*OUCH!* SCHWAB PLATINUM CARD DEVALUED! (Amex Platinum Card for Schwab UPDATE)

BIG NEWS about the Amex Schwab Platinum Card has been CONFIRMED! Redeeming Membership Rewards points will now be at a lower cash back rate. Watch to learn what’s going on! Click “Show More” to see Ad Disclosure. 📲 MAXREWARDS - Manage credit cards & rewards! Get Gold level for free with PROMO CODE = markr http://markscreditcards.com/maxrewards 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull BACK STORY 1. The American Express Platinum Card allows you to EARN Membership Rewards points in the following way: - 5X Flights - 5X Prepaid Hotels - 1X Other Purchases. The Schwab Platinum Card earns in exactly the same way. 2. The Amex Platinum Card allows you to REDEEM Membership Rewards points like this: - 2.0¢ per point for Travel via transfer partners (average value) - 1.0¢ per point for flights via the Amex Travel Portal - 0.7¢ per point for hotels, car rentals, cruises, and vacations - also through the Amex Travel Portal The Schwab Platinum card gives you the same redemption options at the same rates. 3a. HOWEVER, if you REDEEM Membership Rewards points for CASH BACK with the REGULAR Amex Platinum Card, you’ll get 0.6¢ per point in value as a statement credit. On the other hand, the SCHWAB Platinum Card gives you 1.25¢ per point in value when redeeming for cash back into your eligible Schwab account. From there you can invest into the stock market or transfer to a checking account or savings account to literally get cash back. 3b. As an example, the REGULAR Amex Platinum Card makes 10,000 Membership Rewards points worth $60 for cash back. The SCHWAB Platinum Card makes 10,000 Membership Rewards points worth $125 (yep, that’s a 108.33% increase in value ... more than DOUBLE). WHAT’S HAPPENING ON 9.01.2021 On September 01, 2021, the Schwab Platinum Card’s cash-out rate will drop FROM 1.25% TO 1.10%. This will affect new and current cardholders. WHY THIS MATTERS American Express allows you to pool / combine your points earned across ALL cards that earn Membership Rewards into 1 balance. If you have the Schwab Platinum Card, you can then redeem all those combined points at the 1.25¢ rate (now dropping to 1.10¢). Look at the difference in your percent return between the REGULAR Amex Platinum Card (0.6¢) vs. SCHWAB Platinum Card *before* the devaluation (1.25¢) vs. SCHWAB Platinum Card *after* the devaluation (1.10¢) across the 4 Main Amex Cards (aka Amex Trifecta +1). a. Amex Platinum Card - 5X Flights = 3% | Schwab before = 6.25% | Schwab after = 5.5% - 5X Prepaid Hotels = 3% | Schwab before = 6.25% | Schwab after = 5.5% - 5X Other = 0.6% | Schwab before = 1.25% | Schwab after = 1.1% b. Amex Gold Card - 4X Restaurants = 2.4% | Schwab before = 5% | Schwab after = 4.4% - 4X Groceries at U.S. Supermarkets = 2.4% | Schwab before = 5% | Schwab after = 4.4% - 3X Flights = 1.8% | Schwab before = 3.75% | Schwab after = 3.3% - 1X Other = 0.6% | Schwab before = 1.25% | Schwab after = 1.1% c. Amex Green Card - 3X Restaurants = 1.8% | Schwab before = 3.75% | Schwab after = 3.3% - 3X Transit = 1.8% | Schwab before = 3.75% | Schwab after = 3.3% - 3X Travel = 1.8% | Schwab before = Schwab = 3.75% | Schwab after = 3.3% - 1X Other = 0.6% | Schwab before = 1.25% | Schwab after = 1.1% d. Amex Blue Business Plus Credit Card - 2X All Purchases, up to $50K/yr. = 1.2% | Schwab before = 2.5% | Schwab after = 2.2% While this is a definite bummer, I recommend that you look at your Amex card strategy if you’re currently running a Schwab setup. Make sure that your income, spend habits, travel habits, rewards preferences, etc. still make sense given the annual fees and new cash-out rate of 1.10%. If it makes sense for you, keep it. If it doesn’t, consider moving to a new card setup after making your last cash out prior to 9.01.2021. Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #americanexpress #amexplatinumcard #charlesschwab