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 
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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.
Can you please clarify?
I just cancelled the regular AMEX Platinum this January. I know I can't reapply for that card and get bonus points. Is that what you mean?
If I apply for the Schwab Platinum card, will I get the 125k bonus points attached to this offer?...
I just cancelled the regular AMEX Platinum this January. I know I can't reapply for that card and get bonus points. Is that what you mean?
If I apply for the Schwab Platinum card, will I get the 125k bonus points attached to this offer?...
https://thepointsguy.co
Any tips on triggering an invitation? I'm a long time Schwab client and would benefit from the discounted AF.
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It took me a few days to complete the set up. I even got a phone call from a broker. Now I need to figure out how to get the 125k points deal. I'm only seeing 80k.
If you don't need unlimited access...
US Bank Altitude has no fee and gives four visits a year.
United explorer has a $95 fee waived for the first year and two visits a year.
Hilton hhonors AMEX has $150 annual fee and ten visits a year.
Venture X has unlimited visits and a $395 fee, but it also comes with an annual $300 travel credit and 10k bonus points on your card anniversary. If you travel enough to use the lounges, that will have real value to offset the fee.
No fees.
A Schwab self directed, cash brokerage account has no minimums or idle account fees.
You can keep a zero balance account indefinitely, fund it when and if you want.
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