Note: A regular AMEX platinum card will get you more bonus points, but normal MR points only pay $0.006 in cash per point as statement credit, but schwab platinum pays $0.011 in cash per point as deposit to a Schwab account. This makes this deal better for cash, but the other better for travel.
(Plain AMEX platinum deal here:
https://slickdeals.net/f/18241999-amex-platinum-elevated-welcome-offer-of-175-000-points-instead-of-80-000)
Main Facts:- $695 annual fee, NOT waived for the first year.
- Spend $8k on card in first 6 months for 125,000 membership rewards point bonus.
- Rewards points may be redeemed as cash at $0.011 per point, deposited to Schwab account.
- Requires a Schwab account.
- Additional statement credits based on balance in Schwab account. $100 bonus for $250k balance, $200 bonus for $1M balance, $1k bonus with $10M balance. I'm assuming most folks won't get this bonus.
- Earn one MR point per dollar in spend.
- 2-5MR points per dollar spend on AMEX travel
- $200/year back on fancy hotels
- $200/year back on airline fees like luggage fees and such
- $20/month streaming credit with streaming partners.
- $199 CLEAR+ credit
- Airport lounge access
- Cellphone insurance
- Global Entry/PreCheck fee credits
- Hilton/Marriott gold status
- Airline transfer deals
- Trip cancellation and delay insurance
- Baggage insurance
- Includes Walmart+
- A $200 Uber cash bonus I don't understand.
- $300 Equinox credit (no idea what that is)
- Other stuff
Cash value of bonus:
I don't travel, so I look at this as a pure cash play. Here's my math as to what the 125k points are worth "as cash" assuming you don't use any other benefits:
- 125k points x $0.011 per point = $1,375
- Less $695 annual fee
- Less 0.9% to 1.9% opportunity cost for spending $8000 on this card for 1.1% cash back when you could have got 2-3% cash back:
Cash value: $528-$608
Realistically, some of those benefits will probably give you additional value. I'll probably take the streaming credit.
https://www.schwab.com/credit-cards 
12 Comments
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Also, a similar Morgan Stanley deal at 150k MR points, $0.01 cash per point, and $695 annual fee rebates: https://apply.americane
I don't disagree, but you are comparing business cards to personal cards. The current 100k Chase Sapphire preferred bonus is fantastic.
Right now, I'm at 5/24 and getting non chase deals with the plan to get more Chase deals in two years.
in my situation, I would get about $600-700 cash back net of fees and opportunity costs, plus maybe another $100 of benefits on stuff I would buy anyway, like streaming and Walmart+. Also might take a localcation to use the $200 hotel credit, but I don't count that, since it isn't something I would buy.
You can ask AMEX to replace your current platinum card with a Schwab platinum card, but you won't get a sign up bonus for that. I think you will retain your MR points, but be sure to verify that when you switch - I am not 100% certain.
The only downside to the Schwab card vs. the traditional card is that the AMEX offers may be slightly different or worse (or they might be better).
Other options I have heard of but not verified or tried are:
- If you have an AMEX checking account, you can get $0.008 per point, depositied to checking.
- You can sell membership rewards points online, usually for over a penny a point. Google it - there are several buyers. Not sure how shady this may be, or how pissed AMEX will be for doing it. I personally would be reluctant to try it.
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You can ask AMEX to replace your current platinum card with a Schwab platinum card, but you won't get a sign up bonus for that. I think you will retain your MR points, but be sure to verify that when you switch - I am not 100% certain.
The only downside to the Schwab card vs. the traditional card is that the AMEX offers may be slightly different or worse (or they might be better).
Other options I have heard of but not verified or tried are:
- If you have an AMEX checking account, you can get $0.008 per point, depositied to checking.
- You can sell membership rewards points online, usually for over a penny a point. Google it - there are several buyers. Not sure how shady this may be, or how pissed AMEX will be for doing it. I personally would be reluctant to try it.
I believe the exception to once a lifetime is if you get an invitation or product change welcome offer