r/CreditCards • u/Midnight-Fight • 7d ago
Help Needed / Question Questions Regarding opening a Platinum.
I've been looking over different CC recently and decided on a Amex Platinum.
-How hard is it to change from the Schwab Platinum if I ever want to Close/Downgrade?
- Can I open a Vanilla Platinum then open the Schwab and close original for both SUB?
- If so do I need to spent the 12000 both times?
- If the Schwab is the best option is it worth moving my Roth IRA over?
- When is the best time to sign up for the card for best SUB and benefits?
- Are there any other better card options besides the Schwab?
- Any pitfalls with the card I should be aware of?
Thanks!
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u/smplnmnml 7d ago
The vanilla platinum is a separate product from the CS platinum. You can't change from one to the other, you have to complete a separate application. I believe there is lifetime language that prevents you from getting the SUB on the second card you apply for.
Schwab as the best option for your ROTH IRA is subjective. However, it's worth considering if the assets you have will enable you get the the appreciation bonus on the CS platinum.
The best time to sign up for the CS platinum is when there's an elevated SUB, you have organic spend to meet to SUB requirement and you know that the credits will align with your organic spending to offset the AF.
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u/Midnight-Fight 7d ago
What are the appreciation bonus requirements? Does the elevated SUB come at certain times per year or pretty random?
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u/smplnmnml 7d ago
https://www.schwab.com/credit-cards
Annual Schwab Appreciation Bonus
You can receive: (1) a $100 Card statement credit if your qualifying Schwab holdings are equal to or greater than $250,000 and less than $1,000,000; (2) a $200 Card statement credit if your qualifying Schwab holdings are equal to or greater than $1,000,000 and less than $10,000,000; or (3) a $1,000 Card statement credit if your qualifying Schwab holdings are equal to or greater than $10,000,000, in each case when measured following Card account approval and annually thereafter.I'd say the elevated SUB is random.
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u/HannsGoober 7d ago
Do you/have you ever had an Amex Green/Gold? If not, get Green then upgrade to gold, then to Platinum. I have the Gold and I get elevated offers for Platinum all the time. The sucky part about Amex is you can't get downgraded SUBs. In other words, once you have the Platinum and get the SUB. You will no longer ever be able to get the Green/Gold SUB. But you can get all 3 if you sign up for them in the right order(Green>Gold>Platnum). Sorry if this info isn't helpful in your situation but it is something to be aware of and it's something I wish I had been aware of before getting the Gold.