The Platinum Card from American Express for Schwab has a unique super power: it makes it possible to convert your Membership Rewards points to cash at a good value: 1.25 cents per point. Even if your Membership Rewards points were earned from other Amex cards, simply having the Schwab Platinum card unlocks this capability. The name for this feature is “Invest with Rewards“.
Invest with Rewards
Using the Invest with Rewards feature is simple: Log into your Amex account, click “invest with rewards”, then follow the prompts. In the end, the cash will be deposited into your Schwab brokerage account where you can then invest it or withdraw it.
Until recently, this process was driven from the Schwab side where you would log into your Schwab account to initiate the transfer of Membership Rewards, but now it is handled on the Amex side. As a result, I figured it would be a good idea to show how to do it:
1) Log into Amex and click “Invest with Rewards”
Log into your Amex account and select your Schwab card. On the right, you should see a box showing your Membership Rewards points total. Beneath that total, you should see a link labeled “Invest with Rewards”. Click it.
2) Get started
The next screen will invite you to get started. The screen after that (not shown) will ask for your Schwab credit card info.
3) Pick your brokerage account and the number of points you want to convert
The “Select Brokerage Account” drop down should auto populate with any valid Schwab brokerage accounts you have.
Finally, after confirming your selections, you’ll see something like this:
Your redemption has been received and is being processed. Thank you for redeeming your Membership Rewards® points through Invest with Rewards. You should expect to see a deposit from Schwab in your brokerage account in approximately 4-6 business days. If you do not receive your deposit within that time frame, please contact Charles Schwab at 1-866-385-1227.You will receive an email confirmation of your redemption request. In the meantime, please print this page for your records.