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Side-by-side

American Express Schwab Investor Card vs Mastercard Black Card

Both are travel travel cards. The American Express Schwab Investor Card comes from American Express at $0/yr; the Mastercard Black Card from Barclays (Luxury Card) at $699/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 CardMastercard Black Card
Annual fee$0$699
Sign-up bonus10,000 Membership Rewards pointsNo public welcome offer
Bonus value (est.)$110$0
Min spend to unlock bonus$1,000 in 6 mo$0 in 0 mo
IssuerAmerican ExpressBarclays (Luxury Card)
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
  • $200 airline credit
  • $100 dining credit
  • Priority Pass Select
  • 1.5cpp cash back, 2cpp airfare
Read the full review
American Express Schwab Investor Card
$0/yr · 10,000 Membership Rewards points
Read the full review
Mastercard Black Card
$699/yr · No public welcome offer

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: Mastercard Black Card

The mid tier of the Barclays Luxury Card lineup. The $200 airline + $100 dining credits offset $300 of the $699 AF before lounge value, and the 1.5cpp cash-back rate is the best of the Luxury Card tiers. Still hard to beat Sapphire Reserve or Venture X on transferable-points flexibility, but the all-stainless body and concierge appeal to some.

Common questions

Which card has the bigger sign-up bonus, American Express Schwab Investor Card or Mastercard Black Card?
The American Express Schwab Investor Card has the bigger bonus, 10,000 Membership Rewards points, worth roughly $110, versus No public welcome offer (~$0) on the Mastercard Black Card.
Is the American Express Schwab Investor Card's $0 annual fee worth it compared to the Mastercard Black Card?
The American Express Schwab Investor Card has no annual fee, so the question is whether the Mastercard Black Card's $699 fee is justified by its perks. If you'll use enough of the Mastercard Black Card's benefits to clear $699 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 Mastercard Black Card?
Yes, since they're from different issuers (American Express and Barclays (Luxury Card)) 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 Mastercard Black Card 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. Mastercard Black Card: $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.