American Express's Schwab Platinum Card, offering investment rewards, is lowering its returns rate to 1.1%.
The comparison between the American Express Platinum Card and the American Express Platinum Card for Schwab can provide valuable insights into the benefits and drawbacks of each card. However, it's essential to note that the information about the American Express Platinum Card for Schwab has been independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Starting on September 1, 2021, the Invest with Rewards rate for Amex Schwab Platinum cardholders will experience a sizable devaluation, with the redemption rate dropping from 1.25 cents per point to 1.1 cents per point. This change represents a 12% decrease in redemption value.
For those who primarily redeem Membership Rewards points for cash-back or have limited travel time, this devaluation may be significant. The Invest with Rewards redemption option, one of the best benefits of the Amex Schwab Platinum card, allows cardholders to convert Membership Rewards points into dollars in their Schwab investment accounts.
If you have a large stash of Membership Rewards points that you plan to cash out, it is recommended to do so before September 1, 2021, to maximise the value of your points.
It's worth noting that the devaluation does not affect those who do not have the card or prefer to redeem Membership Rewards points towards travel.
The Amex Schwab Platinum card is functionally similar to the standard Amex Platinum card, with one key difference being the redemption option to Invest with Rewards. This option allows for the conversion of Membership Rewards points into dollars in a Schwab investment account.
The American Express Schwab Platinum Card's Invest-with-Rewards rate will decrease from 1.25 cents per point to 1.1 cents per point starting at the card's first renewal on January 2, 2026, or later for existing cardmembers. The changes take effect after a notice period given by American Express.
Previously, Amex Schwab Platinum cardholders could redeem Membership Rewards points for cash in their Schwab investment accounts at a rate of 1.25 cents per point.
Comparing the two cards can help determine which offers the best value based on individual spending and redemption preferences. However, the recent devaluation of the Invest with Rewards redemption rate on the Amex Schwab Platinum card may influence the decision for those who primarily redeem Membership Rewards points for cash-back or have limited travel time.
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