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BC
BC

Is there any clawback if you cancel the card a month or two after the engagement bonus is given? Interest rates kindof make this a poor roi.

whome?
whome?

Engagement Bonus DP:
5/1/21 – Access Investment account opened
7/8/21 – CashPlus account opened
7/10/21 – Approved for AmEx Platinum card
7/12/21 – Received AmEx Platinum card
7/25/21 – AmEx billed $695 for Platinum annual membership fee
8/12/22 – Received $695 engagement bonus in CashPlus account

stringged
stringged

Thank you for this. Looks like they’re taking their sweet old time.

Peter
Peter

Here is my timeline for the engagement bonus, which I got a few days ago;
I have had a Morgan Stanley IRA investment account for the last 5 years. I opened the MS Platinum card first in July 2021 and later opened my CashPlus account in Jan 2022;
Amex Morgan Stanley Platinum card 2nd annual fee was posted on July 24th 2022;
Since I opened my CashPlus Morgan Stanley account in January of 2022, I was expecting the annual engagement bonus to post in 2023 January as per my discussions with the customer service team. But, to my surprise, I saw that my refund has been posted sooner than expected. I would love to keep this MS Platinum card for the long haul if I continue to get the annual fee credits from the CashPlus account. 

David
David

Not early — the annual bonus credits on the anniversary month, which is a month after your annual fee is charged. Since you opened the card in Jul, your anniversary month would be August. The fee credit generally comes around the 15th of the anniversary month. The credit is not tied to when you opened the CashPlus account, with the exception of the first year.

Peter
Peter

David, I totally understand the overall concept for annual fee refund now, but the customer service reps are very confused and they told me I will get get the credit only after the anniversary month of the CashPlus account. I did not want to argue with them and just waited.
Thank you for all your help with your posts in this thread that made me open this account.

David
David

You are welcome!
I hate to say this, but despite the Cashplus account being one of the better “checking” account out there, the servicing of the account is absolutely horrendous.
Unless you have a VIP relationship with Morgan Stanley, it’s close to impossible to get a rep that knows what they are doing, let alone have the power to do anything. Access Investing account customers are second class customers, and the reps that answer the phone really couldn’t do anything. Anything that you ask on the phone requires an internal transfer to a Virtual Advisor or a Cash Management Rep, which adds 20-30 minutes to the call before you can even convince the first level rep to transfer you in the first place (but not before spending another 10 minutes to make sure all your information is up to date, pronouncing each character of your email address and making sure all of it is recorded).
Even if you get a virtual advisor or a senior rep on the line, most of them are not really trained on the specifics of the product, and generally have no idea on how to do something unless they consult a lead or supervisor or find someone from another team that knows what they are doing. Almost everyone who claims they know what they are doing certainly are talking out of their ass, or is an interpretation of heresay from others. For example, if you ask someone whether overnight bill pay checks are free and is considered a check disbursement, you will almost be guaranteed a pretend to be smart answer or be on hold for an hour and still not get a satisfactory response. To be honest, I am not sure how they managed to get a award for customer service since this is the worst company I have worked with that gives you a different answer each time depending on who you ask… I guess enough ranting for now…

Peter
Peter

I agree with you. The first Rep who picked up the phone never heard of annual Platinum card fee refund and asked me to call Amex. I also heard if you use the ATM card with machine fees, there is no automatic fee refunds similar to Charles Schwab. I would hate to remember to call the Reps and wait 20 minutes after each ATM transaction. How was your experience with ATM fee automatic refunds?

Ron
Ron

From my experience, ATM fee refunds have always posted next business day.

David
David

Funny, that was actually one of the questions I have asked last year and no one was able to give me an answer. One rep said they don’t do that, another said they don’t know, yet another said why don’t you try it and see how it works, the last one was like you can contact us when you get charged and we can submit a request to refund you… 😂

stringged
stringged

mid-July 2021 Account Openers who got the shaft…

How’s it going? When are we supposed to get the engagement bonus? I can’t wait, so I can take my money and run out of the stupid MS ecosystem.

My AMEX fee was charged on Aug 16, 2021.

Please update us on your experience!

Brian
Brian

Totally shafted. My second membership fee just posted and I never got my first one reimbursed.

David
David

You will probably get it close to the 15th the next month.

Josh
Josh

Just wanted to update. This may be a fluke. I am a new Morgan Stanley customer, created my access investing and then cash management accounts end of January/beginning of February 2022 and I am only signed up for the access investing (just over 5k invested) and just received the $695 engagement bonus in Mid April 2022. Of note, I have done a lot of transactions through the cash management account including some >$10k so maybe that plays in to it in some way, but at least in my case I did not need to wait 12 months for the bonus. I will say signing up for the account was tedious and ended up on the phone for >30 minutes to create the cash mgmt account. But if you want to get an essentially free Amex platinum for life (depending how easily you can avoid the monthly maintenance fee), certainly worth it IMO.

lampions
lampions

when did you open the Amex MS Plat card? before the opening of MS cash plus or after?

Aditya Shrivastava
Aditya Shrivastava

I have started using CashPlus account as my primary account but there doesn’t seem to be a way to get notified of all transactions made on that account. If I use my debit card, it does send me an alert but if some credit card payment is made directly using my bank account there is no alert received. If anyone knows of a way to set this up, please do let me know. Thanks!

David
David

Yep. that’s kind of the suck thing about this. My CU has notifications for every transaction – none for MS.

gary
gary

question for those that have received the card and have received the annual engagement bonus . did you have any success getting a retention bonus from amex and if so did it affect you getting the annual engagement bonus from morgan stanley?

David
David

They are not related – you can get the retention bonus from Amex just like any other cards.

Sam
Sam

Does MS 529 account qualify as another account in addition to Cashplus for the engagement bonus?

Max
Max

Can you transfer money in and out of the account (from another of your accounts) to hit this deposit minimum?

David
David

Yes

David
David

From it looks like, it seems like Morgan Stanley is sending 1099-MISC out for the engagement bonus minus any advisory charges on your account for the engagement bonus posted in 2021, even when your card spend is greater than $1k.