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The American Express Platinum Card for Schwab

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welcome offer

Earn 60,000 points after $5,000 spent within the first 3 months.

Bonus Cash Value

Approximately $750*

Annual Fee

$550

Card Rewards

5 points on flights and hotels booked directly with airlines or amextravel.com. Starting 01/01/2021 earn 5 points on flights booked directly with airlines or amextravel.com on up to $500,000 annually

1 point on all purchases

Help Me Build Credit has partnered with CardRatings for our coverage of credit card products. Help Me Build Credit and CardRatings may receive a commission from card issuers. The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

Card Overview

The American Express Platinum Card for Schwab is a luxurious travel card, including travel benefits such as lounge access and auto rental insurance. You must have a Schwab account to be eligible. A set credit limit will not be set for you, rather it will be based on purchase history. Plus, points are worth 1.25 cents when deposited into your Charles Schwab brokerage account!

Card-Smart Tips & Advice
  • Good credit needed
  • You must have an eligible Schwab account to be eligible for this card
  • In a time span of 90 days, you can only get approved for 2 Amex cards.
  • You can only get approved for up to-and including- 10 Amex No Preset Spending Limit* cards. (This rule is not always enforced)
  • Amex will usually pull your Experian credit report
  • You can check your application status here or call 1 800 567 1083
  • If declined you can call 1 800 567 1083 to be reconsidered
Welcome Offer Eligibility
You can only receive 1 welcome bonus per lifetime on each Amex credit card. If you are not eligible for the welcome bonus you will be notified by Amex before you submit the application.
Card Details And Benefits
  • Receive $200 credit annually for incidental travel fees at qualifying airline
  • Receive $15 in Uber cash monthly
  • Receive $100 statement credit for Schwab Holdings greater than $250,000, or a $200 statement credit for Schwab Holdings greater than $1,000,000
  • Points are worth 1.25 cents when deposited into your Charles Schwab brokerage account
  • Global Entry or TSA PreCheck
  • No Foreign Transaction Fee
  • Lounge Access
  • Trip Cancellation Insurance
  • Auto Rental Collision Insurance
  • Lost Luggage Reimbursement
  • Trip Delay Reimbursement
  • Return Protection
  • Extended Warranty Protection
  • Cell Phone Protection
  • Purchase Protection

Additional Resources

  *No Preset Spending Limit means the spending limit is flexible. [In fact,] unlike a traditional [credit] card with a set limit, the amount you can spend adapts based on factors such as your purchase, payment, and credit history

