Platinum (Schwab) vs Rakuten
Platinum (Schwab)
$895/yr
5.5/10
VS
Rakuten
$0/yr
7.0/10
Quick Answer
Platinum (Schwab) charges $895/yr with 1X base rewards. Rakuten charges no annual fee with 1X base rewards. Rakuten offers better overall value for most spenders when comparing fees, rewards, and benefits side by side.
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Winner by Category
Annual Fees
Rakuten
Lower annual fee ($895 vs $0)
Rewards Earning
Platinum (Schwab)
3 earning categories
Benefits & Protection
Platinum (Schwab)
0 benefits vs 0
Statement Credits
Platinum (Schwab)
$1439 in annual credits
Flexibility
Tie
Both cards have similar redemption flexibility
OUR PICK
Rakuten wins for most people
The $895 fee difference is hard to justify unless you maximize premium benefits.
Apply for RakutenPREMIUM PICK
Platinum (Schwab) wins for heavy spenders
If you can offset the higher fee with credits and perks, this card delivers more value.
Apply for Platinum (Schwab)Rewards Earning: Detailed Comparison
Platinum (Schwab)
| Flights (Amex Travel) | 5.0X |
| Hotels (Amex Travel) | 5.0X |
| Everything else | 1.0X |
Rakuten
| Rakuten partner stores | 3.0X |
| Everything else | 1.0X |