Schwab Investor Card from American Express – Is the Schwab investor card from American Express worth it?

The Schwab Investor Card from American Express is a unique credit card that offers unlimited 1.5% cash back deposited into an eligible Schwab account. With no annual fee and a generous welcome bonus, it can be a valuable option for Schwab customers looking to boost their investment accounts.

This post provides all the key details on the card’s features, benefits, fees, application process, account access, and management. Read on for everything you need to know about maximizing this investment rewards card.

Schwab Investor Card from American Express

Benefits and Features at A Glance

Here are the quick highlights of what the Schwab Investor Card brings to the table:

1.5% unlimited cash back earned on purchases automatically deposited into a linked eligible Schwab account
$200 statement credit bonus after spending $1,000 in the first 3 months
No annual fee
0% intro APR on purchases for 6 months
Benefits like car rental insurance, extended warranty protection, and purchase protection

Costs and Fees

The Schwab Investor Card stands out for having no annual fee. But there are a few other fees to be aware of:

Foreign transaction fee: 2.7%
Late payment fee: up to $40
Returned payment fee: up to $40

As long as you pay your bill on time each month and avoid spending in foreign currencies, you can use the card for free aside from interest charges if you carry a balance.

Eligibility and Approval

Since the Schwab Investor Card is designed to complement Schwab investment accounts, approval is limited to those who have an eligible account like:

Schwab One brokerage account
Schwab traditional, Roth or rollover IRA
Schwab general brokerage account

As long as you have one of those accounts, you can apply for the card as long as you also have:

Good to excellent credit (generally 670+ FICO score)
A Social Security Number
No recent bankruptcies or foreclosures

How to Apply

Ready to apply for the Schwab Investor Card? Follow these simple steps:

Have your Schwab account login handy along with personal details like income, address, SSN
Navigate to the application page on Schwab.com
Click “Apply Now” and log into your Schwab account
Complete the secure online application with the required info
Receive instant decision once submitted

The whole process can be done digitally in around 10 minutes. Make sure to choose the linked Schwab account where you want your cash-back rewards deposited.

How to Activate Your New Card

If approved, your new Schwab Investor Card should arrive within 7-10 business days. Follow these activation instructions:

Call the number on the sticker on your card
Confirm some basic identification details like SSN and date of birth
Choose a 4-digit PIN code for card security
Activate the ability to make purchases and access full rewards

Once activated, sign the back of your card immediately and you’ll be ready to use your new rewards card.

Tips to Access Your Card Account Online

To view balances, check statements, make payments, and more, you’ll need to register your card on American Express’ online portal:

Visit the American Express login page
Click “Create Online Account”
Provide your card number, name, SSN, zip code
Set up your username and password
Access the secure cardmember site

You can also use the American Express mobile app for iPhone and Android. Just download it and log in with your credentials.

How to Reset Your Login If Forgotten

Don’t worry if you ever forget your online login details. You can easily reset your username or password through American Express:

Click the “Locked Out?” link on the login page
Choose if you need to reset your username or password
Answer some security questions to verify the identity
Provide an email to send temporary credentials
Access via new details and update as desired

Reaching an American Express rep by phone can also assist with login reset if needed.

Tips to Make Payments and Avoiding Interest

To maximize rewards while avoiding finance charges, be sure to pay your statement balance in full each month by the due date.

American Express offers multiple ways to pay:

Set up autopay to have the balance paid automatically each billing cycle from the bank account
Pay online through the cardmember site by signing into the account
Pay by phone with an American Express rep or via automated service
Pay by mail with a check or money order to the address on the statement

Just avoid making payments late which can incur hefty penalty fees. Set payment alerts if needed to remember.

Maximizing the Schwab Investor Card

To get the most value from this rewards investment card:

Use it for all regular spending to maximize unlimited 1.5% cash back
Take advantage of the sign-up bonus by spending $1,000 in the first 3 months to earn $200
Review cash back rewards activity to see when deposits into your Schwab accounts are made each billing cycle
Use the 0% intro APR to finance large purchases interest-free initially
Pay off balances promptly so finance charges don’t cut into rewards earned.

Is the Schwab investor card from American Express worth it?

The Schwab Investor Card from American Express can be worth it for certain individuals, but it may not be the best choice for everyone. Here’s a quick summary:

Pros:

No annual fee
Unlimited 1.5% cash back automatically deposited into an eligible Schwab account
$200 welcome bonus after meeting spending requirements
0% intro APR on purchases for 6 months

Cons:

Rewards are limited to depositing into a Schwab account
Foreign transaction fees for international purchases
Approval requires having an eligible Schwab account

If you’re a Schwab customer looking for a simple way to earn cash back and grow your investments, the Schwab Investor Card could be a good fit. However, if you’re not tied to Schwab or want more flexible redemption options, you may find better value with other cash-back credit cards. Ultimately, it depends on your investment needs and spending habits.

Conclusion

The Schwab Investor Card from American Express offers a straightforward way for Schwab customers to turbocharge their investment portfolio growth. The unlimited 1.5% cash back and hefty welcome bonus provide plenty of “free money” to add to your chosen Schwab account on autopilot.

Just be sure to always pay your bill on time, activate great benefits like purchase protection, and take advantage of perks like ShopRunner’s free two-day shipping. Used wisely and consistently, this is one card that keeps the investment rewards flowing.