G2244

Digging up an old thread here but is relevant. What intrigues me about this option is the potential return for certain categories like groceries. I have shifted to a more cash back heavy approach with BoA Premium rewards. I can get 3.5% back on groceries that way (at highest tier). However, I could use an AMEX gold getting 4x MR for grocery, and I believe (?) cash those out via the Schwab Plat for 5%. With the 25K grocery limit on AMEX Gold that is a pretty good haul and other than a few exceptions with strict spend limits (6K/ year etc.) can't seem to be beat. Of course annual fees have to be factored in but I can usually get those to at least wash if not come out ahead.

cfabar1

Yeah, I think the Gold Card amidst pandemic might be one of the best points cards out there.

StO

All of that requires having the Schwab Plat and adding that AF on top of what you're already paying. For temporary non-travelers that don't have/want the Schwab Plat, the UR universe is more lucrative and far easier to use. I'm looking for reasonable ways to cash out MR balances that don't involve another $500+ AF, and I'm actually surprised Amex hasn't added anything like the Chase Pay Yourself Back program.

Visconti

Amex once considered the Schwab Plat a different product (haven't kept up and no idea it's still the case) for bonus purposes. I'm not sure if this is still the case, but, if it is, this avenue to cash out is feasible and relatively easy to accomplish.

Note - This shouldn't be viewed as enourgement or discouragement to engage in the above practice.

Fly2Connect

CS Plat is indeed considered a separate product and thus is eligible for a separate bonus.

Visconti

And, probably score some kind of new brokerage account cash bonus too.

eponymous_coward

AMEX's game has never been "hey, we'll give you easy cashback on our MR products". Their model for the charge cards assumes breakage for things like credits to airlines/Grubhub/Cheesecake Factory/Saks/etc. as well as cashback (the Schwab and MS cards are explicitly marketing cobrands where the partner is helping with the marketing, presumably the partner will help front costs for the cash conversions) and AMEX has have a separate suite of cashback cards that don't work at all in the MR universe. It's not like Chase where the cashback cards (Freedom/Freedom Flex/Ink) get super powers when combined with Ultimate Rewards.

Chase also has the advantage of having an entire suite of banking products (brick and mortar bank stuff like mortgages, car loans, etc.) that they can use, so "why isn't AMEX like Chase" is answered because "they're different companies".