Of course man! I think your insight into this card really opened my eyes to how valuable this card could be, especially because of taxes and how that heavily influences the bottom line, which is just as important as the interest rate environment as well! I was about to cancel this card at the end of Year 1, but thanks to you, I was able to run the numbers myself and realize it’s true value proposition!
OMG this is so clear! great video! I applied for the AAA and plat cash plus account last November, because they the advisor via phone told me that the access invest account might not qualify for "investment relationship with MS" in the future. Exactly like you mentioned in the video, I put 25K in both accounts and transfer 5K to the checking acct monthly. And after December when the access investing application was officially closed, so many people asked me how did I get the amex MS plat card without access investing acct (they though I was a millionaire or something lol). I tried to explain how this works but couldn't do it as clear as you did. Love your video and especially the math part!
Thanks so much! I'm glad you were able to get the MS Platinum card, and I'm glad you're able to make it work for the AAA account. If you have any other people who are curious about how this works, definitely share this video with them so it can help them as well!
@@TheCreditFrog that's exactly what I did lol. just shared this video to those friends who were asking me about the MS plat card. great video and thanks again!
Great Updated Video Stan... Luckily I got in last year after seeing your earlier videos by opening Access Investing. The higher the interest rates go, the less lucrative the MS Plat Engagement Bonus is. One other advantage is that with Platinum Cash Plus Account you can put any amount beyond the 25k minimum into a Preferred Savings Account Bucket at 4% APR.
Thanks so much! Yes, I'm so happy I was able to help people navigate the complex application process to get the Morgan Stanley Platinum since it's a topic that could definitely be covered better. That's a great piece of info to know that you can get into the Preferred Savings Account with anything over the 25k minimum for the Platinum Cash Plus! I'm going to have to look into that further. Thanks for that tip!
@@TheCreditFrog Just talk to Virtual Advisor and I am sure they can setup Preferred Savings for any amount beyond the minimum 25k needed in Plat Cash Plus account
@@TheCreditFrog They also have a promotional 5% 6 month CD rate that they offered when I was trying to transfer some cash to Preferred Savings account which has 4% interest... Do check with your Virtual advisor...
This is a great guide that anyone considering opening this card should watch. Nice work Stanley, it was very easy to follow! And that thumbnail is looking sweeeeet
Thanks so much Josh! I'm happy to hear the guide was easy to follow - the MS Platinum is such a valuable card for the right person, and I don't want that person to miss out! Glad you like the thumbnail as well!
What are the odds that the video I release today, I tell people to watch your Morgan Stanley breakdown, and you release an updated version on the same day! You should have told me, I would have put a link directly to this guide 😂😂😂. This was great, it’s very complicated and you really gave us the best info I think there is out there today. … and we are both cancelling our vanilla platinums haha!
Hahaha! I knew it was coming per our previous conversation, but it was definitely fortuitous that we released on the same day! My previous guide was really helpful, but outdated so a new video was definitely necessary to keep up with times. And yes, it looks like we will both be canceling our classic Platinum cards! The only thing better than an Amex Platinum is an Amex Platinum with more value!
@@TheCreditFrog It definitely worked out, I hope they literally jumped to this video after haha. For sure, and you have the most detailed view on this card so that’s important. For sure, cancel that vanilla, in with the Schwab + Morgan Stanley!
Thank you for your video. I'm glad I found it. I've had the Morgan Stanley platinum for a couple of years now. And with the rising interest rates I had some questions about it. You're breakdown made my decision easy. Now as far as the 1099 form from Morgan Stanley. I don't remember ever getting one.
Of course Dave! The MS Platinum is kind of a niche card, but I think once you have it, it's a great addition to the collection, and depending on your tax bracket and interest rate, this could make sense for those select people! I'm glad you're on team MS Platinum!
