Platinum Card® from American Express for Schwab Review

The Platinum Card® from American Express for Schwab is an elite credit card that stands in the premium segment of the market, tailored for high-net-worth individuals who are avid travelers and investors. American Express, a brand synonymous with prestige and exclusive benefits, has crafted this card to provide unparalleled rewards, perks, and services. In this detailed review, we will dive deep into what makes the Platinum Card® from American Express for Schwab a standout choice, and whether its high annual fee is justified by its extensive benefits.

Platinum Card® from American Express for Schwab Key Takeaways

– 5x Membership Rewards® Points: Earn 5x Membership Rewards® points on up to $500,000 per calendar year on flights booked directly with airlines or with American Express Travel.
– 80,000 Membership Rewards® Points Welcome Offer: After spending $8,000 on purchases in the first six months.
– Annual Fee: $695.
– APR: Variable APR of 21.24%-29.24%.
– Travel and Hotel Benefits: Receive up to $200 in statement credits on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings and up to $200 in statement credits for incidental airline fees.
– No Foreign Transaction Fees: Ideal for international travelers.
– Excellent Credit Requirement: A credit score of 740-799 is recommended.

Platinum Card® from American Express for Schwab Pros and Cons

Pros:

– No Foreign Transaction Fees: This is particularly beneficial for frequent international travelers.
– Extensive Travel Rewards: 5x points on flights and eligible hotels booked through American Express Travel.
– Significant Welcome Offer: 80,000 Membership Rewards® points after meeting the spending requirement.
– Luxury Travel Perks: Includes statement credits for hotel bookings and airline fees.
– Payment Flexibility: Offers options to pay over time.
– Excellent Customer Service: American Express is known for its top-tier customer service.

Cons:

– High Annual Fee: At $695 annually, it’s one of the more expensive cards on the market.
– No Balance Transfer Option: This could be a deal-breaker for those looking to consolidate debt.
– High APR: Variable APR between 21.24% and 29.24% can be costly if balances are not paid in full monthly.
– Limited Cash Advance Features: High fees and interest rates on cash advances.

Platinum Card® from American Express for Schwab Benefits

1. Earning Membership Rewards® Points

The Platinum Card® from American Express for Schwab is a powerhouse for earning Membership Rewards® points, particularly for those who travel frequently. Here’s a breakdown of the points structure:
– 5x Points on Flights: Earn 5x Membership Rewards® points on up to $500,000 per calendar year on flights booked directly with airlines or through American Express Travel. This is an exceptional rate and can accumulate quickly for frequent flyers.
– 5x Points on Hotels: Earn 5x Membership Rewards® points on eligible prepaid hotels booked through American Express Travel, including The Hotel Collection. This ensures that your accommodation expenses are equally rewarding.

2. Welcome Offer

The card offers a generous welcome bonus of 80,000 Membership Rewards® points after spending $8,000 in purchases within the first six months of card membership. This bonus can be a significant boost to your rewards balance and can be redeemed for travel, gift cards, statement credits, and more.

3. Travel Perks and Credits

The Platinum Card® from American Express for Schwab is designed with the traveler in mind, offering a variety of credits and perks:
– $200 Hotel Credit: Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel when you pay with your Platinum Card®.
– $200 Airline Fee Credit: Receive up to $200 in statement credits per calendar year for incidental fees charged by your selected airline. This could include baggage fees, in-flight refreshments, and more.
– Global Lounge Collection: Access over 1,200 airport lounges worldwide, including the exclusive American Express Centurion Lounges.

4. Additional Travel and Shopping Benefits

– Global Entry or TSA Pre✓® Credit: Receive a statement credit every four years after you apply for Global Entry ($100) or TSA Pre✓® ($85) with your Platinum Card®.
– No Foreign Transaction Fees: This is a significant benefit for international travelers, as it saves on the usual 2-3% fee charged by many other credit cards.
– Purchase Protection: Enjoy purchase protection for eligible purchases against theft or accidental damage for up to 90 days from the purchase date.
– Extended Warranty: Get up to one additional year added to the original manufacturer’s warranty on eligible purchases.

5. Investment-Related Benefits

As this card is in collaboration with Charles Schwab, there are unique benefits tailored for Schwab account holders:
– Invest with Rewards: You can invest your Membership Rewards® points directly into your Schwab investment account, turning your everyday spending into potential investment growth.
– Financial Insights: Access to exclusive financial insights and planning resources, helping you make the most of your finances.

6. Insurance and Protection

The Platinum Card® from American Express for Schwab offers a range of insurance and protection benefits, including:
– Car Rental Loss and Damage Insurance: Coverage for car rentals when you use your card to book.
– Travel Accident Insurance: Up to $500,000 in coverage for accidental death or dismemberment during travel.
– Baggage Insurance Plan: Coverage for lost, damaged, or stolen baggage.

Conclusion

The Platinum Card® from American Express for Schwab is a premium credit card that offers extensive benefits, particularly for those who travel frequently and hold investments with Charles Schwab. The card’s robust rewards structure, including 5x points on flights and hotels, combined with a generous welcome offer, makes it a compelling choice for high-net-worth individuals. The additional travel perks, such as the $200 hotel and airline fee credits, Global Lounge Collection access, and comprehensive insurance benefits, further enhance its value.
However, the card does come with a high annual fee of $695, which may not be justifiable for everyone. It also lacks balance transfer options and has a high variable APR, making it less suitable for those who carry a balance month-to-month.
Ultimately, the Platinum Card® from American Express for Schwab is best suited for individuals who can maximize its travel and investment benefits and are comfortable with the high annual fee. If you fit this profile, the card’s rewards and perks can significantly enhance your travel experiences and potentially grow your investment portfolio.