This post could contain affiliate links. Please see our advertiser disclosure to learn more.Schwab Amex Platinum Cashout Devaluation Details RevealedUpdate 7/5/21 HT DoCFor a while, rumors have been circulating about a possible Schwab Amex Platinum cash-out devaluation. The American Express Platinum Card for Schwab card allows you to cash out Membership Rewards points up to a maximum of 1.25 cents each point. You might be able get more value from travel partners but this card allows you to cash out your Membership Rewards points at a steady, easy rate and convert them into cash.We now have more information on that possible devaluation. First, it was thought that the value would drop to one cent. Recent conversations with American Express representatives point out that Membership rewards can be cashed out with the Schwab Amex Platinum card for 1.10 cents.Reddit has several data points that provide the information. MilesTalk reports that they also received the same information. Below is a screenshot from a chat conversation.The devaluation in Membership Rewards redemptions will take effect on September 1, 2021. Details will be provided on the July 2021 statement. Reps were apparently just reading from a memo about the changes that had been sent. They explained that they are adding value to travel, dining, well-being, and entertainment credits.This could be a hint about the rumored changes to the Amex Platinum card. There will likely be a fee increase soon, and additional benefits added.ConclusionIt could be said that the devaluation has been confirmed. The cash out option should drop to 1.1 cents per points, as reps continue to give the same information. The good news is that you'll have time to decide what to do.
