Aug 1, 2021, 12:53 pm
Last edit by: Dr Jabadski
Note: If you don't have a qualifying investment account, or if your only investment account is an Access Investing account, there is no longer an Engagement Bonus in the first year of having the CashPlus Platinum account.
Recommended step-by-step guide if goal is MS AmEx Platinum card with bonus and effectively no annual fee as of 8/1/21:
- Open MS Access Investing account (to establish the MS relationship) using online application with $5,000.
- Wait a few days.
- Open Platinum CashPlus account (requires existing MS relationship), must be opened by phone or through an advisor, cannot be done online.
- Fund Platinum CashPlus account with $25K.
- Wait a few days.
- Confirm CashPlus account's Account Fee Status page shows “Morgan Stanley Investment Relationship = Yes”.
- Apply for MS AmEx Platinum Card via the link that shows up in the CashPlus account once it's open.
- $5,000 monthly deposit or Social Security deposit in any amount and $25,000 Average Daily Cash Balance in the Bank Deposit Program to avoid Platinum CashPlus Monthly Account Fee.
- Meet minimum spending requirement on the AmEx Platinum card, as of 8/1/21: $6,000 within 6 months to receive sign-up bonus.
- Confirm $695 Annual Engagement Bonus posts to Platinum CashPlus account approximately 6 weeks after credit card approval. (As of 8/1/21, considerable discussion as to whether the FIRST Annual Engagement Bonus is paid within first few months of credit card account opening or at about 1 year after credit card account opening.)
- $1,000+ yearly spending requirement on the AmEx Platinum card needed to avoid having to pay taxes on the Engagement Bonus. (This language was removed from the disclosure statement after the Engagement Bonus was increased to $695.)
- Enjoy the sign-up bonus and all other AmEx Plat perks, don’t eat or drink too much
.
Notes:
All accounts can be opened the same day, best to wait a few days between account openings/applications to ensure each successive account is fully integrated into MS systems to avoid problems.
Few or no reports of MS AmEx Platinum credit card applications being declined for people with Access Investing and Platinum CashPlus accounts, seems once that MS relationship has been established, credit card approval is almost automatic.
The credit card will count toward Chase’s 5/24.
Premier CashPlus not eligible for $695 Annual Engagement Bonus for the MS AmEx Platinum Card.
MS launched Access Investing in December 2017, launched CashPlus in January 2020.
… I’m uncertain as to the requirements and procedures for a thread to have a Wiki(post). As with the New Platinum Card: To-Do List thread, might this thread qualify for a Wiki? Okay mia, you’re on. (Disclaimer: I have never applied for any of these MS accounts ... but I did stay at a Holiday Inn Express once 
.)
.) - Open MS Access Investing account (to establish the MS relationship) using online application with $5,000.
- Wait a few days.
- Open Platinum CashPlus account (requires existing MS relationship), must be opened by phone or through an advisor, cannot be done online.
- Fund Platinum CashPlus account with $25K.
- Wait a few days.
- Confirm CashPlus account's Account Fee Status page shows “Morgan Stanley Investment Relationship = Yes”.
- Apply for MS AmEx Platinum Card via the link that shows up in the CashPlus account once it's open.
- $5,000 monthly deposit or Social Security deposit in any amount and $25,000 Average Daily Cash Balance in the Bank Deposit Program to avoid Platinum CashPlus Monthly Account Fee.
- Meet minimum spending requirement on the AmEx Platinum card, as of 8/1/21: $6,000 within 6 months to receive sign-up bonus.
- Confirm $695 Annual Engagement Bonus posts to Platinum CashPlus account approximately 6 weeks after credit card approval. (As of 8/1/21, considerable discussion as to whether the FIRST Annual Engagement Bonus is paid within first few months of credit card account opening or at about 1 year after credit card account opening.)
- Enjoy the sign-up bonus and all other AmEx Plat perks, don’t eat or drink too much
. Notes:
All accounts can be opened the same day, best to wait a few days between account openings/applications to ensure each successive account is fully integrated into MS systems to avoid problems.
Few or no reports of MS AmEx Platinum credit card applications being declined for people with Access Investing and Platinum CashPlus accounts, seems once that MS relationship has been established, credit card approval is almost automatic.
The credit card will count toward Chase’s 5/24.
Premier CashPlus not eligible for $695 Annual Engagement Bonus for the MS AmEx Platinum Card.
MS launched Access Investing in December 2017, launched CashPlus in January 2020.
