The American Express Platinum Schwab version card offers 1.1 cents per points cashout option. After October 1, 2024, they will be limiting us to one million points per calendar year on the 1.1 cents cashout.
For redemptions made before October 1, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit.
For redemptions made on or between October 1, 2024, and December 31, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit through December 31, 2024.
For redemptions made on or after January 1, 2025: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points per calendar year, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit for the remainder of that calendar year.
A Basic Card Member may redeem up to 4 million Membership Rewards® points every 7 calendar days for this reward.
After redeeming one million points for cash, you’ll get just .8 cents per points. Another option is to open the Business Checking account from Amex and then you can get 1 cents per point cash out on up to one million points cash out if you also have the Amex Business Platinum card.
Hat tip to DDG
I know many big business owners who will be impacted by this. They dont MS or anything like that. I know when these topics come up the assumption is all that hold huge amounts are MSing or something like that. I know some guys who generate 6 million a year merely at 4X spend.
Dr Evil “one MILLION points“
This seems like a measure that protects the rate for the majority of users by limiting a costly minority. You’d see no impact if you spend $16,666 per month on airfare or $27,083/mo Gold+BGR+BBP. So business owners redeeming to a personal account or heavy MSers. Even churning: if you’re hitting eight 125k NLLs a year, pop-up jail will catch you before this.
This was never a great card and keeps getting worse (the annual fee increased by about $150 a few years ago, the redemption rate dropped, and now this). Schwab needs to abandon Amex and find a better credit card partner.
AMEX fits their custoemr profile. I see AMEX pushing toward a 995 fee on Plat.
It was a phenomenal card if you were able to take advantage of the AF discount via Schwab account value. Now that everyone is at $695 though its pretty hard to justify the AF unless you can still push 1M a year to Schwab.
“Now that everyone is at $695 though its pretty hard to justify the AF unless you can still push 1M a year to Schwab.”
They reimbursed 200 when the fee was 495, And they do the same now. They need to increase the reimbursement.
Well shit. There goes my entire MR plan.
Huge devaluation as a business owner. Please post a reminder before this goes into effect!
Same. I cash out probably 10x that a year. Sad day.
DAMN. How are you generating that many amex points? I want that. LOL.
Better this than not disclosing hidden limits and then blacklisting people when they cash out.
Was that ever a thing? They’ve always had the 4M per 7 days limit posted.
Fk UUUUUUUUU Amex!!!!!!!!!!!!!!!!!
I was told by Amex rep recently that biz checking only cashed out at .6 per point, unless you had the Amex Plat Biz. He was adamant, even after pressing him about it.
You’re surprised that an Amex rep didn’t know what they were talking about?
First time?
Not this time. They’re correct
Amex’s terms say “1,000 points for an $8 deposit”.
My bad if that’s what’s being referred to. I was only aware of the 1cpp biz plat/checking bonus. And the original article makes it sound like that’s a benefit of the checking account and not the platinum
Did I sound surprised? Multiple data points on this, genius? BTW, I can’t stand Amex reps and CS, unlike so many bloggers and MSers.
Major major devaluation.
1 million points+ a year was pretty easy to do especially with Rakuten connected.
MS or legit purchases?
MS IS legit purchases!