The Amex Charles Schwab Platinum card, offers a great way to redeem Amex points for cash back at a higher rate than other Amex credit cards. And I used the Amex Schwab cash out benefit to redeem 350k Membership Reward points and with the power of compounding interest, this will turn into about $57k
00:00 – Start
00:29 – Points Are For Travel
1:02 – Trying For Amex Platinum
2:07 – Unboxing Schwab Platinum
3:21 – Amex Schwab Platinum
4:03 – Cash Out Amex Points
4:47 – Opportunity Cost
5:24 – How To Redeem Schwab Points
6:02 – Tax Free Cash
6:59 – Compounding Interest
8:15 – Thoughts
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34 comments
I think I would have cashed out all 544,000, haha, so i'm with you!
Upgrading to Generic Platinum from Gold is 25,000 points for $2000 over 6 months and 10x on gas stations and 10x Grocery Stores. I actually pulled the trigger. 10x is pretty sick. I'll spend about $4,500 on Gas stations and Grocery Stores is 6 months. 6x more than my gold cards (I had 2 Gold cards). So 52000MRP more than I would have gotten. I think its a pretty good deal. I already had the platinum card a few years ago, so I couldn't get another bonus. Also, no Hard inquiry…What do you think WW?
how to turn 350k points into $4,400….
Liked! Funniest vid so far!
Can you transfer MR points from the gold to the Schwab account and then invest it?
Let say the market goes down. That mean you ROTH IRA money goes down too ?
Damn what a flex not missing 350k points. Also enjoyed the humor in the video
Great decision
Congratulations, Dustin! 😁
How smart! Thank you for sharing this info!
I do something similar… Invest cash back into QQQ. I get 5% cash back with chase and discover, 5% amazon and groceries (Amazon fresh) 3% cash back with propel and some checking account bonuses 😉 Shout out Dr of credit lol. All of it goes into my M1 QQQ 😁 and of course I have some credit card currencies but my QQQ fund is there when I have to pay out of pocket.
If I was sitting on 650 MR. I would do what you did. I only have 430. Thoughts Dustin??
Is the annual fee waived for military (as for Amex Platinum) ?
$57K in 2050 could easily buy what $5K buys today. Actually I would be highly surprised if it didn't work out this way. So your real return would be zero.
Unfortunately, in 20 years a big mac is going to cost $1,000 given how much the Fed is printing…
Credit points well spent!
Tissue + lotion lol. I agree with u turning ur Amex points into tax free investment money. I wish I had that many points that I could apply for Schwab Platinum.
Slick move.👍
7:10 I thought it was 10% then -2-3% inflation so people say 7%. Nonetheless great vid.
Ehh. Kind of clickbaity. Lol. Your title suggests that you DID turn your points into $50k+ not MIGHT or COULD. On top of that. You’d be turning your points into $50k with a Roth IRA, not the schwab.
WW/33/We/G fo sho
I've been collecting MR and UR points for this trip from the US to Thailand. How complicated is it to find business class booking on ANA for a family of 3 during peak period? I've tried calling Virgin Atlantic, checking on ANA and United websites. See the availability only for cash but not points. Any tips or suggestions that I should try. Appreciate any feedback. =)
So I contacted AMEX and asked if there was a maximum number of cards I could have. Two agents via chat confirmed no. So I applied for the Delta Platinum for the bonus and got approved. I currently now have 3 charge cards and 5 credits cards from AMEX. I would still contact customer service to confirm before you apply.
I can’t get out of Amex jail. I closed my Platinum card after a year, and now I only have the BBP. I put spend on it, and I try every couple of months, but I keep getting the pop up. How frequently do you think it is safe trying for an Amex card to see if I’m eligible for a bonus, and should I try applying for different Amex cards? Do you think that makes a difference? Thanks.
such an awesome video! Thank you!
Golden info once again Dustin!! I was fortunate to be able to retain my job during the pandemic with less hours, but I’ve thankfully been able to start freelancing & even started a YouTube channel on online money & personal finance and it’s GROWING! Thanks for the great content and remember bois NEVER GIVE UP ON YOUR GOAL!
I'm glad you finally were able to get your hands on the Platinum card and your strategy is on point. Check your FB messages and keep the family safe Dustin!
Loving the content man. Stay safe and thanks for being real!!
I purchased half my Florida real estate lot, with Amex points. When you have 3 years of travel rewards, time to invest.
@walletswallet I’m planning a trip to Fort Lauderdale Conrad 3 nights for $1700 cash price. is it better to use cash or transfer Amex MR points 100000 to Hilton with 40% bonus to make it 285000 Hilton points and use the points instead over cash. ?
How many years of spending got you 650k MR points?
I just got the Platinum a couple months ago & am now thinking I should have applied for the Schwab Platinum, especially since I already have a stock brokerage account with them.
I wonder if I should apply and get that & then downgrade my vanilla Plat to a Gold? Do you think AmEx would get angry over that?
Thank you so much for this video, I have the Amex Business Gold Card do I need to open a Schwab brokerage account first and than apply for the Schwab platinum card?
I would love to know what you invested in and what level of risk you choose as I’m trying to go down this path as well