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Should You Get The Charles Schwab Platinum Card ASAP With Recent News?

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Should You Get The Charles Schwab Platinum Card ASAP With Recent News?

There have been a few pretty big rumors / changes floating around about the Amex Platinum cards and the Charles Schwab card in particular.  The first one is a pending annual fee increase with new credits and the other is a reduction in the 1.25 cents cash out option with the Charles Schwab version of the Amex Platinum.  With both of those rumors swirling it had me wondering, should you get the Charles Schwab Platinum card now?

Schwab Amex Platinum Card

Amex Platinum Rumors Breakdown

First off I wanted to tackle the rumors that are running around out there in case you missed them.  Both seem to have significant proof that they are happening which will play a large role in your decision making process.

Amex Platinum Increased Fee / New Perks

There have been some rumors floating around for weeks that are supposed to kick off 7/1. If & when these are confirmed we will update you on that but here are the rumored changes which we covered in the past:

  • Increase to $695
  • $179 Clear credit
  • $200 Travel / Hotel credit
  • Digital Entertainment credit

It looks like a lot of what is already on the card is rumored to stay as well.  I personally don’t think this is worth the increase, although some will come out ahead. But if you could lock these in at the lower cost I think it is worth the gamble.

Charles Schwab Platinum Reduction In Cash Out

We covered this a week or so ago as well but here are the details:

Starting September 1st Charles Schwab Platinum cardholders will only get 1.1 cents per Membership Reward point when cashing out.  You are currently eligible to get 1.25 cents per point.

Why You May Want To Do This Now

The Charles Schwab Platinum still has a few months before it drops the value of their cash out.  But if you wait until the rumored higher annual fee kicks in ($695 – $550) you would need to cash out 96,666 Membership Rewards points to make up the difference in annual fee at the higher rate ($145 / (.0125 – .011)).

If you are sitting on a stash of Membership Rewards and had planned to cash out some of your balance at some point in the near future then now is the time.  If you wait it could end up costing you money or value.  Or you may need to cash in more points than you wanted to in order to make the value proposition worth it.

Remember that you need to get approved for a brokerage account before you can apply for the card.  The good thing is that the account comes with the one card everyone should have anyway.

Get The Charles Schwab Platinum Card ASAP – Final Thoughts

The same line of thinking could be done for the traditional Amex Platinum as well, especially if you can get the 125K offer and the 10X on grocery.  I wanted to focus on the Schwab Platinum because it has two things going on with it and I feel like more people reading this have carried the traditional Platinum vs the Charles Schwab Platinum.  But you will want to consider this for both cards if you have never had either, time is running out!  Carpe diem and all of that.

P.S. – Yes you can carry both forms of the Platinum card at the same time 😉

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Mark Ostermann
Mark Ostermann
Mark Ostermann is a father, husband and miles/points fanatic. He left the corporate world after starting a family in order to be a stay at home dad. Mark is constantly looking at ways to save money and stay within budget while also taking awesome vacations with his family. When he isn't caring for his family or taking a weekend trip, Mark is working towards his goal of visiting every Major League Baseball ballpark.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.


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