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Introduction to the Amex Schwab Platinum
The Amex Platinum Card for Charles Schwab combines the luxury benefits of the traditional The Platinum Card® from American Express with unique perks tailored for Schwab clients.
But is it the right choice for you? This review will guide you through the card's features, rewards, fees, and how it stacks up against other premium options so you can make an informed decision. You might be surprised by the benefits this lesser-known version of Amex Platinum Card offers.
Our experts found the Amex Platinum Card for Charles Schwab to be a standard offering with slightly enhanced advantages over many of the best travel rewards credit cards.
Amex Schwab Platinum Overview
The Amex Platinum Card for Charles Schwab is loaded with premium benefits, from access to exclusive airport lounges to travel credits and concierge services.
The card offers the same high-end travel perks as the original Amex Platinum Card, but with an additional twist: Cardholders can convert their Amex Membership Rewards points earned from this card into cash deposits into their Charles Schwab investment account. To qualify for this card, you must already have an eligible Schwab account.
The Amex Platinum Card for Charles Schwab is ideal for frequent travelers who want premium perks and can maximize their Membership Rewards points.
The most distinctive feature is the ability to redeem Amex Membership Rewards points for cash at a 1.1x ratio — a higher rate than most other options — directly into your investment account, adding a layer of flexibility when redeeming the rewards you've earned.
$695
N/A
See Pay Over Time APR
Earn 125,000 Membership Rewards® points
Good to Excellent
- Earns Membership Rewards
- Rewards can be invested in Schwab brokerage accounts at a 1.1x return
- Generous premium benefits and perks
- High annual fee
- Rewards are worth more for travel than converted to investments
Amex Platinum Card for Charles Schwab Rewards
Welcome Offer
The Amex Platinum Card for Charles Schwab offers a generous welcome bonus: 125,000 Membership Rewards® points after spending $8,000 in purchases on your card in your first six months of card membership (offer ends 1/8/25).
Earning Points with the Amex Schwab Platinum
The Amex Platinum Card for Charles Schwab earns Membership Rewards points on every purchase, with higher rates for travel-related spending. You'll earn:
- 5 points per dollar on airfare purchased directly through the airline or Amex Travel (on up to $500,000 per calendar year)
- 5 points per dollar on hotels booked through Amex Travel
- 1 point per dollar on all other eligible purchases
How to Redeem Your Points
The Amex Platinum Card for Charles Schwab earns Amex Membership Rewards points, Amex's loyalty program currency. Each Amex point is worth about 1.8 cents on average, according to Business Insider's valuations, and can be redeemed for travel, gift cards, or shopping.
Transfer Rewards to Airlines and Hotels
Transferring your points to an Amex travel partner can be a particularly valuable way to utilize your rewards, since you can book first- or business-class airfare for as little as $5.60 in taxes and fees.
Amex Transfer Partners — Airlines and Hotels
- Aer Lingus AerClub
- Aeromexico Club Premier (1:1.6)
- Air Canada Aeroplan
- Air France/KLM Flying Blue
- ANA Mileage Club
- Avianca LifeMiles
- British Airways Executive Club
- Cathay Pacific Asia Miles
- Choice Privileges
- Delta SkyMiles
- Emirates Skywards
- Etihad Airways Guest Program
- Hawaiian Airlines HawaiianMiles
- Hilton Honors (1:2)
- Iberia Plus
- JetBlue True Blue (1:0.8)
- Marriott Bonvoy
- Qantas Frequent Flyer
- Singapore Airlines KrisFlyer
- Virgin Atlantic Flying Club
Redeem for Investments
One of the most unique features of the Amex Platinum Card for Charles Schwab is the ability to redeem your Amex points for cash deposits at a rate of 1.1 cents per point. directly into your Schwab account. This unique benefit enhances the overall value of your rewards, especially if you're looking to bolster your investment portfolio without pulling cash out of your existing accounts.
Amex Platinum Card for Charles Schwab Benefits and Features
As a Amex Platinum Card for Charles Schwab cardholder, you'll enjoy extensive travel perks and benefits designed to enhance your travel experience and provide significant value.
Airport Lounge Access
One of the most sought-after benefits of the Amex Platinum Card for Charles Schwab is access to over 1,500 airport lounges worldwide through the Global Lounge Collection. This includes Amex's exclusive Centurion Lounges, Priority Pass lounges, and Delta Sky Clubs when flying on Delta.
Global Entry or TSA PreCheck Reimbursement
When you pay with this card, you can get up to $100 for Global Entry or up to $85 for TSA PreCheck® application fee statement credit.
CLEAR Plus Credit
Receive up to $199 in statement credits each calendar year when you pay for your CLEAR® Plus airport security membership with this card.
Up to $200 Airline Incidentals Reimbursement
Receive up to $200 in statement credits each year when using your card to pay for airline incidental fees, such as baggage or seat assignment fees, with your preferred airline via your online account.
