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Amex Schwab Platinum Card Invest With Rewards Rate Dropping to 1.1%

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Jarrod West
Jarrod West's image

Jarrod West

Senior Content Contributor

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Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in o...

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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.

Schwab Platinum Invest With Rewards Rate Lowers 12%

American Express Platinum Schwab
Image Credit: Charles Schwab

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.

Final Thoughts

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. 

Jarrod West's image

About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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