Schwab Amex Platinum Cash Out Devaluation Details Revealed
Update 8/30/21: There are only 2 days left to cash out at 1.25 cents a piece before it drops to 1.1 cents per Membership Reward point.
Update 7/5/21: While this seemed like a sure thing, especially with the Platinum annual fee increase rumors coming true Reddit user dkf1031 found a screen shot of the terms to put the final nail in the coffin. HT DoC
We have heard rumors of a potential Schwab Amex Platinum cash out devaluation for a while now. If you’re not aware, the American Express Platinum Card for Schwab card lets you cash out Membership Rewards points at a maximum value of 1.25 cents per point. While you could be able to get more value through travel partners, this is a steady and easy option to just turn your points into cash.
Now we have more information about that possible devaluation. It was first thought that the value would go down to 1 cent. But recent conversations with American Express reps point to a value of 1.10 cents for Membership rewards when cashed out with your Schwab Amex Platinum card.
The information comes from Reddit, where there are several data points. MilesTalk also reports getting the same information. You can see a screenshot of one chat conversation below.
The devaluation of Membership Rewards redemption will kick in on September 1st, 2021 and will be detailed on cardmembers’ July 2021 statement. Reps were reportedly just reading off a memo that has been sent out about these changes. They said that the reason for this change is because they’re providing additional value with travel, dining, wellness, and entertainment credits.
This is probably a hint at the rumored changes for the Amex Platinum card. A fee increase is probably coming soon and more benefits will be added.
We could say that the devaluation is now confirmed. With reps consistently giving out the same information, you should expect the cash out option to go down to a value of 1.1 cents per point. One good thing out of all this is that you will have some time to decide about what to do.
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