The Charles Schwab Platinum Card from American Express just launched its best-ever welcome offer, setting a new record for value among premium credit cards. This all-time high bonus makes the Schwab Platinum not only a top pick for luxury travel, but also the single best card for cashing out Membership Rewards points at a strong rate.
Our Take
Good news for savvy points optimizers. This is the most lucrative Schwab Platinum offer we've ever tracked, and it finally gives cash-out fans a reason to prioritize this version over the standard Amex Platinum. If you value flexibility—especially the ability to cash out points at 1.1 cents each—this is the moment to act.
What Changed
- Welcome offer: Previous highs were typically 100,000–125,000 Membership Rewards; now at an all-time high (exact number varies by targeted offer, but recent reports show 150,000–175,000 points after $8,000–$12,000 spend in 6 months)
- Cash-out rate: Still 1.1¢ per point via Schwab brokerage (unchanged, but now more valuable with a bigger bonus)
- Effective date: Offer live as of June 24, 2026
Who Benefits Most
- Cash-out maximizers: 175,000 Membership Rewards cashed out via Schwab = $1,925 direct to your brokerage account (at 1.1¢/point)
- Luxury travelers: 175,000 points transferred to airline partners can be worth $3,500+ in premium cabin flights (using our 2¢/point valuation)
- Existing Schwab clients: If you already have a Schwab brokerage, approval and setup are seamless—no extra steps
- Big spenders: Those who can meet the $12,000/6mo spend can unlock the full bonus and maximize the card’s travel credits and perks
Who Should Be Cautious
- Non-Schwab customers: You must have a Schwab brokerage account to apply and cash out—if you don’t want to open one, skip this offer
- Low spenders: The high minimum spend ($8,000–$12,000 in 6 months) may be out of reach for some
- Points purists: If you only transfer points to travel partners and don’t value cash-out, the regular Amex Platinum or Amex Gold may be just as good
What To Do Right Now
- Check your Amex and Schwab accounts for targeted offers—some see 175,000 points, others 150,000
- Open a Schwab brokerage account if you don’t have one (required for the card and cash-out feature)
- Apply as soon as possible—historically, all-time high offers don’t last long
- Plan your spending to hit the $8,000–$12,000 requirement in 6 months
- Decide: will you cash out points at 1.1¢, or transfer for travel at up to 2¢/point?
