Amex Charles Schwab Platinum Cardholders Having Issues

Update 4/28/2020: Looks like the issue has been resolved.

The American Express Charles Schwab Platinum card provides an additional benefit that other Amex Platinum cards do not have. With this card you can cash out 1,000 Membership Rewards points for $12.50. That is not the best value you can get for your Membership Rewards, but it is still a great option for those who prefer cash.

Doctor of Credit now reports that some people are having issues cashing out their points. After a points transfer is initiated, the points transfer and are deducted from the Membership rewards balance, and then refunded. The deduction and refund show up in the transaction summary. The data points comes from reddit, and it looks like the issues might have started over the weekend.

This is something that has happened occasionally in the past, and often it is resolved by American Express. But there is also concern about the news that American Express is refreshing some of its products and benefits in May. Could this be a perks that will be removed? Seems like a bad time to take out a cash-out option for rewards that can’t be used for travel right now.

Should you rush and cash your points right now? I would say if you need the cash then yes. It is a small possibility that this option of cashing out at 1.25c might go away, or it could go the other way and we might also see something like they are offering in Canada and UK.