Schwab Platinum Card: A Comprehensive Guide to Its Features

The Schwab Platinum Card is a premium credit card that offers a range of benefits and features. It's designed for high-net-worth individuals and frequent travelers.

The card has no foreign transaction fees, making it a great option for international travel. You can earn 2X points on travel and dining purchases, which can be redeemed for travel, gift cards, or cash back.

One of the standout features of the card is its no-annual-fee-for-life policy, which means you won't have to worry about annual fees increasing over time. This makes it a great long-term option for those who want to enjoy the benefits without breaking the bank.

Consider reading: Platinum Travel Credit Card

The American Express Platinum Card for Schwab has a unique application process, and it's essential to understand the requirements before applying.

You'll need to have a good to excellent credit score, generally 700 or better, to be approved for the card.

To apply, you'll also need to have an eligible Schwab account, such as a Schwab One account, general brokerage account, or a qualifying traditional, Roth, or rollover IRA account.

The APR and foreign transaction fees for the card are not publicly disclosed, but you can see the Pay Over Time APR when you apply.

If you're eligible for the welcome bonus offer, you can earn up to 125k (or 150k) points, with the current public offer being 80,000 points.

Here are the key application requirements:

Additionally, if you have $250,000 or more in holdings in an eligible Schwab account at card approval, you could receive $100 in statement credits, or $200 in statement credits, if your account holdings are $1,000,000 or more.

The rewards and benefits of the Schwab Platinum Card are truly impressive. You can redeem Membership Rewards points for cash at a rate of 1.10 cents each when deposited into an eligible Schwab account.

You'll get up to 80% more value from your points compared to a standard statement credit. This is a game-changer for those who want to maximize their rewards.

For your interest: Platinum Card Points

Here are some key benefits to keep in mind:

By taking advantage of these rewards and benefits, you can make the most of your Schwab Platinum Card and enjoy a more cost-effective and rewarding experience.

The Amex Schwab Platinum card offers an additional redemption option that's a game-changer for cash rewards enthusiasts. You can redeem Membership Rewards points for 1.10 cents each when transferring the funds to a qualifying Schwab account.

This means you'll get over 80% more value from your points compared to a standard statement credit. And, as of Sept. 1, 2021, the cash-out rate dropped from 1.25 cents per point to 1.10 cents per point.

With this option, you can use Membership Rewards earned from any of your American Express cards, including the American Express Gold Card, to cash out at a rate of 1.10 cents a piece.

Additionally, if you have a large portfolio with Schwab, you can earn up to $200 in extra statement credits each year. This can help significantly defray the cost of the card's annual fee.

Here are the details on the extra statement credits:

You can earn up to $200 in extra statement credits each year with the Amex Schwab Platinum card.

To qualify, you'll need to have a Schwab account with a balance of at least $1 million. This will earn you an annual $200 statement credit, which can help offset the card's annual fee.

If your Schwab account balance is between $250,000 and $999,999, you'll receive a $100 statement credit each year.

However, if your Schwab account balance is below $250,000, you won't be eligible for these extra credits.

A fresh viewpoint: Delta Platinum Card Annual Fee

The Schwab Platinum card offers a range of travel benefits that can save you money and elevate your trip experience.

You can enjoy complimentary worldwide access to over 1,400 airline lounge properties, including Centurion Lounges, Priority Pass lounges, and Delta Sky Clubs.

The card also provides Gold Elite status with Hilton Honors and Marriott Bonvoy upon enrollment, giving you perks like room upgrades and extra points.

Take a look at this: Platinum Card Airline Lounges

You can even get discounts and upgrade benefits with car rental programs like Avis Preferred Plus, Hertz Gold Plus President's Circle, and National Emerald Club Executive elite status.

Here are some of the travel benefits you can expect from the Schwab Platinum card:

These benefits can save you money on travel-related purchases and provide assistance or reimbursement if things go wrong during your journey.

The Schwab Platinum card offers a range of travel protections to give you peace of mind while exploring the world.

You'll have secondary car rental insurance, which covers up to $75,000 for damage or theft of the rental car, even if you decline the rental agency's coverage. This is a great perk for those who rent cars often.

If your trip is interrupted or needs to be canceled, you could be reimbursed up to $10,000 per trip and up to $20,000 per eligible card per calendar year. This can be a huge relief if you're planning a big trip and something unexpected comes up.

Here are the travel protections you can expect:

Don't forget, these protections can provide financial value or peace of mind during your travels.

Travel Protections are a must-have for frequent travelers, and both the Amex Platinum card and the Amex Schwab Platinum card offer a long list of benefits that can provide financial value or peace of mind during your travels.

Secondary Car Rental Insurance is a great perk, covering you up to $75,000 for damage or theft of the rental car. You can even purchase Premium Protection for a low price, which offers broader primary insurance and extends coverage up to 42 days.

If your trip is interrupted or needs to be canceled for a covered reason, you could be reimbursed up to $10,000 per trip and up to $20,000 per eligible card per calendar year.

Trip Delay Insurance is also available, reimbursing you up to $500 per trip if your trip is delayed 6 hours or more.

Baggage Insurance is another valuable benefit, reimbursing you up to $2,000 for checked baggage or up to $3,000 for carry-on baggage if it's lost or damaged.

Recommended read: Amex Platinum Card Rental Car Benefits

Here's a quick breakdown of the travel protections offered by these cards:

Shopping can be a chore, but it doesn't have to be.

One perk of shopping online is that many retailers offer free shipping on orders over a certain amount, often $25 or $35. This can save you money on shipping costs and make online shopping even more convenient.

You can also earn rewards points or cash back on your purchases with certain credit cards or loyalty programs. For example, some credit cards offer 2% cash back on all purchases.

Some stores offer price matching, so if you find an item cheaper elsewhere, they'll match that price. This can be a great way to save money, especially if you're shopping for big-ticket items.

Many retailers also offer price adjustments if an item goes on sale after you buy it. This can be a nice perk, especially if you're shopping for seasonal items that tend to go on sale.

Some credit cards also offer purchase protection, which can refund or replace items that are lost, stolen, or damaged.

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