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New Schwab Platinum Card from American Express coming

by on Mon January 25, 2016 • No Comment


Charles Schwab is about to launch new credit cards for its brokerage customers, latching on to something Fidelity has done for years with its Investment Rewards American Express (and soon Visa Signature).

Reddit users are reporting one of them is a regular cash back card with a not so exciting 1.5% cash back rate. And another is a Schwab branded version of The Platinum Card from American Express.

Why is this interesting?

American Express has several co-branded versions of The Platinum Card, with partners including Ameriprise, Morgan Stanley, Goldman Sachs, and even Mercedes Benz.

They all enjoy the same base benefits as the standard Platinum Card.

So we expect the Schwab version will have the Delta SkyClub, Centurion Lounge, and Priority Pass lounge access you’re used to, along with the $200 annual airline fee credit, and TSA / Global Entry fee reimbursement.


What’s not known is the annual fee ($550) or the intro offer (Earn 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months, which would match the standard Platinum Card offer, though not nearly as high as some of the targeted offers available).

But the useful thing is that at least in the past, it has treated each of the versions as different products from the non co-branded Platinum Card.

That means you could earn a fresh sign on incentive from one of the co-brand products even if you’ve already had a regular Platinum Card. And it also means you can take advantage of the $200 annual airline fee credit for each card.

How can you get this card?

When it becomes available, you’ll need to be a Schwab brokerage customer to be eligible to apply.


That’s not hard.

By opening a no fee Schwab High Yield Investor Checking account, you’ll automatically get a Schwab One brokerage account, and there are no minimum deposit requirements and no ongoing fees.

The High Yield Investor Checking account is actually pretty competitive for travelers, as it’s one of the few checking accounts that waives all ATM and transaction fees on foreign transactions, even if you’re not using a Schwab ATM, letting you use any ATM in the world fee-free.

You can open the account entirely online, so there’s no need to deal with going to one of Schwab’s offices and talking with one of their brokers.

In the brokerage world, it’s all about finding ways to establish a relationship early, because when you are ready to invest or rollover your retirement funds, you’re more likely to do it with someone you already do everyday business with. So companies like Schwab and Fidelity are willing to offer entry level products that aren’t so lucrative for them, but good deals for you to establish a relationship.

And hopefully, this means Schwab will get more creative with introductory offers to make their version of The Platinum Card more enticing.

[Schwab image via Flickr]


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