The coverage is limited up to $10,000 per occurrence, up to $50,000 per card member account per calendar year. All rights reserved. | AMEX Platinum Morgan Stanley: https://youtu.be/R4pC-iTxsUI UNBOXING and Invest w/ Rewards | Morgan Stanley AMEX Platinum: https://youtu.be/rtqs8q1eZQIConnect with me: SUBSCRIBE to my channel! It has fewer monthly requirements but also offers fewer perks compared to the Platinum account. That includes unlimited ATM fee rebates, unlimited check writing, and no foreign transaction fees or cash advance fees. You can also add an authorized user Amex Gold card for no additional annual fee (rates and fees), but you will not earn the same rewards as the Amex Gold card youll earn rewards based on the primary accounts rewards structure, which is the Amex Platinum card. The CashPlus Account is a brokerage account offered through Morgan Stanley Smith Barney LLC. The accounts, called CashPlus, replace the firm's existing cash management program. Great post. If you have a question or would like to make a press inquiry, please contact: Scott Mackenzie Giving you the best information on miles and points so you can take better trips and live better stories. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Among the benefits for a Platinum CashPlus account is a $550 Platinum annual fee 4CashPlus Accounts receive SIPC coverage for securities and free credit balances and cash swept into the Bank Deposit Program receives FDIC insurance, both up to applicable limits. Terms, conditions and limitations apply. Morgan Stanley Amex Platinum, 125K Welcome Bonus. Seems like all good things come to an end with every merger. The first thing to know is that Morgan Stanleys Platinum CashPlus is not a checking or savings account. Opinions and recommendations are ours alone. Today's professionals can help prevent it, What advisors can do if they suspect a senior is being financially exploited, These financial advisors are using social media to grow their business, Op-ed: Here's a midyear stock-picking guide for both bears and bulls amid recession debate, These early retirement advocates quit their jobs with plenty of money in the bank. Underpinning all that we do are five core values. This product provides secondary coverage and does not include liability coverage. Access Investing does require a $5000 minimum deposit and comes with a .35% annual fee ($17.50 a year) but your money is invested and in theory will return a lot more than .35% a year, which will cover the cost of the fee. See the terms and conditions for the Cards for details. Mastercard and Maestro are registered trademarks of Mastercard International Incorporated. Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). It will NOT be published. If you are able to meet the monthly requirements, you would essentially get an American Express Platinum Card with all of its perks for free every year. Terms, conditions and limitations apply. Kick is the most rewarding gaming and livestreaming platform. By logging into your account, you agree to our Terms of Use and Privacy Policy, and the use of cookies as described therein. And the $$2500/$5000 monthly recurring deposit requirement is waived if any amount of Social Security benefits are deposited into your account. We lead with exceptional ideas, prioritize diversity and inclusion and find meaningful ways to give backall to contribute to a future that benefits our clients and communities. - Wait a few days. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. Disclaimer: Im not a financial advisor and this post is not considered financial advice. 7 $550 Annual Engagement Bonus for Platinum CashPlus accounts may be received if 1) you are the Basic Card Member of the Platinum Card from American Express Exclusively for Morgan Stanley (the Basic Card Member is defined as the primary account holder); or 2) if you spend at least $100,000 during the calendar year across Morgan Stanley Debit . Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds. Terms apply to the offers below. NEW YORK-- ( BUSINESS WIRE )--Morgan Stanley today announced the launch of CashPlus, a new brokerage account that offers clients a modern alternative to banking. If you can afford it, Morgan Stanleys Platinum CashPlus is actually a really good product that comes with some great perks but buyer-beware, there are some serious drawbacks to it, which may make it not worth it for the average person. There are no foreign transaction or bank fees and all ATM fees charged by the individual ATMs will be automatically reimbursed as well. Otherwise, I would say no. After that, theres a $175 annual fee for each additional authorized user. Underwritten by New Hampshire Insurance Company, an AIG Company. Editor in Chief This effectively nullifies the normal annual fee. Applies to warranties of five (5) years or less. Platinum CashPlus requires both $5,000 in total monthly deposits and $25,000 in average daily balances. These benefits offer tremendous real value, in addition to intangible value through peace of mind and insurance. Their call center is based in Tampa, Florida but the majority of the financial advisors I spoke to, and there have been plenty, were just incompetent. The Morgan Stanley Credit Card from American Express offers rewards on eligible purchases along with the flexibility to pay overtime with interest. Services and rewards for the Cards are provided by either Morgan Stanley Smith Barney LLC, American Express, or other third parties. With this