American Express Schwab Platinum card simplifies rewards conversion

The American Express Platinum Card for Schwab allows cardholders to convert Membership Rewards points into cash through the ‘Invest with Rewards’ feature. This process enables users to deposit funds directly into an eligible Schwab brokerage account.

Points can be converted at a rate of up to 1.1 cents per point, though this rate is capped at 1,000,000 points per calendar year. Any points converted beyond this annual limit are valued at 0.8 cents each. Holding the Schwab Platinum card unlocks this capability even for points earned on other American Express cards.

The redemption process has been simplified; users can now enter the exact number of points they wish to convert rather than selecting from pre-set bundles.