The Charles Schwab Cards from American Express offer bonus incentives for new card applicants as well as annual promotional benefits related to your Schwab brokerage account holdings.
There are 2 Charles Schwab American Express cards available: Schwab Investor Card from American Express and American Express Platinum Card for Schwab.
The Schwab Investor Card from American Express provides a $100 statement credit after $1,000 in purchases with unlimited 1.5% cash back and no annual fee.
The American Express Platinum Card for Schwab provides 60,000 Membership Rewards bonus points after $5,000 in purchases, which is redeemable as a $750 deposit to your Schwab brokerage account, plus you’ll receive a Schwab Appreciation Bonus of up to $200 upon account opening and up to $200 every account anniversary thereafter, and there is a $550 annual fee.
Eligibility for Charles Schwab Cards from American Express
Both cards are issued by American Express Bank, and they are only available to clients that maintain an eligible Charles Schwab Brokerage Account.
If you have a qualifying Schwab brokerage account, including a Schwab One Account or Schwab General Brokerage Account, then you may also wish to open an American Express Charles Schwab credit card or charge card account.
Just remember that American Express may cancel your Schwab card account if you do not maintain an eligible brokerage account.
Check out these Charles Schwab Credit Cards to apply online or by phone.
Schwab Investor Credit Card from American Express
You’ll get a $100 card statement credit when you spend $1,000 in purchases on the Schwab Investor Card within the first 3 months of card membership.
You’ll receive unlimited 1.5% cash back on all eligible purchases, which will be automatically deposited into your Schwab brokerage account.
There is a 0% intro APR on purchases and balance transfers for the first 6 months of account opening.
There is no annual fee for the Schwab Investor credit card account from American Express.
American Express Platinum Card for Schwab
The Charles Schwab Platinum Card from American Express offers 60,000 Membership Rewards points after you spend $5,000 in purchases within your first 3 months of account opening.
Plus, you’ll get from $100 to $200 in bonuses on account opening and annually thereafter, based on your qualifying Schwab holdings.
Unlike the standard Platinum Card deal, this Schwab Platinum Card version comes with the Schwab Appreciation Bonus as well, making it a great option for Charles Schwab brokerage account customers.
You’ll earn 1 Membership Rewards point per $1 spent on your Schwab Platinum Card, which can be invested back into your Charles Schwab brokerage account.
There is a $550 annual fee for this card.
Schwab Appreciation Bonus: Earn $100-$200 upon Account Opening and Annually Thereafter
The Schwab Apprecation Bonus is provided to you following card account approval and annually thereafter, upon meeting the holdings level at the time of measuring.
You’ll receive a $100 card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000.
You’ll receive a $200 card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000.
Your qualifying Schwab holdings will be measured within 5 business days of your card account approval and on the first calendar day of your annual card account renewal month.
Qualifying Schwab holdings include: brokerage accounts, living trusts, testamentary trusts, custodial, 529, guardianship, conservatorship, estate, usufruct, life estate, IRAs, check, savings, money market, CDs, pledged asset, mortgage, and home equity loans.
The Schwab Appreciation Bonus is only available with the American Express Platinum Card for Schwab.
Invest in Charles Schwab with Membership Rewards
You can use the Membership Rewards points that you earn with the Platinum Card for Schwab as deposits to your Charles Schwab brokerage account.
Every 1,000 Membership Rewards points redeemed as deposits by Schwab is equal to $12.50 in deposited funds.
So the 60,000 bonus points would be equal to $750 in deposits by Schwab to your brokerage account.
You can use the deposits in your Schwab brokerage account to purchase investments available through Schwab.
Take advantage of the Charles Schwab Cards from American Express if you have a Schwab brokerage account.