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American Express Platinum Card for Schwab Review: Luxury Benefits and Investable Rewards

Review Updated
Lyle Daly
Author: Lyle Daly
Lyle Daly
Lyle Daly
Writer

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. His work with Motley Fool Money and The Motley Fool has appeared syndicated in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.

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Steven Porrello
Reviewer: Steven Porrello
Steven Porrello
Steven Porrello
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Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Offer status

The information for the American Express Platinum Card® for Schwab has been collected independently by Motley Fool Money. The card details on this page have not been reviewed or provided by the card issuer.

If you're a Charles Schwab client with an eligible account, American Express offers a special version of its Platinum Card. The American Express Platinum Card® for Schwab gets you the same perks, plus a couple more, including the opportunity to invest your rewards. Terms apply. Read our full American Express Platinum Card® for Schwab review for all the details.

Ratings Methodology

American Express Platinum Card® for Schwab

American Express Platinum Card® for Schwab
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good (670-850)

Intro APR

Purchases: N/A

Balance Transfers: N/A

APR

21.24% to 29.24%, variable

Rewards Circle with letter I in it. Earn 5X points for flights booked directly with airlines or with American Express Travel and prepaid hotels booked through American Express Travel, 1X points for all other eligible purchases.

1X - 5X points

Annual Fee

$695

Welcome Offer Circle with letter I in it. You can earn 80,000 Membership Rewards® points after spending $6,000 in purchases on your Platinum Card from American Express for Charles Schwab in your first 6 months of Card Membership.

80,000 points

  • This premium card offers all kinds of benefits, including a huge welcome bonus and over $1,000 in yearly spending credits, in exchange for an expensive annual fee.

    • Big welcome offer
    • Substantial spending credits
    • Airport lounge access
    • Investable rewards
    • Elite hotel status
    • Annual fee
    • Restrictive benefits
    • Limited bonus categories
    • Earn 80,000 Membership Rewards® points after spending $6,000 in purchases on your Platinum Card from American Express for Charles Schwab in your first 6 months of Card Membership.
    • $200 airline fee credit each year.
    • $200 hotel credit each year.
    • Complimentary airport lounge access.
    • $240 digital entertainment credit -- $20 in statement credits each month on eligible purchases.
    • Up to $189 in CLEAR® Plus credit each year after you enroll and pay with your Card.
    • Earn 5X points for flights booked directly with airlines or with American Express Travel and prepaid hotels booked through American Express Travel.
The information for the American Express Platinum Card® for Schwab has been collected independently by Motley Fool Money. The card details on this page have not been reviewed or provided by the card issuer.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

Full American Express Platinum Card for Schwab review

This credit card is a good fit for: Charles Schwab clients who travel often and want rewards they can use for expensive bookings or investments.

Top perks

The American Express Platinum Card® for Schwab has quite a few features, from big bonus offers to ample spending credits.

80,000 bonus points

As a new cardholder, you earn a welcome bonus of 80,000 points for spending $6,000 on purchases in the first 6 months. Terms apply. That many points is more than what many top credit cards offer, so you get quite a bit of upfront value from this card.

Check out more bonuses: Best Sign-Up Bonus Credit Cards

Earn up to 5 points per $1

The American Express Platinum Card® for Schwab earns:

  • 5X points on flights booked directly with airlines or with American Express Travel and prepaid hotels booked through American Express Travel, up to a bonus cap of $500,000 in spending per calendar year
  • 1X points on all other eligible purchases
  • Terms apply.

Airport lounge access

A highlight with every version of The Platinum Card® from American Express is the airport lounge access. It gets you into more lounges than any travel credit card we've seen, and that includes the card issuer's high-end Centurion Lounges. You also get access to Priority Pass lounges (enrollment into this program is required), Delta Sky Clubs, and several additional types of lounges. Terms apply.

See more: Best Credit Cards With Airport Lounge Access

Up to $200 annual statement credit

An exclusive benefit with the American Express Platinum Card® for Schwab is an annual statement credit offer. The amount you receive depends on your qualifying holdings with the broker:

  • Receive a $100 statement credit if your qualifying Schwab holdings are equal to or greater than $250,000.
  • Receive a $200 statement credit if your qualifying Schwab holdings are equal to or greater than $1 million and less than $10 million.
  • Receive a $1,000 statement credit if your qualifying Schwab holding is greater than $10 million. 
  • Holdings are measured following card account approval and annually thereafter.
  • Terms apply

It's not exactly a large credit, considering the amount of cash that's required to get it. But if you have significant holdings with Schwab, you can at least get something extra back.

American Express Membership Rewards program

The American Express Membership Rewards program is one of our favorite credit card rewards programs. That's primarily because of all its transfer partners. American Express has over 20 airline and hotel partners where you can transfer your Membership Rewards points. After that, you can make an awards booking with the partner. Terms apply.

Transfers are normally the best way to use your points, because you can get $0.03 per point or more like this. However, you also have the option of redeeming points at a fixed rate for American Express Travel bookings.

Learn more: A Complete Guide to American Express Membership Rewards Points

Invest your rewards

This card allows you to redeem points directly into any eligible Schwab accounts you have. Rewards have a value of $0.011 per point when redeemed this way. You can use those deposits to purchase investments through Schwab.