Compare Cards

CardThe American Express Platinum Card for SchwabAmex Platinum
Welcome BonusEarn 60,000 points after $5,000 spent within the first 3 months.Earn 75,000 points after $5,000 spent within the first 6 months. Plus earn 10 points at U.S Gas Stations and U. S Supermarkets on up to $15,000 in combined purchases within the first 6 months
Annual Fee550$550
Rewards- 5 points on flights and hotels booked directly with airlines or amextravel.com. Starting 01/01/2021 earn 5 points on flights booked directly with airlines or amextravel.com on up to $500,000 annually - 1 point on all purchases- 5 points on flights booked directly with airlines and Amex Travel on the first $500,000 you spend within a calendar year - 1 point everywhere else
Upgraded StatusComplimentary Hilton Gold status, Marriott Gold status, Uber VIP, National Emerald Club Executive status, Avis Preferred Club status (publicly available), Hertz Gold Plus status (publicly available).Complimentary Hilton Gold status, Marriott Gold status, Uber VIP, National Emerald Club Executive status, Avis Preferred Club status (publicly available), Hertz Gold Plus status (publicly available).
CreditsEarn A $200 annual airline incidental fee credit Earn $15 in Uber Cash for U.S. rides each month plus a bonus of $20 in December, which is up to $200 annually Earn $100 in statement credits annually for purchases at Saks Fifth Avenue ($50 credits twice a year). Receive $100 statement credit for Schwab Holdings greater than $250,000, or a $200 statement credit for Schwab Holdings greater than $1,000,000Earn A $200 annual airline incidental fee credit Earn $15 in Uber Cash for U.S. rides each month plus a bonus of $20 in December, which is up to $200 annually Earn $100 in statement credits annually for purchases at Saks Fifth Avenue ($50 credits twice a year)
Extra Redemption ValuePoints are worth 1.25 cents when deposited into your Charles Schwab brokerage account
Global Entry and TSA pre-checkStatement credit for Global Entry or TSA Pre-Check every 4/4.5 years.Statement credit for Global Entry or TSA Pre-Check every 4/4.5 years.
No Foreign Transaction FeeNoneNone
Lounge AccessAccess to 12,000+ airport lounges, with a complimentary membership to Priority Pass Select. Centurion Lounges, AirSpace Lounges, Escape Lounges, Delta Skyclub (when flying Delta)Access to 12,000+ airport lounges, with a complimentary membership to Priority Pass Select. Centurion Lounges, AirSpace Lounges, Escape Lounges, Delta Skyclub (when flying Delta)
Trip Cancellation InsuranceCoverage for canceled or interrupted travel due to an unforeseen medical emergency, etc. Max $10,000 per person per trip for a max of $20,000 per year.Coverage for canceled or interrupted travel due to an unforeseen medical emergency, etc. Max $10,000 per person per trip for a max of $20,000 per year.
Auto Rental Collision InsuranceSecondary worldwide coverage (excluding Australia, Italy, and New Zealand) on rentals up to 30 days (max $75,000). You can purchase from Amex a premium plan that will offer primary coverage up to 42 days (max $100,000).Secondary worldwide coverage (excluding Australia, Italy, and New Zealand) on rentals up to 30 days (max $75,000). You can purchase from Amex a premium plan that will offer primary coverage up to 42 days (max $100,000).
Lost Luggage ReimbursementUp to $2,000 per person for lost or damaged luggage (max $10,000 per trip for NY residents)Up to $2,000 per person for lost or damaged luggage (max $10,000 per trip for NY residents)
Trip Delay ReimbursementIf your flight is delayed more than 6 hours you can claim up to $500 per trip to cover expenses like meals, lodging, toiletries, medication, and other personal use items (up to two claims per year).If your flight is delayed more than 6 hours you can claim up to $500 per trip to cover expenses like meals, lodging, toiletries, medication, and other personal use items (up to two claims per year).
Return ProtectionNot happy with a purchase? Get a refund on purchases that are passed the store return policy for up to 90 days. Max $300 per claim, $1,000 per year)Not happy with a purchase? Get a refund on purchases that are passed the store return policy for up to 90 days. Max $300 per claim, $1,000 per year)
Extended Warranty ProtectionGet one additional year on top of the original manufacturer’s warranty. (Will only cover if the original warranty is for 5 years or less. Max $10,000 each claim and $50,000 per year.Get one additional year on top of the original manufacturer’s warranty. (Will only cover if the original warranty is for 5 years or less. Max $10,000 each claim and $50,000 per year.
Cell Phone ProtectionStarting April 1st, 2021. Pay your monthly cell phone bill with this card and be covered in case your phone is stolen or damaged. (There is a $50 deductible on each claim. Max $800 per claim. Limit 2 claims per year).Starting April 1st, 2021. Pay your monthly cell phone bill with this card and be covered in case your phone is stolen or damaged. (There is a $50 deductible on each claim. Max $800 per claim. Limit 2 claims per year).
Purchase ProtectionGet refunded if your purchase is damaged, lost, or stolen for up to 90 days from the date of purchase. Max $10,000 per claim ($50,000 per year)Get refunded if your purchase is damaged, lost, or stolen for up to 90 days from date of purchase. Max $10,000 per claim ($50,000 per year)
Authorized User Fee$175$175

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*The estimate is based on our research on what approximate value consumers get when booking travel with points or transferring the points to partner airlines/hotels and booking award travel. You might need to be reward savvy to achieve the proper value. You can find out more on how we value points here

Please note: Although, I put a lot of effort to give my readers unbiased information. I’m legally required to notify you that I may be receiving compensation from credit card companies mentioned on this page. Please see our Advertisement Disclosure for more details.
The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.
Help Me Build Credit has partnered with AwardWallet and CardRatings for our coverage of credit card products. Help Me Build Credit, AwardWallet and CardRatings may receive a commission from card issuers.

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