Complimentary Hotel Program Status
Receive Gold Elite status with Hilton Honors and Marriott Bonvoy upon enrollment.
Up to $200 Prepaid Hotel Credit
When you pay with your card, you can get up to $200 back in statement credits each year on prepaid The Hotel Collection or Fine Hotels + Resorts bookings (minimum 2-night stay for The Hotel Collection) through AmexTravel.com.
Amex Fine Hotels + Resorts Benefits
Book a 2-night or longer stay via AmexTravel.com with your card and enjoy elite-style benefits, including daily breakfast for two, room upgrades when available, a $100 amenity, 4 p.m. checkout, noon check-in when available, and complimentary Wi-Fi.
The Hotel Collection Benefits
Receive a room upgrade (based on availability) and a $100 amenity on a 2-night or longer stay booked with your card via AmexTravel.com.
Car Rental Program Benefits
Enjoy discounts and upgrade benefits with Avis Preferred Plus, Hertz Gold Plus President's Circle, and National Emerald Club Executive elite status.
Secondary Car Rental Insurance
Receive up to $75,000 in coverage for damage or theft of the rental car when you pay for the entire rental with your card and decline the rental agency's coverage. You'll also have the chance to purchase Premium Protection for $12.95 to $24.95, offering broader primary insurance and extending coverage up to 42 days versus 30 with card coverage.
Trip Interruption and Trip Cancellation Coverage
Get reimbursed up to $10,000 per trip and up to $20,000 per eligible card per calendar year if your trip is interrupted or canceled for a covered reason.
Trip Delay Insurance
If your trip is delayed 6 hours or more, you could be reimbursed up to $500 per trip, with a limit of 2 claims per 12-month period.
Baggage Insurance
If your baggage is lost or damaged, you can be reimbursed up to $2,000 for checked luggage or up to $3,000 for carry-on bags when traveling on a common carrier such as a commercial airline.
Cell Phone Protection
Receive up to $800 per claim for damage or theft, with a limit of 2 claims per 12-month period ($50 deductible applies to each claim).
Up to $100 Saks Fifth Avenue Statement Credit
Receive up to $50 in statement credits for purchases made from January through June and an additional $50 from July through December, when you pay with your card.
Up to $240 Digital Entertainment Statement Credit
Get up to $20 back each month on eligible purchases from Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, The Wall Street Journal, and The New York Times (enrollment require).
Up to $155 Walmart+ Membership Statement Credit
Cover the $12.95 monthly membership fee (plus applicable taxes) with your card, and receive reimbursement as a statement credit, up to $155 annually.
Up to $200 Uber Cash
Enjoy up to $200 in Uber Cash each year, with $15 deposited into your Uber Cash account each month from January through November and $35 in December. Credits are valid for Uber Eats or Uber rides in the U.S. Adding your card to your Uber account automatically enrolls you.
Up to $300 Equinox Statement Credit
Get up to $300 annually when using your card to pay for a qualifying Equinox or Equinox+ membership.
Up to $300 Credit for SoulCycle Purchase
Receive up to $300 as a statement credit when you purchase a SoulCycle At Home bike with your card.
ShopRunner Membership
With your complimentary ShopRunner membership (enrollment required), you can enjoy free 2-day shipping and promotional offers at dozens of retailers.
Amex Offers
Access up to 100 valuable offers for extra earnings and statement credits when making purchases with specific retailers and service providers. Be sure to add the offer to your card to activate it by going to the "Offers" tab on your account online or in the app.
Amex Platinum Card for Charles Schwab Fees and APR
Annual Fee
The annual fee on the Amex Platinum Card for Charles Schwab is $695. The fee is not waived the first year, and is charged shortly after account opening.
APR Rates
Like most premium charge cards, the Amex Platinum Card for Charles Schwab doesn't have a traditional APR. Instead, American Express offers a Pay Over Time feature for certain purchases, with an APR that varies based on your creditworthiness.
No Foreign Transaction Fees
You can travel without worrying about extra costs when using your card abroad, as no foreign transaction fees are added to your purchases. This perk makes the Amex Platinum Card for Charles Schwab ideal for international travelers.
Other Associated Fees
In addition to the annual fee, the card has other costs, such as late payment fees, cash advance fees, or interest charges if you use the Pay Over Time feature.
Amex Platinum Card for Charles Schwab Card Comparison
Amex Platinum Card for Charles Schwab vs. Chase Sapphire Reserve®
The Chase Sapphire Reserve® is always a strong contender in the premium travel card category. It offers 3x on travel and dining and a $300 annual travel credit, which is more versatile than the Amex Platinum Card for Charles Schwab's airline fee credit.
The Chase Sapphire Reserve® also comes with a host of travel and purchase protections similar to those of the Amex Platinum Card for Charles Schwab. You also have the option of cashing out the Chase Ultimate Rewards you earn, albeit at a lesser value than you'd likely get from transferring them to travel partners.
