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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.

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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.

charles schwab platinum losing 1.25% cash out

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.

Thoughts?

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You can find credit cards that best match your spending habits and bonus categories at Your Best Credit Cards

New to all of this? My “introduction to miles and points” book, MilesTalk: Live Your Wildest Travel Dreams Using Miles and Points is available on Amazon and at major booksellers.

I got "in the game" in 2003 and since then I've collected literally millions and millions of frequent flyer miles and hotel points. I've flown around the world in first class seats that would cost $29,000 using frequent flyer miles and a few bucks in tax. And I've stayed in some of the finest hotels - all for free! A few years ago I realized many of my friends actually thought I was paying for these!! So I started sharing my tips. It's long been a passion, but when I hosted a session on Miles and Points at this year's South by Southwest festival, my love of the game intensified and this blog was born.

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