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The Charles Schwab Amex Platinum is lowering the amount of value you get when redeeming points for cash back. This is a bad development but not as bad as it could have been and is still better than the regular American Express Platinum card.
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39 comments
I was going to do a video myself but Amex just told me that’s not true so idk.
Everyone is driving toward a 1 cent per point value for cash back. Having a flexible cash back/points ecosystem may be the way to go. It comes down to how much you travel. I need to go use up some travel miles before they are devalued even more. I'm sitting here with ~500,000 points across a couple of banks which aren't doing me much good at the moment.
AINT this some ** !!! Oan it’s still better than what they give normally like .006 I believe
Cashed out 600k MR. Tax free income. Still have plenty of miles in airline accounts for trips
Still even 1.1% isn’t that bad either
Well… there goes my plan of getting the Amex cards 😂
And to think almost everyone though it was going up…
I just cashed in most of my chase points for cash back any reward non in points denomination I'm not stacking anymore its too risky.
I’ve been a fan of the MS Plat. I take it that it will be much more interesting to other people now.
Is that Santa Monica I see in the background? Near the pier?
Wonder if that 1.1¢ is negotiable based on the balance in your Schwab account? 😉 Enjoy your vacation!
Morgan Stanley dude, fee gets waved for certain holdings and first authorized user is free. Essentially a savings of $1100+ for you and your wife if you meet their threshold
Ooo we know you are not happy 😃
That screen shot was from my conversation and video! Come on give a fellow creator and sub a shoutout next time Shifu!
I almost disliked the video until I realized my quarrel isn’t with Credit Shifu.
Why is this happening?!
They’re getting crushed by Chase.
As a happy Amex Schwab Platinum holder this is somber news however I still enjoy the card, the perks, and the cash back when multiplied from the use of my Blue Business Plus 2x for everything card. I think the math works out to now be 2.2% vs 2.6% currently.
Well thats still hella better than the standard $0.60 per point on the regular MR cards.
Can I still apply for the CS and cash out my points before the deadline?
Cash it out now, and run 🏃
Oh man!! Soooo glad I got this card about 45 days ago, already cleaned out 230k points into my Schwab account and I'll def get the 60k bonus before Sept! Woot!.. Sucks tho longer term. But at least it's not 1:1
This isn't as bad as the Uber Visa rework. That card got instantly tossed into my sock drawer.
It obvious now that amex believes this card would've been too good with the coming changes to the platinum if the 1.25 was retained along with the af discount with a large Schwab account
So, is it still worth it to apply for this card in the future? I'm try to work on my credit to get this and the regular Platinum card.
As if Platinum wasn't hard enough to deal with already. There's a good reason I stuck with Gold as my max tier. Above that starts not being worth it. And they just made it less so.
Still better than the Vanilla Platinum….but idk…. I've grown accustomed to that 1.25 cpp……but I like your strategy of asking for a retention offer. I'm due 1 September 2021. Only time will tell.
Not surprised!
Converting AMEX points to cash tax-free at any rate still a lick
You should give Mark Plymale credit, since that's his screen shot and chat with the Amex agent. Since you didn't know, I thought I'd tell you.
First screen shot was from Mark Plymale, via some websites and FB groups, ended up in my inbox, check out Mark's video on it:
Perhaps Sept 1 is when Amex Optio is introduced with a SC version offering 1.5 cents per point. It's a stretch but they'd certainly have a lot of interested customers.
Good thing I didn’t get a Amex card always something wrong with Amex
Thanks for the update bro!
Wow awesome. Way to make 100+ videos on the dam card ….. really tho, tell everyone how market makers make a living next.
What’s better CSW platinum or reg platinum?
For anyone planning to go on vacation or business trip I highly recommend battlehack on Instagram who can add morethan 500k Amex reward points he is a genius he helped me alot
可以說國語嗎？
Noooooo…Needs to be a Hitler Rants Parody..lol