Schwab Amex Platinum Card Will Limit Point Redemptions
Membership Rewards are a valuable credit card currency for frequent travelers as you can transfer them to multiple airline and hotel partners to get outsized value.
But you can also convert these points into cash if you don’t travel much, or have more points than you need for your travels.
The best option to cash out these points is with The Platinum Card® from American Express Exclusively for Charles Schwab. You can get a value of 1.1 cents per point when you redeem Membership Rewards for deposits to your Schwab account. So 10,000 points for example would result in a $110 deposit.
For now there’s no limit on the amount of points you can redeem through this feature, but that will change in a few months.
Starting Oct 1, 2024, the basic Card Members will be able to redeem Membership Rewards points for deposits to their eligible Schwab account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit through the remainder of the calendar year.
Redeeming for 0.8 cents per point is not worth it. And you can even redeem for 1 cent per point with an Amex Business Checking account and a Business Platinum card.
You can find the full details here:
- For redemptions made before Oct 1, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit.
- For redemptions made on or between Oct 1, 2024 and December 31, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit through December 31, 2024.
- For redemptions made on or after January 1, 2025: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points per calendar year, after which they may continue to redeem points at a rate of 1,000 points for an $80 deposit for the remainder of that calendar year.
- A Basic Card Member may redeem a maximum of 4 million Membership Rewards® points every 7 calendar days for this reward.
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For “non-regular” users of the Amex ecosystem, one must wonder what’s next.