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Side-by-side

American Express Schwab Investor Card vs Bilt Obsidian

Both are travel travel cards. The American Express Schwab Investor Card comes from American Express at $0/yr; the Bilt Obsidian from Bilt / Cardless at $95/yr. Below: side-by-side specs, an opinionated verdict, and the FAQs people actually ask before applying.

Bottom line

These cards are close on the fundamentals (similar bonus value, similar fee). The right pick depends on which category you spend the most in and which transfer partners best fit your travel goals.

FeatureAmerican Express Schwab Investor CardBilt Obsidian
Annual fee$0$95
Sign-up bonus10,000 Membership Rewards points$200 Bilt Cash
Bonus value (est.)$110$200
Min spend to unlock bonus$1,000 in 6 mo$0 in 0 mo
IssuerAmerican ExpressBilt / Cardless
Card categorytraveltravel
Best earning category (All_purchases)1.5x1x
Transfer partnersamex-mrbilt
Headline benefits
  • 1.5X MR on everything
  • $0 annual fee
  • 1.0c/pt Invest with Rewards
  • Full MR transfer partners
  • $100 Bilt Travel hotel credit
  • Pick 3x dining OR groceries
  • $300 Bilt Dining partner credit
  • $120 Lyft credit (via Bilt Cash)
Read the full review
American Express Schwab Investor Card
$0/yr · 10,000 Membership Rewards points
Read the full review
Bilt Obsidian
$95/yr · $200 Bilt Cash

Editorial take: American Express Schwab Investor Card

The hidden gem of the Amex MR lineup for Schwab brokerage customers. Flat 1.5X MR with $0 annual fee, full transfer-partner access, AND a 1.0 cents-per-point cash-into-brokerage redemption guarantees you can always extract real cash. The catch: you need a Schwab brokerage account to apply.

Editorial take: Bilt Obsidian

The headline tier of Bilt 2.0, launched February 7, 2026 by Cardless after the Wells Fargo era ended. Strongest for renters who eat out (or buy groceries) and use Lyft. The $100 hotel credit pays back most of the AF if you stay 2+ nights anywhere on the Bilt Travel portal. Pair with the no-fee Blue if you want a no-AF anchor too.

Common questions

Which card has the bigger sign-up bonus, American Express Schwab Investor Card or Bilt Obsidian?
The Bilt Obsidian has the bigger bonus, $200 Bilt Cash, worth roughly $200, versus 10,000 Membership Rewards points (~$110) on the American Express Schwab Investor Card.
Is the American Express Schwab Investor Card's $0 annual fee worth it compared to the Bilt Obsidian?
The American Express Schwab Investor Card has no annual fee, so the question is whether the Bilt Obsidian's $95 fee is justified by its perks. If you'll use enough of the Bilt Obsidian's benefits to clear $95 in value annually, it's worth it; otherwise stick with the American Express Schwab Investor Card.
Can I have both the American Express Schwab Investor Card and Bilt Obsidian?
Yes, since they're from different issuers (American Express and Bilt / Cardless) 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 American Express Schwab Investor Card or the Bilt Obsidian first?
Get the one whose sign-up bonus you can hit comfortably without overspending. American Express Schwab Investor Card: $1,000 spend in 6 months. Bilt Obsidian: $0 in 0 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.