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Who applied for The Schwab Investor Card® from American Express ?

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Frequent Contributor

Who applied for The Schwab Investor Card® from American Express ?

And how exactly does one qualify ??? just curious i guess .... Smiley Happy



Message 1 of 10
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Valued Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?

You need to open a Schwab investment account to qualify for the Amex Schwab Investor card.  In my opinion (and I say this as one who invests at Schwab), this is not a very good card.  It earns 1.5% cash back, the same as the Amex Cash Magnet, the Chase Freedom Unlimited, the Capital One Quicksilver, and the NFCU cashRewards.  There are lots of 2% cards out there that are much better.

Chase Sapphire Reserve • PenFed Power Cash Rewards • and five cards in the sock drawer

No CC debt • No bonus chasing • No app sprees • No gift cards • No AZEO • No airline incidentals • No hotel cards • No store cards • No business cards • No authorized users
Message 2 of 10
Valued Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?

I hear that a lot 1.5% vs 2%  and honestly when they do the math it comes out to be negligible....either way, that being said I think it just matters what works for YOU, the rewards go to an investment account like a IRA so if you want a lazy way to put money into a retirement account go for it. I have it and put recurring charges on it and forget about it. I think it also came with 0% for six months on purchases so ya got that going for ya to! LOL Good luck no matter what you decide!

Message 3 of 10
Valued Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?

I don't consider $100 a year to be negligible.

Chase Sapphire Reserve • PenFed Power Cash Rewards • and five cards in the sock drawer

No CC debt • No bonus chasing • No app sprees • No gift cards • No AZEO • No airline incidentals • No hotel cards • No store cards • No business cards • No authorized users
Message 4 of 10
Valued Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?


@UpperNwGuy wrote:

I don't consider $100 a year to be negligible.


run your numbers please....I would like to see your math.....

Message 5 of 10
New Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?

What do you mean “run your numbers”? <Mod redacted:  FSR.  --UB>

He said he made $100 additional with a 2% card vs a 1.5% card. That’s 0.5% resulting in $100. What other numbers do you need to understand?

$100 / 0.5% = $20,000

He spends $20,000 using the card. That earns $400 with his 2% cash back card vs the $300 that a 1.5% card would earn.

$100 is not negligible. It’s a lot of valuable things to most people. In this scenario the value is increased near infinity since there is no additional work required. You just use one card instead of the other.

How’s that for math?


Discover IT:21500 | Amex BCE:21900 | TJX:6000 | First Bankcard:10000 | Home Depot:8000 | Walmart:10000 | Citi Diamond Preferred:17600 | Citi Double Cash:7000 | USAA Limitless:24500 | Uber Visa:6000 | Wells Fargo Cash Wise:6000 | USAA Cashback Rewards Plus:15000 | Target Red Card:1500 | US Bank Cash+:10000 | Chase Slate:2000 | Amazon Visa:2000 | Chase Freedom:11000 | Citi Costco:10500
--------------------------------------------
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Message 6 of 10
Moderator

Re: Who applied for The Schwab Investor Card® from American Express ?

*Ahem* Just dropping in with a reminder to keep comments FSR.

Message 7 of 10
Moderator

Re: Who applied for The Schwab Investor Card® from American Express ?


@Hitman_101 wrote:

And how exactly does one qualify ??? just curious i guess .... Smiley Happy


The topic has been recently discussed OP.  Reference the link below for more context on this particular CC.

 

https://ficoforums.myfico.com/t5/Credit-Cards/Charles-Schwab-Investor-AMEX-Credit-Card/m-p/5463889

Message 8 of 10
Frequent Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?

Pretty meh imo.  I love Charles Schwab, and have much of my assets with them (superb index funds), but this cc is pretty useless in my view.

 

That said, I like combining the CS Amex Platinum with the Business BPP and the new Gold card to liquidate my MR points at a 1.25 bonus. Really allows for a total Amex Wallet, which I prefer as I consider Amex to have the best customer experience. Really love the fact my CC rewards are going directly into buying assets. In my view, if you're going to get the platinum, the CS version is the one to get.



Message 9 of 10
Mega Contributor

Re: Who applied for The Schwab Investor Card® from American Express ?


@odd_dog wrote:

I hear that a lot 1.5% vs 2%  and honestly when they do the math it comes out to be negligible....


And the same used to be said for 1% vs 1.5%     The point is 2% is 33% more rewards than 1.5%, and if the difference is negligible, so is the total cashback (OK, it's 3*negligible with a 1.5% card).   It's really not as if the 1.5% rewards are worthwhile but the extra 0.5% isn't.

 

So basically, if you see any value in getting cashback rewards, it makes quite a bit of sense to go for a 2% vs 1.5% card, everything else being equal (such as SUB)

Message 10 of 10
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