Advertiser Disclosure
Many of the credit card offers that appear on this site are from credit card companies from which we receive financial compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). However, the credit card information that we publish has been written and evaluated by experts who know these products inside out. We only recommend products we either use ourselves or endorse. This site does not include all credit card companies or all available credit card offers that are on the market. See our advertising policy here where we list advertisers that we work with, and how we make money. You can also review our credit card rating methodology.
Jarrod West
Senior Content Contributor
481 Published Articles 1 Edited Article
Countries Visited: 21U.S. States Visited: 24
We may be compensated when you click on product links, such as credit cards, from one or more of our advertising partners. Terms apply to the offers below. See our Advertising Policy for more about our partners, how we make money, and our rating methodology. Opinions and recommendations are ours alone.
The American Express Platinum Card® for Schwab*, a lesser-known version of The Platinum Card® from American Express, is undergoing a sizeable devaluation soon.
For those unfamiliar, the Amex Schwab Platinum card is functionally identical to the standard Amex Platinum card in almost every way. But 1 key difference between the 2 is that the Amex Schwab Platinum card offers a redemption option to Invest with Rewards, allowing cardholders to convert their Membership Rewards points into dollars in the Schwab investment accounts.
But come September 2021, that redemption option is taking a hit. Here are all the details.
*All information about the American Express Platinum Card® for Schwab has been collected independently by Upgraded Points.
Previously, Amex Schwab Platinum cardholders were able to redeem their Membership Rewards points for cash that would be deposited in their Schwab investment accounts at a rate of 1.25 cents per point. But starting on September 1, 2021, American Express has confirmed that the new Invest with Rewards rate for cardholders will be lowered to 1.1 cents per point — a 12% decrease.
So what impact does this ultimately have? Well, none if you do not have the card or prefer to redeem your Membership Rewards points towards travel. But for those who are more focused on earning cash-back, or those who earn a lot of points but have limited travel time, this devaluation definitely stings.
Fortunately, American Express is giving cardholders plenty of notice before these changes take effect.
While it is easy to get more value out of your points when redeeming them for premium cabin award tickets, the Invest with Rewards redemption is easily one of the best benefits of the Amex Schwab Platinum card, so the 12% decrease in redemption value is certainly not ideal.
So if you have a large stash of Membership Rewards points that you’ve been planning to cash out, make sure you do so before September 1, 2021!
The information regarding the American Express Platinum Card® for Schwab was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
![The Amex Platinum Card – Full Review [2024]](https://upgradedpoints.com/wp-content/uploads/2019/01/American-Express-Platinum-2.4.2021.png?auto=webp&disable=upscale&width=700)
![The Amex Business Platinum Card – Full Review [2024]](https://upgradedpoints.com/wp-content/uploads/2021/06/American-Express-Business-Platinum.jpeg?auto=webp&disable=upscale&width=700)
