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There are several “flavors” of Amex Platinum card, one of which is the American Express Platinum Card for Charles Schwab. You’ll need to be a Schwab customer in order to get this, and it is subject to Amex’s dreaded “family” language, but for those eligible and interested, the card is featuring a newly-increased welcome offer that gives you 125,000 reasons to consider it.
The Offer & Key Card Details
| Card Offer and Details |
|---|
125K points ⓘ Non-Affiliate 125K after $8K spend in first 6 months. Terms apply. (Rates & Fees)$695 Annual Fee This card is only available to clients that maintain an eligible Schwab brokerage account. Information about this card has been collected independently by Frequent Miler. The issuer did not provide the details, nor is it responsible for their accuracy. Recent better offer: 100K points + 10x when you Shop Small in the US & at restaurants worldwide [Expired 1/20/22] Earning rate: ✦ 5X points for flights booked directly with airlines or with American Express Travel ✦ 5X points for prepaid hotels booked through American Express Travel Card Info: Amex Pay Over Time Card issued by Amex. This card has no foreign currency conversion fees. Noteworthy perks: This card includes all of the great perks that come with the American Express Platinum Card, plus: ✦ Use Membership Rewards® points for deposits by Schwab to your eligible brokerage account. (For example, 10,000 points = $110) ✦ $100 credit with Schwab holdings of $250,000+ or $200 credit with holdings of $1,000,000+ on approval & each year. See also: Amex Platinum Guide |
Quick Thoughts
While not as strong as some of the offers we’ve seen on the “vanilla” Platinum card, this matches the best that we’ve seen for the Charles Schwab version, which had been parked at 80K for some time before this increase.
One of the unique benefits of the Schwab Platinum is that it allows you to cash out up to 1,000,000 points/year into your Schwab account at 1.1 cents per point (a 10% higher rate than you get with the Morgan Stanley Platinum card or with the business checking/Business Platinum combination). Although you must be a Schwab customer, it’s very easy to become one as you could simply open a free Schwab Investor Checking account to qualify.
Amex added family language to the Charles Schwab card last year, so if you have or have had the Morgan Stanley Platinum card or the “vanilla” Platinum, you may not be eligible for the bonus on this card. That’s not to say that you’re definitely ineligible, just that you may not be. YMMV.
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Does family language mean if you get the SUB for a platinum Schwab you can’t subsequently get a SUB for Amex gold?
Got the dreaded pop up. Was not going to go through anyways, as I am working on the Brilliant SUB right now.
Interested to see any recent datapoints of people with Vanilla Platinum applying for these.
Both my wife and I tried and got popups. That doesn’t mean you will, though. There’s no reason not to try, since Amex won’t run your credit until after you find out if you’re approved.
How far into the application process do you have to go to see the pop up?
You submit the application. If you’re not eligible for the welcome offer, you’ll get the pop-up and have the option to accept the card without the offer (and with a possible credit check) or cancel the application. If you cancel the application then, there’s no credit check.
Has the lifetime language on this offer changed? It seems unlikely, but it refers to 2 current types of cards, not 3.
“You may not be eligible to receive a welcome offer if you have or have had this Card the Platinum Card®, the Platinum Card® from American Express Exclusively for Morgan Stanley or previous versions of these Cards.”
Fair enough. Have a few other SUBs I’m working on, was just debating how much mental bandwidth to think about this when comparing application in a month or so when current SUBs are finished vs alternatives if I dont get another Biz Plat offer by then.
I also got the pop-up and have the Vanila Platinum since 2020. Not sure if it is worth trying again before the January 8 deadline.
Same here (MS Platinum). I actually also tried earlier this year at the standard offer when my MS Platinum was up for renewal (because of the statement credit for Schwab holdings). The free AU on MS Platinum does have value to me though so ultimately it is fine to keep for now.
I thought there was ONLY a statement credit with the MS- NOT the CS. Do I have it wrong/did this change? Searched but found nothing new
You do get a $100 statement credit from Schwab if you have at least $250,000 invested with them.
WOW, thanks- it’s actually more if you have more in a Schwab account. Here’s a paste form FM Platinum Card Guide.
Tim, wherever you are now(in the air to JFK?) this should probably be added above to the CS Plat page info, too?
$100 to $1,000 statement credit
Receive a statement credit each year based on your qualifying Schwab holdings: $250,000 invested = $100 statement credit; $1,000,000 invested = $200 statement credit; $10,000,000 invested = $1,000 statement credit
pop up jail after all of this. Thanks FM & Dan though….