[Confirmed] Schwab Platinum Invest with Rewards at 1.1c starting 9/1/21

Update 7/5/21: Doctor of Credit reports this has been confirmed by American Express in an update to cardholders (a reddit member confirmed that the update was made on their statement). This update will be sent to all cardholders on the next statement. It's a bummer that Amex did not intend to send more notice or an email instead of putting it on the statement.Miles Talk's Dave Grossman reports major news. Amex chat representatives stated that the redemption fee for Schwab Platinum cards Invest With Rewards will drop from 1.25c per Point to 1.1c each Membership Rewards point starting September 1, 2021. Just now, I was able to confirm the same with a chat representative. Although I don't usually trust information received from customer service agents on the front lines, the consistency of this message suggests to me that it is true.Doctor of Credit reported first the rumor about the 1.25 conversion rate to Membership Rewards points into cash via Schwab investment accounts. Greg suggested that the cash-out rate might rise to 1.5c per points (See: Schwab Platinum Invest With Rewards Rumor: 1.5 Cash Out?). Frequent Miler on the Air also discussed it. My opinion was that there was no news as issuers constantly change the features they market and that the number of people who take advantage of this redemption is not very significant. Although we both thought it unlikely that the value would drop, it seems that we were wrong. Perhaps the Foo Fighters actually cashed out at 1.25c a point?Dave reports that he saw a comment in a private forum. The screen shot shows a chat with Amex representatives. He stated that the redemption rate for Invest With Rewards would change from 1.25c to 1.10c per points effective September 1, 2021. A rep then confirmed the same. I connected to the internet and the first representative I spoke with said that cardholders would be notified via email and/or statements of any changes. However, they refused to confirm or deny anything so I tried another rep. I explained to the agent that I was informed that the redemption for Invest with Rewards was changing. I wanted confirmation that this was correct. I asked them for the new rate. As you can see, they gave me the exact same answer as Dave.I asked the representative if the change would be effective for me on September 1, if I opened my card today. The rep replied that it would. It sounds like they are planning to change the redemption even for cardholders who have only received a limited amount of notice.As I mentioned at the top, I tend to doubt customer service representatives' wordings as they often get things wrong. In this instance, I led the rep by saying that I knew the date but left it up to them to confirm the rate increase. They confirmed the same thing Dave had been told which was also the same thing someone had reported previously. I believe that the message is consistent and more reliable.But, I would not rush to cash out rewards today if there was no official word from Amex. The worst-case scenario is that the redemption will occur on September 1, so Schwab Platinum cardholders can take some comfort in knowing that they have received advance notice. This gives them less worry about the possibility that it might change overnight. The timeline could still change, as I haven't seen it in Amex official materials.You may have Amex points or are working on it, but you might want to consider the Schwab Platinum card if you don't yet have it.