453
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Bill Chen
Bill Chen

Effective 02/01/2022, $55 per month.

henry
henry

I opened my account in the middle of July 2021. I was expecting to receive a bonus after carefully reading the agreement even though I feel it is strange that MS gives it in the first year. I now see that they made a modification in the agreement recently…
I didn’t know why MS waived the third monthly fee but this can be the reason for doing that so the new agreement is now effective to my account too?

David
David

They are definitely not waiving account fees because of the terms change, but hard to say for sure unless there are more details. If you have any questions or just wanna chat, you can hop on the Telegram chat here: https://t.me/joinchat/paYcJDwUT4swNGYx

Monica
Monica

Morgan Stanley Investment Relationship has been ‘NO’ for like 2 months already. Any idea what to do? I did contact Morgan Stanley and they told me to just wait. urhhggg…

David
David

What specifically are they telling you no on? It’s not very clear as to the context of your message.

Monica
Monica

It was my understanding that after opening Platinum CashPlus account, it says to say ‘Yes’ on the Account Fee Status page in order to qualify for free Amex Plat annual fee, no?

David
David

No, the account fee status page is not related to the annual engagement bonus. The tracker only tells you whether or not you would be charged a monthly fee for your Platinum CashPlus account. Morgan Stanley has recently changed the terms such that you would not be receiving your bonus until 12 months after you have had the AMEX card.

Monica
Monica

Oh Ic. I thought I had to be in the ‘relationship’ in order to qualify for engagement bonus.
So if I apply for my Amex Plat today using Morgan Stanley’s link, I will have to pay this yr’s annual fee and when I get charged the 2nd fee next yr around this time, MS then will refund the annual fee? Am I understanding it correctly now?
I was a bit confused as another website(flyertalk) said to make sure I wait until I get ‘Yes’ and then apply for the Amex plat.
Thanks so much for your help.

David
David

I wouldn’t worry too much about the status under “Morgan Stanley Investment Relationship” and whether it says Yes/No on the fee status page. That status does take a while to change, and it could take up to 90 days for it to reflect properly. As long as you have a qualified CashPlus account, you shouldn’t have an issue (and the thing is that you couldn’t even open a CashPlus account without some kind of relationship so that status is more or less irrelevant information).

But yes, your understanding is correct regarding the timing of when the rebate would be disbursed, based on the current interpretation of the current terms.

And no, you don’t have to wait for that status to change. You can technically even sign up before you get your CashPlus account. As long as AMEX sees your CashPlus account when the annual fee is billed (usually around a month in or so), you should be fine. Otherwise, your card would probably be canceled for not having a qualified brokerage account with Morgan Stanley.

Carson C
Carson C

You do need that to say “Yes” on the account fee status page to avoid the $45 monthly fees after the grace period. You will need to call them and tell them the CashPlus and Access Investing accounts to be in the same “Account Linked Group”. It may take serval calls to get a rep competent enough to help you linked the accounts in the same “Account Linked Group”. If the rep done it correctly, it should say “Yes” in one or two days.

David
David

For folks who currently have had this account for more than 12 months, did you receive your annual engagement bonus at the 2/3 month mark AND at the end of the 12-month mark, or did Morgan Stanley not payout at the end of the 12-month mark? In other words, did you get 2x the bonus at the end of the 12 month period, or just one?

Carson C
Carson C

A littlie update: Finally I received a response from FINRA after filing a compliant for 10 calendar days.

David
David

Did they just acknowledge your complaint and forward it to Morgan Stanley for a response?

Carson C
Carson C

Yes, and MS has to respond in 3 weeks.

gary
gary

can someone explain 2 2 in the sequence doc wrote and does it still apply with the changes from organ

2(You might need to wait 30 days now before opening the Platinum CashPlus account)

David
David

Don’t understand what you just wrote, but you *technically* do not need to wait 30 days before opening the Platinum CashPlus account. I said *technically* because the online website would most likely not recognize your relationship (e.g. opened Morgan Stanley Access Investing account) and will give you an error if you are trying to open your account online until your account has at least generated a statement (some reps will tell you 90 days).

You can open the account on the same day if you have a knowledgeable rep (even on the same day), but you most likely will need to be transferred a few times before someone will be able to do it for you. It generally takes 2-3 calls before you get someone who won’t decline you outright.

howard
howard

So from what I have read, we can still get the $695 engagement bonus (including the first year) if we follow all the steps as Doc outlined (including getting both the MS Access Investing and the MS Platinum CashPlus account), right? If so, it still seems quite worth it, especially now with the increased annual fee of $695 you actually get a higher yield on the $25,000 balance.