Morgan Stanley American Express Platinum Card (2012 - 2021)
Aug 5, 2021, 5:05 am
#692
Join Date: Apr 2002
Posts: 587
Interesting... I didn't see it posted here, but from the latest version of the CashPlus Disclosure Statement it looks like the engagement bonus for new cardholders will only be paid in 12+ months after opening the account - not 1-3 months later as it used to be:
"Notwithstanding any other provision of this Disclosure Statement, if you have not opened and maintained a qualified non-CashPlus Account or if your only qualified non-CashPlus Account is a Morgan Stanley Access Investing Account (“MSAI”), you will receive your first Annual Engagement Bonus during the Card Anniversary Month that is 12 months after you first open your American Express Platinum Card and subsequent Annual Engagement Bonuses will be paid annually thereafter."
The language about 1 and 3 months is still there - but it only applies if you have other qualified investment account, not Access Investing which most people are opening to get this deal.
"Notwithstanding any other provision of this Disclosure Statement, if you have not opened and maintained a qualified non-CashPlus Account or if your only qualified non-CashPlus Account is a Morgan Stanley Access Investing Account (“MSAI”), you will receive your first Annual Engagement Bonus during the Card Anniversary Month that is 12 months after you first open your American Express Platinum Card and subsequent Annual Engagement Bonuses will be paid annually thereafter."
The language about 1 and 3 months is still there - but it only applies if you have other qualified investment account, not Access Investing which most people are opening to get this deal.
Aug 5, 2021, 6:33 am
#693
Join Date: Nov 2012
Location: TPA
Posts: 21
It should stay in your Docusign account. Even if you haven't registered for a free Docusign account yet, you can still do it. If you use the same email the documents were sent to, they all will appear in your Docusign inbox - even from several years ago.
Aug 5, 2021, 6:34 am
#694
Join Date: Dec 2003
Location: Washington, DC
Programs: Hyatt Globalist, AA Executive Platinum
Posts: 1,932
Again, this isn’t a comparison between having $30k invested in equities and getting $695 for $30k cash. If the only way of getting $25k cash and $5k into access investing is by selling other investments this isn’t for you. $30k in equities can also become $15k in equities. This is a good deal for folks who keep a fair amount of cash around regardless of what they are doing with their investments. You’re essentially getting a $695 benefit in exchange for keeping $25k earning 0.01% APY. That works out to 2.79 APY. It is unknown currently whether or not you will receiving a 1099-MISC or 1099-INT despite what everyone is saying.
Aug 5, 2021, 9:46 am
#695
Join Date: May 2021
Posts: 68
As someone considering opening an MS Plat, can I still get the card without the CashPlus account and just having an Access Investing account? Not sure if the hoop jumping is worth it anymore. I have a rewards checking with ETFCU that gives me 3.30% APY up to $20k that I keep a large portion of my cash reserves in.
If the engagement bonus still existed for year 0, then opening the CashPlus account (regardless of if you had $25k to deposit or not) made sense, since the bonus would negate the AF, and you'd just pay $55/month (still works out better than the AF charge)--even better if you got that waived with $25k+
Now there is absolutely no reason to open the CashPlus unless you have the $25k, AND that you're OK having that $25k sit for 1-year earing nothing, after which you'd begin to get your AF waived on the card.
So it really comes down to:
A) Do I see the MS Plat as being my "long term hold" for the available Plat flavors (vanilla, Schwab, or MS)
B) Do I find value in having a free AU each year?
C) Are these hoops to get a free AF and free AU (at the expense of earning 3.30% APY on my cash reserves with my existing account) worth losing a .1 cpp cashout redemption (if I didn't keep Schwab Plat past year-1 in favor of the MS Plat).
If the engagement bonus still existed for year 0, then opening the CashPlus account (regardless of if you had $25k to deposit or not) made sense, since the bonus would negate the AF, and you'd just pay $55/month (still works out better than the AF charge)--even better if you got that waived with $25k+
Now there is absolutely no reason to open the CashPlus unless you have the $25k, AND that you're OK having that $25k sit for 1-year earing nothing, after which you'd begin to get your AF waived on the card.
So it really comes down to:
A) Do I see the MS Plat as being my "long term hold" for the available Plat flavors (vanilla, Schwab, or MS)
B) Do I find value in having a free AU each year?
C) Are these hoops to get a free AF and free AU (at the expense of earning 3.30% APY on my cash reserves with my existing account) worth losing a .1 cpp cashout redemption (if I didn't keep Schwab Plat past year-1 in favor of the MS Plat).
Aug 5, 2021, 10:14 am
#696
Join Date: Jul 2021
Location: Dallas, TX
Programs: AA, WN
Posts: 153
It's a little bit frustrating when banks make changes without notice and possibly with immediate effect. For me the CashPlus account is probably not worth it. I may just keep the Access Investing and keep the free AU and close while closing the checking account.
