Update 6/24/21: See [Rumor] American Express Charles Schwab Cashout Option Reduced To 1.10¢ On September 1, 2021
Update 6/23/21: 1.25¢ language is back, but only when logged in. Hat tip to amz
The American Express Charles Schwab Platinum card allows cardmembers to convert Membership Rewards points into your Schwab account at a rate of 1.25¢ per point. Sometime between 5/31 and 6/1 American Express changed the landing page of the American Express Charles Schwab Platinum card to remove the language that states “You can use 60,000 points for a $750 deposit from Schwab into your eligible Schwab account.”
The application page still has this language, but it does seem odd that it was removed from the landing page. This could be part of the rumored Platinum changes. If you do have points that you’re planning on converting I’d recommend doing it sooner rather than later.
Hat tip to Thefinancehobbyist
View Comments (270)
September 2nd attempt to redeem: Request cannot be processed at this time, try again later
The link to apply for the schwab plat card seems to be broken
Hi, can I still apply for Charles Schwab card today and transfer my existing Amex platinum points to that card before Sep 1 2021? Did anyone transfer very recently?
i cant seem to log into the American Express link to display my points information on the Charles Schwab website, can anyone help me out?
Hey Clarence, I'm having same issue today. Were you able to figure out a solution? I click on a link on the Schwab site that takes me to Amex. When I put my login into Amex nothing happens. Used multiple browsers and no luck. I've had a Schwab account and credit card for a while, but just getting around to trying to cash out for the first time.
Reducing to 1.10c starting September 1, 2021
Oh no! Any sign of a better sign-up bonus to offset the negative change?
Not yet.
Cashed out to the last $10, probably have been sitting on that for too long anyway; got the redemption email in <10 min
When logged in on Amex's site, the Benefits page still lists Invest with Rewards redemption amount with an example of 10,000 points = $125.
Meanwhile, Amex has recently updated the Platinum Airline Fee Credit tracker in the Benefits page to no longer say that it will renew in 2022, suggesting it is probably going away this year or next.
I heard one data point that spoke to a csr and was told after speaking with supervisors that new redemption as of 9/1/21 will be 1.1cpp instead of 1.25cpp
Posted now separately https://www.doctorofcredit.com/rumor-american-express-charles-schwab-cashout-option-reduced-to-1-10%c2%a2-on-september-1-2021/
This is correct and confirmed via an internal memo dated today! If you call the CSR and ask they will probably put you on hold and search for the recent memo.
Sucks!
that's about when my AF hits on my Schwab. Will def try to get my MR to post before then.
Granted, not a huge difference. Still better than just cashing out MR w/o Schwab
I have 325k MR I've been considering getting a Schwab Plat to cash out. 1.1 vs 1.25 difference of $814 in cash out value, that's not what I'd call "not a huge difference".
P.S. But if you just meant about getting to cash out the SUB at 1.25 cpp vs 1.1 cpp then yeah that's only a $90 difference.
LOL neither are correct 325,000 x .0015 (difference) is $487.50 more for 1.25 cpp vs. 1.1 cpp
1.25 or I'm out, or rather sticking with the Business Platinum. I predict after a grace period, lucrative redemptions will only correspond with heavy spend on the Schwab Platinum itself, or tier investment levels within their brokerage.
just applied and still works to redeem