You’ve probably heard of The Platinum Card® from American Express, identified for its luxurious perks and hefty $550 annual price ticket. However you could not know that the cardboard has a near-identical twin: The American Specific Platinum Card® for Schwab.
It has the identical weighty feel and appear, plus lots of the similar options — however it’s not a carbon copy. Essentially the most notable distinction is the dear cash-redemption possibility for factors, which might make it a more sensible choice for some.
Listed here are 5 issues to learn about The American Specific Platinum Card® for Schwab.
1. You’ll get all the advantages of the The Platinum Card® from American Specific
The Platinum Card® from American Specific is famend for its advantages, and the Charles Schwab AmEx Platinum co-branded model of the cardboard packs the identical punch.
Cardholders get pleasure from all the identical advantages because the traditional model of the cardboard, together with:
$200 airline payment credit score annually.
$200 in Uber financial savings on rides or meals supply orders within the U.S.
$100 in assertion credit yearly for purchases at Saks Fifth Avenue.
Complimentary airport lounge entry.
Earn 5X Membership Rewards® Factors for flights booked instantly with airways or with American Specific Journey and pay as you go inns booked on amextravel.com.
Additionally, cardholders pay the identical $550 annual payment as they do with the The Platinum Card® from American Specific.
2. However you have to have an eligible Schwab account
Whereas there are two main boundaries of entry for The Platinum Card® from American Specific, having good to wonderful credit score and the flexibility to pay the $550 annual payment, The American Specific Platinum Card® for Schwab has an additional requirement.
To be permitted for the cardboard, you’ll must have a Schwab brokerage account (both in your identify or within the identify of a dwelling belief that you simply oversee) or an IRA held with Schwab (not managed by an unbiased funding advisor). Eligibility is topic to alter.
Should you maintain The American Specific Platinum Card® for Schwab and don’t keep an eligible Schwab account, AmEx reserves the fitting to cancel your bank card.
3. Redeem factors for money deposits at elevated charges
Right here’s the place The American Specific Platinum Card® for Schwab stands out from The Platinum Card® from American Specific model.
Like its almost equivalent twin card, The American Specific Platinum Card® for Schwab earns Membership Rewards factors. These rewards could be redeemed for the best worth when used for journey, however there are additionally choices to make use of them for present playing cards, procuring or to “erase” prices out of your card with a press release credit score.
For holders of most American Specific playing cards, there’s no choice to money your Membership Rewards out instantly. The closest factor to getting money for them is to make use of the rewards to cowl prices in your card. Whenever you achieve this, your factors can be price 0.6 cents — decrease than the industry-standard worth of a full penny per level.
The American Specific Platinum Card® for Schwab, nevertheless, unlocks the flexibility to money out Membership Rewards factors instantly for money — and at an ideal worth as well. You possibly can select to deposit Membership Rewards into your eligible Schwab account at a fee of 1.25 cents every.
When you have a number of American Specific playing cards that earn Membership Rewards factors (like American Express® Gold Card or Amex EveryDay® Credit Card), all of your rewards pool collectively. Which means you probably have the American Specific Platinum Card® for Schwab, you should use Membership Rewards earned from any of the playing cards for a cash-out fee of 1.25 cents a chunk. Phrases apply.
4. Stand up to $200 in further assertion credit annually
In case your eligible Schwab account meets sure steadiness thresholds, you’ll get an additional kicker that you simply received’t get from The Platinum Card® from American Specific.
You will obtain a $100 card assertion credit score annually in case your holdings with Schwab are at the very least $250,000. In case your Schwab accounts whole $1 million or extra, you’ll earn an annual $200 assertion credit score. These credit may help considerably defray the price of the cardboard’s annual payment.
Nonetheless, in case your Schwab account balances aren’t at that degree, you received’t be eligible for something further from this bank card.
5. It’s a part of a no foreign-transaction payment combo for vacationers
It’s not unusual to search out journey playing cards that provide $0 charges on overseas transactions. What’s extra uncommon to search out, although, is a financial institution that doesn’t cost for ATM transactions while you’re touring internationally. Enter, Schwab.
The Schwab Bank High Yield Investor Checking® account provides limitless ATM payment rebates worldwide and doesn’t cost service charges or require account minimums. You possibly can hyperlink a Schwab brokerage account to a Schwab checking account with one login and switch funds between the accounts without cost.
Pairing Schwab’s AmEx Platinum Card with its high-yield checking account provides fee-free entry to credit score and money regardless of the place you journey.
Info concerning The American Specific Platinum Card® for Schwab has been collected by NerdWallet and has not been reviewed or offered by the issuer of this card.