The Platinum Card® from American Express Exclusively for Charles Schwab is a premium rewards credit card that offers excellent benefits and statement credits when used for eligible purchases. This card provides all the perks of the standard American Express Platinum card, such as a $200 airline fee credit, $200 in Uber savings, and access to airport lounges.
(All information about the Schwab American Express Platinum has been collected independently by Deals Points and has not been reviewed or approved by the issuer.)
This credit card review will cover everything you need to know about this card to determine if you should add this card or a different card to your wallet. Let’s dive right in.
- Earn 80,000 Membership Rewards® points after spending $8,000 in purchases on your Platinum Card from American Express for Charles Schwab in your first 6 months of Card Membership.
- 5x Points on Flights Booked Directly With Airlines (up to $500,000 in purchases each calendar year)
- Airport Lounge Access (Centurion, Delta Sky Club, Priority Pass, Escape, and Plaza Premium)
- No Foreign Transaction Fees
- $695 Annual Fee
Amex Platinum vs Schwab Amex Platinum
The Schwab Platinum is almost identical to the American Express Platinum Card® with a few key differences:
Schwab Account Required: To be eligible to apply for the Schwab Platinum Amex you are required to have a Schwab brokerage account (either in your name or in the name of a living trust that you oversee) or an IRA held with Schwab (not managed by an independent investment advisor). If you do not maintain an eligible Schwab account, American Express may cancel your Schwab Amex Platinum.
Schwab Appreciation Bonus: You can receive: (1) a $100 Card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000 and less than $1,000,000; (2) a $200 Card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000 and less than $10,000,000; or (3) a $1,000 Schwab Appreciation Bonus if your qualifying Schwab holdings are equal to or greater than $10,000,000, in each case when measured following Card account approval and annually thereafter.
Redeem Points for Cash Deposits: The Schwab Amex Platinum earns valuable Membership Rewards points which can be transferred to airline and hotel partners. But if you would prefer cash over travel, then you can transfer points to your eligible Schwab account for a rate of 1.10 cents per point. Plus, if you have other Membership Rewards cards, you can pool those points and cash them out as well.
Welcome Bonus
The Amex Schwab Platinum currently offers the following welcome bonus:
Earn 80,000 Membership Rewards® points after spending $8,000 in purchases on your Platinum Card from American Express for Charles Schwab in your first 6 months of Card Membership.
Earning Membership Rewards Points
- 5 points per dollar on flights booked directly with airlines or through American Express Travel®, on up to $500,000 on these purchases per calendar year.
- 5 points per dollar on prepaid hotels booked on AmexTravel.com.
- 1 point per dollar on all other purchases.
Annual Fee
The Schwab Amex Platinum comes with a hefty annual fee of $695 (rates & fees), which can be offset if you take advantage of the numerous credits totaling up to $1,984 per year, airport lounge access, and elite status.
There is also a $195 annual fee for each additional authorized user Platinum Card, who also receive airport lounge access, Global Entry/TSA PreCheck credit, and hotel and rental car elite status.
For example, if you had three authorized users with Amex Platinum cards, your additional fee would be $585.
Alternatively, you can add for free up to 99 Companion Cards for free, which allows you to earn points for spending on the Companion Card, but there are no perks like airport lounge access.
Card Benefits and Perks
The Amex Platinum offers the most benefits of any credit card, including the following:
Lounge Access: Eligible Card members get access to the extensive American Express Global Lounge Collection, including Centurion Lounges, Priority Pass lounges, Lufthansa lounges (when flying Lufthansa, SWISS, or Austrian) and Delta Sky Clubs when flying Delta. Platinum members receive 10 Delta Sky Club visits annually per eligible card (unless you spend $75,000 in a calendar year) when traveling on same-day Delta flights.