In comparison, the Amex Platinum Card for Charles Schwab offers superior airport lounge access. And with the card's unique investment-focused rewards, it could be a better choice for those with Schwab accounts.
When deciding between these two premium cards, it'll come down to which card's perk better aligns with your travel and spending habits.
Read more in our Chase Sapphire Reserve credit card review.
Amex Platinum Card for Charles Schwab vs. Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card offers a flat 2x miles on all purchases and a simple redemption structure, making it less complicated to manage your rewards. It also has a lower annual fee of $395 while still offering complimentary airport lounge access through Priority Pass and Capital One's proprietary network of lounges (rates and fees).
However, the Amex Platinum Card for Charles Schwab's ability to convert points to cash at a higher rate via investments coupled with its extensive travel perks may still help frequent travelers justify its higher annual fee.
Read more in our Capital One Venture X Rewards credit card review.
Amex Platinum Card for Charles Schwab vs. The Platinum Card® from American Express
For frequent travelers, both the Amex Platinum Card and the Amex Platinum Card for Charles Schwab offer robust travel perks and protections that can add significant value and ease to your travels.
By taking advantage of benefits like worldwide lounge access, airline incidental credits, prepaid hotel credits, and the CLEAR® membership, either card can provide substantial rewards and peace of mind during your travels.
However, the Amex Platinum Card for Charles Schwab has a slight advantage over the standard Amex Platinum Card because of the ability to cash out your Amex Membership Rewards into an eligible Schwab investment account.
Pros and Cons of the Amex Platinum Card for Charles Schwab
When evaluating a rewards credit card or deciding between cards, it's important to think about your spending habits and travel goals. Comparing the benefits and potential downsides will help you make an informed decision.
Advantages of the Amex Platinum Card for Charles Schwab
- Unique cash redemption option: Up to 1.1 cents per point into a Schwab account
- Comprehensive travel perks: Includes lounge access, travel credits, and hotel benefits
- No foreign transaction fees: Ideal for international travelers
Potential Drawbacks and Considerations of the Amex Platinum Card for Charles Schwab
- High annual fee: The $695 fee might be steep for some, though the perks can offset the cost
- Limited to Schwab clients: You must have an eligible Schwab account to apply
- Complex rewards structure: Maximizing benefits requires understanding and utilizing various perks
Amex Schwab Platinum Customer Reviews and Ratings
Customer feedback from online forums regarding the Amex Platinum Card for Charles Schwab is generally positive, with the card typically receiving high ratings. Many praised the travel benefits, lounge access, and the unique cash redemption feature, reflecting its strong value proposition for frequent travelers and investors.
Common praises include excellent lounge access and travel perks, high value in cash redemption for Schwab accounts, and strong customer service and support. Some cardholders shared common complaints about the high annual fee, as well as the fact that access is limited to individuals with Schwab accounts. Some people also find the benefits complex and challenging to maximize.
Step-by-Step Guide to Applying for the Amex Platinum Card for Charles Schwab
Applying for the Amex Platinum Card for Charles Schwab is straightforward:
Ensure you have an eligible Schwab account
- Visit the American Express or Charles Schwab website
- Complete the application with your personal and financial information including household income, personal identification, and address.
- Review the terms and conditions, then submit your application
- Wait for approval, which is typically quick if you meet the credit and account requirements
Approval Odds and Tips for a Successful Application
First and foremost, you must have an eligible Schwab bank account to apply for the Amex Platinum Card for Charles Schwab. Eligible Schwab accounts include a Schwab One account, a general brokerage account, or a qualifying traditional, Roth, or rollover IRA.
To increase your approval chances, ensure you have a strong credit score (typically 700+) and a solid credit history. Providing accurate and up-to-date financial information on your application will also help streamline the process.
Amex Schwab Platinum Frequently Asked Questions
The Amex Platinum Card for Charles Schwab is a variation of the classic Amex Platinum Card.
Why You Should Trust Us: How We Reviewed the Amex Platinum Card for Charles Schwab
Business Insider's card experts focused on the following criteria when evaluating the Amex Platinum Card for Charles Schwab against other premium rewards cards and travel rewards cards:
- Annual fee: Does the card's annual fee justify the value of its benefits and rewards? How does it measure up against other similar cards?
- Rewards potential: Can cardholders earn substantial rewards through the welcome bonus and ongoing bonus categories? We also consider whether there are any caps on these bonus categories.
- Benefits: Are the card's perks attractive and practical, and do they make the annual fee worthwhile? We pay special attention to whether the benefits can lead to significant savings.
- User-friendliness: Are the card's benefits straightforward to access and use, or are there too many hurdles? Additionally, how easy is it for cardholders to redeem their rewards?
Check out Business Insider's full methodology on how we rate credit cards for more details about how we evaluated this product.
For rates and fees of The Platinum Card® from American Express, please click here.
