20,159 grads of the Ultimate Military Credit Cards Course already know why the
American Express Platinum Card® is my #1 recommended card
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The American Express Platinum Card® for Schwab is one flavor of the American Express Platinum Card®, the most popular card for servicemembers and military spouses.
Just like the classic Amex Platinum Card®, the American Express protects our active duty military, Guard and Reserve on 30+ day active orders, and military spouses. This is in accordance with Amex's military protections.
The Schwab Amex Platinum Card® allows you to cash out American Express Membership Rewards® at 1.1 cents per point. This is a huge benefit and greatly increases the flexibility of your Amex points.
If you can't find a good Amex airline or hotel transfer partner, you can always cash out your Amex Membership Rewards points for 1.1 cents each with the Schwab Amex Platinum Card®. 100,000 Amex points could turn into $1,100 cash. That's a significant cash boost!
You can learn how to apply for the Schwab Amex Platinum Card® on the Schwab credit card page.
*All information about American Express Platinum Card® for Schwab has been collected independently by MilitaryMoneyManual.com
Amex Platinum Card® Versions
Currently there are 3 flavors or versions of the Amex Platinum Card®:
- the American Express Platinum Card®, also known as the “Vanilla Platinum”
- American Express Platinum Card® for Schwab
- American Express Platinum Card® Exclusively for Morgan Stanley
You can apply for all 3 versions of the card and hold multiple accounts of all 3 versions at once. For instance, I have 7 Amex Platinum Cards®.
Due to Amex family language rules, you will probably only be eligible for 1 welcome offer on any of the 3 flavors.
Charles Schwab Amex Platinum Card® Benefits
The Charles Schwab Amex Platinum Card® has all the same benefits as the original Amex Platinum Card®. This allows you to double up on annual benefits such as:
- $600 Annual Hotel Credit: Get up to $300 back in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. Note that The Hotel Collection requires a minimum two-night stay
- $400 Resy Credit: Get up to $100 back each quarter when you use your Platinum Card for eligible purchases with Resy and at U.S. Resy restaurants. Enrollment required.
- $300 lululemon Credit: Get up to $75 back each quarter for eligible purchases at lululemon in the U.S. (and online) when you use your Platinum Card. Enrollment required.
- $300 Digital Entertainment Credit: Get up to $25 back in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
- $200 Uber Cash: Platinum Card® Members can get $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction. Enrollment required.
- $120 Uber One Membership Credit: When you use your Platinum Card to pay for an auto-renewing Uber One Membership, you can et up to $120 in statement credits each calendar year. Terms Apply.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to your Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. See terms & conditions for more details.
- $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. Receive up to $199 in statement credits per calendar year after you pay for your CLEAR Plus Membership (subject to auto-renewal) with the Platinum Card®.
- $120 Global Entry and TSA PreCheck Credit: $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA PreCheck® official enrollment provider) application fee, when charged to your Platinum Card®! Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- $155 Walmart+ Membership Credit A Walmart+ membership can get you free shipping with no order minimum on eligible items shipped by Walmart (enrollment required). Use your Platinum Card® to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive one statement credit for up to $12.95 (plus applicable taxes. Plus Ups not eligible) each month. Free Shipping excludes most Marketplace items, freight & certain location surcharges. Paramount+ Essential plan only, separate registration required.
- $100 Saks Fifth Avenue Credit, up to $50 semi-annually at Saks Fifth Avenue stores and Saks.com, enrollment required
All of the above benefits are offered per open account. So if you have an original Amex Platinum Card® and a Charles Schwab Amex Platinum Card® account opened at the same time, you will double up on your annual benefits.
Your spouse can also double up, allowing you to 4x your annual Amex Platinum Card® benefits!
You can learn how to apply for the vanilla Amex Platinum Card® below:
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Learn how to apply on our partner's secure site
Welcome Bonus Offer: bonus_miles_full
- $895 annual fee* American Express special military protections apply
- Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel® up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel®.
- $600 Annual Hotel Credit: Get up to $300 back in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. Note that The Hotel Collection requires a minimum two-night stay
- $400 Resy Credit: Get up to $100 back each quarter when you use your Platinum Card for eligible purchases with Resy and at U.S. Resy restaurants. Enrollment required.
