American Express Platinum Card® for Schwab review
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.
Points as welcome offer
Up to 5x
|Product Name||American Express Platinum Card® for Schwab|
|Card type||American Express|
|Balance transfer APR||N/A|
|Cash advance rate||26.99% variable|
|Cash advance fee||$10 or 5% of the cash advance amount, whichever is greater|
|Foreign transaction fee||None|
|Interest free period||Up to 25 days|
|Late payment fee||Up to $39|
|Returned payment fee||Up to $39|
|Rates & fees||rates & fees|
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.
- 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
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
- Open an eligible Schwab account.
- Visit the Charles Schwab website and locate the American Express Platinum Card® for Schwab.
- Click Apply now.
- Log in to your Schwab account and fill out the application form.
- 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
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.