# American Express rewards and redemption features

> Live situation record from CLSTR: https://clstr.news/situations/american-express-rewards-and-redemption-features
> Updated: 2026-09-08T20:45:00.000Z. Sources: 2. Developments: 2.

Information regarding American Express rewards focuses on the Schwab Platinum Card, which allows cardholders to utilize the ‘Invest with Rewards’ feature. This functionality enables the conversion of Membership Rewards points into cash for direct deposit into eligible Schwab brokerage accounts.

Points can be converted at a rate of up to 1.1 cents per point, subject to an annual cap of 1,000,000 points. Conversions exceeding this limit are valued at 0.8 cents per point. The redemption process has been updated to allow users to enter a specific number of points for conversion rather than choosing from pre-set bundles.

## Timeline

### 2026-09-08: American Express Schwab Platinum card simplifies rewards conversion

American Express Schwab Platinum cardholders can convert Membership Rewards points to cash at up to 1.1 cents per point via the ‘Invest with Rewards’ feature, subject to annual limits.

2 sources. https://clstr.news/cluster/american-express-schwab-platinum-card-simplifies-rewards-conversion

### 2026-08-20: American Express Blue Cash Preferred card features and rewards

The American Express Blue Cash Preferred card offers up to 6% cash back on U.S. supermarkets and streaming, plus 3% on transit and gas, with a $95 annual fee after the first year.

2 sources. https://clstr.news/cluster/american-express-blue-cash-preferred-card-features-and-rewards

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Cite as: American Express rewards and redemption features. CLSTR, https://clstr.news/situations/american-express-rewards-and-redemption-features