Charles Schwab cards (there are two)

[KJinNC]

I was looking at the CS Platinum today pondering if I can change my vanilla Platinum to it and still get my CAP statement credit, and I noticed that CS also has a 1.5% cash back card. The cash back must be applied to your CS account. The card has no annual fee and no credits or special benefits aside from cash back. It has a small welcome offer, $100 if you spend $1,000 in the first three months.

Just thought I'd mention in case it fits anybody's needs. Apologies if this is well-known already!

https://www.schwab.com/public/schwab/investing/accounts_products/credit_cards

[kdm31091]

It has been around since the CS Plat as far as I know, they were launched at the same time.

Unless you really want to invest your rewards and do not trust yourself to manually deposit cash back from other cards, I don't think this is a wonderful option. It gives you less flexibility and just an okay rewards rate, so why not go with something with a better rewards rate and cash you can easily use however you want? Yes, you can withdraw the cash from Schwab if you want, but it's an extra step and since it's just a 1.5% card I don't see too much appeal.

[KJinNC]

Yeah, it's not a MyFICOer "best"/optimize everything type of card. But I can think of some reasons someone might want it, mainly, if you're deep in the CS ecosystem but don't want to pay an annual fee. And/or if you want an in with Amex and you have a well-established CS account. It's a good-looking card, too, judging by the picture. As a sidenote, I wonder why the CS cards aren't listed on the Amex website the way Delta and Hilton cards are.

[Anonymous]

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@KJinNC wrote:

I was looking at the CS Platinum today pondering if I can change my vanilla Platinum to it

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Back to Platinum, since the once-in-a-lifetime rule applies to each version of Platinum, why not open the Schwab Platinum, get the SUB and close the other if you don't need it?  PC seems to lose the SUB.

For those lucky enough to have $250K+ at Schwab and get the $100 discount on the AF, the Schwab Platinum rocks...

[KJinNC]

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@Anonymous wrote:
Back to Platinum, since the once-in-a-lifetime rule applies to each version of Platinum, why not open the Schwab Platinum, get the SUB and close the other if you don't need it?  PC seems to lose the SUB.

New account and I'd need to get them to give me the CAP credit for a card I didn't apply for via CAP, although I've seen some indication that's no big deal. But good idea as the welcome offer compensates for some headaches.

[Namaste7]

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@KJinNC wrote:

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@Anonymous wrote:
Back to Platinum, since the once-in-a-lifetime rule applies to each version of Platinum, why not open the Schwab Platinum, get the SUB and close the other if you don't need it?  PC seems to lose the SUB.

New account and I'd need to get them to give me the CAP credit for a card I didn't apply for via CAP, although I've seen some indication that's no big deal. But good idea as the welcome offer compensates for some headaches.

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I'm not sure if you requested the CAP credit yet. I submitted my request online and the credit was processed in 3-4 business days. This was before the stay-at-home orders were mandated.

Are you able to get the CAP credit for each version of the Platinum card? I suspect the answer is no; nevertheless, good luck and report back your results.

[notmyrealname23]

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@KJinNC wrote:

Yeah, it's not a MyFICOer "best"/optimize everything type of card. But I can think of some reasons someone might want it, mainly, if you're deep in the CS ecosystem but don't want to pay an annual fee. And/or if you want an in with Amex and you have a well-established CS account. It's a good-looking card, too, judging by the picture. As a sidenote, I wonder why the CS cards aren't listed on the Amex website the way Delta and Hilton cards are.

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I assume it would also be a way to downgrade the Schwab Platinum to a no-AF option and keep the credit line open indefinitely. You basically get a Schwab branded AMEX Cash Magnet.

The interesting option for a no-AF MR-earning card from a brokerage is the Morgan Stanley Credit Card from American Express.. it actually earns 2x on restaurants, some car rentals, airfare and AMEX Travel. The catch is that Morgan Stanley is going to want actual money on investment with them (minimum 5k) and they charge a .35% management fee (ouch).

[KJinNC]

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@Namaste7 wrote:
I'm not sure if you requested the CAP credit yet. I submitted my request online and the credit was processed in 3-4 business days. This was before the stay-at-home orders were mandated.

Are you able to get the CAP credit for each version of the Platinum card? I suspect the answer is no; nevertheless, good luck and report back your results.

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I applied for the Platinum Card via the CAP interface and have received the statement credit already. I read elsewhere that the CS version can get the CAP credit if you talk to them, but I haven't tried yet. Path 1 would be that I chat with them and ask if my vanilla Platinum Card can become a CS Platinum Card and, if so, would it retain the CAP credit. The advantage is that this would be fewer steps and no new account. The disadvantage would be that I'd never be able to get the CS Platinum welcome offer. Path 2 would be that I open a CS Platinum card, close the vanilla Platinum Card, and ask if they can give me the CAP credit on the CS Platinum. The advantage is the welcome offer. The disadvantage would be a new account, and I'd probably need to wait until next year to do this because I just opened the vanilla Platinum this year and already have my 2020 CAP credit.

[wasCB14]

I've been under the impression that it was impossible to PC into or out the Schwab Platinum. With the Schwab Platinum, you get better cash redemptions for MRs and potentially a loyalty credit, but lose the flexibility to PC. I've never heard of PCs into or out of the Schwab 1.5% card, either.

It's hard to say they are in the same card "family" when one is charge earnings MRs and the other is a revolver earning cash back.

Merrill Edge has improved enough that for someone who really wants cash back, the Premium + Cash Rewards setup is tough to beat and only requires $100k for the +75%.

[KJinNC]

CS Platinum gives MRs, not cash. It's basically like the standard Platinum as far as that goes, similar welcome offer, similar MRs per dollar (5x travel, 1x most stuff). Uber credit, etc. The key difference is that it allows you to redeem MRs as cash deposits into your CS brokerage account. You can, of course, then pull it back out as cash. Since MRs are shared across your accounts, this means that MRs generated by Gold Card grocery or dining spend could also be converted to cash. That said, I don't know if you can or cannot switch from vanilla to CS Platinum. I've seen conflicting comments on this board.

I probably should rename this thread