Card Review: AMEX Platinum Charles Schwab Card

The AMEX Platinum Card has many versions. From personal and business versions to branded ones, the choices are more extensive than other credit cards. One of its variations is the AMEX Platinum Charles Schwab card, and in order to apply for the card, you need to have a Charles Schwab brokerage account. In addition, it comes with unique benefits and perks that you cannot find in other AMEX Platinum cards. I personally believe this is superior to a regular version of the AMEX Platinum card. How does the AMEX Platinum Charles Schwab card differ and what kind of benefits does it offer? Here is everything you need to know about the card.

The current sign-up bonus poses an amazing potential to earn up to 350,000 MR points. Photo credit: www.americanexpress.com

Sign-Up Bonus & Multiplier: Worth up to $2,000 and More!

The AMEX Platinum Charles Schwab Card is currently offering a sign-up bonus of 100,000 Membership Rewards (MR) points after spending $6,000 in the first six months of account opening. I personally value MR points at 2 cents per point, valuing this “normal” sign-up bonus at $2,000. However, if you use a referral link or search for the offer using Google’s Incognito Mode, you may be able to find a bonus offer of 100,000 points + 10X MR points on restaurants worldwide and on Shop Small domestic vendors, on up to $25,000 in combined purchases during your first 6 months of card membership. If you were lucky enough to get the elevated signup bonus with the 10X restaurant and Shop Small multipliers, you could technically earn up to 350,000 MR points, worth up to $7,000. This is the highest offer I’ve seen, and I bet this is the best offer we will see for a while.

You need to have a Charles Schwab brokerage account in order to open the AMEX Platinum Charles Schwab card.

Because the primary focus of owning the AMEX Platinum Card is to fly and travel, the multipliers, other than the airfare earning rate, are fairly weak. The card earns 5X MR points on up to $500,000 per calendar year on flights purchased directly from airlines or on the AMEX travel portal. It also earns 5X MR points on hotels booked and prepaid on the AMEX travel portal, and all other purchases earn 1X MR points.

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Annual Fee & Benefits

If you thought the multipliers of the card were mediocre, prepare yourself because the annual fee of the card is $695. It is one of the most expensive cards to open, but thankfully, AMEX included valuable benefits to effectively offset the annual fee. Here are the following benefits included in the card membership:

Elevated 1.10¢ Cashout Rate

AMEX currently offers 0.6¢ per MR point if you were to cash out MR points. This means that you can redeem 10,000 MR points and apply $60 towards your statement credit. It is arguably one of the worst ways to redeem versatile MR points. However, with the AMEX Charles Schwab Platinum card, you can increase the cashout rate to 1.10¢. Now, the same 10,000 MR points can yield $110 - almost twice more than the traditional cashout rate. The rate used to be 1.25¢, but 1.10¢ is still significantly better than 0.6¢.

You have an option to cash out MR points if needed, but you can always get more value out of them if you utilize AMEX’s extensive travel partners.

Schwab Appreciation Bonus

As mentioned, you need to have a Charles Schwab brokerage account to be able to apply for this card. Depending on how much you have invested with Charles Schwab, you can get an annual appreciation bonus. If your qualifying holdings are equal to or greater than $250,000, you can receive $100 back in statement credit, and if you have more than $1,000,000 invested with Schwab, then you can get $200 back in statement credit. If you are a homeowner, your mortgage counts as your asset, and I assume most homeowners will qualify for at least the $100 appreciation credit.

$200 Uber Credit

AMEX Platinum cardholders receive $15 in Uber Cash for Uber rides or Uber Eats food orders in the U.S. each month. In December, there is an additional $20 bonus on top of the regular $15, giving the cardmembers $35 for the holiday season. I personally value this at 100% since I live in a big city where I can utilize it towards takeouts and occasional Uber rides. Uber has expanded its territory to groceries and even prescription deliveries, so the possibility is endless.

Don’t take Uber? Use it to get your food or groceries delivered via Uber Eats.