account, you can access your cash, anytime, anywhere where banks or tellers accept Mastercard. One of the ways you can qualify for the Amex Platinum card for Morgan Stanley is to open a Morgan Stanley CashPlus account. See how we can help you work toward your goalseven as they evolve over years or generations. Specifically, youll need to have a Platinum CashPlus account, which has a monthly fee of $55, unless you meet both of these criteria: As we mentioned before, both the Amex Platinum card and the Amex Platinum card for Morgan Stanley earn American Express Membership Rewards points. Coverage can be provided for up to $2,000 for checked baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the common carrier. This insurance comes into play in the event of a bank failure and covers client cash up to a total of $250,000, per bank, for each insurable capacity (e.g. Morgan Stanley leadership is dedicated to conducting first-class business in a first-class way. For this reason, the Amex Platinum card is more or less identical to the Amex Platinum card for Morgan Stanley, in terms of redemption options. Eligibility and benefit level varies by card. Securities Investor Protection Corporation (SIPC) Morgan Stanley Smith Barney LLC is a member of SIPC, which protects securities of its customers up to $500,000 (including $250,000 for claims for cash). A career at Morgan Stanley means belonging to an ideas-driven culture that embraces new perspectives to solve complex problems. Hear their stories and learn about how they are redefining the terms of success. Thanks. Please refer to the Morgan Stanley Debit Card Terms and Conditions athttp://www.morganstanley.com/debitcardtermsfor additional information. Morgan Stanley Platinum vs Charles Schwab Platinum Hi everyone, this is a fun bit of calculation for deciding if you want to go with the Morgan Stanley (MS) or Charles Schwab (CS) version of the Platinum. To obtain information about SIPC, including an explanatory SIPC brochure, contact SIPC at 1-202-371-8300 or visitwww.sipc.org. We provide comprehensive workplace financial solutions for organizations and their employees, combining personalized advice with modern technology. Bottom Line: In general, we wouldnt recommend using Invest with Rewards since you can use your points for spectacular value through transfer partners. Morgan Stanley Smith Barney LLC may compensate your Financial Advisor and other employees in connection with your acquisition or use of the Platinum Card from American Express exclusively for Morgan Stanley. - Fund Platinum CashPlus account with $25K. We deliver active investment strategies across public and private markets and custom solutions to institutional and individual investors. Everything we do at Morgan Stanley is guided by our five core values: Do the right thing, put clients first, lead with exceptional ideas, commit to diversity and inclusion, and give back. Also, the Amex Platinum card for Morgan Stanley offers a perk called Invest with Rewards whereby you can redeem your points at 1 cent each towards deposits into your Morgan Stanley brokerage account. The only reason why you would open up this account is for the annual American Express Platinum Card engagement bonus. But whatever you do, you should speak with your financial advisor to see what makes sense for your own financial situation. Once you open up this account, you'll be mailed a Platinum CashPlus debit card and checkbook. - Apply for MS AmEx Platinum Card via the link that shows up in the CashPlus account once it's open. Typically, I'll transfer $5200.00, wait a few days, and then transfer $5100.00 out. I have a few noob questions if you wouldn't mind entertaining them: You can also read up on the terms and conditions by accessing the Benefits section in your online account. Check out this chart that summarizes the benefits of each card: Hot Tip:Check to see if youre eligible for a welcome bonus offer of up to 125k (or 150k) points with the Amex Platinum. We live that commitment through long-lasting partnerships, community-based delivery and engaging our best assetMorgan Stanley employees. Frequent in & out cash movement of similar amounts. That being said, there are a few differences that are worth noting between the 2 products. Checks must be drawn on a U.S. bank. Born and raised in Los Angeles, Stephen has been privileged to enjoy many premium cabin products and 5-star hotels. The idea behind this sounds great but in actuality, requires you to jump through a lot of hoops to get the bonus. - Confirm CashPlus account's Account Fee Status page shows "Morgan Stanley Investment Relationship = Yes". The MS Platinum Card has all the features of a vanilla Platinum Card ($200 annual airline credit, lounge access, etc) To avoid the fees on the CashPlus account ($45/month) you have to have Morgan Stanley, its affiliates, and Morgan Stanley Financial Advisors and employees are not in the business of providing tax or legal advice. Lets do some more math. It basically covers your annual fee every year with the bonus. Member SIPC. These were the managed accounts that required the least amount of investment ($5000) to be eligible for the MorganStanley branded Amex Platinum. Thanks for reading! (This targeted offer was independently researched and may not be available to all applicants.). #amexplatinum, #morganstanley, #platinumcashplus For 87 years, weve had a passion for whats possible. The next advisor then sent me disclosure agreement forms but didnt advise me that I needed to submit proof of identity and residency for verification. Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. UPDATE: Morgan Stanley recently updated their terms and conditions. To qualify, youll not only need to have an eligible Morgan Stanley investment account, but youll also need to have a cash management account. Morgan Stanley is best-known as one of the premier investment and wealth management companies in the U.S. Headquartered in New York, this financial services company has a strategic relationship with Amex, resulting in a unique co-branded flavor of the ultra-premium Amex Platinum card. Additionally, their customer service is TERRIBLE. For New York State residents, there is a $2,000 per bag/suitcase limit for each covered person with a $10,000 aggregate maximum for all covered persons per covered trip. The Premier account comes with a $15 monthly fee. Its a bad deal. Get the latest insights, analyses and market trends in our newsletter, podcasts and videos. In addition, as an Amazon Associate we earn from qualifying purchases. Morgan Stanley will pay only one annual engagement bonus per client. Both accounts waive the total monthly deposit thresholds in exchange for Social Security deposits of any amount. This bonus value is an estimated valuation. Unauthorized use and/or duplication of this material without express and written permission from this sites author and/or owner is strictly prohibited. We help people, businesses and institutions build, preserve and manage wealth so they can pursue their financial goals. 7 $550 Annual Engagement Bonus for Platinum CashPlus accounts may be received if 1) you are the Basic Card Member of the Platinum Card from American Express Exclusively for Morgan Stanley (the Basic Card Member is defined as the primary . We have global expertise in market analysis and in advisory and capital-raising services for corporations, institutions and governments. For media inquiries, send an email to Media Inquiries. This insurance covers bank deposits held in checking accounts, savings accounts, certificates of deposits and money market deposits (not money market funds). No, Morgan Stanley is a financial services company offering primarily wealth management and investment management services and products. However, if you opened a Morgan Stanley Access Investing account FIRST, and THEN opened up a Morgan Stanley Platinum CashPlus account, these accounts are NOT automatically linked, and the Morgan Stanley Investment Relationship will say NO. These are really good perks usually found on higher-end credit cards. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking . Discover who we are and the right opportunity for you. Big Improvements Coming to Amex Platinum Card! Many of the credit card offers that appear on this site are from credit card companies from which we receive financial compensation. This account is a brokerage account . We leverage the full resources of our firm to help individuals, families and institutions reach their financial goals. The Morgan Stanley Platinum CashPlus account does come with a $45 monthly fee. Excessive ATM fees as a result of multiple, small withdrawals in a 24-hour period; Excessive foreign exchange conversions; or. Its actually a brokerage (cash management) account, or as they call it, a modern alternative to banking. But for all intents and purposes, its very similar to a checking account and it will do everything a checking account can do (and more). One of the most appealing aspects of the Amex Platinum card and the Amex Platinum card for Morgan Stanley is the fact that you can benefit tremendously during your everyday life when using these cards, not just when youre traveling. Instead, when you need to withdraw money from an ATM, use your Morgan Stanley CashPlus debit card. American Express may cancel your Card Account and participation in this program, if you do not maintain an eligible account. Across all our businesses, we offer keen insight on today's most critical issues. Car rental loss or damage coverage is offered through American Express Travel Related Services Company, Inc. For the trip cancellation and interruption insurance coverage benefit of The Platinum Card from American Express, the maximum benefit amount for trip cancellation and interruption insurance is $10,000 per covered trip and $20,000 per eligible card per 12 consecutive month period. 2023 Upgraded Points, LLC. Wyndham Rolls Out Business-Ready Golf Carts, Singapore, Qatar, and ANA Take Top Skytrax Honors, Hotel Guests Take on L.A. Area Marriotts Over Surcharges, U.S. Hotels to Get Major Boost in Electric Vehicle Charging Stations, Diet Water, Melted Ice Cream, and Bison: The Weirdest Room Service Requests. In case you were wondering what the math was; .01% of $25,000 would equal $2.50 a year Ridiculous, right? Things like Zelle and regular ACH transfers will count. Morgan Stanley today announced the launch of CashPlus, a new brokerage account that offers clients a modern alternative to banking. But one of the least-known cards is The Platinum Card from American Express Exclusively for Morgan Stanley. This card happens to offer a ton of travel benefits and protections that come in handy whether youre flying within the U.S. or across the world. The Platinum Card from American Express exclusively for Morgan Stanley is only available for clients who have an eligible Morgan Stanley Smith Barney LLC brokerage account (eligible account). Data is a real-time snapshot *Data is delayed at least 15 minutes. The Amex Platinum card is one of the most essential cards you should have if youre a frequent or luxury traveler. For the trip delay insurance benefits of The Platinum Card from American Express, up to $500 per covered trip that is delayed for more than 6 hours; and 2 claims per eligible card per 12 consecutive month period. If you are looking to open a Morgan Stanley American Express Platinum Card in conjunction with this Platinum CashPlus account, this may make sense for you. After those 3 authorized users, the fee is $175 per year for each additional authorized user. It was really ridiculous how disorganized they were and how unfamiliar they were with their own products. The CashPlus Account replaces the Premier Cash Management program. Morgan Stanley doesnt appear to offer any info regarding this on their website, so I recommend you contact them directly to see if an eligible eTrade account would make you eligible for the Morgan Stanley Platinum card. The current public offer is 80,000 points. $0. Just called Morgan Stanley to open a CashPlus account with an Access Investing account and was told that in order to open an account I would need 25k under management. To be eligible for the AMEX Platinum $695 engagement bonus, we need to open a Morgan Stanley Platinum CashPlus Account. This effectively nullifies the normal annual fee. American Express may share information about your Card Account with Morgan Stanley in support of Morgan Stanley programs and services. $25,000 average daily cash balance. Uninvested funds are FDIC Insured up to $2.25 million. Eligibility and benefit level varies by card. Morgan Stanley is adding a new brokerage account for its clients to help them manage their cash. However, the credit card information that we publish has been written and evaluated by experts who know these products inside out. The content featured on UpgradedPoints.com has not been influenced, provided, or reviewed by the credit card companies mentioned. We want to hear from you. Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management")IMPORTANT DISCLOSURES. You can also review our credit card rating methodology. So in this guide, well take a deep dive into these 2 cards, calling out the differences between the 2 through a head-to-head examination. From volatility and geopolitics to economic trends and investment outlooks, stay informed on the key developments shaping today's markets. The new accounts help clients with their cash management needs, according to a Morgan Stanley executive, and also enable financial advisors to give more comprehensive advice based on their clients' financial situation. I'll wait to see if I get busted. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services. Our insightful research, advisory and investing capabilities give us unique and broad perspective on sustainability topics. Could Choice Hotels take over Wyndham Hotels & Resorts? Youll want to have a good-to-excellent credit score before applying, which generally puts you at a 700 credit score or above. At Morgan Stanley, youll find trusted colleagues, committed mentors and a culture that values diverse perspectives, individual intellect and cross-collaboration. Lets get right into all of the benefits and protections offered by both the Amex Platinum card and the Amex Platinum card for Morgan Stanley: Both the Amex Platinum card and Amex Platinum card for Morgan Stanley offer some of the best travel insurance available: Remember, the Amex Platinum card and Amex Platinum card for Morgan Stanley offer benefits beyond this, so consult your cards Guide to Benefits for the full offering. They sure dont make it easy to just apply for an account online. We take your comments very seriously as they really help us to improve the site. Additional features include online bill pay, unlimited check writing, no wire fees, electronic funds transfer including Zelle, direct deposit, spending and budgeting tools and more. One of the best travel rewards cards you can get your hands on is The Platinum Card from American Express, a top-notch product that has captured the hearts of luxury travelers worldwide. In general, the qualification requirements for the Amex Platinum card or the Amex Platinum card for Morgan Stanley are the same. Hot Tip: The Amex Platinum card for Morgan Stanley offers up to $695 in statement credits if you have a qualifying Morgan Stanley deposit account as a Platinum CashPlus client. Morgan Stanley Online enrollment, and 4. an eligible Morgan Stanley Investment relationship. It can help protect covered purchases made on your eligible card when theyre accidentally damaged, stolen, or lost, for up to 90 days from the covered purchase date. For more information, please refer to the CashPlus Account Disclosure Statement athttps://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf. Meet one of our Financial Advisors and see how we can help you. Platinum CashPlus by Morgan Stanley Hi guys, I hope everyone is doing well. Learn to how to find the cheapest awards. You can also manage your cash online as well as on their mobile app.The Platinum CashPlus Account comes with a $55 monthly account fee, but this can be waived if you meet the avoidance criteria. Morgan Stanley offers two different versions of the CashPlus account: Premierand Platinum. I can go on and on but you get the point. More information regarding the American Express Platinum Card Exclusively for Morgan Stanley can be found here.