Airline Fee Credit: You’ll receive up to $200 in statement credits annually for incidental fees charged by one qualifying airline of your choice.*
Hotel Credits: You’ll receive up to $600 in hotel credits annually with this card, split into two convenient semi-annual periods. The credit structure gives you up to $300 from January through June and another $300 from July through December.*
Uber Cash: Your card provides up to $200 annually in Uber Cash, distributed as up to $15 monthly credits, plus a bonus of up to $20 in December. These credits can be used for both Uber rides and Uber Eats orders within the United States when you add your Platinum Card as a payment method and redeem with any Amex card.*
Uber One Credit: You’ll receive up to $120 annually in statement credits after purchasing an auto-renewing Uber One membership with your card, which is separate from the existing $200 annual Uber Cash benefit.*
CLEAR Plus Credit: You can cover the cost of a CLEAR Plus Membership with up to $209 in statement credits per calendar year after you pay for CLEAR Plus with this card.*
Digital Entertainment Credit: You’ll receive up to $25 monthly (up to $300 annually) in credits toward popular streaming services like Disney+, Hulu, ESPN+, Paramount+, Peacock, YouTube Premium, YouTube TV, and digital subscriptions to The New York Times and The Wall Street Journal. *
Resy Dining Credit: You’ll receive up to $100 quarterly (up to $400 annually) in statement credits when you use your card for eligible dining purchases at over 10,000 U.S. Resy restaurants.*
Lululemon Shopping Credit: You’ll receive up to $75 quarterly (up to $300 annually) in statement credits when you use your card for eligible purchases with Lululemon in the U.S.*
Oura Ring Credit: You’ll receive up to $200 annually in credits when you use your card to purchase an Oura Ring through ouraring.com.*
Equinox Credit: Enjoy up to $300 in annual statement credits toward Equinox gym memberships or the Equinox+ fitness app (subject to auto-renewal).*
SoulCycle Benefit: You can receive up to $300 in statement credits toward the purchase of a SoulCycle at-home bike (up to 15 bikes per calendar year). To qualify, you must be enrolled in an Equinox+ membership when making your purchase.*
Walmart+ Credit: Receive up to $155 in statement credits annually (up to $12.95 monthly plus applicable taxes) covering a Walmart+ membership when paying with your Platinum Card.
Global Entry/TSA PreCheck: You’ll get a $120 statement credit for Global Entry every four years or up to $85 credit for TSA PreCheck every 4.5 years.
Saks Fifth Avenue Credit: Enjoy up to $100 in Saks Fifth Avenue statement credits annually, divided into two $50 credits (January-June and July-December).*
Hotel Elite Status: Enjoy complimentary Gold status with both Hilton Honors, Marriott Bonvoy, and Leaders Club hotel programs.*
Car Rental Status: Enjoy complimentary elite status with multiple car rental agencies: Hertz Gold Plus Rewards President’s Circle, Avis Preferred Plus, and National Emerald Club Executive.
Premium Hotel Programs: You’ll have access to exclusive Amex Fine Hotels + Resorts and The Hotel Collection booking programs. These provide valuable perks like room upgrades, daily breakfast for two, guaranteed late checkout, and unique property amenities during your stays.
Travel Protections: Your Platinum Card covers trip delays over six hours (up to $500), cancellations/interruptions (up to $10,000), secondary rental car insurance when declining the rental company’s waiver, and baggage insurance for lost, damaged, or stolen items when purchasing tickets with your card.**
Shopping Protections: Your Platinum Card safeguards purchases with extended warranty coverage adding up to one year to eligible manufacturer’s warranties, protection against theft, damage, or loss for 90 days, potential reimbursement when merchants refuse returns within 90 days, and cell phone protection when you pay your monthly bill with your card.**
* Enrollment is required for select benefits.
** Eligibility and benefit level varies by card. Terms, conditions, and limitations apply. Please visit americanexpress.com/benefitsguide for more details.
Redeeming Membership Rewards Points
American Express Membership Rewards points are a versatile and valuable currency for travelers. The program offers numerous redemption options, with transfers to airline partners being the most lucrative way to use your points. Amex partners with 18 airlines and 3 hotel chains, allowing you to access a wide range of travel possibilities. Some of the best redemptions include booking business class flights to Europe through Air France-KLM Flying Blue for as low as 50,000 miles one-way. Virgin Atlantic’s Flying Club offers excellent value for Delta One flights to Europe at 50,000 points, significantly less than booking directly through Delta. For those planning a trip to Asia, transferring to ANA Mileage Club can yield incredible value. Round-trip business class flights from the West Coast to Tokyo can be booked for just 90,000 miles. Singapore Airlines KrisFlyer is another great option, especially for their renowned long-haul flights like New York to Singapore. Domestic travelers can benefit from transferring to British Airways Executive Club for short-haul American and Alaska Airlines flights, with awards starting at just 8,250 Avios for distances up to 650 miles. While transferring to airline partners typically offers the best value, Amex also allows direct redemptions for flights through their travel portal. However, this option generally provides lower value at 1 cent per point. To maximize your Membership Rewards, focus on high-value airline transfers for premium cabin international flights. With strategic planning, you can unlock extraordinary travel experiences and significant savings on your next adventure.
Membership Rewards Transfer Partners [1 to 1]
Aer Lingus Avios
AeroMexico [1 to 1.6]
Air Canada Aeroplan
Air France/KLM Flying Blue
ANA
Avianca LifeMiles
British Airways Avios
Cathay Pacific Asia Miles
Delta SkyMiles
El Al [1,000 to 20]
Emirates
Etihad Guest
Hawaiian Airlines
Iberia Avios
JetBlue [250 to 200]
Qantas
Qatar Airways
Singapore KrisFlyer
Virgin Atlantic
Choice
Marriott Bonvoy
Hilton Honors [1 to 2]
Pros and Cons
Pros:
- Ability to cash out Membership Rewards Points towards a brokerage account if you do not want to use points towards travel.
