[Last Chance] American Express Charles Schwab Cashout Option Reduced To 1.10¢ On September 1, 2021

Update 9/3/21: Now at 1.1

Update 9/2/21: It’s still cashing out at 1.25 today, reportedly.

Update 8/31/21: Last chance to cash out at 1.25 is today.

Update 8/23/21: Last chance to take advantage of the 1.25 cents is now. It takes a few days until the “invest with rewards” option shows up, and there are only a number of days until September 1st. Hat tip to gloobnib

Update 7/4/21: This has now been confirmed in an official update, image below showing the upcoming change on September 1, thanks to dkf1031:

Original Post:

We’re hearing lots of grumblings that the 1.25¢ American Express Schwab cashout option will be reduced on September 1, 2021 down to 1.10¢.

It’s been discussed lately that some change is brewing as Schwab has been taking off and putting back the 1.25 verbiage. Just today the rumor is getting stronger from various conversations with customer service who are saying that the rate will go down to 1.10 on September 1, 2021. Here’s an image of an (alleged) chat with Amex about this. Supposedly this will be formally communicated to cardholders in their July statements, which would give cardholders some notice to cash out. Rumor also seems to confirm the upcoming rumored Platinum changes as the reason why the cashout option is being reduced.

My personal inclination is to believe this information is true based on the specificity of the amount and date. We’ll see…

Update: Nick from FM also chatted with Amex and received the above info as well.

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CJ
CJ

8:53pm CT on 9/3 and its 1.1 for me. Damn just had a bonus post and was hoping for 1.25, but no luck.

TheJohnWickening
TheJohnWickening

1.1 for me now. RIP in peace 1.25 🙁

Brad C
Brad C

Looks like this afternoon they finally adjusted the amount to 1.1 cpp.

JT
JT

Worked for me on 9/3 at 1.25x.

TimF
TimF

Still 1.25 at 8:00 AM PST

terry
terry

just checked the rates again, still 1.25 cpp. The plot thickens.

NBG
NBG

I hope we are grandfathered into 1.25. That would be slick.

AM
AM

If that was the case they wouldn’t have sent the notice to existing cardmembers on their previous statement that the rate was going down. It’s probably just going to take a few days extra to actually change in their system, similar to how some people were signing up for the Platinum in the first few days of July and still getting the $550 annual fee instead of the $695.

Steve kwan
Steve kwan

“We’re Sorry. A system error occurred. Your request cannot be processed at this time. Please try your request again at a later date.”

Mark
Mark

Just try again

Frank
Frank

Switch browsers

Mohammed bin Salman
Mohammed bin Salman

I just redeemed at 3.65. I think it was a glitch. Best day of my life!

yo
yo

I’m sure you did

Aviral Sharma
Aviral Sharma

Confirmed, seeing 1.25x at 3:49pm EST 9/2/2021
e.g. 1,000 = $12.50