Charles Schwab cards (there are two)

[wasCB14]

---

@KJinNC wrote:

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 

---

Have you actually heard from anyone who said they did it? I've heard of PCs between vanilla Platinum and the old MB Platinum....but not involving Schwab.

If you want to call and try it with your card, go ahead. I just took retention on my Schwab so there's no way I'm touching it.

[Namaste7]

---

@KJinNC wrote:

---

@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.

---

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.

---

Like you, I read about members who received the CAP credit and I tried my luck earier this year. I was successful in receiving a CAP credit for an existing account that was NOT approved via the CAP portal. Because the acout was not approved through their portal, I anticipate having to make the request each year. 

In your sitaution, I assumed you were implying Path 2. IIRC, AMEX does not allow PCs between non-branded and branded cards (e.g., a PC from a vanilla Plat to a CS Plat). Nevertheless, it never hurts to try 👌. If you are committed to holding the CS Plat long-term along with , then I'd say the new account impact in the long-run will be meaningless.

[KJinNC]

I asked in chat and was told it's not eligible to convert. I take this as a "probably" type situation, not as gospel, but, in any case, nothing I'd try to do right away.

[wasCB14]

---

@notmyrealname23 wrote:

---

@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.

---

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).

---

BBP gives 2x on all spend...that can be great for people who can put tax bills, school tuition, and other big off-category things on CC. There is the $50k calendar year spend cap, though.

For a heavy spender on dining and airfare there are the Gold and Platinum cards. I find Schwab Platinum + BBP + BofA Premium are a good combo and together they get the majority of my spend.

[M_Smart007]

I have never heard, seen or read of a PC from or to a Schwab branded Amex.

[notmyrealname23]

---

@wasCB14 wrote:

---

@notmyrealname23 wrote:

---

@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.

---

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).

---

BBP gives 2x on all spend...that can be great for people who can put tax bills, school tuition, and other big off-category things on CC. There is the $50k calendar year spend cap, though.

---

Sure, but that's a business card, not a personal card. How is putting your kids school tuition on a business card a legitimate business expense? Or are we talking a "Yeah, I sell a few hundred dollars worth of gift cards on eBay every year... so I can get a BBP and not be lying, even though I mix up my personal and business expenses on the same credit card" kind of "business"?

That's the big reason why I'm uninterested in most "business" cards... I don't generate enough outside income to make the business/personal segregation of cards/expenses useful and I think that's the big reason to get those cards, for making your accounting easier, not to get better cards. I also hate having banks get in my face and ask for things for financial review... 

[wasCB14]

---

@notmyrealname23 wrote:

---

Sure, but that's a business card, not a personal card. How is putting your kids school tuition on a business card a legitimate business expense? Or are we talking a "Yeah, I sell a few hundred dollars worth of gift cards on eBay every year... so I can get a BBP and not be lying, even though I mix up my personal and business expenses on the same credit card" kind of "business"?

That's the big reason why I'm uninterested in most "business" cards... I don't generate enough outside income to make the business/personal segregation of cards/expenses useful and I think that's the big reason to get those cards, for making your accounting easier, not to get better cards. I also hate having banks get in my face and ask for things for financial review... 

---

The small amount of business activity for which I use my BBP doesn't rely on a corporate veil, so that's not a concern for me.

I don't claim personal spend on my BBP as a tax deduction, so the government doesn't care.

I'm personally liable for the BBP balance, and Amex doesn't care that I put personal spend on it.

About 85% to 90% of my BBP spend was personal in 2018 and 2019. I am segregating things more since I got the Premium Rewards, but it is still mixed.

[coldfusion]

---

@wasCB14 wrote:

---

---

Have you actually heard from anyone who said they did it? I've heard of PCs between vanilla Platinum and the old MB Platinum....but not involving Schwab.

---

About 8 months after the Mercedes Benz Platinum card was discontinued AMEX converted all of them over to vanilla Platinums.  Those were not voluntary PCs.

[wasCB14]

---

@coldfusion wrote:

---

@wasCB14 wrote:

---

---

Have you actually heard from anyone who said they did it? I've heard of PCs between vanilla Platinum and the old MB Platinum....but not involving Schwab.

---

About 8 months after the Mercedes Benz Platinum card was discontinued AMEX converted all of them over to vanilla Platinums.  Those were not voluntary PCs.

---

I thught there were a few voluntary ones before that, but I could be mistaken.

Of course, back then one could PC a Delta card to a Hilton one on a YMMV basis...

[Anonymous]

It will be interesting to see if the no-AF Schwab card will be refreshed once the merger with TD Ameritrade is finalized and accounts are transfered. The TD Ameritrade card has a 10% bonus to card redemptions to a TD Ameritrade account, meaning you get 1.65% rather than simple 1.5% rewards rate. There's also no foreign transaction fee. Yes, not as enticing as some of the 2% card offerings, but it certainly rises above the 1.5% competitors and may keep some folks happy who have their accounts transfered from TD Ameritrade to Schwab.

Then again, it may not happen. This is me speculating as neither company has announced what will happen yet.