Annual Fee
$895
Foreign Txn Fee
$0
Credit Needed
Good to Excellent (700+); requires an eligible Schwab brokerage or IRA account
APR
N/A — charge card
Rewards Categories
5x Flights booked directly or via Amex Travel
5x Prepaid hotels via Amex Travel
1x All other purchases
Benefits
Identical core benefits to standard Platinum: lounge access, hotel/Uber/CLEAR credits
Redeem Membership Rewards points for deposits into an eligible Schwab brokerage account (10,000 points ≈ $110, up to 1,000,000 points/year, then 10,000 ≈ $80)
Annual Schwab Appreciation Bonus: $100–$1,000 statement credit based on qualifying Schwab holdings ($250K to $10M+ tiers)
Access to 1,550+ airport lounges including Centurion and Delta Sky Club
Walmart+ monthly membership credit
Complimentary Hilton, Marriott, and Leading Hotels of the World elite status
Welcome Bonus
150,000 Membership Rewards points after spending $12,000 in first 6 months
Pros & Cons
Pros
Same lounge network and travel credits as standard Platinum
Unique ability to redeem points directly into a Schwab brokerage account
Appreciation bonus can offset a meaningful chunk of the fee for larger Schwab balances
Cons
Requires an eligible Schwab brokerage or IRA account to apply and to keep the card
Point-to-cash redemption rate (1.1¢/point) is below typical travel-transfer value (1.7–2¢)
Same $895 fee as standard Platinum with a narrower eligibility pool
Best For / Worst For
Best For
Existing Schwab investors who already want a Platinum-tier travel card
Worst For
Anyone without a Schwab account, or who would value transferring points to airlines over cash deposits
Reward Valuation
Points redeemed to Schwab brokerage at 1.1 cents each (up to 1M points/year); standard airline/hotel transfers remain available at typical 1.7–2.0 cent value.
Points Value Breakdown
Average Value
1.50¢/point
Travel Redemption
1¢/point
Transfer Partner Value
2¢/point
Statement Credit Value
0.60¢/point
Cash-Out Value
1.10¢/point
Example
150,000 welcome bonus points ≈ $1,650 deposited into a Schwab brokerage account at 1.1¢ each, or ≈ $3,000 if transferred to airline partners at ~2¢ each instead.
Statement Credits
Schwab Appreciation Bonus
$100–$1,000/yr
Tiered by qualifying Schwab holdings: $250K-$1M, $1M-$10M, $10M+
Uber Cash
$200/yr
$15/mo + $20 bonus in December
Walmart+ Credit
Up to ~$12.95/mo
Covers a monthly Walmart+ membership
Transfer Partners
Delta SkyMiles
Same partner network as standard Platinum
1:1
Marriott Bonvoy
Bonus at higher transfer tiers
1:1
Travel Protections
Trip Delay Insurance
Same coverage as standard Platinum
Trip Cancellation/Interruption
Up to $10,000 per trip
Insurance Benefits
Cell Phone Protection
Up to $800 per claim against damage/theft
Car Rental Loss & Damage
Primary coverage when declining rental agency insurance
Banking Relationship Benefits
Investment Account Perks
Schwab Platinum lets you redeem Membership Rewards points directly into an eligible Schwab brokerage account at 1.1 cents each, up to 1,000,000 points per year.
Wealth Management
Holding this card requires and reinforces an existing Schwab brokerage or IRA relationship, often bundled with Schwab's no-fee investing platform.
Approval Odds
Requires good to excellent credit AND an eligible Schwab One, General Brokerage, or IRA account not managed by an independent advisor. Losing Schwab eligibility can result in card cancellation.
Historical Welcome Offers
June 2026
High Offer150,000 points after $12,000 spend in 6 months
2025
80,000 points after $8,000 spend in 6 months
User Reviews
May 2026
Great if you're already a Schwab investor
I was going to get standard Platinum anyway, so getting the Schwab version with the appreciation bonus was a no-brainer.
— D.H.
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Last verified June 2026