Originally Posted by
borgs
Copying from my post on Reddit, but:I've been doing some extensive research since I am highly considering opening a MS Platinum Card since I have had the Vanilla a couple years back and want the SUB. I understand there are a lot of hurdles to jump through and I have a couple questions regarding them:
- Disregarding the fee avoidance, let's say I am willing to just pay the $55 monthly fee, does this mean I can just open the Platinum CashPlus and still receive the Engagement Bonus without having to open a AAA account? I am seeing many posts mentioning you still need to park $25,000 into the account, but I am not trying to avoid the fee and willing to pay the $55 monthly, why is this being mentioned?
- There is no additional eligible Morgan Stanley account that needs to be opened to just open the Platinum CashPlus Account, correct? And having the Platinum CashPlus and the MS Platinum Card would qualify for the Engagement Bonus.
You are correct. You just need the MS Platinum, and the Cash Plus Account to get the Engagement Bonus. Paying the $55.00 monthly fee is fine, without locking up $25,000.
Originally Posted by
borgs
Lastly, If I were to apply for the card in early November, there is a 3 month grace period before I can receive the first Engagement Bonus, but this would lead into the next calendar year, does that mean I am using up my Engagement Bonus for 2024 and not receiving the 2023 bonus? Can someone confirm what the correct scenario is?
Thanks for all the help! If I am understanding the terms correctly, I don't see why you need any additional MS accounts, wouldn't opening just the Platinum CashPlus and paying the monthly fee equate to $695 AF while receiving the free AU if I plan on not chasing the fee avoidance to make the fees "free"? Obviously there is no value in trying to waive all the MS fees from the account to chase a "free" platinum card, unless you're already doing all of this with Morgan Stanley; but why isn't there much talk on just jumping to through the minimum hoops just to receive the AU by just opening a Platinum CashPlus Account while potentially paying less in AF ($695 - $660, obviously considering taxes as well)?
I am not sure about how everything will affect your 2023 engagement bonus, but the issue you may have is finding an MS employee that is willing to open a Cash Plus account for someone with no existing relationship. In the past, having some sort of existing relationship with MS was necessary, not only for getting the MS Platinum, but also for opening a Cash Plus account. It's one reason why you may need to open an AAA account and pay the fees for the first year. However, if you can find someone that is willing to help you, everything you said about qualifying for the engagement bonus is accurate. Good Luck.