American Express (NYSE: AXP) today unveiled two new co-branded cards for Charles Schwab clients. The multi-year, exclusive partnership between the two companies was first announced last year. Designed to meet the different needs of a diverse customer base, the cards include a credit card and a premium charge card, both with exceptional rewards, benefits and services, including unlimited cash-back features.
- The American Express Platinum Card® for Schwab gives clients excellent rewards, benefits, and services with the added ability to redeem Membership Rewards® points for deposits by Schwab into a linked Schwab brokerage account(1) at the rate of 1,000 points for a $12.50 deposit. The Card includes a welcome offer of 40,000 points credited to the client’s Membership Rewards program account after spending $3,000 in eligible purchases on the Card in the first three months(2).
- The Schwab Investor Credit Card™ from American Express lets clients seamlessly turn everyday spending into cash back. Clients can receive unlimited 1.5% cash back on eligible purchases automatically deposited into their eligible Schwab brokerage account(3). The Card includes a welcome offer of $100 credited to the account after spending $1,000 in eligible purchases on the Card in the first three months(4).
"Designed with the Charles Schwab customer in mind, these new cobrand cards will have attractive benefits and all the service and security of American Express,” said Eva Reda, Senior Vice President, Cobrand Partnerships at American Express. “Since different clients have different spending and credit needs, we are offering two cards for them to choose from, both with features that provide for cash deposits by Schwab directly into clients’ eligible Schwab brokerage accounts.”
Clients with an eligible Schwab brokerage account(5)—including clients who work with registered investment advisors – are able to apply for either Card. Card Members will then have the option to set up an integrated online experience with access to their Card account information on the Account Summary page of Schwab.com or, for clients of registered investment advisors (RIAs), on Schwaballiance.com.
The Charles Schwab Corporation (NYSE: SCHW) provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc., and affiliates offer a complete range of investment services and products.
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(1) This reward is only available to the Basic Card Member on a Platinum Card® from American Express Exclusively for Charles Schwab that maintains a Schwab One Account or Schwab General Brokerage Account held in the name of the Basic Card Member or in the name of a revocable living trust where the Basic Card Member is the grantor and trustee. (an “eligible brokerage account”). Additional Card Members and otherwise authorized third parties, including authorized account managers, may not redeem Membership Rewards points for this reward.
(2) Welcome bonus offer not available to applicants who have or have had this product.
(3) Cash back is only available to the Basic Card Member on a Charles Schwab Investor Credit Card™ from American Express that maintains a Schwab One® Account or Schwab General Brokerage Account held in the name of the Basic Card Member or in the name of a revocable living trust where the Basic Card Member is the grantor and trustee. (an “eligible brokerage account”).
(4) Welcome bonus offer not available to applicants who have or have had this product.
(5) The Platinum Card® from American Express Exclusively for Charles Schwab and the Charles Schwab Investor Credit Card™ from American Express are only available to you if you maintain an eligible Schwab brokerage account (an “eligible brokerage account”). An eligible brokerage account means a Schwab One® Account or Schwab General Brokerage Account held in your name or in the name of a revocable living trust where you are the grantor and trustee. Eligibility is subject to change.