Update 3/15/23: Working again
Update 3/13/23: Down again
Update 8/1/22: Was down for a few days, but now working again. Both Schwab and Morgan Stanley.
Update 10/21/20: Working again.
Update 10/20/20: Readers report the issue is back again for the past few days.
Update 5/19: Working again, according to reader AS
Update 5/18 (b): Stopped working again, according to reader AS
Update 5/18: Working again, according to reader Tao
Update 5/15: Broken again
Update 5/6/20: Working again.
Update 5/5/20: Broken again.
Update 4/28/20: This feature is working again.
Original Post:
A number of redditors with the American Express Charles Schwab Platinum card have tried to cash out American Express Membeship Rewards points to Charles Schwab at the 1.25¢ rate in the last few days without success. Basically the points transfer and are deducted, before being refunded. Both the deduction and refund show up in the transaction summary. There is some concern that this cash out method has been removed, possibly due to American Express refreshes due in May.
For whatever reason this is something that seems to happen somewhat frequently and the issue is usually resolved in a few days or weeks. I’m not sure if it’s a case of American Express/Charles Schwab making changes on the backend or some other issue but it’s not something I’d be worried about.
Didn’t know where to post this.
You can now cash out ALL your points through Amex site.
Now you won’t be transferred to CS site for 1,000 limits.
Worked for me 10 seconds ago. Didn’t work yesterday, so hopefully it’s fixed.
As of 12:25 CST 3/14 – YMMV – it is up and working again.
Just redeemed.
Still down for me.
Re. Eyesonthepoints comment below. I did a MR>Air France transfer yesterday while trying to do the Schwab transfer. No issues.
Seems like amex transfer partners are down as well, at least for me and p2. Says there working on the site / maintenance or something 🤔
Ha jk I lied. It works now 😆😁
Called AMEX and they opened a “ticket”. Sent them a screenshot of the error. They informed me I was the first one to complain. I am guessing if we all call and complained they might fix it sooner?
Didn’t expect the contagion to reach Amex points redemptions.
FYI, you can open a biz checking account with them, which has a pretty chunky SUB, and transfer any MR there(not just if you have a plat) for 1 cent.
You can open said checking account as a sole proprietor and get the SUB and do the transfers just fine.
While this is correct (I signed up for the Amex Checking bonus before), the difference is that Schwab gives you 1.1 cents, so you are losing 10% of your MSR value.
correct. Just saying if the schwab piece is nerfed for some reason, those that want to still get cash for their MRs can go this route, and the 60k SUB would make up for 600K MRs cashed out. Most people don’t know about this banking product that has a SUB and a cash out option, so wanted to mention it.
Yes. .01 rate. I just closed biz plat but still have personal plat. Might be related to that, not sure…
You need to also have a biz platinum for 1 cent option to show up. It’s a perk of the card. If you’re interested in picking one up, 170k offers are floating around along with targeted 190k if you call in.
Been getting this message: “A system error occurred. Your request cannot be processed at this time. Please try your request again at a later date.”
Just me, or is there a general problem with this again?
William Charles
Not just you. Its been going on a few days I believe.
Have not been able to redeem my points for three months now. All I get is, “we are working to resolve the issue.” So frustrating. I was use to a here and there outage but this is getting ridiculous. Any suggestions?
same here. would appreciate any help
option for invest rewards gone on my end