【5.5 Update】This feature is broken again!
【4.29 Update】It’s working again now. Looks like it was just a system issue after all — a false alarm!
Recently, every time you use Platinum Schwab to cash out, the system says it will take 4-6 business days to complete. In the past, AMEX/Schwab did not enforce this time limit, and it always posted instantly. It’s not clear whether AMEX is improving its cash-out policy or whether there have simply been too many redemptions lately (DOC thinks it may just be the usual end-of-month system status), but recently cash outs are no longer instant — or may even fail entirely. You may see the following:
- MR will be deducted from your AMEX account
- The money does not show up in your investment account right away, and you will not receive a successful Cash out email
- After a while, if you still have not received a successful Cashout email, the MR will be returned.
KUKU tried several times to cash out 1,000 MR, and each time the points went back to MR about 10 minutes later. Checking the MR account showed it kept cycling between redeemed/refunded. Not even $12.50 — that’s just too much.
If you completed the redemption but the funds did not arrive on time, call Charles Schwab at the number below for assistance.
If you’re interested in this card, see
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>>