I think the dont panic note meant to imply that its not an issue with the entire account for anyone who did it correctly, only for the people who didnt fund it. Still, one Amex Platinum Card is enough for me. Its still not bad, at least in current environment, to get $550 back on the year for $25,000 tied up since the $550 will amount to a return of 2.20% APY. Bank Accounts That Can Be Funded With A Credit Card, List Of Methods Banks Count As Direct Deposits. First one is free and then its a $175 hit per additional cardholder. Update: Readers note that the terms are more likely meant to consider both the $695 Platinum and the $550 Platinum to be a single product. You need to be a Morgan Stanley customer to be eligible for this card and you can no longer use the access investing work around unfortunately. William Charles Please update post. So the 100k welcome offer is worth about $1,600! The primary benefit of a Morgan Stanley Platinum Card is one free Additional Card. Before people start panicking it seems like people are receiving these shut down notices for one of two reasons: Remember you need to be an active Morgan Stanley user to have this card, so having an unfunded account or closed account wont work. Called this week to see where the bonus was, was told I am not eligible Bc I had this card before. I would like to do this if I can. The big thing to be aware of is the Platinum CashPlus cash management account has a $45 monthly fee; paying that fee for a year will cost $540, leaving you with just $10 savings on the card annual fee. Just had the access investing account open. ), FNBO Amtrak Credit Card 40,000 Points Signup Bonus, Q2 2023 5% Quarterly Categories: Activate, Offers & Suggestions (Freedom/Flex, Discover, Dividend, Cash+ & More), Chase Freedom Q2 2023 Categories: Amazon, Whole Foods, Lowes. A: $695 AF or [Targeted] Instacart $20 Off $100 When Paying With Free 1 Months of Paramount+ with promo Code Giftcards.com: 5% Off Visa Gift Cards With Code [Sold Out] Wyndham Business Cardholders: Free Game A Beginners Guide To Bank Account Bonuses [2021 Best Bank Account Bonuses For March, 2023. ), FNBO Amtrak Credit Card 40,000 Points Signup Bonus, Q2 2023 5% Quarterly Categories: Activate, Offers & Suggestions (Freedom/Flex, Discover, Dividend, Cash+ & More), Chase Freedom Q2 2023 Categories: Amazon, Whole Foods, Lowes. . Amex says I cant convert this card to anything else, and cant close the account for a refund. Apply for Platinum Apply for Blue Cash Preferred Additional benefits and services you can enjoy with both Cards. If you have a Morgan Stanley account and youve done business with them for a long time, do they still do a hard pull on your credit history for their Platinum Card? Since I am not a traveler, I want to get Schwab Platinum next to cash out my vanilla 150k and then also get the Schwab SUB. [Targeted] Instacart $20 Off $100 When Paying With Free 1 Months of Paramount+ with promo Code Giftcards.com: 5% Off Visa Gift Cards With Code [Sold Out] Wyndham Business Cardholders: Free Game A Beginners Guide To Bank Account Bonuses [2021 Best Bank Account Bonuses For March, 2023. Morgan Stanley is luring those customers in with the free American Express Platinum Card. Right now, there is a generous welcome offer on the Amex Platinum: Earn 80,000 Membership Rewards Points after you spend $6,000 on purchases within the first six months of card membership. We will only recommend the products that we believe are the best fit for you, the consumer. As noted in the original post, anecdotally they dont seem to be enforcing this, regardless, but the new wording likely never meant to exclude it either. Just one persons experience when the fee was under $600. Rebalancing and ongoing maintenance of your account(s) will continue as well, and the ability to adjust your risk tolerance, time horizon and other goal parameters will remain available. Citi Business and Citi Personal both closed accounts yet to get 1099. Just got off the phone with MS. Account # supposedly wont change with CashPlus downgrade however since I just got paid the engagement bonus, the system would not let the financial advisor downgrade the account. Has anyone had any luck getting the clawback reversed? We have financial relationships with some of the products and services found on this website, we may be compensated if you choose to utilize any of these links when applying. American Express has sent out letters informing some Morgan Stanley Platinum cardholders that their card is being shut down in the next 60 days. We have financial relationships with some of the products and services found on this website, we may be compensated if you choose to utilize any of these links when applying. They sent me information in the mail but it was not a pre-approved offer. I am looking to do the same, no idea how to do it. The co-branded Platinum cards are considered different products. Sounds like itll transfer to a FFP! This MS Plat engagement bonus is $695 and you also get your first authorized user Platinum Card, which normally is $175, completely covered. - Enroll in Account Alerts to help you stay on top of your billing statement, track your purchases, and monitor unusual activity, - Receive instant notifications if suspicious activity is detected, - Keeping track of your Account Activity? Chime 1099 came out today online. Morgan Stanley Amex Platinum card is almost identical to the ordinary Amex Platinum card, we wrote about how to get the then $450 annual fee waived on the MS Platinum card, a. we learned that its actually possible to have a Morgan Stanley relationship without the big bucks: the many flavors of the American Express Platinum card. As an Amazon Associate I earn from qualifying purchases. [Sold Out] Wyndham Business Cardholders: Free Game Night Kit, (Update) Chase Increases Referral Bonus On INK Business Cards To 40,000 Points (200,000 Annual Limit), Chase Sapphire Reserve Extends Pay-Yourself-Back For Gas & Annual Fee Categories Through June (Grocery Ending? You have an account with MS? TIA. Tuesday 12/3 morning, I received notice that the MS Access Investing account was formally opened and invested. One other important point now that the annual fee for the Amex went up - the Engagement Bonus crossed the $600 mandatory reporting threshold for bank/brokerage bonuses. Also no engagement bonus of 695 for 1st year, anyways. Bottom Line: Both the Amex Platinum card and Amex Schwab Platinum card have the same rewards-earning potential for spending on either card. Tbh never had this happen before. 