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:
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.