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Bruce Wayne

Let’s make sure we are including ALL of the Amex Membership Rewards cashout options here. Off-the-beaten-path blogger Windbag Miles posted about a year ago about how the no-fee Morgan Stanley credit card also allows a penny-per-point redemption with its “Invest with Rewards” program as well. For those unfamiliar or who have forgotten, the Morgan Stanley no-fee co-branded card earns “full” Membership Rewards points and also can be used to move points to a Morgan Stanley investment account. It also includes a 10k welcome bonus (aka $100).

Now, the easiest way to get the no-fee Morgan Stanley credit card is to invest a minimum of $5,000 in their “Access Investing” robo investing platform and pay 0.30% in annual “advisory” fees.

So, while the Schwab Personal Platinum allows 1.1 cent redemptions, you still have to justify the $695 annual fee. Alternatively you can get this Amex Business checking account and pair it with the Business Platinum, but you still have to justify a $695 annual fee for penny-per-point redemptions. Maximizing the “coupon book” of Platinum benefits is getting more mentally taxing with every revision, so why not park $5k in a robo investing plan and get penny-per-point redemptions plus a 10k/$100 welcome offer to boot?

ffI

Amex Personal Checking info – and rewards 1 point for every 2$ debit card spend
https://www.forbes.com/advisor/banking/checking/checking-amex-rewards-checking-review/
Is it worth it for taxes??

ce le

Might want to add in “Open your first American Express® Business Checking account, which is subject to approval”
For those who already jumped on the cash bonus. But as it doesn’t define first, don’t know if it’s a discover bank first or amex first

Reno Joe

This is a big step for Amex but . . . both its consumer and business checking products remain “entry level” products. Neither provides for relationship tiers.

At Chase, if a consumer maintains a certain balance, ATM fees are waived including non-network fees and foreign transaction fees. Also, one would incur NO fees for inbound or outbound wire transfers, including international wire transfers.

At Chase, if a business maintains a certain balance, the same applies . . . and it extends to the business owner’s personal checking. Amex’s domestic outgoing wire fees make it a nonstarter for me.

I am by no means a Chase cheerleader but it provides an easy example.

If someone looks at these Amex checking accounts from a “hobby” perspective, fine. But, if someone is truly looking at moving a business banking relationship, Amex isn’t there yet.

Justin

Are these accounts the same as Kabbage?

Frank

I would hope not.