Cash back · American Express · No annual fee
Last verified 2026-09-09. Review issuer source
Schwab Investor Card from American Express is a no-annual-fee cash back card from American Express. It earns 1.5% on every purchase with no categories to track.
On our reference budget of $24,600 a year it returns about $369, an effective 1.5% back. The welcome bonus, $200 after $1,000 in 3 months, is the strongest reason to open it in a given year.
It is a fine only card. It loses to category cards for people who spend heavily on one thing, and even then it belongs in the wallet for everything else. It charges 2.7% on foreign purchases, so leave it home when you travel abroad.
Earn a $200 Card Statement Credit after spending $1,000 in purchases on your Schwab Investor Card® from American Express in the first 3 months of Card Membership.
Earn an unlimited 1.5% cash back automatically deposited into your eligible Schwab account for purchases made with your Card.
Your resource to help secure dining and event reservations.
Benefit descriptions are the issuer’s and network’s own wording, trimmed for length. Limits and exclusions are in the guide to benefits.
| Card | Annual fee | Rewards earned | Net after fee | Rank |
|---|---|---|---|---|
| Schwab Investor Card® from American ExpressThis card · 1.5% on everything | None | $369 | +$369 | 468th of 1,291 |
| American Express® GoldAmerican Express's most-held other card · 4x on dining | $325 | $594 | +$269 | 547th of 1,291 |
| Savor RewardsThe strongest no-fee card on this budget · 3% on dining | None | $642 | +$642 | 4th of 1,291 |
| Robinhood Gold CardHighest net return on this budget · 3% on everything | $50 | $798 | +$748 | 1st of 1,291 |
Reference budget: groceries $6,000, dining and restaurants $3,600, gas and ev charging $2,400, travel and transit $3,000, online shopping $2,400, entertainment and streaming $1,200, everything else $6,000. Points are valued at 1¢ unless the program is worth less; statement credits, welcome bonuses, and perks are left out. Run it with your own spending.
