Save Single Credit Card with airSlate SignNow

Save single credit card

hey credit warriors welcome to the show and what is one credit card that really makes you feel like a boss i have america's friends as partner that's right karen an american express card that is platinum but what's better than that an american express card that is platinum and that is charles schwab you can let everyone know that not only can you afford a 550 annual fee but you have a charles schwab brokerage account where you invest in stocks and etfs you might be losing money doing it but that doesn't matter everyone will think you're a high roller anyway guys i just got approved for the charles schwab annex platinum and in this video i'm gonna tell you why it is such a great card to have specifically it gives you a higher value for amex membership rewards points than any other american express card but more on that later first of all we will talk about how to get approved for this card so you need to have a brokerage account with charles schwab you can also have a ira like a traditional ira a roth ira or a rollover ira those ones count two but the most common type of account is the charles schwab brokerage account now in addition to those kinds of accounts charles schwab also offers the high-yield investor checking account which gives you a debit card that waives atm fees internationally so it's great for using atms when you're traveling or just those sketchy atms that are like in strip clubs that charge your feet you know what i'm talking about now for some reason i actually have the debit card even though i don't have the investor checking account i just have the brokerage account not quite sure how that happened but anyway maybe that's an option too i don't know but what i do know is that you cannot get this card if you only have their checking account okay you have to have the brokerage account or the ira or whatever to be able to get this card now my advice would be when you apply to apply for both the brokerage account and the checking account because they are both really useful and also you can get a bonus on the brokerage account depending on how much money you put in there so if you put in a thousand dollars you can actually get a hundred dollars back as a bonus and that increases depending on how much money you put in up to a 500 welcome bonus okay so now that you have your account you can visit the charles schwab website and apply for the charles schwab amex platinum okay you don't apply through amex you apply on charles schwab's website and you do have to sign into your account when you apply now let's talk about credit score and income requirements for getting approved so when i applied for this card last night i had a credit score of around 750 on credit karma and i put down about 200 000 for annual income now for the credit score as long as you're over 700 you should be able to get this card okay it's a charge card it doesn't have as high requirements as other credit cards okay charge cards tend to be a little bit easier to get although this is a very prestigious charge card so do take that into account but generally a credit score of over 700 you should be fine and for annual income don't think that you have to earn six figures to apply for this card you absolutely do not um so annual income if you're around 50 to 60 000 around the average for the united states uh or a little bit more than that you should be fine to get this card okay so you do not need to be earning some you know extra high income or whatever millions of dollars a year average income should be fine so why is this such a great card guys why am i raving about it well first of all let's talk about the higher value you get for amex points so normally american express allows you to cash out your points for statement credits on the card for 0.6 cents in value per point okay that is the worst value redemption ever i don't want to catch anyone doing that okay terrible but what the amex platinum the charles schwab amex platinum allows you to do is cash out your points into your charge to our brokerage account as true cash back okay not a statement credit actual cash um at 1.25 cents per point which is great value so this means that that five points per dollar you get on purchasing airfare with the amex platinum would now become six point two five percent in cash back which is awesome so if you bought a two thousand five hundred dollar british airways business class ticket to the uk from new york you would get 156 dollars in cashback in your charles schwab brokerage account that's in addition to the 200 you save for being an aarp member you didn't know that right you get a 200 discount on british airways business class for being a member of aarp which only costs 16 a year to be a member of thank me later and that's not all since all of your amex points pool into one account if you have other amex cards like the gold or the green you can redeem those points for the higher value as well so the gold card earns four points per dollar on restaurants and u.s supermarkets that'll now be earning five percent cashback if you choose to redeem it that way the green card which earns three points per dollar on travel will now be earning 3.75 in cashback on that travel spending again if you choose to redeem those points into charles schwab now if you want an easy way to keep track of which card to use where for optimal points and cashback why not check out the sponsor of this episode max rewards it's an app that pools all your credit card balances utilization and points balances in one place it will tell you which card to use in each category and even at which local business to get the most value in rewards and a cool feature is you can actually set the value of each points currency yourself so if you're after cashback and you have the schwab platinum you can enter 1.25 cents for amex points and set your other points