Jan 9, 2022, 1:50 pm
Last edit by: mia
BE AWARE: Access Investing is closing to new sign-ups in 2022, and the future of what will happen to existing accounts has not been communicated directly to current clients.
Morgan Stanley announcement: https://www.morganstanley.com/press-...fering-updates
Interview with the head of E*Trade indicating that accounts will move to E*Trade: https://www.fa-mag.com/news/firms-co...ors-70179.html
Importantly, as of November 2022 E*Trade accounts do NOT qualify as an eligible brokerage account for the CashPlus account fee waiver and E*Trade accounts are NOT eligible Morgan Stanley accounts for applying for and/or retaining an American Express Platinum card from Morgan Stanley.
If you're willing to risk incurring a few hundred dollars in fees chasing this deal, continue reading.
To open a Morgan Stanley co-branded American Express card you MUST be a Morgan Stanley client. You can satisfy this requirement by opening an Access Investing account with a $5,000 investment. Access Investing is a Robo (automated) product: https://www.morganstanley.com/what-w...sting/my-goals
The primary benefit of a Morgan Stanley Platinum Card is one free Additional Card. Optionally, if you also open a CashPlus Platinum account, deposit $25,000 and meet activity requirements, you become eligible for an Engagement Bonus which offsets the Platinum Card's annual fee. 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 paid 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.
Morgan Stanley announcement: https://www.morganstanley.com/press-...fering-updates
Interview with the head of E*Trade indicating that accounts will move to E*Trade: https://www.fa-mag.com/news/firms-co...ors-70179.html
Importantly, as of November 2022 E*Trade accounts do NOT qualify as an eligible brokerage account for the CashPlus account fee waiver and E*Trade accounts are NOT eligible Morgan Stanley accounts for applying for and/or retaining an American Express Platinum card from Morgan Stanley.
If you're willing to risk incurring a few hundred dollars in fees chasing this deal, continue reading.
To open a Morgan Stanley co-branded American Express card you MUST be a Morgan Stanley client. You can satisfy this requirement by opening an Access Investing account with a $5,000 investment. Access Investing is a Robo (automated) product: https://www.morganstanley.com/what-w...sting/my-goals
The primary benefit of a Morgan Stanley Platinum Card is one free Additional Card. Optionally, if you also open a CashPlus Platinum account, deposit $25,000 and meet activity requirements, you become eligible for an Engagement Bonus which offsets the Platinum Card's annual fee. 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 paid 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.)
- 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
Jan 4, 2022, 2:12 pm
#16
Join Date: Feb 2006
Posts: 1,065
SpaethCo,
I know you are knowledgeable about tax and interest rates.
Hypothetically, if MS decided to keep the engagement bonus, but the customer elected to keep the Cash Plus account open, but reduce the balance to under $25,000 and pay the monthly fee of $55.00 x 12=660.00, would the entire $695.00 engagement bonus be taxed or just the difference of $35.00?
I know you are knowledgeable about tax and interest rates.
Hypothetically, if MS decided to keep the engagement bonus, but the customer elected to keep the Cash Plus account open, but reduce the balance to under $25,000 and pay the monthly fee of $55.00 x 12=660.00, would the entire $695.00 engagement bonus be taxed or just the difference of $35.00?
Jan 4, 2022, 2:17 pm
#17
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
SpaethCo,
I know you are knowledgeable about tax and interest rates.
Hypothetically, if MS decided to keep the engagement bonus, but the customer elected to keep the Cash Plus account open, but reduce the balance to under $25,000 and pay the monthly fee of $55.00 x 12=660.00, would the entire $695.00 engagement bonus be taxed or just the difference of $35.00?
I know you are knowledgeable about tax and interest rates.
Hypothetically, if MS decided to keep the engagement bonus, but the customer elected to keep the Cash Plus account open, but reduce the balance to under $25,000 and pay the monthly fee of $55.00 x 12=660.00, would the entire $695.00 engagement bonus be taxed or just the difference of $35.00?
We also don't know if MS is including the $55/mo CashPlus fee as one of their fees, or if they are only talking about the AUM fees one is paying...
Jan 4, 2022, 2:24 pm
#18
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
Hypothetically, if MS decided to keep the engagement bonus, but the customer elected to keep the Cash Plus account open, but reduce the balance to under $25,000 and pay the monthly fee of $55.00 x 12=660.00, would the entire $695.00 engagement bonus be taxed or just the difference of $35.00?
Edit to add: The big question will ultimately be reporting. Payouts over $600 are required to be reported to the IRS, but 1099s can still optionally be issued below that threshold (like Amex with referral bonuses). Depending on how they coded their tax reporting logic, the 1099 generation can be triggered before or after rebate deductions are factored in. Only time will tell if people will get 1099s for less than $600, or no 1099 at all from MS.
