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The Platinum Card from American Express Exclusively for Charles Schwab vs Discover it Cash Back

Both are well-respected travel cards. The The Platinum Card from American Express Exclusively for Charles Schwab comes from American Express at $695/yr; the Discover it Cash Back from Discover at $0/yr. Below: side-by-side specs, an opinionated verdict, and the FAQs people actually ask before applying.

Bottom line

For most people the The Platinum Card from American Express Exclusively for Charles Schwab is the stronger pick today, the sign-up bonus is meaningfully larger ($1,240 more in estimated value) than the Discover it Cash Back's. Get the The Platinum Card from American Express Exclusively for Charles Schwab first; revisit the Discover it Cash Back after you've earned that bonus.

FeatureThe Platinum Card from American Express Exclusively for Charles SchwabDiscover it Cash Back
Annual fee$695$0
Sign-up bonusUp to 80,000 Membership Rewards pointsCashback Match (first year, unlimited)
Bonus value (est.)$1,440$200
Min spend to unlock bonus$8,000 in 6 mo$0 in 12 mo
IssuerAmerican ExpressDiscover
Card categorytravelcashback
Best earning category (Flights_direct_or_amextravel)5x1x
Transfer partnersamex-mrNone
Headline benefits
  • Invest with Rewards 1.1c/pt into Schwab
  • Centurion + Priority Pass + Delta Sky Club
  • 5X flights, 5X prepaid hotels
  • $1,500+ in annual credits
  • 5% rotating categories
  • First-year match
  • No annual fee
  • No foreign tx fees
Read the full review
The Platinum Card from American Express Exclusively for Charles Schwab
$695/yr · Up to 80,000 Membership Rewards points
Read the full review
Discover it Cash Back
$0/yr · Cashback Match (first year, unlimited)

Editorial take: The Platinum Card from American Express Exclusively for Charles Schwab

The premium Platinum for Schwab brokerage customers. Same lounge access, FHR, and credit suite as the Personal Platinum, but the killer feature is Invest with Rewards at 1.1 cents per point cash-into-brokerage — the highest fixed-value MR redemption in the program. Best for cardholders who don't max out airline transfer partners.

Editorial take: Discover it Cash Back

The first-year Cashback Match effectively doubles your earnings, someone who earns $300 in cash back gets $600 total. It's the best no-fee first card for building credit with real rewards.

Common questions

Which card has the bigger sign-up bonus, The Platinum Card from American Express Exclusively for Charles Schwab or Discover it Cash Back?
The The Platinum Card from American Express Exclusively for Charles Schwab has the bigger bonus, Up to 80,000 Membership Rewards points, worth roughly $1,440, versus Cashback Match (first year, unlimited) (~$200) on the Discover it Cash Back.
Is the The Platinum Card from American Express Exclusively for Charles Schwab's $695 annual fee worth it compared to the Discover it Cash Back?
Premium cards like the The Platinum Card from American Express Exclusively for Charles Schwab ($695/yr) earn their fee through credits, travel, dining, lounge access, statement reimbursements. If you'd actively use $695+ of those credits, the math works. The Discover it Cash Back at $0/yr trades some perks for a lower commitment.
Can I have both the The Platinum Card from American Express Exclusively for Charles Schwab and Discover it Cash Back?
Yes, since they're from different issuers (American Express and Discover) the application rules don't conflict. Many points enthusiasts hold both, they pair well when one earns flexible bank points and the other earns a different currency.
Should I get the The Platinum Card from American Express Exclusively for Charles Schwab or the Discover it Cash Back first?
Get the one whose sign-up bonus you can hit comfortably without overspending. The Platinum Card from American Express Exclusively for Charles Schwab: $8,000 spend in 6 months. Discover it Cash Back: $0 in 12 months. Pick the easier minimum spend if you're new to points; pick the larger bonus if you have planned big purchases coming up.

Card details on this page reflect the most recent data we've verified against the issuer's own site. Sign-up bonuses and fees can change at any time, confirm the current offer on the issuer's page before applying.