AMEX Platinum (Schwab Version) Review: 80,000 Welcome Bonus

The current welcome bonus on this card is 80,000. Along with the updates to the Platinum family, the benefits on this card have also been completely refreshed, and the annual fee has increased to $895. Compared with the regular Platinum Card, the biggest feature of this card is that you can redeem MR at a value of 1.1¢ per point for cash. However, if you have applied for another version of Platinum or have applied for Schwab, you won’t be approved for this card, and a pop-up will let you know.

• Schwab Platinum

Schwab Platinum Card Overview

Benefits

• 5x Membership Rewards points on flights and hotels: Flights must be purchased on the airline’s website or through AMEX Travel to qualify. My guess is that any direct charge from the airline should trigger 5x points,
• Hilton Honors Gold status, which includes free breakfast
• Marriott Bonvoy Gold status, which includes complimentary room upgrades and high-speed internet
• Leaders Club Sterling status
• Priority Pass: cardmember plus 2 guests can enter for free
• Premium airport lounges: Centurion Lounges, Delta Sky Clubs, Airspace Lounges,
• Up to $85/$120 reimbursement for Global Entry and TSA PreCheck
• Premium status with rental car programs such as Avis, Hertz, and National Car Rental, and more

Various Credits

Most of the credits below require you to enroll first before using them, so make sure you remember that.

• $600 annual FHR credit: $300 per half-year. You must book through AMEX Travel or FHR and pay with this card. AMEX FHR booking and Platinum card hotel credit guide
• $300 entertainment credit: $25 per month. It currently can only be used on Peacock, Audible, SiriusXM, The New York Times, and YouTube, usually for subscriptions. Requires enrollment before use
• $300 Equinox membership credit
• $209 Clear membership credit
• $200 Oura Ring credit per year: purchase must be made on the official website. Requires enrollment before use.
• $75 per quarter, $300 total per year, Lululemon credit. Online and in-store purchases both qualify, U.S. only. Requires enrollment before use.
• $100 per quarter at Resy restaurants, $400 total per year dining credit. Requires enrollment before use.
• New Walmart+ benefit: billed monthly, with the membership fee automatically reimbursed each month. Walmart+ sign-up
• $200 airline credit: Reimbursement for airline incidental charges up to $200 per calendar year, effectively offsetting the annual fee by $250. You can use it in the first year and again at the beginning of the second year, which is like getting reimbursed twice in one year of card ownership. The credit can be easily triggered by buying airline gift cards; see AMEX airline credit analysis
• Get $200 Uber Credit + $100 Uber One every year: Add your Platinum Card to your Uber account, and your Uber account will become VIP, giving you perks like better ride options. In addition, for the first 11 months of each year your Uber account will receive a $15 credit, and $35 in December. Credits expire at the end of each month. If you pay for Uber One with this card, the membership fee will be reimbursed
• Annual Saks credit: This $100 annual Saks credit can now be enrolled in through the link below. Specifically, $50 can be reimbursed from January to June, and $50 from July to December. Based on the terms, this credit excludes Saks Fifth gift cards and purchases at Outlet locations, both online and in-store. How it is actually enforced will depend on the DPs people report. In any case, an unexpected $100 is still nice. Authorized user spending can also earn reimbursement under this benefit (with a combined cap of $50 for primary and authorized users). It applies to personal Platinum cards, such as the regular Platinum, Mercedes-Benz Platinum, and other Platinum flavors. The credit is tracked separately for each card version. Saks $100 Benefit Enroll link

AMEX Card Benefits

• AMEX Offers: Amazon spend $20, get $20 back; Walmart $15 off $5; pay your phone bill, spend $75 and get $10 off. Generous AMEX often sends cardmembers great offers that let you earn cash back while spending. See AMEX Offers explained and AMEX best offers roundup
• Free ShopRunner membership: enjoy free two-day shipping from many online retailers. See the official link for details
• Extended warranty: items purchased in full with an AMEX card automatically get an extra year of manufacturer warranty
• Free reports: some users can check their credit score for free, and one free credit report can be claimed each year

Membership Rewards Redemption

One of this card’s biggest features is that Membership Rewards points can be redeemed into a Schwab investment account at a value of 1.1 cents per point, and then the money can be transferred to a bank account. This conversion also does not generate a tax form. If you do not want to deal with points, redeeming them with this card is a good option. If you want to redeem, you first need to open a Schwab account

• Schwab account guide

Redemption steps:

• You can also go to the AMEX website, find the Schwab Platinum Card, and click invest with rewards to redeem directly.

• Now the redemption process is handled on one page, just like redeeming miles.

