American Express Platinum Card^® for Schwab Review [2024]: For the Traveling Investor

Card basics

The Platinum Card^® from American Express is one of the best travel credit cards across the board. It’s hugely popular thanks to its laundry list of statement credits and the opportunity to earn valuable Amex Membership Rewards. The Platinum Card has four flavors: three personal and one business. Of the three personal cards, you have the classic version, one that’s co-branded with Morgan Stanley, and this one that’s co-branded with Charles Schwab.

Who should get the American Express Platinum Card^® for Schwab?

The American Express Platinum Card^® for Schwab looks nearly identical to the standard version but offers some investing crossover. First, you can redeem your rewards as a deposit into an eligible Charles Schwab brokerage account. Whether you’re just getting started as an investor or are already a seasoned pro, this could be an excellent use of your hard-earned rewards. You’ll also receive an annual appreciation bonus as a statement credit if your accounts meet a minimum threshold. As a brokerage, Schwab stands out for low fees, selection, and ease of trading.

For a $695 annual fee, this card certainly isn’t cheap to hold. However, if you can squeeze every penny out of the numerous statement credits and are focused on investing, the American Express Platinum Card^® for Schwab is a fantastic choice.

Who can qualify

To qualify for the card, you need an eligible Schwab account, including a Schwab One or Schwab General Brokerage Account held in your name or a Schwab Traditional, Roth, or Rollover IRA not managed by an independent investment advisor.

Rewards

Earnings

Regular rewards: Cardholders can earn 5X points per dollar spent on eligible airfare (on up to $500,000 per calendar year, after that 1X) and hotel purchases, and 1X points per dollar on all other eligible purchases. If you’re a fan of the American Express Travel platform, that’s where you’ll get the most value.

Welcome offer: New cardholders can earn 125,000 Membership Rewards points after spending $8,000 in the first 6 months (offer ends 1/8/25). When redeemed for a deposit into your Schwab account, that's $1,375.

Redemption methods

Although you can redeem your points for travel or transfer to various partners as you could with the traditional version of the card, the main benefit of getting the card designed for Schwab is that you can deposit your rewards into an eligible brokerage account. The ability to invest your rewards is a standout feature that most cards don’t offer. And if you like to invest credit card rewards anyway, this is a good way to save yourself some time and effort.

You can redeem your Membership Rewards points for deposits into your Schwab account at a rate of 10,000 points for a $110 deposit up to 1,000,000 points redeemed per calendar year. If you redeem more than this, you’ll get a rate of 10,000 points for an $80 deposit.

Potential earnings in years one and two

Here's a look at how your points can add up with the American Express Platinum Card for Schwab. These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which considers points earned via spending, the welcome offer, and the annual fee.

To calculate the cash value, we used a point valuation of 1 cent.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $2,720

Year two earnings: $1,470

In addition to the earnings above, cardholders can earn hundreds of dollars of statement credits each year. If you factor these credits in, your overall value increases substantially.

Benefits

The benefits of this card are seemingly endless, but some can be difficult to use — or not all that useful to the average person.

Statements

In terms of statement credits, you can qualify for up to a:

• $200 hotel credit
• $200 airline fee credit
• $240 digital entertainment credit
• $199 CLEAR Plus credit
• $200 of Uber Cash
• $300 Equinox credit
• Global Entry or TSA PreCheck application credit
• And more

Unique to Schwab is the Annual Schwab Appreciation Bonus. You’ll receive a statement credit of $100, $200, or $1,000, depending on your Schwab holdings (with the largest credit reserved for investors with over $10 million).

Access

Apart from statement credits, you’ll enjoy airport lounge access, including Centurion Lounges, Delta Sky Clubs, and the Priority Pass lounge network. You’ll also receive automatic Hilton Honors Gold status, Marriott Bonvoy Gold Elite status, and car rental privileges with Avis, Hertz, and National.

Protections

You’re covered with a variety of travel and purchase protections as well, so you can rest assured you’re protected if anything happens while you’re on the road. However, these are all benefits that come with any consumer Platinum Card.

Other cards to consider

The Platinum Card^® from American Express Exclusively for Morgan Stanley

The Morgan Stanley version of The Platinum Card is essentially the same as the Schwab version but with a few distinct differences. First, you can get your first additional card for no annual fee. If you want to add your spouse or child as an authorized user to another Platinum card, this would typically cost $195. You’ll also be able to invest your rewards with Morgan Stanley, but the redemption rate is slightly lower: 50,000 points are worth a $500 deposit.

If you have a Platinum CashPlus account, you can receive a $695 Annual Engagement Bonus, essentially wiping away your annual fee of $695. Note that you’ll need $25,000 in average daily cash and $5,000 in monthly deposits to avoid the $55 monthly account fee for the Platinum CashPlus account. If you don’t meet these criteria, you’ll end up paying $660 in account fees, almost eliminating the engagement bonus benefit.

Read our full The Platinum Card^® from American Express Exclusively for Morgan Stanley Review.

Chase Sapphire Reserve^®

If you don’t want an investment-focused card but want travel perks, you can opt for the Chase Sapphire Reserve^®, which offers several comparable benefits to the Platinum Card at a slightly lower $550 annual fee. You’ll receive a $300 annual travel credit, a TSA PreCheck or Global Entry fee credit, and travel insurance. You can transfer your points to 14 airline and hotel partners at a 1:1 ratio. If not, you get a 50% bump in value when using points to book travel through Chase Travel.

The Sapphire Reserve is more well-rounded than the Platinum Card. It’s easier to use and allows you to earn bonus points in categories where travelers are likely to concentrate spending.

Read our full Chase Sapphire Reserve^® Review.

FAQs

Bottom line

If you’re a traveler who wants to start investing, the American Express Platinum Card^® for Schwab could be a fantastic option. You’ll need to weigh each statement credit against the annual fee to ensure you get enough value from the card. Remember that many statement credits are doled out in monthly or semi-annual increments and don’t roll over. So, if you don’t keep an eye on your options each month, you could leave money on the table.

As always, be sure to consider your financial and travel goals before applying.

Premium Travel Benefits

Chase Sapphire Reserve^®

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Chase Sapphire Reserve^®

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Current Offer

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

Annual Fee

$550

Rewards Rate

5X points on flights and 10X points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually; 3X points on other travel and dining & 1X points per dollar on all other purchases

Benefits and Drawbacks

Benefits

• Up to $300 in annual travel credits
• Great rewards on travel purchases and dining
• Complimentary Priority Pass Select membership
• Comprehensive travel protections, including trip delay and cancellation insurance
• 50% point redemption bonus when booking through Chase Travel

Drawbacks

• $550 annual fee
• High spending requirement for the welcome offer
• $75 annual fee for each authorized user

Card Details

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
• Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
• Get 50% more value when you redeem your points for travel through Chase Travel℠. For example, 60,000 points are worth $900 toward travel.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Member FDIC