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Side-by-side

American Express Schwab Investor Card vs Southwest Rapid Rewards Premier

Both are travel travel cards. The American Express Schwab Investor Card comes from American Express at $0/yr; the Southwest Rapid Rewards Premier from Chase at $149/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 CardSouthwest Rapid Rewards Premier
Annual fee$0$149
Sign-up bonus10,000 Membership Rewards points55,000 bonus points
Bonus value (est.)$110-
Min spend to unlock bonus$1,000 in 6 mo$1,500 in 3 mo
IssuerAmerican ExpressChase
Card categorytraveltravel
Best earning category (All_purchases)1.5x1x
Transfer partnersamex-mrNone
Headline benefits
  • 1.5X MR on everything
  • $0 annual fee
  • 1.0c/pt Invest with Rewards
  • Full MR transfer partners
  • 3x on Southwest
  • 6k anniversary points
  • Free first checked bag
  • 15% anniversary promo code
Read the full review
American Express Schwab Investor Card
$0/yr · 10,000 Membership Rewards points
Read the full review
Southwest Rapid Rewards Premier
$149/yr · 55,000 bonus points

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: Southwest Rapid Rewards Premier

The middle tier of the Southwest portfolio after the 2025 refresh. Doubles the anniversary points and bumps the promo code from 10% to 15% vs Plus. Sweet spot for occasional Southwest flyers who don't need the Priority card's $75 travel credit or upgraded boardings.

Common questions

Which card has the bigger sign-up bonus, American Express Schwab Investor Card or Southwest Rapid Rewards Premier?
The American Express Schwab Investor Card has a public bonus (10,000 Membership Rewards points, worth roughly $110), while the Southwest Rapid Rewards Premier doesn't advertise one right now.
Is the American Express Schwab Investor Card's $0 annual fee worth it compared to the Southwest Rapid Rewards Premier?
The American Express Schwab Investor Card has no annual fee, so the question is whether the Southwest Rapid Rewards Premier's $149 fee is justified by its perks. If you'll use enough of the Southwest Rapid Rewards Premier's benefits to clear $149 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 Southwest Rapid Rewards Premier?
Yes, since they're from different issuers (American Express and Chase) 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 Southwest Rapid Rewards Premier 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. Southwest Rapid Rewards Premier: $1,500 in 3 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.