Amex Platinum cards are loaded with high-end perks like airport lounge access, hotel privilege status, hotel fee rebates and prepaid hotel rebates. They also offer digital entertainment rebates and Uber credit.There are many Amex Platinum cards available. The Morgan Stanley Platinum Card is the most popular. It offers one authorized user card free of charge. You get many of the same benefits as the primary cardholder. (See our Platinum guide to see a complete list, and which ones are applicable to authorized users).Morgan Stanley Platinum cardholders are also eligible for the $695 Annual Engagement bonus. Morgan Stanley cardholders who meet certain criteria get their $695 annual fee back each year. These requirements were very difficult to meet in the past. The requirements used to be that you had at least $1,000,000 of eligible assets and liabilities, or that you pay at least $10,000 in managed fee/commissions. As Andy at Deals Points first explained, there's a better way.Morgan Stanley Platinum CashPlus AccountMorgan Stanley's Platinum CashPlus Account allows you to earn an annual $695 engagement bonus, even if you don't have a million dollars.These steps will qualify you to receive the $695 Annual Engagement Bonus.You must open a Morgan Stanley Access Investing Account and keep at least $5,000 in it [Note: If you prefer, it is possible to open the account after step 2.] Also, you can open a Morgan Stanley Platinum CashPlus account. Register both accounts to get online access. Register for the American Express Morgan Stanley Platinum Card.Here are some key points to keep in mind:Before you can sign up for the Morgan Stanley Platinum Card, you must first create your Platinum CashPlus Account.Sign up for the Morgan Stanley Platinum Card. The Platinum CashPlus account costs $45 per monthly ($55 per mo. starting on 2/1/22). If you do not meet the requirements to keep the CashPlus Account free, this would negate a large portion of your engagement bonus.Platinum CashPlus account monthly fees are waived if there are $5000 total monthly deposits and $25,000 Average Daily Cash Balance (in Bank Deposit Program). Morgan Stanley Online enrollment is also available.To meet the $5K per month minimum deposit requirement, eligible deposits include: Direct Deposit of Payroll Incoming Transfers Mobile Branch Check Deposit Incoming Send money with Zelle Incoming Wire Social Security Deposit Distributions from a Morgan Stanley retirement AccountIs it worth itIf you are able to pay the Platinum CashPlus account fee-free, the following costs will apply to earning the $695 Annual Engagment Bonus.Annual Access Investing account fee: 0.35% = $17.50 annually if you have exactly $5,000 in the account. There are also fees and expenses specific to fund. Let's take the former and add the latter at $30 each, to make the total $50 annually.Each year. The cost of $25K to keep in the Platinum CashPlus account. Access Investing accounts don't earn interest. The cost is the opportunity cost to keep $25K in Access Investing account versus a growth account. The cost of investing in the stock markets (for example) could be as low as almost nothing. Let's just say that $250 annually of interest is not earned would be a reasonable estimate.. Time required to ensure that you make $5000 each month in deposits. This must be automated, but I'm not going to estimate the cost.The total cost is $300 per annum.Is it really worth it?The $300 estimate cost is the cost of two Morgan Stanley Platinum cards, a primary and an authorized user card. Both users have access to airport lounges and elite benefits. The primary user also has access hundreds of dollars worth of rebates on airline fees, prepaid hotel reservations, digital entertainment, Uber and many other benefits. It is worth the effort, in my opinion. For more information about Amex Platinum cards, and their benefits, see this post: Amex Platinum Complete guide.