David
David

No, if you sign up now you would not be getting your reimbursement until 12 months after you open your card, and the second reimbursement would come 24 months after.

howard
howard

really? I just couldn’t find it anywhere in the terms from the MS website. One sentence in the terms says: Effective January 1, 2022, all Basic Card Members will be eligible for the $695 Bonus, which will be paid starting February 1, 2022.

David
David

Yes, really. If you look at the CashPlus Account Disclosure Statement (https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf), it states the following:
“Notwithstanding any other provision of this Disclosure Statement, if
you have not opened and maintained a qualified non-CashPlus Account
or if your only qualified non-CashPlus Account is a Morgan Stanley
Access Investing Account (“MSAI”), you will receive your first Annual
Engagement Bonus during the Card Anniversary Month that is 12
months after you first open your American Express Platinum Card and
subsequent Annual Engagement Bonuses will be paid annually thereafter.”

In English:
If you used a Morgan Stanley Access Investing (MSAI) account to open your Platinum CashPlus account (an existing relationship is required to open a CashPlus account), you would not be eligible for the bonus until 12 months after you open your AMEX Platinum card.

That being said, it looks like Morgan Stanley is also declining to credit bonuses for non-MSAI accounts (like Access Direct), so I would take that with a grain of salt even if you had an Access Direct account.

howard
howard

Gosh!…Really appreciate the details. Guess this is a dead avenue then.

524 Purgatory
524 Purgatory

Looks like the terms may have been updated, as I’m seeing this: “Basic Card Members who apply for, and are approved for, the Card on or after July 1, 2021 will be eligible to receive a Bonus of $695. Basic Card Members with Card Account opening anniversary months taking place through December 31, 2021 will be eligible to receive a Bonus of $550. Effective January 1, 2022, all Basic Card Members will be eligible for the $695 Bonus, which will be paid starting February 1, 2022. Clients who qualify for the Bonus by meeting the Debit Card Use Threshold are eligible to receive the $695 Bonus, which is typically paid in January of the following calendar year.”

So according to this language those that qualify for the engagement by spending the 100k on the debit card won’t get the first year bonus.

David
David

For the debit card spend qualification, the bonus has always been paid the Jan following the year after the spend has been made, so no change there.

Joe MS
Joe MS

Wait.. what’s the 100k spend requirement?

David
David

You can also qualify for the bonus if you spend 100k on the debit card. This has nothing to do with the AMEX and it is just a program they have for high spenders (on the debit card).

David
David

Which, unless you for some reason really hate credit cards, make absolutely no sense because that’s a cashback rate of < 0.695%, depending on how much you actually spend on the card.

Jed
Jed

any reason 100 1K MOs wouldn’t qualify? seems like a lot of $$ to cycle through an account in a year, but only ~25 trips to the walmart @ 4k a day

David
David

Yes, because the purchase of cash equivalents is specifically excluded in the terms.

howard
howard

just to be sure, I meant opening both the Access Investing and the Platinum CashPlus account. I understand with only the former you don’t get your engagement bonus in the first year.

Ben
Ben

Do you guys think that the engagement bonus will only show up after the 2nd annual fee has been charged? Does Amex prorate AF if you cancel within a few weeks? Sorry this sucks so much for everyone.

David
David

Yes, this sounds like how the current terms are being applied. My understanding is that AMEX fully refunds the annual fee if you cancel within 30 days of the annual fee posting. That being said, Morgan Stanley generally lags for quite some time before posting credits so I am not sure if you can count on beating that timeframe for cancellations, or they may simply claw back the credit once they determined that the card has been canceled.

Cortez
Cortez

Can anyone tell me when Morgan Stanley Amex plat requires you to pay the AF? Is it with the first statement/payment or is it after 365 days?

As if it is after 365 days then isn’t the first year still free? Because you get the engagement bonus after 365 days.

So confusing smh. Wished MS made this easier

David
David

You pay the AF on your first billing cycle close date (~1/2 – 1mo after you get your card). You will be charged another AF on the 13th billing cycle close. In plain English, the first year you will be paying the AF yourself, to be offset by the signup bonus if you meet the signup bonus requirements.

stringged
stringged

Here’s an update for y’all. Considering the lack of action by MS, I have decided to do the absolute minimum to keep my account open and fee-free until I can recoup my engagement bonus.

I actually had begun moving all of my banking activities above and beyond minimum requirements. But not anymore. They have shown to be completely untrustworthy and not customer centric.

So now, I’ll do the bare min to get my engagement bonus, and not mess around with that banking institution more than I have to.