- $300 lululemon Credit: Get up to $75 back each quarter for eligible purchases at lululemon in the U.S. (and online) when you use your Platinum Card. Enrollment required.
- $300 Digital Entertainment Credit: Get up to $25 back in statement credits each month when you pay for eligible purchases with the Platinum Card® at your choice of one or more of the following providers: Disney+, a Disney+ bundle, ESPN+, Hulu, The New York Times, Paramount+, Peacock, The Wall Street Journal, YouTube Premium, and YouTube TV when you purchase directly from one or more of the providers. Enrollment required.
- $200 Uber Cash: Platinum Card® Members can get $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. Use your Uber Cash on rides and orders in the U.S. when you select an Amex Card for your transaction. Enrollment required.
- $120 Uber One Membership Credit: When you use your Platinum Card to pay for an auto-renewing Uber One Membership, you can et up to $120 in statement credits each calendar year. Terms Apply.
- $200 Airline Fee Credit: Select one qualifying airline and then receive up to $200 in statement credits per calendar year when incidental fees, such as checked bags and in-flight refreshments, are charged by the airline to your Platinum Card® Account. American Express relies on airlines to submit the correct information on airline transactions to identify incidental fee purchases. If you do not see a credit for a qualifying incidental purchase on your eligible Card after 8 weeks, simply call the number on the back of your Card. Qualifying airlines are subject to change. Enrollment required. See terms & conditions for more details.
- $209 CLEAR® Plus Credit: CLEAR® Plus helps get you to your gate faster by using unique facial attributes to verify you are you at 50+ airports nationwide. Receive up to $209 in statement credits per calendar year after you pay for your CLEAR Plus Membership (subject to auto-renewal) with the Platinum Card®.
- $120 Global Entry and TSA PreCheck Credit: $120 statement credit every 4 years for a Global Entry application fee or a statement credit up to $85 every 4.5 years for a TSA PreCheck® (through a TSA PreCheck® official enrollment provider) application fee, when charged to your Platinum Card®! Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
- Airport Lounge Access: Enjoy the benefits of the Global Lounge Collection, with over $850 of annual value if you visit Centurion Lounges and each of our partner lounges including Delta Sky Club® lounges when flying an eligible Delta flight (subject to visit limitations), select Lufthansa lounges when flying Lufthansa, Plaza Premium lounges and Escape Lounges, and enroll in Priority Pass™ Select. See terms.
- $155 Walmart+ Membership Credit A Walmart+ membership can get you free shipping with no order minimum on eligible items shipped by Walmart. Use your Platinum Card® to pay for a monthly Walmart+ membership (subject to auto-renewal) and receive one statement credit for up to $12.95 (plus applicable taxes. Plus Ups not eligible) each month (enrollment required). Free Shipping excludes most Marketplace items, freight & certain location surcharges. Paramount+ Essential plan only, separate registration required.
- $100 Saks Fifth Avenue Credit, up to $50 semi-annually at Saks Fifth Avenue stores and Saks.com, enrollment required
- Global Dining Access by Resy gets you access premium dining experiences. Receive Priority Notify and unlock insider access to some of the world's most sought-after restaurants with Global Dining Access by Resy. Download the Resy iOS app or log into Resy.com and add your Platinum Card® to your Resy profile to take advantage of your special benefits and discover restaurants near you.
- No foreign transaction fees
- Enrollment is required for select benefits
- Learn how to apply for card_name on our partner's secure site
- Read my full review of the American Express Platinum Card® for military, terms apply, see rates and fees
I recommend that most military servicemembers and military spouses open up the vanilla Amex Platinum Card® first and then a Charles Schwab Amex Platinum Card® afterwards. The Schwab Amex Platinum Card® adds more Amex points to your stash, adds increased flexibility for cashing out Amex points, and doubles your recurring annual benefits.
The easiest way is to apply for a Charles Schwab investor checking account and put a few dollars in there. Then you should be eligible to apply for a American Express Platinum Card® for Schwab.
