Is the American Express Platinum Card for Schwab worth $895/yr?

The honest math on the American Express Platinum Card for Schwab: which credits you'd actually use, what its points earn beyond a plain 2% card, and what its protections would cost to buy — against the $895 annual fee.

American Express · $895 annual fee · earns Membership Rewards

Earning rates

5x Flights booked direct or via AmexTravel (on up to $500,000/yr, then 1x)
5x Prepaid hotels via AmexTravel
1x Everything else (incl. dining, groceries, hotels direct)

Statement credits (12)

$600 Hotel Credit — $300 per half-year on prepaid Fine Hotels + Resorts or The Hotel Collection bookings via AmexTravel.
$400 Resy Dining Credit — $100 per quarter at US Resy restaurants and other eligible Resy purchases.
$300 lululemon Credit — $75 per quarter at lululemon in the US.
$300 Digital Entertainment Credit — Up to $25/month toward eligible subscriptions (Disney+, ESPN, Hulu, NYT, Paramount+, Peacock, WSJ, YouTube).
$200 Airline Fee Credit — Incidental fees (bags, seats, lounge day passes) on one selected airline per year.
$200 Uber Cash — $15/month in Uber Cash ($35 in December) for US rides or Uber Eats.
$120 Uber One Credit — Up to $120 in statement credits per calendar year for an auto-renewing Uber One membership purchased with the card.
$200 Oura Ring Credit — Up to $200 in statement credits per calendar year toward an Oura Ring purchased at Ouraring.com.
$300 Equinox Credit — Up to $300 in statement credits per calendar year toward an Equinox club membership or Equinox+ digital subscription.
$155 Walmart+ Credit — Covers a monthly Walmart+ membership ($12.95/mo).
$219 CLEAR Plus Credit — Covers a CLEAR Plus airport security membership (up to $219 per calendar year).
Global Entry / TSA PreCheck Credit — $120 Global Entry credit every 4 years (~$30/yr) or TSA PreCheck every 4.5 years.

Protections and perks (11)

Annual Schwab Appreciation Bonus — A once-a-year statement credit ($100–$1,000) based on your linked Schwab account holdings, unrelated to card spend.
Global Lounge Collection — Centurion Lounges, Delta Sky Clubs (10 visits/yr with a Delta ticket), Priority Pass Select, Escape and Plaza Premium lounges.
Marriott & Hilton Gold Status — Complimentary Gold elite status with Marriott Bonvoy and Hilton Honors, plus Leaders Club Sterling status with Leading Hotels of the World (enrollment required).
Trip Cancellation / Interruption — Up to $10,000 per trip ($20,000 per 12 months) on round trips paid with the card.
Trip Delay Reimbursement — Up to $500 per trip when a covered round trip is delayed 6+ hours.
Cell Phone Protection — Up to $800 per claim for damage or theft when you pay your phone bill with the card ($50 deductible).
Secondary Rental Car Coverage — Secondary collision/damage coverage — pays after your personal auto policy.
Purchase Protection — New purchases covered 90 days against damage, theft, or loss, up to $10,000 per claim.
Extended Warranty — Adds a year to eligible manufacturer warranties of 5 years or less.
Return Protection — Up to $300 per item if a store won't take back an eligible return within 90 days.
No Foreign Transaction Fees — No surcharge on purchases abroad.

Recent changes to this card's data

2026-08-27 — American Express Platinum Card for Schwab (new card)

Confirmed via schwab.com's product page and Amex's own benefit-terms/ print-application page for this product that the card shares essentially the full standard-Platinum credit lineup: $600 Hotel Credit, $400 Resy Credit, $300 lululemon Credit, $300 Digital Entertainment Credit, $200 Airline Fee Credit, $200 Uber Cash, $120 Uber One Credit, $200 Oura Ring Credit, $300 Equinox Credit, ~$155 Walmart+ Credit, $219 CLEAR Plus Credit, Global Entry/TSA PreCheck credit, Global Lounge Collection, Marriott/Hilton Gold status, and the standard travel/purchase coverages (trip cancellation, trip delay, cell phone protection, secondary rental CDW, purchase protection, extended warranty, no foreign transaction fees). Earning: 5x flights (up to $500k/yr, then 1x), 5x prepaid AmexTravel hotels, 1x everything else — identical to the standard card. Sources: https://www.schwab.com/credit-cards/platinum-card, https://www.americanexpress.com/us/credit-cards/card-application/apply/partner/print/personal-card/csb/charles-schwab-platinum-card/ep-ADAP
Added Annual Schwab Appreciation Bonus (new perk, free-form usage question): $100 statement credit at $250k-$1M in Qualifying Schwab Holdings, $200 at $1M-$10M, $1,000 at $10M+, or an automatic $1,000 for Schwab Private Wealth Services/UHNW members. One per Card Membership year. Source: https://www.schwab.com/credit-cards/platinum-card
Added Invest with Rewards as a new points preset: Membership Rewards points redeem as cash deposits into a linked Schwab brokerage/bank account at 1.1 cents/point on the first 1,000,000 points/calendar year, then 0.8 cents/point after that. Set as defaultPointsPresetId (judgment call). Sources: https://www.nerdwallet.com/credit-cards/learn/charles-schwab-amex-platinum, https://upgradedpoints.com/credit-cards/reviews/american-express-platinum-card-for-schwab/
Added Return Protection ($300/item, $1,000/yr) — confirmed via MaxRewards and an Amex benefit-detail URL for this product; not currently modeled on the standard amex-platinum.json file (flagged for a maintainer to check whether that file is missing it too). Source: https://maxrewards.com/credit-cards/schwab-platinum
Eligibility: requires a Schwab brokerage account (individual, joint, or revocable-living-trust) or a Schwab Traditional/Roth/Rollover IRA not managed by an independent investment advisor.

Card data verified against American Express on 2026-08-27.

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