American Express Platinum Card^® for Schwab Review [2024]: Luxury Benefits and Schwab Deposits

The Platinum Card^® from American Express is one of the best travel credit cards available. With the American Express Platinum Card^® for Schwab, you get all the benefits of the hugely popular Amex Platinum, plus additional perks thanks to the Charles Schwab partnership.

In this American Express Platinum Card for Schwab review, we’ll cover who this card is best for, its benefits and drawbacks, and the best ways to earn and redeem your rewards. This will help you decide whether the Amex Platinum for Schwab deserves a spot in your wallet.

Use Your Rewards to Amplify Your Investments

American Express Platinum Card^® for Schwab

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

American Express Platinum Card^® for Schwab

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Terms Apply

Current Offer

Earn 80,000 Membership Rewards points after spending $8,000 in the first 6 months

Annual Fee

$695

Rewards Rate

5X points per dollar spent on eligible airfare (on up to $500,000 per calendar year, after that 1X) and hotel purchases, and 1X points per dollar on all other eligible purchases

Benefits and Drawbacks

Benefits

• Earn 80,000 Membership Rewards points after spending $8,000 in the first 6 months
• 5X points per dollar spent on eligible airfare (on up to $500,000 per calendar year, after that 1X) and hotel purchases, and 1X points per dollar on all other eligible purchases
• Redeem rewards as a deposit into your Schwab account
• Luxury travel perks
• $695 annual fee. Terms apply.

Drawbacks

• Must pay balances in full since it is a charge card
• Has annual fee

Card Details

• Earn 80,000 Membership Rewards points after spending $8,000 in the first 6 months
• 5X points per dollar spent on eligible airfare (on up to $500,000 per calendar year, after that 1X) and hotel purchases, and 1X points per dollar on all other eligible purchases
• Terms apply

Who should get the American Express Platinum Card for Schwab?

The American Express Platinum Card for Schwab is an excellent card choice if you’re interested in earning Amex Membership Rewards points. These points can typically be redeemed for travel through Amex Travel, gift cards, statement credits, and online shopping purchases. However, because this card is co-branded with Charles Schwab, you also get the added bonus of redeeming your points for deposits directly into an eligible account.

In addition, the Amex Platinum for Schwab provides loads of value for frequent travelers. You receive a complimentary Priority Pass membership and free access to Amex Centurion Lounges. You also receive up to $200 in annual airline fee credits each year and up to $200 in annual Uber Cash credits.

Card basics

American Express Platinum Card for Schwab benefits and perks

• Generous welcome offer: Earn 80,000 Membership Rewards points after spending $8,000 in the first 6 months.
• High earning potential: Earn 5X points per dollar spent on eligible airfare (on up to $500,000 per calendar year, after that 1X) and hotel purchases, and 1X points per dollar on all other eligible purchases.
• Schwab benefits: Cardholders can redeem their points for deposits into an eligible Schwab account. You can also receive up to $200 in annual statement credits each year. Receive $100 credit for qualifying Schwab Holdings worth $250,000 or $200 credit for qualifying Schwab Holdings worth $1 million or more.
• Premium travel benefits: Access both Priority Pass lounges and Amex Centurion Lounges for free. Receive complimentary TSA PreCheck or Global Entry fee reimbursement. Also receive automatic Hilton Honors Gold status and Marriott Bonvoy Gold Elite status.
• Annual credits: Receive up to $200 in annual airline fee credits for the airline of your choice and up to $200 in annual Uber Cash to use through the Uber app.
• Travel insurance: Cardmembers receive trip cancellation and interruption insurance, trip delay insurance, baggage insurance, and car rental insurance.
• Purchase protection: Receive purchase protection and extended warranty benefits for eligible purchases.
• Cellphone protection: Receive cell phone protection for cellphones attached to a cell phone bill you pay in full with this card. Up to $800 per claim for stolen or damaged cell phones and up to two claims per card account per 12-month period. A $50 deductible per claim may apply.
  
  Note: Enrollment required for select benefits.

Drawbacks to the American Express Platinum Card for Schwab

• High annual fee: The Amex Platinum for Schwab has a $695 annual fee (terms apply), which is one of the highest you’ll see on most credit cards. The benefits and rewards can more than make up for the fee, but only if you’re using the card enough to get value from it.
• Limited travel credit: Annual travel credits are nice, but the $200 annual airline fee credits you get with this card can only be used with one qualifying airline each calendar year. This limits its uses if you fly multiple airlines.
• Schwab requirement: This card is available only if you maintain an eligible Schwab account. This makes sense, but it could pose an issue if you ever close your linked Schwab account.

Earning and redeeming Amex Membership Rewards

Potential earnings in year one

Here's a look at how your points can add up with the American Express Platinum Card for Schwab. To calculate these values, we used a point valuation of 1 cent.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $640

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model, which looks at points earned via spending, the welcome offer, and the annual fee.