Yes, you can apply for a Charles Schwab Amex Platinum Card® even if you already have a Amex Platinum Card®. However, you can't earn the welcome offers because of the new Amex family language rules.
Hey Spencer I was reading about the Amex plat CS version, and I read from you that I would be eligible for the welcome bonus offer from CS even if I’ve had the vanilla version. I just applied and it said I wasn’t eligible for the welcome offer because I already had another version of the card.
(I also made sure it wasn’t pop-up jail)
I think it’s because of their family rule and just wanted to point this out so that no one else comes to believe they will be receiving both offers. I’m unsure if I’m misinformed but if I am please let me know, I accepted the card already and would like to see if I can possibly ask a representative for a bonus offer after all. Thank you!
Sorry, that’s not true any more. I will update the article. Amex changed the rules of the game and added “family language rules” recently. If you have earned the bonus on any flavor of the American Express Platinum Card, you are unlikely to earn the bonus on any other flavor of the card, including Amex Platinum Schwab.
“Currently there are 4 flavors or versions of the Amex Platinum card:
the American Express Platinum Card®, also known as the “vanilla Platinum”
American Express Platinum Card® for Schwab
the American Express Platinum Card® Exclusively for Morgan Stanley”
Spencer, is there something I’m missing from above or are there now only 3 Amex Platinum cards? Thanks so much for everything you do to educate the masses on these benefits. This website is my go to with any questions related to credit cards.
That was a typo, there’s 3 versions I know of for the personal Amex Platinum card.
“For instance, I have 7 Amex Platinum cards. I pay no annual fees since I opened the cards while on active duty.”
Hi Spencer, this statement you made was interesting. I am a veteran who married an active duty service member and I’m now a military spouse, trying to educate my wife on all the benefits.
From what I understood, once she retired or seperated it was only a matter of time until annual fees would be reinstated. Are you saying if we racked up 20 or so high annual fee cards while she’s active duty, those fees will continue to be waived forever? This would be huge for me to get her onboard.
Correct, sometimes the fee are waived forever. Here’s my advice for fee waived credit cards after you leave the military. My wife and I have 8 Amex Platinums, 4 Amex Hilton Aspires, an Amex Gold card, 3 Amex Marriott Bonvoy Brilliants, some Chase cards, etc. After separating 2 years ago, only 1 of my wife’s Amex cards has had the annual fee charged and I have only had 1 Amex Platinum with an annual fee charged.
Also, why not open the cards while you’re on active duty and then have a plan for when you leave active duty? It’s pretty easy! You’ll be warned by the credit card companies before they charge you an annual fee. Then, just decide if you want to keep the card or not. Close it if you aren’t getting value from it. Keep it open if you are. Your credit score will not be affected that much for very long. My wife closed dozens of cards when I left active duty. Her score dropped 30 points to 790 and then recovered to 820 within a few months. It was not a big deal at all.
The benefits are just too good while you’re active duty to worry about what happens afterwards. Even if you mess up and get charged an annual fee, if you close the account within 30 days Amex will refund you the annual fee.
Spencer, does my spouse have to open a separate CS IBA for the annual fees to be waived if she decides to apply for her own CS Plat?
Yes, she’ll need her own Schwab account to apply for the Schwab Amex Platinum. Fee waiver will come from Amex if she’s eligible in the MLA database.
Is there a reason AMEX would deny the 100K (80K in your article) membership points for the spending bonus? I have held the AMEX Plat for about 4 years. I opened a Schwab brokerage account about a month ago, funded it, performed some trades to demonstrate activity – all in the effort of opening Schwab’s AMEX Plat. While filling out the application, AMEX now indicates eligibility for the spending bonus prior to a hard pull on your credit. I was told I was not eligible. I have never cancelled an AMEX credit line; I have the Gold (2021), Aspire (2020) as my other AMEX products.
Is there successful evidence of calling AMEX and getting them to fulfill the spending bonus despite the webform’s apparent exclusion? Love the content and podcast, Spencer!
It sounds like your in the “Amex popup jail” I have a few strategies on how to escape in my article on the topic.