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In this video we address the rumor that the value of points on the Charles Schwab Amex Platinum will change. Right now the Schwab Platinum let’s you redeem points at 1.25 cents per point. But dure to some of the specific language being removed from the website, many people think that could change.
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24 comments
if AMEX will increase the AF on Plat personal and remove the cash back on CS plat, I will cancel both Plat & Gold and will retain only Platinum business as the $595 AF can be tax write offs for legit business owners like me
Dear Amex: I’M WATCHING YOU 👀
PS: Don’t do it 👌
Just applied for this card on Friday and still getting 1.25%
I’ve speculated that Amex might look into making the cashout/statement credit redemption rate 1 cpp in order to keep up with Chase (and it looks increasingly like Citi would be doing the same) when making it easy to redeem for cash back. The outcome could be 1 cpp for all Platinum cards (including Schwab). Schwab and Morgan Stanley could still allow points to be cashed out, but everyone else can redeem for statement credit at 1 cpp.
Another scenario: Conventional wisdom would say it’s unlikely that Amex/Schwab would increase the cashout rate above 1.25 cpp. However, if the cashout rate were to increase, so would the Platinum’s annual fee. Some of the other chatter points to the annual fee (and added benefits) for the Platinum increasing.
The AMEX giveth and the AMEX taketh away.
The dynamic bonus reasoning does not make sense. Chase is able to update the travel portal redemption value whenever they change the bonus on the CSP. Amex should be able to do the same. Pure speculation: I would guess that they are going to drop the redemption rate to match that of the Morgan Stanley AmEx Platinum, which is 1ccp, which is a devaluation but still keeps it more favorable than the vanilla version. Question to anyone with this card: have you ever seen a transfer bonus similar to that of the airline partners?
I would be petrified if they do this, I absolutely love this card for that option, honestly!
Well I’m gonna be optimistic and go the possibility that a higher dynamic public SUB could be headed to the Schwab.
If they do end up removing it, perhaps they’ll grandfather everyone who still has the card. That’s a good way to have folks pay the $550 annual fee in perpetuity.
They are most likely doing that, since there's a rumor of amex point devaluations.
I’ll cancel if they do
Not surprising if true.
1:58 I'm finally famous!! ☺️ 😎
Because I have the schwab platinum its probably going to drop to 1c per point. Will be very disappointed. If that happens ill probably start looking into chase sapphires.
I just got approved for this card! I hope they don't decrease of eliminate the benefits
On the application page and offer terms, language about redeeming points into your CS account is still there. ‘Invest with rewards…’ doesn’t mention a rate though.
Awesome breakdown and very insightful
I spoke to Amex over the weekend on another subject, and this card came up… Please note: The rep said that the department she was in 'no longer handled that card', but more importantly she mentioned to me that it is one of the oldest Amex cards and that 'very few people' actually own them (I'm assuming in proportion to the generic card)… Honestly, from the way the conversation went, she seemed to insinuate that changes were coming, but she just didn't know what they were.
Amex gold + CSR is the dream team
I've avoided AMEX and am happy I have. Not worth the run arounds.
I wonder if this has anything to do with Charles finishing up the merger with TD??
Bro I literally opened a roth ira with them last week…. K. 😑
This man the Harry Potter of credit cards.
I feel like they are going to standardize cashing in the points for 1ccp after testing how many people used the boosted promo. That way they don’t have to deal with Schwab not wanting to pay extra.
Cash out your MR rewards points before July 1st, just in case it is true, with no grace period.