A common way that people “cash out” American Express Membership Rewards points is to carry a Charles Schwab Platinum Card.
This card allows you to take any and all Membership Rewards point in your account and convert them into dollars in your investment account. The features is called Invest with Rewards.
It’s the only and easiest way to cash out Amex points for even more than a penny a point.
Last month a rumor surfaced on Doctor of Credit that the card would lose its 1.25% feature.
Tonight, someone posted on the American Express Platinum cardholders group that a customer service rep told them that the feature would be changing from 1.25cpp to 1.10cpp over chat and they posted a screenshot.
So I went on to chat with Amex myself, just to see if the rep would say the same thing to me.
And, indeed they did. See below.
So, it’s true. As of September 1, the Invest with Rewards cash out to CS will be 1.10%.
HT: Brade W. in the Amex Platinum group.
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