Snag 150,000 Points with the Schwab or Morgan Stanley Platinum – Is It Worth the $895 Fee?

If you've been eyeing a premium travel card, here's your chance to grab a massive welcome bonus. American Express is offering 150,000 points on both the Charles Schwab and Morgan Stanley versions of the Platinum card. That's the highest flat bonus we've seen on these co-branded cards, and it's available until July 8, 2026. But with a $895 annual fee and a $12,000 spending requirement, you'll want to make sure the math works for you.

Two Flavors, Same Huge Bonus

Both the Charles Schwab and Morgan Stanley versions of the AmEx Platinum are offering 150,000 points after you spend $12,000 in the first six months. That's a $1,650 value if you cash out through Schwab at 1.1 cents per point, or $1,500 through Morgan Stanley at 1 cent per point. But you can also transfer points to travel partners like Delta, British Airways, or Hilton for even more value.

The spending requirement jumped from $8,000 to $12,000, so plan accordingly. If you can't hit that naturally, this might not be the card for you.

The Credits That Make the Fee Sting Less

Let's be real – $895 is a lot. But AmEx packs this card with credits that can offset most of that if you use them. Here's what you get annually:

The hotel credit is $300 from January to June and another $300 from July to December, good for Fine Hotels + Resorts or The Hotel Collection bookings. The Resy credit gives you $100 each quarter for dining, and Lululemon gives $75 per quarter. Entertainment credits are now $25 per month and cover Disney+, Hulu, ESPN+, Peacock, The New York Times, and more. You also get $200 in Uber Cash, $200 for an Oura Ring (plus subscription), $200 in airline incidental fees, $155 for Walmart+, and a few others.

If you already spend money on these services, the credits can easily cover the annual fee. But if you'd never buy a Lululemon shirt or use Uber, you're essentially paying for perks you don't need.

Schwab vs. Morgan Stanley: Which One's Right for You?

The Schwab version lets you cash out points at 1.1 cents each into your Schwab brokerage or retirement account – but only for the first 1 million points per year. After that, it drops to 0.8 cents. That's a great option if you want a simple, high-value redemption without dealing with transfer partners.

The Morgan Stanley version offers unlimited cash out at 1 cent per point into your E*TRADE or Morgan Stanley account. It also includes a free additional Platinum Card (normally $195) and an annual engagement bonus of up to $895 if you meet certain banking requirements (Platinum CashPlus account, $5k monthly deposits, $25k daily balance). That bonus can effectively wipe out the annual fee.

Both cards come with the same travel protections, lounge access, and status perks. Your choice depends on which bank you already use and how you want to redeem points.

Watch Out for Pop-Up Jail and Lifetime Language

AmEx has a once-per-lifetime rule for welcome bonuses on each card product. If you've had the vanilla AmEx Platinum before, you might still be eligible for the Schwab or Morgan Stanley versions since they're technically different products. But there's no guarantee – AmEx also uses 'pop-up jail' where they warn you before applying that you won't get the bonus. The only way to know is to try.

Also note: the regular AmEx Platinum sometimes offers up to 175,000 points. If you've never had a Platinum card, you might want to check that offer first. But if you already have the vanilla version, these co-branded cards are your best shot at another big bonus.

Bottom Line

• Highest-ever flat bonus on Schwab/Morgan Stanley Platinum at 150,000 points.
• $12,000 spend in 6 months is steep – make sure you can hit it naturally.
• Credits can offset the $895 fee if you use them, but don't chase perks you won't use.
• Schwab offers 1.1 cent cash out (up to 1M points), Morgan Stanley offers 1 cent unlimited.
• Offer ends July 8, 2026 – apply soon to maximize semi-annual credits.

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