AmEx Schwab Investor Credit Card Review (2024.11 Update: $300 Offer)

physixfan 2024-11-09 2024-11-09

[2024.11 Update] The new welcome offer is $300.

[2021.6 Update] The $200 welcome offer has returned.

[2020.11 Update] The $200 welcome offer is expired.The current offer is just $100.Let’s wait for higher offer to appear again.

Application Link

Benefits

$300 offer: earn $300 after spending $1,000 in 3 months.This is the best ever offer on this card.
Earn 1.5% cash back on all purchases.
This card provides access to Amex Offers, which provide very good discounts at various vendors.
In the past we have seen offers like: Spend $15 or more and get $5 back at Walmart; Spend $75 or more and get $25 back on Amazon.com.
No annual fee.

Disadvantages

It has foreign transaction fee, so it's not a good choice outside the US.

Recommended Application Time

You can only get the welcome bonus once in a lifetime, so be sure to apply when the historical highest offer appears.
AmEx doesn’t care about the number of hard pulls.
You can try to apply for it when you have a credit history of 3 months.
You must wait at least 90 days between the application for BCE and BCP, otherwise the application will be cancelled.
Only one AmEx credit card can be approved in a day.This rule does not apply to charge cards, you can be approved for one credit card and multiple charge cards in the day.Multiple cards approved in the same day will only have one Hard Pull.
Only 2 AmEx credit cards can be approved within 90 days, but again, this rule does not apply to charge cards.
You can keep at most 5 AmEx credit cards, not including charge cards.

Summary

The 1.5% cash back earning trails the Citi DoubleCash, Amex Blue Business Plus, and various other 2%2x earning products. Note that, this card is issued by AmEx, not Schwab, so it counts towards the 5 credit card limit.

Personally I don’t think this card is worth a slot, but it may be worth it for the signup bonus if you have earned most other AmEx bonuses.

After Applying

Click here to check AmEx application status.

AmEx reconsideration backdoor number: 877-399-3083.The “real” backdoor number of Amex is well protected.Different from Chase, the representatives from this AmEx reconsideration backdoor number only have the right to help you submit requests.

Historical Offers Chart

Application Link

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Frequently Asked Questions

Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.

However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.

Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.

Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.