cancel
Showing results for 
Search instead for 
Did you mean: 

Cash back vs travel (Amex Gold)

CBartowski
Frequent Contributor

Re: Cash back vs travel (Amex Gold)


@longtimelurker wrote:

@UncleB wrote:

@CWA1984 wrote:

@wasCB14 wrote:

Getting a Schwab Platinum can improve cash redemptions to 1.25 cpp.

 

If OP can meet minimum spend for.a SUB, has or can get a Schwab account, and make good-enough use of the credits and perks for a year, it might be worth getting.

 

I understand OP has limited travel. 


I'm really wondering if the charles schwab platinum card is actually the best premium credit card for the cashback crowd.  It gives the perks a lot of them want (lounge access, hotel status, travel insurance, etc.)without having to worry about using transfer partners to get max value or using something like the Chase Travel Portal which usually is not a great redemption option either even getting 1.5 cpp using the CSR.

 

Granted getting 1.25 cpp for every MR point when depositing them into a Charles Schwab brokerage may not give you the most immediate bang for the buck it is straight forward and if you do use it to buy cashflowing equities you can and very very likely will beat current better redemption values over time.  When you factor in using Rakuten for MR points in online shopping and if you have a business or side hustle and get the blue business plus for business expenses the cash deposited into your brokerage account can easily more than pay for the $550 annual fee.

As far as travel purchases not covered by the platinum card you could just get the Wells Fargo Propel and use that instead since it's travel category is broader than the CSR, has no annual fee and from what I read on Wells Fargo you can get the cashback sent to you via check in the mail vs having to redeem go far rewards for travel.  I know this off topic but I also do wonder if this would be the best option for the cashback crowd that want a premium credit card for the perks.  


Replying to ^^^ this specifically, I agree it is the best of the bunch if someone is interested in converting MRs to cash back, but the twist is that someone who travels often enough to enjoy the other perks of the Platinum is also likely to be able to use MRs the way they are intended (travel partners) and will probably not want to convert them to cash.

 

For a one-time 'cash out' the Schwab Platinum can be useful, though, if one times it right and especially if one qualifies for the sign-up bonus on the Schwab itself.  If the bonus on the Schwab isn't available (for whatever reason) the math isn't as attractive but can still work depending on how many MRs need to be redeemed and if any of the other Platinum credits (Uber, Saks, etc.) can be used.


OT but can't remember.   What does the standard Plat have that CS doesn't (apart from the need for a CS account)? i.e. why don't people go for this first?   Is it a smaller bonus or is it missing a feature?  The 1.25 cashout option  seems worthwhile to have even if never used.


I reeally wanted the CS Plat but they gave me the 100k for vanill sooo Im going to stick with it for a year then app for CS and close Vanilla. 

CARDS:
AMEX CS Plat | NSL -- Chase Freedom Flex | $19,000
AMEX Gold | NSL -- Citi Double Cash | $10,000
AMEX HH NAF | $1,000 -- Uber Visa | $5,000
CSR | $29,000 -- USAA Plat | $8,000
USAA AMEX | $23,000 -- MB Boundless | $11,900 -- CFU | $3,600 -- PenFed Pathfinder | $10,000

BANKS:
NFCU | USAA | PenFed | Schwab Bank | First Bank | Chase
Message 21 of 24
CBartowski
Frequent Contributor

Re: Cash back vs travel (Amex Gold)


@CWA1984 wrote:

@FinStar

 

Yeah I don't get what the issue was with Charles Schwab but a member on here said they were getting rid of their Charles Schwab Platinum card because of issues they had with Charles Schwab.  The brokerage is highly rated and hell I'm thinking about switching to them but not everyone has had pleasant dealings with them...whether it's their fault or Schwab's I don't know.  

 

Didn't know about the 100k offer on the Charles Schwab Platinum...the highest I've ever seen is the base 60k then again I don't have a Charles Schwab account.  So are they the exact opposite of Amex?  Schwab giving a 100k offer for customers who have had an account with them for a while where as Amex offers 100k for the vanilla to target new customers?  If that's the case then kudos to Schwab for rewarding loyalty.    


Where did you see CS was going away? Reliable source? If that's the case I need to app ASAP lol

CARDS:
AMEX CS Plat | NSL -- Chase Freedom Flex | $19,000
AMEX Gold | NSL -- Citi Double Cash | $10,000
AMEX HH NAF | $1,000 -- Uber Visa | $5,000
CSR | $29,000 -- USAA Plat | $8,000
USAA AMEX | $23,000 -- MB Boundless | $11,900 -- CFU | $3,600 -- PenFed Pathfinder | $10,000

BANKS:
NFCU | USAA | PenFed | Schwab Bank | First Bank | Chase
Message 22 of 24
FinStar
Moderator

Re: Cash back vs travel (Amex Gold)


@CBartowski wrote:

@CWA1984 wrote:

@FinStar

 

Yeah I don't get what the issue was with Charles Schwab but a member on here said they were getting rid of their Charles Schwab Platinum card because of issues they had with Charles Schwab.  The brokerage is highly rated and hell I'm thinking about switching to them but not everyone has had pleasant dealings with them...whether it's their fault or Schwab's I don't know.  

 

Didn't know about the 100k offer on the Charles Schwab Platinum...the highest I've ever seen is the base 60k then again I don't have a Charles Schwab account.  So are they the exact opposite of Amex?  Schwab giving a 100k offer for customers who have had an account with them for a while where as Amex offers 100k for the vanilla to target new customers?  If that's the case then kudos to Schwab for rewarding loyalty.    


Where did you see CS was going away? Reliable source? If that's the case I need to app ASAP lol


I believe that @CWA1984 was stating that a member from MF was getting rid (meaning closing their card), not Charles Schwab discontinuing the product.

Message 23 of 24
red259
Super Contributor

Re: Cash back vs travel (Amex Gold)


@plasticbill wrote:
I’ve decided now after dabbling in both, I much prefer a straight ahead cash back card. The thought of spending time on a bunch of different websites trying to plan a trip that I wouldn’t even be going on otherwise, to best make use of points, stresses me out. I’m not constantly traveling, maybe if I was it would make more sense. But it even seems like a stressful way to plan a yearly vacation.

I’m actually thinking about eating the loss and just cashing out my ~60k Amex gold points at .6 or whatever it is so I can stop worrying about it. I’d still be coming out a little ahead of the annual fee, and chalk it up to a learning experience. The Amex gold will definitely be closed when it’s annual fee hits however I decide to redeem the points. Then I can really focus all spend on 1-2 (3?) straight ahead cash back cards and make things really simple.

While I felt cool handing over the gold card at restaurants or whatever for a couple months, now I kinda feel like it’s a big heavy $250 weight in my wallet, and while I keep redeeming cash back from my other cards every couple months, the points just sit there on the gold, and I wonder how I’m even going to use them. After this realization set in and I had already earned my sign up bonus, I just started using the Uber card (RIP as of last week) and then citi DC for restaurants again. I don’t even have the gold in my wallet right now.

Honestly this sounds like something you should have thought about before ever applying for the card. I love the gold card and think its great. I don't understand why people would get it though if they don't plan on utilizing it for travel partners. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 24 of 24
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.