• After that, you will receive an email confirming the redemption. The money arrives in your Schwab investment account immediately, and you can then transfer it from Schwab to your regular checking/savings account or use bill pay to pay your credit card. It usually posts within 1-3 business days.

Recently, AMEX added restrictions to this cash-out feature. Starting on October 1, the redemption value for the first 1,000,000 points each calendar year is 1.1c/p, meaning 1,000,000 points can be redeemed for $11,000 cash. After that, the redemption rate drops to 0.8c/p, meaning 10,000 points can be redeemed for $80.

• Official information

Important Note: Starting Oct 1, 2024, the rate for redeeming Membership Rewards points for deposits will change. Basic Card Members will be able to redeem Membership Rewards points for deposits to their eligible Schwab account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit through the remainder of the calendar year.

This change should not have much impact on most people, since it is hard for anyone to redeem 1,000,000 points in a year. For some people with extremely high spending or very aggressive welcome bonuses, cashing out points just became less easy.

Points Program Overview

• Points Value: The average value is 1.5c/p, so 100 MR = $1.5 (Points Value & Analysis)
• Direct Redemption: Redeem travel through amextravel.com at 1c/p (without a premium card); redeem eligible flights through amextravel.com at 1.54c/p (with Business Platinum); redeem for cash in an investment account at 1.1c/p (with Schwab Platinum).
• Points Transfers: Transfer 1:1 to ANA miles (good for round-trip US-China flights and round-the-world tickets); transfer 1:1 to British Airways miles (good for China-Japan routes and short-haul domestic US redemptions); transfer 1:1 to Air Canada miles (good for US-China business class awards and infant tickets); transfer 1:1 to Delta (good for business class, and can also redeem any Delta flight at 1c/p).
• Points Features: All MR points earned by one person are pooled into a single account and can be used directly. As long as you still have at least one MR-earning card open, all MR points will remain valid; be sure to use them up before closing all of your cards. Nearly all MR-earning cards allow you to transfer MR points to airline miles or hotel points. MR points can be transferred to airline or hotel accounts in an authorized user's name.
• My Take: The most common use of MR is transferring to airline miles, mainly ANA, Air Canada, Delta, and British Airways. Delta can help cover SkyTeam options; ANA and AC can selectively cover Star Alliance options; BA can be used for some oneworld awards. Among these, ANA is especially valuable for US-China economy, business, and first class awards. AC and Delta are also good for covering domestic US flights, while BA is best for nonstop domestic US flights. Hotel transfers are a weak spot for MR, and none are really worth transferring to. As for booking hotels or flights directly through AMEX Travel, you usually only get 1 cent per point in value, so I generally do not recommend it. Cash back and gift cards also max out at only 1 cent per point. Therefore, the final valuation is 1.7c, mainly considering the broad airline partner coverage, mostly instant transfer times (ANA takes 2-3 days; others are instant), and the value of these airline miles. The weaknesses are that MR is not very useful for hotel redemptions, and direct airfare bookings do not provide strong value either.
• Detailed Analysis: Membership Rewards Guide >>

My Take:

This card is the Schwab version of the AMEX Platinum Card. Its biggest feature is that it lets you move MR points into an investment account at a 1:1.1 ratio (and then you should be able to transfer the money to a bank account), which is better than the usual 1:1 redemption for AMEX gift cards to cash out. In other respects, this card is the same as the regular Platinum Card, and you can also offset the annual fee through the airline credit and by making good use of AMEX Offers.

A reminder for anyone planning to apply: after getting the card, do not spend a lot right away. This card is a Charge Card, and in AMEX’s risk model it is especially likely to trigger a Financial Review. If you fail it, there is a good chance all of your AMEX cards will be closed. See more details here:

• Analysis of why AMEX credit cards get shut down.

Application

• The welcome bonuses for different Platinum flavors now conflict with each other. Here is the Platinum terms language: You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card from American Express Exclusively for Morgan Stanley or previous versions of these Cards.

• AMEX official application status check link
• For the same AMEX credit card, the public welcome bonus is generally available only once (once-per-lifetime restriction)
• You can call the reconsideration line (800-528-4800, 877-399-3083, 866-314-0237) to speed up credit card approval or request a review of a denied application.
• AMEX limits you to 4 credit cards and 10 charge cards total.
• You can apply for a total of two AMEX credit cards every 90 days, excluding charge cards.
• After you submit your application, a pop-up may appear telling you that you are not eligible for the welcome bonus. In that case, it is usually best not to continue with the application (detailed analysis)
• More about applying for AMEX credit cards

Application Link