[Update 5/1/19: Some people tried getting the card by opening a Morgan Stanley account, but not actually funding it with $5,000. We reported a few months ago that Amex was shutting down the accounts of those who did not fund it, and now reports on r/churning (and here) indicate that they’ll claw back the bonus as well. That sort of makes sense as Amex is known to claw back bonuses on cards which don’t last a full year.]
American Express offers various flavors of their premium Platinum charge card, one of which is cobranded with the Morgan Stanley investment bank. The card comes with a 60,000 Membership Rewards points signup bonus, and has all the regular Amex Platinum benefits like airline incidental credit, Uber credit, etc, as well as the hefty $550 annual fee.
[Link to American Express Morgan Stanley cards.] There’s also a separate Amex Morgan Stanley no-annual-fee cobranded card which comes with a 10,000 points signup bonus.
No one ever gave much though about these cards because you need a Morgan Stanley brokerage account to get it, and they apparently have always limited their customer base to those with large actively-managed investment accounts.
Windbagmiles recently discovered that Morgan Stanley has a new investing platform called Access Investing which is basically a passive investment platform which you can set your investment strategy and they create a fund to match your goals. The account requires a $5,000 minimum and comes with a .35% fee.
Going forward, it’s not so difficult to become a Morgan Stanley client which makes you automatically eligible for Morgan Stanley’s cobranded American Express cards. There is obviously the hassle of setting up the investment account, the .35% fee, and the $5,000 float which will put off a lot of people, but the option exists. Some may find it interesting to score the sweet 60,000 MR points signup bonus; keep in mind you might be losing a few dollars on the $5,000 investment when compared to other brokerage fees. (Reader Ben notes that Morgan Stanley does tax loss harvesting for you so they might be worth the fee.)
This adds Morgan Stanley to the list of other Platinum cards version you can hold, including the regular/original version, the Schwab version, and the Ameriprise version. The Mercedez Benz version has been discontinued, and the Goldman Sachs version requires an invite.
An additional advantage of the Morgan Stanley version over the others is that they allow one authorized user Platinum card at no additional fees. Other Amex Platinum cards charge for adding a Platinum authorized user card, though you can add a non-Platinum authorized user who can use the card without getting the benefits.
It’s worth noting that there have been on-and-off rumors of Amex enforcing a one-Platinum-bonus rule across all version, meaning you wouldn’t get the signup bonus if you’ve gotten any Platinum personal bonus before. As far as I know, you still do typically get the signup bonus for each version separately.
View Comments (118)
Was recently declined for the card with an Access Direct account with the reason being that I did not have an eligible Morgan Stanley account. I was told that a Cash Plus account was required to open the account
Any brokerage account with MS will work, just got approved today, 8/4 with just an access direct account. I'd call back amex to have them verify your MS account number to see if they'll approve you. @guest_1230280
Another DP. Approved with access direct employer stock plan.
Is your Access Direct account associated with an employer sponsored stock bonus/purchase plan? MS also has Access Investing, different from Access Direct (I know, very confusing) and Access Investing requires 5k minimum balance. Access Direct has no such restriction.
how long did you wait before applying?
Morgan Stanley also has an Access Direct account available "to individuals whose employer uses the Shareworks by Morgan Stanley or StockPlan Connect equity management platforms." (AFAIK, that is, employees of some of the biggest employers in the country, aka, many people)
The Access Direct account has no % based "management" fee and no min balance requirement.
Not sure if this satisfies Amex's requirement but it is certainly a Morgan Stanley brokerage account and quite similar to Access Investing IMO.
Did you ever find out of Access Direct is eligible?
interesting to hear if you or anyone else has tried to go this route with the Amex card, for employers who have access to the StockPlan Connect platform.
Edit: one positive and one negative DP above
Can I still get approved for this card if I recently opened a Morgan Stanley Access Investing Account?
A Dumb Data Point: Got first year bonus, messed up travel credit triple dip using new refundable ticket method. Paid second year fee for partial retention bonus. Amex says I can’t convert this card to anything else, and can’t close the account for a refund. Multiple CSRs unfortunately.
Cashed out MR, closed Morgan Stanley account. Hoping when they run their verification for eligibility, they’ll say to re-qualify with an account or face closure. If the account is closed, I’m assuming they will offer a prorated refund of the fee... not sure but with COVID virus and travel it’s worth it to me.
I had a Schwab Platinum that they closed (incorrectly, but that's another story). It was listed as "closed by customer" so I couldn't get it reopened and no AF refund. But maybe you'll have better luck.
At approximately 7 PM on Monday 12/2/2019, I opened a MS Access Investing account and immediately funded it with a check deposit. Tuesday 12/3 morning, I received notice that the MS Access Investing account was formally opened and invested. That same morning at approximately 10 AM Tuesday, I applied for the MS AMEX Platinum and received a 7-10 day review. The next day (Wednesday 12/4) at approximately 12:30 PM, I received notice that the MS AMEX Platinum was approved.
If you have a Morgan Stanley account and you've done business with them for a long time, do they still do a hard pull on your credit history for their Platinum Card? Just curious.
To keep the card do I need to keep the $5k MS account open and funded indefinitely? For example, if I deposit/invest $5k, get an MS Platinum, but then close the MS account a year later, will they close my Amex Platinum or can I keep the charge card?
They seem to do periodic checks, so you might get away with it for several months but they'll eventually close it.
Has anyone had any luck getting the clawback reversed?
I think the 'don't panic' note meant to imply that it's not an issue with the entire account for anyone who did it correctly, only for the people who didn't fund it.
i need an invite to sign up for Schwab $100. i want to move my account from td to them and get a shot at the plam card. thanks for the help. [removed]