My Charles Schwab Amex Platinum Application Tragedy

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Guide: American Express Program Rules Including Application Restrictions, Card Limits and Difference Between Credit and Charge Cards

My Charles Schwab Amex Platinum Application Tragedy

As we all know this hobby has become harder and harder over the years.  Chase has been adding rules right and left, Bank of America USED to be a sure thing, and Barclays is Barclays.  The one sanctuary I have had, my safe harbor so to speak, has been good ole American Express.  They love me, they give me what I need, and I repay them with a ton of spend and I pay many of their annual fees.  This is all why I felt like my Charles Schwab Amex Platinum application was a sure thing!

My Story

I very much wanted the Charles Schwab Amex Platinum.  I wanted it for the 60,000 point welcome offer, the numerous Platinum card perks, and the ability to cash out Membership Rewards at 1.25 cents a piece.  Because of this I finally got around to signing up for the one card EVERYONE should get! I jumped through the hoops of signing up for the Charles Schwab checking and brokerage account, and the hard pull that comes with it.  Chuck at Doctor of Credit has a good breakdown of the process of signing up for the brokerage and checking account.

Once I completed that I moved on to the American Express Charles Schwab Platinum application page.  I filled out my information and awaited my “sure thing” approval that I was bound to get.  I mean this was a charge card after all which is even easier to get than a credit card, charge cards have less rules.

The page sat there for a few seconds and then I saw it, to my horror the dreaded popup came up. No! This can’t be.  I have never had the Charles Schwab card, but I have had the regular platinum and Ameriprise version in the past.  To say I was depressed would be an understatement.  I had everything lined up. I was even in line for the airline incidental triple dip. Why are they doing this to me?

Thoughts On Why I Got The Popup

American Express instituted a new program where they will alert you if you are not eligible for a welcome bonus before your application goes through with a pop up.  This was first thought to only come up when you have already had the card before but people have been seeing it for other reasons as well.

The pop up could be because they are now lumping all Platinum cards together but I don’t think that is the case.  I haven’t heard of any other reports of that.  Now if the points didn’t post properly they may use that excuse to deny the welcome bonus. But I don’t think they are denying it up front at this time.

I am guessing it is because of my application history.  Although I have only signed up for the Aspire card earlier this year and the Prime Amazon business card recently. Don’t judge me on the last one, I was tired of sourcing gift cards at stores and wanted to simplify my life.

It could be because of closures but the only thing I have closed this year is my Ameriprise Platinum. That was the 3rd annual fee for the card so it wasn’t even a hit and run situation. So would they be upset about that?

I have no idea at this point but I am sad about it.  I guess I will wait 5-6 months and try it again. Since I already have the Schwab account I might as well.  At least I should get a $100 bonus for that so it isn’t a total loss.  Plus I need their debit card for international travel, it is amazing!

Conclusion

2018 has been a rough year for me and this is just another nail in the coffin.  My safe harbor told me to find another beach to dock on.  I am looking at you Citi, at least you still show me love.  Well every 2 years at least…

Share your thoughts on why American Express told me I am no longer attractive to them in the comments.

 


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36 COMMENTS

  1. My thought is that maybe open a Schwab account then let it age (funded) for a good amount of time… (Months? a year?) and THEN apply for that version? It’s a guess, but that is what I am doing. Got the first part done, now letting it sit for an eventual try.

    • I don’t think one has much to do with the other. Amex probably doesn’t care how long you have had a Schwab account and others have not had an issue opening it right away.

      I am now stuck hoping it does matter though lol

  2. I applied for the Amex business plus ( never had it) , applied for Hilton business ( never had it ), both had the pop up. Currently I am using the Amex plat business. Sigh !!

  3. I just did what you did and applied for the Amex card within minutes of opening the brokerage/checking accounts and was approved so ?? Amex is def the only issuer I seem to still get approved for. I do still have the MB version open and a handful of other Amex cards. Good luck next go around!

  4. Please tell me this is fake news. Spouse and I are about to cancel our MB Plat after quickly taking advantage of ’19 perks, then at renewal in April I’ll ditch the Amex Business. I figured spouse could get the Charles Schwab Plat. We have a money market with Schwab and even considered throwing more $ their way just so spouse would absolutely be approved. Oy vey. We’ve both had the personal Plat before – years ago. I like it for cruise bennys – we got $500 OBC on every Crystal Cruise.

  5. I applied for the BBP. Didn’t have the pop up. I called to complain that I never received the card and the rep confirmed the 10k bonus. One month later I applied for the no 24/month language Hilton no fee via referral and didn’t get the pop up. Of course I didn’t get instantly approved either. So I have no idea how if I’ll get the bonus.

    • With American Express changing their terms a few months back they can kind of do what they want. But I haven’t heard of people getting denied when not seeing the pop up so I would guess you will get it.

  6. Hmm, I’m not sure that being denied a premium credit card meets the definition of tragedy. The term is probably best applied to situations involving human suffering, sickness and death, disasters and calamities, etc.

    Major bummer might be a more apt description. For example, it’s a bummer I can’t apply for the World of Hyatt Visa card with its 60K point signup bonus before January 9 because of Chase’s 5/24 rule. The emphasis going forward will be on getting cards that offer the right mix of benefits to justify keeping for the long haul (like the WOH Visa and Amex Hilton Aspire cards).

