(Update 9/29/24: The 1 million points limit will go into effect soon on October 1st.)
The American Express Platinum Schwab version card offers 1.1 cents per points cashout option. After October 1, 2024, they will be limiting us to one million points per calendar year on the 1.1 cents cashout.
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For redemptions made before October 1, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit.
For redemptions made on or between October 1, 2024, and December 31, 2024: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit through December 31, 2024.
For redemptions made on or after January 1, 2025: A Basic Card Member may redeem Membership Rewards® points for deposits to their eligible account at a rate of 10,000 points for a $110 deposit for up to 1,000,000 points per calendar year, after which they may continue to redeem points at a rate of 10,000 points for an $80 deposit for the remainder of that calendar year.
A Basic Card Member may redeem up to 4 million Membership Rewards® points every 7 calendar days for this reward.
After redeeming one million points for cash, you’ll get just .8 cents per points. Another option is to open the Business Checking account from Amex and then you can get 1 cents per point cash out on up to one million points cash out if you also have the Amex Business Platinum card.
Hat tip to DDG