Last edited by SpaethCo; Jan 4, 2022 at 2:59 pm Reason: Reporting clarification
Jan 4, 2022, 3:57 pm
#19
Join Date: Aug 2011
Programs: many
Posts: 1,437
Jan 4, 2022, 6:51 pm
#20
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
I've had the MS Plat for several years There's a monthly report that is sent over to Amex from MS, and in my experience it is not just tied to your ssn. I've not had the CashPlus account. But after I closed my managed client brokerage account, I've since had more than once whereas Amex sends a letter informing me they are closing the card in 30days because I do not have an qualifying open account with MS. I have a separate open Access account (same ssn), I've gotten it fixed each time, but dealing with MS is a nightmare.
Jan 4, 2022, 7:36 pm
#21
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,487
Not trying to be snarky- but I think the question is really whether you want to risk getting on Amex’s black list?
Jan 5, 2022, 5:02 am
#22
Join Date: Mar 2013
Location: EWR
Programs: World of Hyatt, Marriott Bonvoy, Hilton Honors, UA Mileage Plus
Posts: 1,255
Jan 5, 2022, 6:15 am
#23
Join Date: Feb 2006
Posts: 1,065
My gut would say that if the MS relationship is terminated and Amex closes your account, that would be handled by one department.
The Amex Rewards Abuse team would be another separate department.
Having worked for corporations and studied others, it is not uncommon to not always know what the other branch is doing.....
My next annual fee is due in February and I expect the engagement bonus in March or April. I also have the Schwab version which I will cancel in August, after holding it for a year because of a retention offer.
Since I have 2 cards, I may call Amex in February and see if they offer anything to keep my MS Platinum another year. If they do, my plan is to maintain my MS Cash Plus/Access Investing account for at least one more year to avoid any drama.
The Amex Rewards Abuse team would be another separate department.
Having worked for corporations and studied others, it is not uncommon to not always know what the other branch is doing.....
My next annual fee is due in February and I expect the engagement bonus in March or April. I also have the Schwab version which I will cancel in August, after holding it for a year because of a retention offer.
Since I have 2 cards, I may call Amex in February and see if they offer anything to keep my MS Platinum another year. If they do, my plan is to maintain my MS Cash Plus/Access Investing account for at least one more year to avoid any drama.
Jan 5, 2022, 6:48 am
#24
FlyerTalk Evangelist
Join Date: Jul 2008
Location: IAH
Programs: DL DM, Hyatt Ist-iest, Stariott Platinum, Hilton Diamond
Posts: 12,792
If you do this, I would expect that the retention bonus would be rescinded and be pleasantly surprised if its not. Amex's systems seem to have gotten "better" at noticing these things automatically, I mean seen plenty of posts from people who had 40k MR disappear when downgrading an Everyday Preferred too soon after taking an upgrade offer.
My AF hit a few days ago. I got a 50k retention offer last year, I may see what if anything Amex has. If nothing I may just close the card and go home. I have the CS Plat which I got a few months ago, and with those new terms MS has added, seems that there is a real risk to them trying to weasel out of paying the engagement bonus in a few months.
My AF hit a few days ago. I got a 50k retention offer last year, I may see what if anything Amex has. If nothing I may just close the card and go home. I have the CS Plat which I got a few months ago, and with those new terms MS has added, seems that there is a real risk to them trying to weasel out of paying the engagement bonus in a few months.
Jan 9, 2022, 1:33 pm
#25
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Morgan Stanley American Express Platinum Card
The thread has been split at year end. I have copied over the Wiipost and written an introductory paragraph summarizing the eligibility requirements to (a) open a Morgan Stanley American Express account with free Additional Card, and (b) add a Cash Plus Platinum deposit account to earn an Engagement Bonus.
I do not have this card. Someone who does should refine the Wikipost, BUT I do not want to lose the understanding that the free Additional Card feature does not require the Cash Plus account.
I do not have this card. Someone who does should refine the Wikipost, BUT I do not want to lose the understanding that the free Additional Card feature does not require the Cash Plus account.
Last edited by mia; Jan 9, 2022 at 1:56 pm
Jan 20, 2022, 4:29 pm
#27
Original Poster
Join Date: Feb 2010
Location: MSP
Posts: 497
If you sign up for Clear through the Delta or United frequent flyer programs, even without status you get the primary member for $119 and a family member for $60. (it's even cheaper if you have status)
Jan 22, 2022, 11:58 am
#28
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,864
Jan 29, 2022, 2:13 pm
#29
Join Date: Jun 2014
Location: HOU
Programs: AA Plat | Delta Plat | Marriott Gold
Posts: 30
Anyone know what the current signup offer is?
All I'm seeing is 100k MR points for spending $6k - I thought it also included 10x MR for Restaurants/Small business, but I'm not seeing that. Am I alone? Did they change it recently?
All I'm seeing is 100k MR points for spending $6k - I thought it also included 10x MR for Restaurants/Small business, but I'm not seeing that. Am I alone? Did they change it recently?
Jan 29, 2022, 3:16 pm
#30
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,487
The restaurants and small business sign up offer was discontinued a few weeks ago.