{"id":172446,"date":"2024-07-15T22:00:37","date_gmt":"2024-07-15T22:00:37","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=172446"},"modified":"2026-04-08T13:59:43","modified_gmt":"2026-04-08T13:59:43","slug":"charles-schwab-amex-platinum-cashout-limit","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/news\/credit-cards\/charles-schwab-amex-platinum-cashout-limit\/","title":{"rendered":"Charles Schwab Amex Platinum 1.1% Cashout Rate to be Limited to 1 Million Points per Year"},"content":{"rendered":"<p>American Express quietly changed <a target=\"_blank\" href=\"https:\/\/global.americanexpress.com\/card-benefits\/detail\/invest-with-rewards\/schwab-platinum-card\" rel=\"noopener\">the terms and conditions<\/a> affecting its <a data-ccid=\"16\" href=\"\/blog\/link\/AmericanExpressPlatinumCardforSchwab\" rel=\"noopener nofollow sponsored\">American Express Platinum Card<sup>\u00ae<\/sup> by Charles Schwab<\/a>. Up to this point, members have been able to cash out an unlimited number of <a target=\"_blank\" href=\"\/credit-cards\/amex-membership-rewards\/\" rel=\"noopener\">Membership Rewards points<\/a> for an account deposit at a rate of 1.1%.<\/p>\n<p>However, that is coming to an end in fall 2024. Going forward, members will only be able to cash out up to 1,000,000 points at a rate of 1.1% per year. Further cash outs will occur at a reduced rate.<\/p>\n<h2><span id=\"Amex_Platinum_Schwab_New_Cashout_Limits\">Amex Platinum Schwab New Cashout Limits<\/span><\/h2>\n<p>The new cash-out limits for the <a data-ccid=\"16\" href=\"\/blog\/link\/AmericanExpressPlatinumCardforSchwab\" rel=\"noopener nofollow sponsored\">American Express Platinum Card<sup>\u00ae<\/sup> by Charles Schwab<\/a> are as follows:<\/p>\n<ul>\n<li><strong>Redemption made before October 1, 2024:<\/strong> Members can redeem points at a rate of 10,000 points for a $110 deposit, with no limits.<\/li>\n<li><strong>Redemption made between October 1, 2024, and December 31, 2024:<\/strong> Members can redeem points at a rate of 10,000 points for a $110 deposit up to 1,000,000 points. After that, point cash outs at a rate of 10,000 points for an $80 deposit.<\/li>\n<li><strong>From January 1, 2025:<\/strong> Members can redeem points at a rate of 10,000 points for a $110 deposit up to 1,000,000 points per calendar year. After that, point cash outs at a rate of 10,000 points for an $80 deposit for the rest of the year.<\/li>\n<\/ul>\n<p>There is no way to sugarcoat this latest development; it's a devaluation for cardmembers earning and redeeming a massive amount of Amex points. Receiving $80 instead of $110 is a whopping 28% reduction in value. While you still get the 1.1% cash-out rate for 1,000,000 points, it is disappointing to see this capped.<\/p>\n<p>Considering that the <a data-ccid=\"16\" href=\"\/blog\/link\/AmericanExpressPlatinumCardforSchwab\" rel=\"noopener nofollow sponsored\">American Express Platinum Card<sup>\u00ae<\/sup> by Charles Schwab<\/a> has identical features to the <a data-ccid=\"4028089\" href=\"\/blog\/link\/CR-ThePlatinumCardfromAmericanExpress\" rel=\"noopener nofollow sponsored\">American Express Platinum Card<sup>\u00ae<\/sup><\/a> except for the following two items:<\/p>\n<ul>\n<li>Redeeming Points in a Schwab investment account at a rate of 1 cent per point<\/li>\n<li>Receive up to $200 in annual statement credits when you have qualifying Charles Schwab holdings greater than or equal to $1,000,000.<\/li>\n<\/ul>\n<p>Hitting one of the main card benefits isn't ideal, but the card still stands out for being able to provide this preferential cash-out option &#8212; even if it's capped going forward.<\/p>\n<h2><span id=\"Our_Take\">Our Take<\/span><\/h2>\n<p>This development will not heavily impact most people. However, cardmembers who spend heavily on their personal cards and rely on this cash-out option for extra value will be negatively impacted. Even small to medium business owners could easily exceed the new maximum value redemption limit. So, if you are one of these cardmembers, you have several months to start planning and taking steps to move spending to an alternative credit card.<\/p>\n<div id=\"ftoc\"><div id=\"toc_container\" class=\"toc_light_blue no_bullets\"><p class=\"toc_title\">Page Contents<\/p><ul class=\"toc_list\"><li><a href=\"#Amex_Platinum_Schwab_New_Cashout_Limits\">Amex Platinum Schwab New Cashout Limits<\/a><\/li><li><a href=\"#Our_Take\">Our Take<\/a><\/li><\/ul><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the defining features of the American Express Platinum Card\u00ae by Charles Schwab is the ability to cashout American Express Membership Rewards points for an account deposit at a rate of 1.1 cents per point. But soon, Amex is capping this preferential redemption rate at 1 million points per year. Here&#8217;s what to know about these changes.<\/p>\n","protected":false},"author":17,"featured_media":172449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[12069],"tags":[12790,12627],"coauthors":[36383],"class_list":["post-172446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-american-express","tag-fees-rules-and-policies"],"acf":[],"_links":{"self":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/172446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/comments?post=172446"}],"version-history":[{"count":9,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/172446\/revisions"}],"predecessor-version":[{"id":256444,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/172446\/revisions\/256444"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media\/172449"}],"wp:attachment":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media?parent=172446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/categories?post=172446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/tags?post=172446"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/coauthors?post=172446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}