- Excellent airport lounge access, especially if you fly Delta or live in a city with a Centurion Lounge.
- 5x points on flights can be very lucrative if you are a frequent flyer.
Cons:
- High annual fee and authorized user fee.
- Not an ideal card for everyday spending.
Alternatives to Schwab Platinum Amex
Now that you know about this credit card’s various benefits and pros and cons, it’s time to see its alternatives.
Capital One Venture X Rewards Credit Card
The Capital One Venture X Rewards Credit Card (review) delivers both everyday value with unlimited 2x miles on purchases and premium comfort through comprehensive airport lounge access for you upon enrollment. You’ll also receive $300 in annual travel credits plus 10,000 anniversary bonus miles, creating substantial ongoing value. Welcome Bonus: bonus_miles_full Earning Rewards: 10x miles on hotels and rental cars and 5x miles on flights and vacation rentals booked through Capital One Travel; 2x miles on all other purchases. Card Benefits: $300 annual credit for bookings through Capital One Travel, 10,000 bonus miles every account anniversary, airport lounge access (Capital One and Priority Pass) upon enrollment, Global Entry / TSA PreCheck credit, Hertz President’s Circle elite status, primary rental car insurance, trip delay insurance, trip cancellation insurance, and cell phone protection. Transfer Partners: Accor (2 to 1), Aeromexico, Air Canada Aeroplan, Air France-KLM Flying Blue, Avianca LifeMiles, British Airways, Cathay Pacific, Choice Privileges, Emirates, Etihad, Finnair, I Prefer Hotels (1 to 2), Japan Airlines(2 to 1.5), JetBlue (5 to 3), Qantas, Qatar, Singapore KrisFlyer, TAP Air Portugal, Turkish Airlines, Virgin Red, and Wyndham Rewards.
American Express® Gold Card
The American Express® Gold Card (review) is a great card for earning points at restaurants, U.S. supermarkets, and flights booked directly with airlines. Cardholders can also enjoy up to $424 in annual credits and nice travel and purchase protections. Earning Points: 4x points at restaurants worldwide, on up to $50,000 in purchases per calendar year (then 1x points); 4x points at U.S. supermarkets on up to $25,000 in purchases per calendar year (then 1x points); 3x points on flights booked directly with airlines or on AmexTravel.com; 2x points on prepaid hotels and other eligible purchases booked on AmexTravel.com; 1x points on all other eligible purchases. Benefits: Transfer Partners: Aer Lingus, AeroMexico, Air Canada Aeroplan, ANA, Avianca LifeMiles, British Airways, Cathay Pacific, Choice Privileges, Delta, Emirates, Etihad, Air France – KLM Flying Blue, Hawaiian Airlines, Hilton, Iberia, JetBlue, Marriott, Qantas, Qatar Airways, Singapore KrisFlyer, and Virgin Atlantic.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card (review) is one of the most popular travel rewards cards because it offers nice welcome bonus and extra points on travel and dining, which can be transferred to airline and hotel partners or redeemed directly for travel at a rate of 1.25 cents per point through Chase Travel℠. The Sapphire Preferred also offers great travel and purchase protections for a card with a $95 annual fee. Welcome Bonus: bonus_miles_full Earning Rewards: 5x points on travel purchased through Chase Travel, 3x points on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2x points on all other travel purchases, and 1 point per dollar on all other purchases. Card Benefits: Ability to transfer to airline and hotel partners, 25% bonus when redeeming points through Chase Travel, $50 annual hotel stay credit via Chase Travel, 10% anniversary points bonus, no foreign transaction fees, primary rental car insurance, trip delay insurance, trip cancellation insurance, baggage delay insurance, purchase protection, and extended warranty. Transfer Partners: Aer Lingus, Air Canada Aeroplan, British Airways, Emirates, Air France KLM Flying Blue, Hyatt, IHG, Iberia, JetBlue, Marriott, Singapore KrisFlyer, Southwest, United, and Virgin Atlantic.
Is the Schwab Amex Platinum Worth it?
The Amex Schwab Platinum for Schwab offers many lucrative benefits for frequent travelers and spenders that offset its high annual fee.
As the only credit card that allows cashing out of Membership Rewards points at 1.1 cents per point for cash back, it provides excellent value for redeeming points compared to other cards.
However, the card is mainly worthwhile for users who can maximize its travel and shopping credits each year.
Overall, for users who travel regularly and are able to use the statement credits and points redemptions, the Schwab Platinum Amex can be worth the annual fee.
