The Schwab Investor card® from American Express is designed for individuals who hold eligible Schwab accounts and want to enjoy the benefits of both investing and everyday spending. With no annual fee and a straightforward cashback rewards structure, this card offers a practical option for Schwab investors looking to make the most out of their purchases.

One of the card’s most appealing features is the 1.5% cashback on every eligible purchase, which is automatically deposited into your Schwab account. Additionally, new cardholders can take advantage of a welcome offer of a $200 statement credit after spending $1,000 within the first three months of membership.

Key information about the Schwab Investor card® from American Express

The Schwab Investor card® from American Express offers cardholders a 1.5% cashback on all eligible purchases. This cashback is automatically deposited into your eligible Schwab account, making it easy to integrate everyday spending with your long-term investment goals. This feature is ideal for individuals who want a straightforward, no-hassle rewards system where they can directly benefit from their spending in their investment accounts.

How does the annual fee work?

One of the biggest advantages of the Schwab Investor card® is that it comes with no annual fee. This means that you can enjoy all the cashback and benefits without having to worry about additional costs just to maintain the card. Many premium credit cards charge annual fees, sometimes as high as $100 or more, but with this card, you can focus on earning cashback and growing your investments without the burden of an annual fee.

How is the credit limit determined?

The credit limit for the Schwab Investor card® from American Express is determined based on your creditworthiness, which includes factors such as your credit score, income, and overall financial history. Like many traditional credit cards, American Express will assess your credit profile when you apply for the card to determine a limit that fits your financial situation.

Credit card benefits 

• 1.5% cashback on all eligible purchases: Automatically deposited into your Schwab account, this cashback can help grow your investments effortlessly.
• No annual fee: Enjoy all the card’s benefits without worrying about an annual cost.
• $200 statement credit: A welcome bonus for new cardholders who spend $1,000 in the first three months.
• 0% introductory APR on purchases: For the first six months, you won’t pay any interest on purchases, making it easier to manage larger expenses.
• Travel and entertainment benefits: Includes access to dining and event reservations through American Express.
• Integration with Schwab accounts: Seamless cashback deposits directly into your eligible Schwab brokerage account, helping you invest as you spend.

Cashback deposited into your Schwab account

The standout feature of the Schwab Investor card® is the 1.5% cashback that is automatically deposited into your Schwab account. This seamless integration between spending and investing sets this card apart from other cashback cards. Instead of having to manually transfer rewards or use points for purchases, your cashback is directly invested into your portfolio, allowing it to grow over time.

This benefit is ideal for Schwab investors who want to effortlessly contribute to their investment accounts through everyday purchases. Whether you’re paying for groceries, gas, or larger expenses, your spending helps enhance your financial future.

Disadvantages

• Limited to Schwab account holders: To apply for this card, you must have an eligible Schwab account, limiting its availability to non-Schwab customers.
• No category-specific rewards: Unlike other cashback cards that offer enhanced rewards in categories like dining, travel, or groceries, this card provides a flat 1.5% on all purchases.
• Higher variable APR after introductory period: Once the six-month 0% APR period ends, the variable APR can be as high as 29.99%, which could be costly if you carry a balance.

Limited to Schwab account holders

The main drawback of the Schwab Investor card® is that it’s only available to individuals who maintain an eligible Schwab account. While this is not an issue for existing Schwab clients, it does limit the card’s accessibility to a broader audience. If you don’t have a Schwab account or aren’t interested in opening one, you won’t be able to take advantage of the card’s benefits.

This exclusivity can be seen as a barrier for individuals who are otherwise attracted to the card’s features but aren’t currently Schwab customers. For those willing to open a Schwab account, however, the card’s integration with investment accounts is a significant benefit.

Who can apply for this card?

To apply for the Schwab Investor card®, you must meet certain eligibility criteria:

• Schwab account: You must maintain an eligible Schwab One® brokerage account or another qualifying Schwab account.
• Age: Applicants must be at least 18 years old.
• Residency: The card is available to U.S. residents.
• Credit score: While no specific minimum score is required, a good to excellent credit score (typically 670 or higher) will improve your chances of approval.

Additionally, you will need to provide proof of income, such as employment details or other sources of income, to ensure that you can manage payments on the card.

How to apply for the Schwab Investor card® from American Express

Applying online

The application process for the Schwab Investor card® from American Express is straightforward and can be completed online in just a few minutes. To apply, simply visit the American Express website and select the Schwab Investor card® from the available options. You will need to provide your Schwab account information, Social Security number, and a valid form of identification, such as a driver’s license or passport.

Once you submit your application, American Express will conduct a credit check to assess your eligibility. If approved, you will receive your new card within a few business days. You can then activate the card online or through the American Express mobile app, where you can also monitor your account activity and manage payments.

By choosing the Schwab Investor card®, you’re opting for a card that aligns your everyday spending with your investment goals. With no annual fee and automatic cashback deposits, it’s a practical and efficient way to grow your investments while enjoying the benefits of a premium credit card.