【Update 2021.6.24】According to DOC, although the wording about redeeming MR into a Schwab account has reappeared in the Platinum Schwab card description, customer service has indicated that the rate may be reduced to 1.1c/p on September 1 (down from 1.25c/p). My suggestion is that if you do not expect to use your MR anytime soon, cashing out earlier for peace of mind is not a bad choice. As pandemic restrictions are gradually being lifted, you could also keep your MR as a reserve for future redemptions.
【Update 2021.6.3】According to DOC, some sharp-eyed readers noticed that the application page for the AMEX Schwab Platinum card no longer shows the wording: “You can use 60, 000 points for a $750 deposit from Schwab into your eligible Schwab account.” In addition, newly mailed cardmember agreements no longer mention this benefit either. However, the current application terms still include language describing this option to convert MR into cash.
At this point, it is still unclear whether AMEX will remove this Schwab Platinum-exclusive benefit, since website glitches like this do happen. If you have a large amount of MR and were already planning to cash out through Schwab, I would suggest doing so sooner rather than later.
About the AMEX Schwab Platinum card
Up to $2,600 in annual credits, plus a large set of premium perks!
- Welcome bonus: 80,000 Membership Rewards (spend $12,000 in six months)
- Rewards: 5x on flights and select hotel purchases; 1X on all other purchases
- Redemption: Points can be transferred to a Schwab brokerage account at 1:1.1 for cash redemption; also transferable at 1:1 to many airline miles and hotel points programs
- Annual fee: $895（Changes for existing cardholders in 2026）
- Apply now>>