The Platinum (Schwab) earns 5.0X on airlines, 5.0X on hotels, 1.0X on all_purchases with a $895 annual fee.
Our Verdict
The Platinum (Schwab) is a points rewards card from American Express that carries a $895/yr on the visa network. At its core it earns 1.0X Membership Rewards on everyday purchases, making it straightforward for cardholders who want predictable, consistent returns.
Points enthusiasts will find the most flexibility with the Platinum (Schwab). Membership Rewards can be redeemed for travel, gift cards, statement credits, or transferred to loyalty partners. Cardholders who maximize transfer partners often extract 1.5–2+ cents per point, well above face value.
The $895/yr fee is the key variable — run the numbers against your actual spending. If the rewards and benefits offset the fee, this card earns its place in your wallet. If not, consider a comparable no-fee alternative.
Apply for the Platinum (Schwab) →Rewards Structure
Fee Analysis
The Platinum (Schwab) charges $895 per year. To justify this fee, you need to earn at least $895 in rewards and benefits annually.
Statement credits: $300 Equinox Credit ($300/yr), $240 Digital Entertainment Credit ($240/yr), $200 Hotel Credit ($200/yr), $200 Uber Cash ($200/yr), $200 Airline Fee Credit ($200/yr), $199 CLEAR Plus Credit ($199/yr), $100 Saks Fifth Avenue Credit ($100/yr). These credits total $1,439/yr, bringing the effective annual fee down to $0.
Premium cards like this typically pay for themselves through travel credits, lounge access, hotel status, and insurance protections. The fee is worth it if you actively use at least 2-3 of these benefits.
Where This Card Earns Bonus Rewards
| Category | MCC Code | Bonus Rate | Example Merchants |
|---|---|---|---|
| Airlines | 4511 Airlines, Air Carriers ( not listed elsewhere) | 5x | Aegean Airlines, Aer Lingus, Aeromexico, Air Arabia |
| Hotels | 7011 Lodging – Hotels, Motels, Resorts, Central Reservation Services (not elsewhere classified) | 5x | 21c Museum Hotels, 25hours Hotels, AC Hotels by Marriott, Alila |
Click any MCC code or merchant name to see all cards that earn bonus rewards there.
Benefits
Effective Annual Fee
Strengths and Weaknesses
Strengths
- 5X top earn rate on bonus categories
- No foreign transaction fees
Weaknesses
- $895 annual fee
- 1X base rate on non-bonus spending
How to Apply
You can apply for the Platinum (Schwab) directly through American Express's website. The application takes about 5 minutes and requires your Social Security number, annual income, and housing payment information. Most applicants receive an instant decision. Note that the $895 annual fee is typically not charged until your first statement closes.
Before applying, check if you are pre-approved on American Express's website — a pre-approval uses a soft pull and does not affect your credit score.