Aug 5, 2021, 10:16 am
#697
Join Date: Sep 2005
Location: SEA
Programs: DL, SPG, UA.
Posts: 230
If one already has the MS plat card and an investment account, and THEN adds a cash plus account - when would they receive the engagement bonus? Only on the next AMEX renewal, or earlier?
Aug 5, 2021, 11:24 am
#698
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
As someone considering opening an MS Plat, can I still get the card without the CashPlus account and just having an Access Investing account? Not sure if the hoop jumping is worth it anymore. I have a rewards checking with ETFCU that gives me 3.30% APY up to $20k that I keep a large portion of my cash reserves in.
If the engagement bonus still existed for year 0, then opening the CashPlus account (regardless of if you had $25k to deposit or not) made sense, since the bonus would negate the AF, and you'd just pay $55/month (still works out better than the AF charge)--even better if you got that waived with $25k+
Now there is absolutely no reason to open the CashPlus unless you have the $25k, AND that you're OK having that $25k sit for 1-year earing nothing, after which you'd begin to get your AF waived on the card.
So it really comes down to:
A) Do I see the MS Plat as being my "long term hold" for the available Plat flavors (vanilla, Schwab, or MS)
B) Do I find value in having a free AU each year?
C) Are these hoops to get a free AF and free AU (at the expense of earning 3.30% APY on my cash reserves with my existing account) worth losing a .1 cpp cashout redemption (if I didn't keep Schwab Plat past year-1 in favor of the MS Plat).
If the engagement bonus still existed for year 0, then opening the CashPlus account (regardless of if you had $25k to deposit or not) made sense, since the bonus would negate the AF, and you'd just pay $55/month (still works out better than the AF charge)--even better if you got that waived with $25k+
Now there is absolutely no reason to open the CashPlus unless you have the $25k, AND that you're OK having that $25k sit for 1-year earing nothing, after which you'd begin to get your AF waived on the card.
So it really comes down to:
A) Do I see the MS Plat as being my "long term hold" for the available Plat flavors (vanilla, Schwab, or MS)
B) Do I find value in having a free AU each year?
C) Are these hoops to get a free AF and free AU (at the expense of earning 3.30% APY on my cash reserves with my existing account) worth losing a .1 cpp cashout redemption (if I didn't keep Schwab Plat past year-1 in favor of the MS Plat).
Aug 5, 2021, 11:31 am
#699
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
True, but if it’s 0 in year 1 and taxable in subsequent years then that math changes quite a bit. Probably down near 1% APY over 4 or 5 years, which is as long as I’d care to assume it will remain. On the other hand, If you value the free authorized user it’s somewhat better,
Dropping the engagement bonus in year 1 sucks and definitely makes jumping through hoops less compelling. I think it’s still worth doing if you’ve already had all the other flavors of Platinum as the bonus is very good, but maybe just open the Access Investing and skip the CashPlus unless you’re flush with cash.
Aug 5, 2021, 12:00 pm
#700
Join Date: Feb 2010
Location: MSP
Posts: 497
For example, under the old rules if you opened your card in October, you might receive your first engagement bonus in January, and your second the following November or so. No one has reported getting a 1099 in that situation and they received $1100 in engagement bonuses in the same tax year.
So for CashPlus specifically this couldn't have happened yet. Maybe it could have happened with a Premier Cash Management account that was transitioned into a CashPlus account, but your subset of potential data points is already limited because Premier Cash Management required $1+m AUM to qualify for the bonus. (I guess technically $100k in debit card transactions would have worked too)
Last edited by SpaethCo; Aug 5, 2021 at 12:12 pm Reason: word choice changes
Aug 5, 2021, 12:07 pm
#701
Join Date: Aug 2004
Programs: Marriott Plat
Posts: 946
Unfortunately not-- the envelope was recalled/deleted by MS.
Aug 6, 2021, 11:53 am
#702
Join Date: Aug 2005
Programs: AA LTP, UA, DL, HH, Marriott/SPG
Posts: 585
You can call the Cash Plus 800# and request a copy of your signed Docusign docs. The agent will send it to you by secure email. I just requested a copy of mine to compare it to my saved copy. Both copies are identical and contain the previous version of the CashPlus Disclosure Statement.
Aug 6, 2021, 1:02 pm
#703
Join Date: Sep 2007
Posts: 234
Ignore.
Last edited by Stockjock; Sep 23, 2021 at 10:45 pm
Aug 6, 2021, 1:34 pm
#704
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,954
Aug 6, 2021, 1:35 pm
#705
Join Date: Sep 2007
Posts: 234
Ignore.
Last edited by Stockjock; Sep 23, 2021 at 10:45 pm