$200 Airline Credit

The $200 airline credit is definitely harder to use since it is only supposed to cover airline incidental fees, which means that you cannot use the credit towards airfare. As of right now, it covers the following fees:

• Overweight/oversize baggage fees

• Checked baggage fees

• Flight change fees

• Phone reservation fees

• Airport lounge day passes and annual memberships

• Pet flight fees

• In-flight food and beverages

• In-flight entertainment fees (does NOT include wireless internet)

• Seat assignment fees

This means cardmembers cannot use it towards upgrades, gift cards, anything mileage-related, and seat upgrades. Also, if you are a cardholder of the AMEX Platinum Card, there is a good chance that you are a frequent flyer, which means most of the items above are likely covered by your airline status. Adding to the already difficult usage, AMEX makes you choose an airline at the beginning of every year from the following airlines:

• Alaska Airlines

• American Airlines

• Delta Airlines

• Frontier Airlines

• Hawaiian Airlines

• JetBlue Airways

• Spirit Airlines

• Southwest Airlines

• United Airlines

The airline incidental credit will only trigger when it’s used towards your airline of choice. Cardmembers are only allowed to change the airline in January, and because the airline incidental fee is so difficult to use, it has been the most criticized AMEX credit since issuers like Chase, Citi, and Bank of America utilize travel credits that cover anything travel-related. I personally think AMEX should switch the benefit so it reflects anything travel-related.

MR points can shine when transferred travel partners, including Southwest Airlines.

Centurion Lounge Access & Priority Pass Membership

The Centurion Lounge is one of the main reasons why I hold the Platinum Card. There are a few international ones, but in the U.S. there are thirteen Centurion Lounges currently available. Additional lounges will open at other airports including the one at LaGuardia International Airport in the near future. Centurion Lounges are known for amazing food from award-winning chefs, delicious top-shelf cocktails, and complimentary massages (where available). AMEX recently acquired Escape lounges, so their footprint has gotten even more extensive.

The Platinum card gives you access to thousands of airport lounges so you can eat, drink, work, or eve shower at some locations.

As with almost all premium travel cards, the AMEX Platinum Card provides Priority Pass Lounge access. This means you can visit more than 1,200 airport Priority Pass lounges around the world. Priority Pass lounges offer basic food and beverages and are especially useful for travelers hoping to enjoy a few drinks before their flights.

Delta Sky Club Access When Flying Delta

On same-day Delta flights, Platinum, cardholders can visit Delta Sky Clubs for free. If you want to pay to visit, you can purchase an annual membership for $545 or 54,500 SkyMiles. If you were to hold the Platinum Card though, you can bring in a guest for a daily rate of $39. I don’t think a Delta Sky Club is worth $39 but if you like to drink and avoid crowded terminals, it may be worth it for you. For example, if you were to get small snacks and two drinks, the bill would be about $40 or more. Delta Sky Clubs can be hit or miss but newer lounges like the one in Austin, TX, is well worth a visit.

Some Delta Sky Clubs can be hit or miss, but some are amazing like the one in Austin, TX.

Hilton Honors Gold Status & Marriott Bonvoy Gold Elite Status

Hilton Honors Gold status opens a door to great benefits. I think the best perk is free breakfast. Even though the complimentary breakfast is only a continental breakfast when you stay for a couple of nights, charges can add up rather quickly. Hilton Honors Gold members receive an 80% point bonus, two complimentary water bottles per stay, and welcome bonus points or other welcome amenities.

Getting breakfast can save you a lot of money, especially when you are traveling with family members.

Marriott Gold Elite status is not as valuable as the Gold status from Hilton, but Gold Elite members can still benefit from receiving enhanced internet access, 2 pm late checkout when available, a 25% point bonus, a welcome gift at check-in, and enhanced room upgraded based on availability. Note that the enhanced room upgrade does not include suite upgrades.

$200 Fine Hotels & Resorts Credit & Benefits

Cardmembers can also have access to AMEX’s Fine Hotels & Resorts (FHR) portal and receive up to $200 back in statement credits every calendar year when prepaid for a stay using AMEX FHR or The Hotel Collection. FHR lives within the AMEX Travel portal, and it features major hotel brands like Hyatt and Marriott as well as small independent properties. Though FHR does not guarantee the cheapest rate, booking through AMEX’s FHR grants you lucrative perks such as:

• Room upgrade upon arrival when available

• Daily breakfast for two people

• Guaranteed 4 pm late checkout

• Noon check-in when available

• $100 hotel credit such as a spa or food and beverage credit

• Complimentary Wi-Fi

The most notable caveat of using the FHR portal is that you may not earn elite status or loyalty benefits. I’ve had mixed experiences where one of the stays counted toward elite nights and some didn’t. However, you’d earn 5X MR points on the stay booked through the FHR portal, and that may even out the lost opportunity cost.

Saint James Paris is located in Paris, France and can be booked using AMEX’s FHR portal. Photo credit: www. americanexpress.com

Reimbursed Global Entry or TSA PreCheck Application Fees

Cardmembers can get up to $100 in statement credit when the AMEX Platinum Card is used to pay for the application. I would highly suggest using this benefit for a Global Entry application since it includes TSA PreCheck. Global Entry can save you hours of waiting time in line over a year if you travel often internationally. You can use this credit every 4 years and apply it towards a friend or family member if your own Global Entry membership is covered by another card.