Over $1,000 in annual spending credits

You get quite a few different spending credits from this American Express card. Assuming you can use some or all of these annual spending credits, they easily make the card worth getting:

  • $200 hotel credit: Receive $200 back in annual statement credits on your prepaid Fine Hotels+ Resorts® and The Hotel Collection bookings with a minimum two-night stay with American Express Travel when you pay with your Platinum Card. Terms apply, enrollment may be required.
  • $200 airline fee credit: Select one qualifying airline and you'll get up to $200 in statement credits every calendar year for any incidental fees charged by that airline to your Platinum Card. Terms apply, enrollment required.
  • $300 with Equinox: Receive a statement credit of up to $300 each year when paying for select monthly Equinox membership fees or Equinox+ with your Platinum Card. Terms apply, enrollment required.
  • $199 CLEAR® credit: Receive a statement credit of up to $199 per year for a CLEAR® membership when you pay with your Platinum Card. Terms apply, enrollment required.
  • Up to $120 Global Entry/TSA PreCheck credit: Receive a credit of up to $120 every four years to cover the cost of a Global Entry membership or $85 every 4.5 years to cover the cost of TSA PreCheck. Terms apply, enrollment required.
  • $240 digital entertainment credit: Receive a monthly credit of up to $20 when you pay for eligible purchases at one or more of Peacock, The New York Times, The Wall Street Journal, or a Disney Bundle, Disney+, Hulu, or ESPN+ subscription with your Platinum Card. Terms apply, enrollment required.
  • $155 Walmart+ credit: Cover the cost of Walmart+ with a monthly membership fee credit of $12.95 plus applicable taxes. Terms apply, enrollment required.
  • $100 Saks Fifth Avenue credit: Receive up to $50 in statement credits from January through June and up to $50 more from July through December for purchases at Saks Fifth Avenue or saks.com made with your Platinum Card. Terms apply.

See more: Best Airline Credit Cards

Complimentary elite status with Marriott Bonvoy and Hilton

To improve your stays with two popular hotel chains, this card includes complimentary Marriott Bonvoy™ Gold Elite Status and Hilton Honors Gold Status. Terms apply.

Travel and purchase protections

There are usually plenty of complimentary protections available with American Express cards, and that's the case with this card. It offers the following on eligible purchases:

  • Car rental loss and damage insurance
  • Trip delay insurance
  • Trip cancellation and interruption insurance
  • Return protection
  • Purchase protection
  • Extended warranty coverage
  • Terms apply

Platinum Concierge

Your Platinum Concierge can assist you with almost anything you could dream up, from reserving event tickets to finding the right gift for a loved one. Just call the number on the back of your card to use this service. Terms apply.

LEARN MORE: Best Credit Card Concierge Service

No foreign transaction fee

Since this American Express card is designed for frequent travelers, it doesn't charge a foreign transaction fee.

What could be improved

While this card has quite a few things going for it, there are also a couple notable cons.

$695 annual fee

The annual fee for the American Express Platinum Card® for Schwab is about as expensive as it gets, outside of some ultra-exclusive credit cards. It costs $695 per year to have this card.

An annual fee isn't a problem if the card has enough features to make up for it. This American Express card clearly does, since you can get thousands of dollars in value from its benefits. Terms apply. But if those benefits aren't a good fit for you, then it's not worth paying such a costly annual fee.

Restrictive benefits

One of the more frustrating parts about the American Express Platinum Card® for Schwab is all the fine print on its benefits. It has perks that are great if you can use them, but a lot of consumers won't be able to.

That's especially true with its spending credits, such as the $300 in annual Equinox credits. Terms apply. Although that much money sounds nice, Equinox is an expensive gym, and $300 per year doesn't make much of a dent in the monthly fee for any of its plans. It's also only available in certain areas, so some card members won't have access to any of its gyms.

It's a good idea to read some other credit card reviews before you commit, as you may find one with benefits that work better for you.

Limited bonus categories

The rewards rate on this card fails to impress. You'll earn bonus points on flights booked with airlines and through American Express Travel, as well as prepaid hotels booked through American Express Travel. That's only two types of purchases, and both of them are narrow spending categories. Other rewards cards offer much more, such as bonuses on all air travel, hotel spending, or even travel as a whole.

See more: Best Credit Cards

Suggested credit score

A FICO® Score of at least 670 is recommended before you apply for the American Express Platinum Card® for Schwab. Since this is one of the best rewards cards in the American Express lineup, the card issuer typically only approves applicants with good credit or excellent credit.

Improve your credit: How to Increase Your Credit Score

Eligibility for the American Express Platinum Card for Schwab

To get the American Express Platinum Card® for Schwab, you must have one of the following eligible Charles Schwab accounts:

  • A Schwab One® or Schwab General Brokerage Account held in your name or in the name of a revocable living trust where you are the grantor and trustee
  • A Schwab Traditional, Roth, or Rollover IRA that is not managed by an independent investment advisor pursuant to a direct contractual relationship between you and such independent advisor

The American Express Platinum Card for Schwab is right for you if:

You have a Charles Schwab brokerage account and the card's perks are a good fit for your lifestyle. The American Express Platinum Card® for Schwab is nearly unmatched in the number of features it offers. If you're a big spender who travels frequently, this card could be exactly what you need.

Keep reading: Best Rewards Cards

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • Active-duty service members and their spouses pay a $0 annual fee for the American Express Platinum Card® for Schwab. Currently, every other cardholder must pay the full annual fee. 

  • Yes, you can. Just log into your American Express account and click "use rewards" under your Membership Rewards Points summary. From there you just redeem your points as a deposit into another eligible brokerage account. You can deposit points in intervals of 1,000 and the value of your points will show up in your brokerage account within four to six business days.