  7. This happened to me the other day with the regular gold. I was really bummed. Have had three cancelations in the last three years.

  8. I feel your pain when I couldn’t get approved for the Capital One Card for the $200K. Geeze, Capital One turning me down. I had figured out the spend plan, etc. but a no go with Capital One. Had all the planets gone out of whack. Hadn’t applied for card in months.

    Like you I will make a go again.

  9. Like you, my hubby and I have gotten the dreaded pop ups on Schwab plat and the gold. We haven’t had these cards before. Just trying to put more spend now on the BBP, hopefully in time Amex will start to show us love again. Chase, Capital 1, Barclays have all denied us due to number of cards recently opened. Hopefully 2019 will be better.

  10. Seems like you might as well reapply for the Ameriprise Platinum. While there is no signup bonus you can get all the Platinum benefits and there is no minimum spend either.

    • I was considering it. I don’t need the platinum for a few months so I will hold off until I try the Schwab one more time and then I would probably just get the Ameriprise again.

    • I may have to give it a try if it happens again although as far as I know there is no work around on the pop up even if you call in.

  11. I also applied for the AMEX Schwab platinum card but I applied through the Schwab site. I spoke with AMEX spokesperson for Schwab and she approved me on the spot. I applied for the card to replace the Mercedes Benz AMEX Platinum that was going away. She also cancelled that card for me.

    • I went through the Schwab site as well but when you go to fill out the application it directs me to the Amex site to do it. I may have to try talking to them on the phone and see if that works instead. Thanks John.

  12. I applied for the Hilton Business AMEX on Nov 5, 2018 and was approved for the card. This is my first time having the card. I did not get a pop up when applying. I completed the spend before my Dec 2018 statement and no bonus posted. I waited until the Jan 2019 statement and still no bonus posted. I called AMEX and the rep said there is a note on my account that I am not eligible for the bonus. I chatted with an AMEX rep and he said: there is a note in the account from Nov 5th 2018 that the welcome bonus will not be awarded for some welcome bonus misuse history. I was never informed my AMEX and no pop-up window. That is sneaky. The chat rep is looking into it with AMEX marketing team. They told me to check back in a week, which I will do.

  13. I opened my Schwab One and HYI Checking account today. I applied for the AMEX Platinum (CS) afterwards and I was instantly approved. I also carry the “Regular” AMEX Platinum. I unlocked my Experian file for this process and I did not see a hard inquiry from Charles Schwab after I applied. I am hoping that American Express “pre-approved” me and did a soft pull…? Time will tell.

    • Within a range, besides “opening” the account and then getting approved for the Plat… How much bread did you put IN the account when you opened it?

      I suspect that if one does this and does NOT put in a good chunk of change it might make a difference. This would be, for me at least, a good data point.

      • Yes, data points will be helpful. I opened both the Schwab One and the HYI Checking account initially with the intention on getting the $100 bonus after depositing $1,000. I didn’t see the box to add in my referral code during the process, so I had to call in and speak to the rep who confirmed my identity and give him the referral code to attach to my account. The account takes a few days to become active (I was able to verify my identity within 15 minutes after I opened the account with a rep), and so once I get confirmation, I will deposit the money ($1,000+).

        A few data points about my history with Amex:

        I have carried all colors of their charge cards, my first being the Green, then Gold, then Platinum (Regular, Mercedes-Benz and now Charles Schwab). I currently carry the regular Platinum and I have no plans on closing this and so I will have two Platinum cards. I also carry the BBP, ED Card, and the Hilton Ascend. I have closed two cards in the last couple years. I had a Blue Cash Everyday card that I kept for a year and then closed and then I had a PRG card that I closed after keeping it for about 3 years. I also want to note that before I opened my first Platinum card, I opened up an HYSA account with Amex and deposited a good chunk of money into it ($xx,xxx). I opened the Platinum card a few weeks later and I was never charged the annual fee for my regular Platinum card during the first year. I called to inquire about this initially, because I kept waiting for the annual fee to hit my account and it never happened. I never got an explanation really, just a simple, “Your annual fee will not be charged to your card this year, Sir.”.

        Another data point; I currently have two HYSA accounts open with AMEX and I have perfect credit history across the board. No negatives, very low inquiries, and low utilization.

        *I also did not get a hard inquiry on my Experian file when I applied for the Amex Platinum Charles Schwab. I only had a hard inquiry on my Equifax from Schwab due to the Brokerage account. I have not had a hard inquiry on the last three cards that I opened with Amex.

        Hopefully this helps!

        • Ethan… Yes, that was incredibly detailed. Thanks. I’ve never done a HYSA thing and to be honest, though it is morning and I have had coffee, I am not sure what it is.

          But I think to go for the Schwab Plat, I will throw a few K in and let it sit a bit and then apply, just to try to help things along. I have had the Schwab account for a couple years though so hopefully that helps as well.

          • HYSA = High Yield Savings Account. Their APY isn’t bad. There are accounts that pay higher percentages, but I am loyal to AMEX.

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