Danny the Deal Guru: "The Schwab Amex Platinum card has a unique feature. It lets you redeem Membership Rewards points for deposits to an eligible Schwab account at a value of 1.1 cents per point."
"Now Amex is notifying members of an upcoming change that is bad news for those who use this cash out method heavily. Starting in October, redeeming at 1.1 cents per point will be limited to just 1 million points per year. After that you will only get a value of 0.8 cents per points."
Amex has listed the notice under the card's benefits. It reads:
“Important Note: Starting Oct 1, 2024, the rate for redeeming Membership Rewards points for deposits will change. 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.”
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