there.
  • Pick something else if you want an intro APR period or if you want to carry your balance.
  • Apply with a good to an excellent credit score of 700 or higher.
Product NameAmerican Express Platinum Card® for Schwab
Card TypeAmerican Express
Annual Fee$550
Intro Purchase APR

N/A

Intro Balance Transfer APR

N/A

Cash Advance Rate27.49% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Foreign Transaction FeeNone
Interest Free PeriodUp to 25 days
Late Payment FeeUp to $38
Returned Payment FeeUp to $38
Rates & FeesRates & Fees
Minimum Age18 years of age
Welcome Offer60,000 points after spending $5,000 in your first 3 months
Rewards5x points on directly booked flights or flights and hotels on Amex Travel and 1x points on all other purchases
Base Rewards1x points

The basics

The American Express Platinum Card® for Schwab is the same as the The Platinum Card® from American Express with one difference — the American Express Platinum Card® for Schwab allows you to deposit redeemed rewards points to your eligible Schwab account. For this reason, the card is great for those who want all the perks and benefits of a The Platinum Card® from American Express but also want to deposit their rewards.

Note that you can only apply for the card if you own an eligible Schwab account.

Our pick if you don't have a Schwab account

The Platinum Card® from American Express

  • Earn 60,000 Membership Rewards® points after you use your new card to make $5,000 in purchases in your first 3 months.
  • Enjoy Uber VIP status and free rides in the U.S. up to $15 each month, plus a bonus $20 in December. That can be up to $200 in annual Uber savings.
  • 5x Membership Rewards® points on flights booked directly with airlines or with American Express Travel.
  • 5x Membership Rewards points on prepaid hotels booked on amextravel.com.
  • Enjoy access to the Global Lounge Collection, the only credit card airport lounge access program that includes proprietary lounge locations around the world.
  • Receive complimentary benefits with an average total value of $550 with Fine Hotels & Resorts. Learn more.
  • $200 airline fee credit, up to $200 per calendar year in baggage fees and more at one qualifying airline.
  • Get up to $100 in statement credits annually for purchases at Saks Fifth Avenue on your Platinum Card®. Enrollment required.
  • $550 annual fee.
  • Terms apply.
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Card benefits

  • Signup bonus.
    Earn 60,000 membership rewards points once you spend $5,000 with your card in the first 3 months of account opening. As of this writing, that’s $750 worth of deposit to your eligible Schwab account.
  • Reward points.
    You earn 1x point on all purchases made with your card and 5x points on flights booked directly or with amextravel.com and 5x points on prepaid hotels booked on amextravel.com.
  • Schwab bonus.
    Get $100 or $200 statement credit when you open your account, and then every year following your card anniversary when your qualifying Schwab holdings are equal to or greater than $250,000 or $1,000,000 respectively.
  • Airline fee credit.
    Choose a qualifying airline and get $200 airline credit for incidental fees, such as checked bags and in-flight food and beverages.
  • American Express Global Lounge Collection.
    Get access to more than 1,200 airport lounges worldwide, including the Centurion Lounge, the International American Express lounges, Delta Sky Club and Priority Pass Select lounges.

What to watch out for

  • Eligibility.
    You can only apply for the card if you have an eligible Schwab account.
  • Annual fee.
    Expect to pay a $550 annual fee for the card and its benefits.
  • Can’t carry a balance.
    This is a charge card, meaning you have to pay your balance in full when due. If you’re known for carrying a balance, this may not be a good card for you.

How to apply for the American Express Platinum Card® for Schwab

  1. Open an eligible Schwab account.
  2. Visit the Charles Schwab website and locate the American Express Platinum Card® for Schwab.
  3. Click Apply now.
  4. Log in to your Schwab account and fill out the application form.
  5. Review the form and submit.

What credit score do I need?

You need a good to an excellent credit score of 700 or higher to increase your chances of approval.

Compare premium credit cards

Name Product Welcome Offer Rewards Annual Fee Filter values
60,000 points after spending $5,000 in your first 3 months
5x points on directly-booked flights or on flights and hotels on Amex Travel. 1x points on all other purchases
$550
Get 5x Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5x points on eligible hotels booked on amextravel.com. Rates & fees
35,000 points after spending $2,000 in the first 3 months
3x points on directly-booked flights; 4x at restaurants; 4x at US supermarkets on up to $25,000 annually (then 1x points)
$250
35,000 bonus Membership Rewards® Points when you spend $2,000 in the first 3 months. Rates & fees
75,000 miles and 5,000 MQMs after spending $5,000 in the first 3 months
2x miles on direct Delta purchases and 1x miles on all other purchases
$450
Earn 75,000 bonus miles and 5,000 Medallion® Qualification Miles after you spend $5,000 in purchases on your new card in your first 3 months. Rates & fees
N/A
1x points on all purchases with 2% point value when you redeem for airfare and 1.5% for cash back
$495
Receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
N/A
1x points on all purchases with 2% point value when you redeem for airfare and 1% for cash back
$195
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.

Compare up to 4 providers

Bottom line

Schwab investors wanting Amex Platinum perks and benefits and a way to deposit credit card rewards into an eligible Schwab account may find this card valuable.

But if you don’t find this card appealing to your situation, compare other credit cards until you find the perfect fit for your wallet.

Frequently asked questions

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