Charles Schwab has launched the new American Express credit cards for its brokerage customers. The partnership was announced earlier this year and there’s two new cards that are now available for sign up. There’s really no surprises with the new cards as they’re pretty much what was already reported. One is a no-fee regular cash back card with a 1.5% cash back rate and a $100 sign up bonus. The other is a Schwab branded version of the Platinum card that comes with a $450 annual fee and a 40,000 MR points sign up bonus.
In order to apply for any of the two cards, you need to be 18 years of age or over with a valid U.S. home address (including in the U.S. territories and Puerto Rico) and an eligible Schwab brokerage account. An eligible brokerage account is a Schwab One Account or Schwab General Brokerage Account held in your name
This is the basic card. It doesn’t have an annual fee and earns 1.5% cash back automatically deposited into your eligible Schwab brokerage account. It has a sign up bonus as well, although small, of $100 statement credit. You’ll need to spend $1,000 in purchases in the first three months to receive the bonus.
- Get a $100 Card statement credit after spending $1,000 in purchases in the first three months
- Unlimited 1.5% cash back automatically deposited into your eligible Schwab brokerage account
- 0% intro APR on purchases and balance transfers for 6 months
- No Annual Fee
This is the Schwab branded version of the Amex Platinum card so the benefits are pretty much the same. The card comes with a hefty $450 annual fee which can be offset with a $200 Airline Fee Credit per Calendar Year. You can easily receive this credit twice, while paying the annual fee just once. If you apply late in the year, you can even get three $200 Airline Fee Credits for just one annual fee. The card comes with access to The Centurion lounge network, Delta Sky Clubs, and Airspace Lounges. It also comes with Priority Pass Select and statement credit every five years after you apply for Global Entry ($100) or TSA Pre✓ ($85).
There’s a sign up bonus 40,000 MR points after spending $3,000 in purchases in your first three months. You can use the points for deposits by Schwab to your eligible brokerage account, which will give you $500. But you can probably do better by transferring MR points to travel partners. This is still a nice option to cash in MR points for 1.25 cents a point.
- 40,000 MR points after spending $3,000 in purchases in your first three months
- Complimentary access to over 900 airport lounges, including The Centurion lounge network, Delta Sky Clubs, and Airspace Lounges
- $200 Airline Fee Credit per Calendar Year
- Free Priority Pass Select
- Receive a Card statement credit every five years after you apply for Global Entry ($100) or TSA Pre✓ ($85)
- 1 MR points per dollar spent
- Receive a $100 Card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000 or receive a $200 Card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000
- No foreign transaction fees
- $450 Annual Fee