In addition to the year one earnings above, Amex Platinum cardholders can also receive several annual credits. These include up to $200 in statement credits for airline fees, $200 in Uber credits, $100 in statement credits at Saks Fifth Avenue, and up to $100 in hotel credits on qualifying charges at select hotels. 

If you factor these credits in, year one value can increase to $1,185. You can also get even more value for this card if you take advantage of the complimentary benefits at airport lounges. Note that enrollment is required for certain benefits.

Best ways to earn

The best way to earn rewards with your American Express Platinum Card for Schwab is by using it to make travel purchases that fall within the card’s 5X bonus category. 

Specifically, any flights booked directly with airlines or with American Express Travel (on up to $500,000 per calendar year, after that 1X) and eligible hotels booked with American Express Travel. 

Because this is the only bonus category available on the Amex Platinum for Schwab, all other types of purchases wouldn’t provide anything more than average earning potential.

Maximizing your redemptions

With Amex Membership Rewards points, it’s easy to find a redemption option that suits your financial needs. However, not every redemption offers the same value for your points.

For instance, here’s how much value you can expect when using 10,000 Membership Rewards points on these redemptions:

Note: The potential value of transferring 10,000 points to travel partner companies can be well over $100, but it depends on which partner you transfer to and how those points are then used.

As you can see, travel-related redemptions are easily some of the best options when it comes to maximizing your redemptions. Shopping and covering your card charges offer a lot less value and should generally be avoided. However, cashing out your points through Schwab presents a unique opportunity to earn decent value from your rewards. If you compare credit cards, there aren’t many options out there with a benefit like this.

American Express Platinum Card for Schwab transfer partners

Because American Express partners with many other companies, this opens up redemption options for your Membership Rewards points. Consider using Amex transfer partners if you’d rather use your points to book travel directly with another loyalty program.

Keep in mind, once you’ve transferred your points to another program, they can’t be transferred back. Amex transfer partners include these airline loyalty programs:

• Alitalia MilleMiglia
• Asia Miles
• British Airways Executive Club
• Delta Air Lines SkyMiles
• Emirates Skywards Miles
• Etihad Airways Guest Miles
• Finnair Plus
• Flying Blue
• Iberia Plus
• Qantas Frequent Flyer
• Scandanavian Airlines (SAS) EuroBonus
• Singapore Airlines KrisFlyer
• Virgin Atlantic Flying Club

If you’re interested in hotel stays, Amex also partners with these hotel programs:

• Hilton Honors
• Marriott Bonvoy
• Radisson Rewards

American Express Platinum Card for Schwab FAQs

Other cards to consider

The American Express Platinum Card for Schwab is an amazing travel credit card with fantastic benefits and high-quality rewards. It may not fit everyone’s financial needs and goals, though. For other card options, consider the American Express^® Gold Card and the Chase Sapphire Reserve^®.

The American Express Gold Card also earns valuable Membership Rewards points, though at a rate of 4X Membership Rewards points at U.S. supermarkets (up to $25,000 per year, after that 1X) and at restaurants, plus takeout and delivery in the U.S., 3X on flights booked directly with airlines or on Amextravel.com, and 1X on all other eligible purchases. With these bonus categories, you open up your earning potential on everyday purchases. Plus, the annual fee is only $250. 

The Chase Sapphire Reserve is very similar to the Amex Platinum for Schwab, except this card earns Chase Ultimate Rewards points instead of Membership Rewards points. You’ll earn 5X points on flights and 10X points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually; 3X points on other travel and dining & 1X points per dollar on all other purchases. 

You also get valuable benefits like a $300 annual travel credit, Priority Pass membership, TSA PreCheck or Global Entry fee credit, and travel insurance. If you’re able to take advantage of these benefits, they should be more than enough value to offset the $550 annual fee.

Use Your Rewards to Amplify Your Investments

American Express Platinum Card^® for Schwab

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

American Express Platinum Card^® for Schwab

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Why We Like It

Earn 80,000 Membership Rewards points after spending $8,000 in the first 6 months

Terms Apply

See how these cards compare:

American Express® Gold Card

• Earn 60,000 Membership Rewards points after you spend $6,000 on eligible purchases within the first 6 months of card membership
• Choose your color: gold or rose gold
• Up to $120 in dining credits per year
• Up to $120 in Uber Cash per year
• $250 annual fee
• Select benefits require enrollment.
• See rates and fees | Terms Apply

Chase Sapphire Reserve®

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
• Earn 10X points on hotels and car rentals purchased through Chase Travel℠ (after the first $300 is spent on travel purchases annually)
• Priority Pass airport lounge access
• $300 annual travel credit
• 1:1 point transfer to leading airline and hotel loyalty programs