such as chase points etc to one cent per point then the app will always tell you where you can get the most value out of the amex charles schwab setup the app also has the gold feature where it activates chase and amex offers and quarterly categories automatically so you never miss a deal and you can get a free month of max rewards gold with my link check that out below now we do have to point out that transferring your points over to airlines normally gives you higher value than the 1.25 cents per point you getting cashback but at this time there are two issues with this so number one is that airfares are cheap right now because of the global pandemic and all the lockdowns and stuff so actually you may not get more than 1.25 cents in value for your points even if you transferred them to an airline okay and think about it if you cash out as cash back and then you book using money you actually will earn points or miles and you'll also earn status on that spending okay i earned british airways bronze status from my trip um over christmas now i don't know this for sure for every single flight ticket out there so you want to do your own research but certainly what i've found is that at the moment i am not getting 1.25 cents in value uh or maybe just under 1.25 cents in value for my points transferring the airlines i think for my uk trip at christmas it was about 1.2 cents in value for the portion that i booked using amex points and number two many people just don't want to travel i know for me certainly i am not going to be leaving the united states until this whole corona thing is over travel is just getting too annoying you gotta wear a mask for seven hours on a plane then when you get to your destination there's things like you have to have covert tests you have to quarantine and then when you finally get out of quarantine they may just announce a lock down and shut everything down anyway and you can't do everything which you know is what happened to me in the uk so yeah really annoying i don't think i'm gonna travel again until all of this is over so i'm really up for using points for some other kind of spending um such as getting cash back and investing in stocks through charles schwab or you can also take the money out of your show up account and just you know use it to buy whatever you want now let's move on to a few more benefits so the charles schwab amex platinum has all the same benefits as the regular amex platinum i'll put all of them on screen and i'll just read you out a couple so these include things like lounge access in centurion lounge priority pass delta lounges 200 uber credit 100 sax credit the new 180 paypal credit etc you can pause the video if you want to look at all of them then also another exclusive benefit to the charles schwab platinum card is what they call the schwab appreciation bonus so basically if the money you have in your child schwab brokerage account including money invested in stocks is over 250 000 they reduce your annual fee by 100 so it goes down from 550 to 450. if you have over a million dollars with child show up they reduce your annual fee by 200 so it goes down to 350 per year now obviously the million bit far-fetched for a lot of people however for most people who invest in stocks i do think it is pretty realistic that they'll have over 250 000 in their account after a few years and you know some people will get to a million it's just a little bit more tough because some people they choose you know after they've invested you know a few hundred thousand in stocks they're like i'll try some other investments like real estate or whatever and they may end up not having a million dollars in stocks okay because stocks aren't the only kind of investment it's good to diversify but you know at a minimum i think it won't be too hard for most serious investors to get to that 250 mark and get the 100 reduction in the annual fee and then for the sign up bonus so the charles schwab amex platinum actually lets you get around the once in a lifetime language in amex's terms and conditions because it is considered a separate product to what we call the vanilla platinum the regular platinum card okay so even if you've had the regular platinum card before and you've already had the bonus on that you can actually get another signup bonus by signing up for the charles schwab amex platinum now the bonus on the mx platinum charles schwab by mx platinum at the moment is only 60 000 points which is a bit lower than the public offer on the amex platinum which i think at the moment is 75 000 points however remember it's 1.25 cents per point so it is worth 750 dollars in your char schwa brokerage account so you know there's pros and cons to it but um it has got reasonable signup bonus and it lets you get around that once in a lifetime language and there's also a 100 000 point targeted offer out there if you are already a schwab member so if you remember do look out for an email advertising that you may be lucky enough to get it alright guys that is my video on how great the charles schwab mx platinum is i was approved for the card last night i'm really excited waiting to get it in the mail i will do an unboxing video when it arrives if you are interested in max rewards the sponsor of today's video do check out the link below and remember you can get one month free of max rewards gold i will put the links to the amex platinum amex gold dynamics green in the description below if you want to learn more about them just remember it is the regular mx platinum not the schwab version but there is a higher signup bonus on the regular version at the moment anyway so you might want that instead if you are interested in learning more or getting the schwab version you have to go to their website charleswab.com uh to find out more about that all right thank you so much for watching guys please subscribe if you're new we'll see you next time bye