Amex Schwab Platinum Card Raises the Bar With 125K Point Bonus

Updated: September 18, 2025, 3:21pm CDT

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Amex Schwab Platinum Card: 125K Points After $8,000 Spend
Final Thoughts

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From time to time, the American Express Platinum Card^® for Schwab pops up with an elevated welcome bonus that’s hard to ignore — especially if you’ve held other versions of the Platinum card and have been considering the Schwab edition.

Right now, for a limited time, the Amex Schwab Platinum card is offering a 125,000-point welcome bonus after $8,000 in purchases in the first 6 months. Like the Platinum Card^® from American Express and The Business Platinum Card^® from American Express, this elevated offer is available only to applicants who haven’t held this specific version of the Platinum card before.

Here’s what you need to know.

Amex Schwab Platinum Card: 125K Points After $8,000 Spend

Charles Schwab and American Express are back with a generous 125,000-point welcome bonus on the Amex Schwab Platinum card after spending $8,000 in the first 6 months.

Amex Platinum Schwab 125k offer — Image Credit: Charles Schwab

Like its siblings, the Amex Schwab Platinum card now comes with an $895 annual fee, up $200, following Amex’s recent refresh of the Platinum lineup, which introduced new perks and enhanced benefits.

What sets the Amex Schwab Platinum card apart from, say, the Amex Platinum card, is its unique flexibility in redeeming points for cash. Through the card’s “Invest with Rewards” feature, cardholders can convert Membership Rewards points directly into cash deposited in their Schwab brokerage account. Points can be cashed out at 1.1 cents per point, meaning that a 125,000-point welcome bonus could be worth $1,375 in cash, without ever transferring to airline or hotel partners.

The card still retains many of the signature Amex Platinum perks, including airport lounge access, elite status with hotels, travel protections, and more. Combined with the flexible cash-out option, these features make it a standout choice for travelers who want premium benefits but also the freedom to use points like cash.

Hot Tip:

While we favor redeeming Amex Membership Rewards points for travel here at Upgraded Points, the 1.1 cent cash-out option makes this elevated 125k offer particularly appealing if you’re primarily looking for flexible value. Instead of being tied to Amex transfer partners, you can instantly turn your points into cash for investments, bill payments, or everyday spending—all directly through your Schwab account.

Final Thoughts

For those eligible, the Amex Schwab Platinum card represents a compelling mix of traditional Amex Platinum card luxury benefits and unique cash flexibility. Even with the $895 annual fee, the combination of an elevated 125,000-point bonus and premium perks makes it a card worth considering for travelers and rewards enthusiasts.