Amex Charles Schwab Platinum Card Losing 1.25¢ Cashout Option?
The American Express Charles Schwab Platinum card has a unique feature that makes it more valuable than other Platinum cards. It allows you to cash out Membership Rewards points into a Schwab account at a rate of 1.25 cents per point. That’s still possible for now, so don’t panic.
But a couple of days ago, the application page for the American Express Charles Schwab Platinum card was changed, and it no longer has the following line:
You can use 60,000 points for a $750 deposit from Schwab into your eligible Schwab account.
The wording is also gone from the Personal Cardmember Agreement and terms and conditions available online. But it is still there during the during the application process.
The website could just be undergoing an update, and this could all be nothing to worry about. But if this option is gone, it makes Membership Rewards less valuable for people who were using this cash out method. If you are planning to transfer Membership Rewards to a Schwab account at a rate of 1.25 cents per point, you might as well do it now just to be safe.
Amex Platinum cards have been rumored to undergo big changes, with more benefits and higher fee. So this could also be part of those upcoming changes. Maybe a higher redemption rate is in the works for the Amex Platinum Card?
Let me know what you think, and how this affects you.