$179 CLEAR Credit

CLEAR is a biometric screening membership that scans and stores your irises and fingerprints to dramatically reduce the time you spend waiting in airports, sports stadiums, and event venues. With CLEAR membership, travelers can bypass all TSA Pre passengers and CLEAR personnel will escort you straight to a TSA agent. Today, CLEAR is available in 34 airports and 31 stadiums across 21 states, as well as Washington D.C.

CLEAR can really speed the airport security process if you pair it with TSA Pre or Global Entry. Photo credit: www.clearme.com

As a Platinum cardholder, you can get up to $179 back per calendar year on your CLEAR membership. CLEAR’s default annual rate is $179, but with frequent promotions, this can be lowered to $149. Additionally, Delta and United members receive substantial discounts: Delta Diamond Medallion members receive complimentary membership, while Platinum, Gold, and Silver Medallion members, as well as cardholders of AMEX Delta co-branded cards, pay $109 a year. General SkyMiles members pay $119. The same rules generally apply to United members: United 1k members receive complimentary membership, while Platinum, Gold, and Silver members and cardholders of Chase United co-branded cards pay $109. General United MileagePlus members pay $119 annually. Plus, CLEAR offers a family plan which enables the primary account holder to add up to three adults for only $50. Therefore, if you have a frequent flyer status with either Delta or United, you can possibly squeeze your entire family into the membership at no additional cost.

$240 Digital Entertainment Credit

In a true AMEX fashion, the $240 digital entertainment credit is broken into $20 per month, and a Platinum cardholder can get up to $20 in statement credits each month when you pay for media services at eligible providers:

• Peacock

• Audible

• SiriusXM

• The New York Times

• Hulu

• ESPN+

• Disney+

• The Disney Bundle (Hulu, ESPN+, and Disney+)

Enrollment is required to take advantage of the benefit. If you really want to maximize the benefit, you can combine a $4.99 Peacock membership and a $14.95 Audible membership, bringing the monthly total to nearly $20. The New York Times membership and SiriusXM membership also cost around $17 per month, so you can mix and match to your liking.

You can use digital versions of the New York Times and stay informed on the go!

$300 Equinox Credit

Equinox is a luxury fitness club that mainly operates in large metropolitan areas. It costs about $200 per month depending on the location and is the parent company of SoulCyle, PURE Yoga, and Blink Fitness. As a Platinum cardholder, you can get up to $25 back each month on select Equinox memberships, and enrollment is required on your AMEX benefits page. If you are already an Equinox member, then it’s a cherry on top, but most people do not have the luxury. In this case, I recommend looking into Equinox+, a subscription-based app by Equinox, which will cost you $40 per month. With the app, you can access various workout programs developed by Equinox and enjoy the workout at home or on the go.

Equinoz + offers every home workout routines imaginable.

$100 Saks Fifth Avenue Credit

The $100 credit is divided into two $50 statement credits, redeemable from January through June and from July through December. I usually use the benefit to buy a gift for friends and families. Because Saks sells luxury items, you may have to dig for affordable items if you plan on spending right around $50. Based on my experience, essential cosmetics such as daily skincare items fit the bill nicely.

Saks Fifth Avenue offers affordable gift options and the credit comes in handy during the holiday season.

Additional Benefits

On top of all the benefits mentioned above, Platinum cardholders get purchase protection, return protection, extended warranty on purchased products, secondary auto rental coverage, and complimentary memberships in Hertz Gold Plus Rewards, National Car Rental Emerald Club Executive, and Avis Prefered. Lastly, AMEX offers can score you some amazing deals!

Don’t sleep on AMEX offers! They can provide amazing values! Photo credit: www.americanexpress.com

Summary

The AMEX Platinum Charles Schwab card is one of the many variations of the vanilla AMEX Platinum card. In order to apply for the card, you need to have a Charles Schwab brokerage account. Right now, it comes with an incredible sign-up bonus of 100,000 MR points and temporary 10X multipliers, which can earn you up to 350,000 MR points if you were to maximize everything. With a hefty price tag of $695, it sure does come with a plethora of benefits and perks that can effectively offset the annual fee. You may need to get creative in order to take advantage of every benefit the card offers, but I strongly recommend the AMEX Platinum Charles Schwab card for those who desire a premium travel card that will elevate lifestyle and travel experiences.