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. Another benefit is that you get one free authorized user who gets many of the Amex Platinum benefits; no other version of the Platinum offers that. See Explanation of Variable Rates below. They no longer offer the $695 during the first year, Bank Accounts That Can Be Funded With A Credit Card, List Of Methods Banks Count As Direct Deposits. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their American Express Membership Rewards points are worth 1 cent. Is Opening A Bank Account A Soft Or Hard Pull? Each ALG is eligible for one bonus per calendar year. For those going the route of paying the $55 monthly fee, because the engagement bonus is only effective for renewals, that would mean I would effectively pay $695 + $660 = $1355 for the first year, then every subsequent year would be $695 $695 + $660 = $660? Also, in order to open the Platinum CashPlus account you need to first have an investing relationship. Any recent DPs on this? Earn 125,000 Membership Rewards Points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. They have just issued the corrected 1099-MISC for the correct amounts today. The information contained herein should not be construed as a commitment to lend. American Express is offering increased bonuses on the Charles Schwab & Morgan Stanley Platinum cards. In the interests of our readers you can find out what shopping portal is offering the best rates on eBay here&Amazon here. MS is actively shovling average folks over to the e*trade side for certain. Ugh, I intentionally moved my balance out two months in advance in hopes of getting the net amount below $600, but they only charged one fee. Find 3000 listings related to Alina Montes Morgan Stanley in Westport on YP.com. The sign up bonus is rather small, but the bonus categories could be useful for some. [removed]. My first reading was one bonus across all the cards. Another feature of these cards is that you can convert your points into cash when you deposit them into your brokerage account. Rohit Yeah, thatd make the most sense until/if internet rate changes and the numbers are different. Got this exact same letter for my Schwab plat. Apply now Apply by phone Terms and disclosures [Targeted] Instacart $20 Off $100 When Paying With Free 1 Months of Paramount+ with promo Code Giftcards.com: 5% Off Visa Gift Cards With Code [Sold Out] Wyndham Business Cardholders: Free Game A Beginners Guide To Bank Account Bonuses [2021 Best Bank Account Bonuses For March, 2023. Wow, thanks. Is Opening A Bank Account A Soft Or Hard Pull? 8/4/21: A number of updates: 1) the annual fee on the Platinum card is now $695; likewise, the Engagement Bonus is now $695 as well. Its a pretty high risk. Bank Accounts That Can Be Funded With A Credit Card, List Of Methods Banks Count As Direct Deposits. In the interests of our readers you can find out what shopping portal is offering the best rates on eBay here&Amazon here. This is a variable APR. The Platinum Card from American Express Exclusively for Morgan Stanley benefits and perks. In my 1099 there was nothing listed for the engagement bonus but I also spent $1,000 on the Amex MS Plat card in 2022 so I wonder if that still works as it was listed in the 2020 Pdf terms, I dont know what it says in the recent terms. Edit: one positive and one negative DP above. I was told that a Cash Plus account was required to open the account, Any brokerage account with MS will work, just got approved today, 8/4 with just an access direct account. I could be wrong, but I dont understand the concern over being moved to E-Trade. Thank you. In January 2022, I received the engagement bonus of $550 reimbursing me for the December payment. Confirmed in chat and over phone multiple times I had 100k bonus attached. You will receive the $250 back in the form of a statement credit. Im thinking if they cover once a year, then could be good to just pay 55*11 and get 695 back. Offer is back down to 100k now. You can get up to the next 3 Additional Cards for a total annual fee of $175. If not, where does it state you need to maintain a brokerage to receive the annual engagement bonus? You can help support this site by using our links to Amazon & eBay. Now you can pay friends with more flexibility and without the standard Venmo or PayPal credit card fee.. That was the original title, when he thought the outcome was different. Losses due to market fluctuation are not protected by SIPC. Or do you guys believe that is too risky? Update 7/5/21: One recent data point confirms that AmEx is still giving bonuses on each version of Platinum separately - reader ausd reports getting the regular Platinum a year ago and successfully getting the bonus on a Schwab Platinum now, after the terms change. William Charles in your research do you know if the MR accumulated with non Platinum Morgan Stanley AMEX card transferrable to FFP? That sort of makes sense as Amex is known to claw back bonuses on cards which dont last a full year.]. They seem to do periodic checks, so you might get away with it for several months but theyll eventually close it. American Express has sent out letters informing some Morgan Stanley Platinum cardholders that their card is being shut down in the next 60 days. 2) The signup bonus is now 100,000 points, at the time of this writing. Just a brokerage account. 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. Back in 2016 we wrote about how to get the then $450 annual fee waived on the MS Platinum card, and it involved having at least $1,000,000 in investments to be eligible. Fit for you, the consumer cant convert this Card to anything else and! For 1st year, anyways and then its a $ 175 primary benefit of a Credit. To claw back bonuses on the Charles Schwab & amp ; Morgan Stanley Platinum cardholders that Card. 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