Amex Charles Schwab Platinum Card, Cashout Devaluation Confirmed
Update: The change is now showing on the Terms of Agreement:
Rumors that the Amex Charles Schwab Platinum card might lose the 1.25¢ cash out option have been swirling around for a while now. Unlike other versions of the Amex Platinum Card that only let you cash out points at 0.6¢, the Charles Schwab Platinum gets more that twice that value. While you could be able to get more value through travel partners, this is a favorite option for many, since it lets you get a competitive and constant cash value. You can read more on how you can apply, and cash out points.
Now there’s confirmation that changes are coming. While the cash out option is not going away entirely, there will be a devaluation. It was first thought that the value would go down to 1¢ per point. But recent conversations with American Express representatives have confirmed that the value will be decreased to 1.1¢ for Membership Rewards when cashed out with your Schwab Amex Platinum card.
The information comes from Reddit, where there are several data points already. MilesTalk also reports getting the same information and dates. This is a conversation posted on reddit:
And this one posted at MilesTalk:
The devaluation of Membership Rewards redemptions for Amex Charles Schwab Platinum cardholders will kick in on September 1st, 2021 and will be detailed on the July 2021 statement. Reps were reportedly just reading off a memo that was sent out about these changes. They said that the reason for this change is because they’re providing additional value with travel, dining, wellness, and entertainment credits. This is probably a hint at the rumored changes for all Amex Platinum cards. A fee increase is reportedly coming soon and more benefits will be added to the card.
These recent data points confirm the rumors that the cash out option on the Amex Charles Schwab Platinum card will be devalued. With reps consistently giving out the same information, you should expect the value of your points to go down to value of 1.1¢ per. However, you have some time to think about your options. The change will happen on September 1st, 2021. That gives you almost three months to see what works best for you.
You need to open a Schwab account first an then apply for the Schwab Platinum Card, so don’t leave it for the last few days.