Thanks for the video! On the math, shouldn’t the $695 upfront cost for the MS Platinum also be divided by .65 since you’re paying that out of pocket like the vanilla (just without the additional $175 for AU)? You’d still come out marginally ahead with an AU but behind without one. (Either that or keep the $870 as-is. Seems like you’re comparing pre-tax on one to after-tax on the other.)
Yes, doing that conversion should have been used as well since you’re technically paying out of pocket for the MS Platinum as well. I left it out of the calculation because the $695 should be canceled out by the engagement bonus but since it’s taxed, you do end up paying something. Two ways to look at it!
Thanks always for the great information! The AMEX MS Platinum Card isn't the slam dunk I thought it was, judging by this video and your more recent video about the card.
Awesome video Stan! You are definitely helping a ton of people to save some serious $$$! I’m looking to start my AMEX portfolio this year so seeing this is very helpful! Great video as always Stan! The editing is unmatched! 🙌🏻🙌🏻
Thanks so much Edras! That's exciting that you'll be starting up with Amex this year! I'm curious to see what Amex card you decide to go with first. There's a lot of good options out there, and I know there's a quite a few other credit card creators that also have recently started with Amex too so I'm excited to hear about your first Amex approval! I appreciate the kind words bro!
@@TheCreditFrog I’m looking to get the AMEX Gold card or maybe even the Platinum Schwab card! I’ll most likely get the Gold first though. I’ve always heard good things about AMEX so I definitely have to join! Thanks for all the work you do Stan! 👍🏻
That’s sounds like a great plan! Getting into Amex is a great decision and both of those cards are solid picks if you can find value. Looking forward to seeing your watch me apply 👍!
That's great Mason! I'm glad you were able to get in as well since now it's so much harder to get this card if you also want to get the engagement bonus as well 😳.
Awesome! Just subscribed to your channel. The software company I work for provides stock through MS and I sell stock thru MS. Does this meet one of the requirements?
That's great! And thank you so much! The key is that you have an "eligible investment account" with Morgan Stanley, which does include workplace retirement accounts. I'm not sure what specific accounts you have to sell stocks through MS, but it sounds like an investment account. I'd call the Morgan Stanley virtual advisor team to see if your individual account qualifies before applying just to be sure 👍!
Of course! I’m not sure what the deposit requirements are for a MS IRA, but they are subject to the federal contribution limits. I’d call and ask a virtual advisor to get more information!
Thanks for the information but you left out how to acquire the AMEX platinum card using a Morgan Stanley IRA account; along with the details of what would be required to even establish Morgan Stanley IRA account.
Of course! I don't know how to do that since I got this card when I could still get the Access Investing account. From what I understand, you need to call a Morgan Stanley virtual advisor and they can help you out. I don't think you can open one online like most brokerages do.
Hello Stan, thanks for your videos, I find them informative. I'm late to this credit card, and noticed there is a spend requirement of 100K on the debit card if you open the Platinum account. The way I understand you get the engagement bonus of 695, is you have to wait one year, keep 25K Platinum balance, 5K incoming deposits, and a investment account(the IRA would be the most cost effective). Appreciate if you can concur if that is true for 2024?
Of course! Yeah, so what you said is correct! But since the interest rate is so high now, getting the engagement bonus isn’t really worth it since you have to park $25k in an account that doesn’t get any interest. I think the better play is to get an investment account like the IRA and get the MS Platinum for the free authorized use which is a $195 value at this point!
Great video. As of 11/20/2023 there is no lifetime language on the MS platinum so if you got the Vanilla you can still get the sign up bonus? If that's the case, can one just open the lower end Cashplus premier account, get the card and bonus at full price and get the free AU? In the long term I will settle with the Schwab version since I can get a $200 reduction with a 7 figure account.
Thanks! Yes, so you should be able to get the MS Platinum SUB if you already have a classic Platinum. I think that you should be able to open the MS Platinum with a Premier CashPlus account, but there's a monthly fee with that account (just like the Platinum CashPlus) and to get rid of it, you'll need a separate investment account. Because of this, it's better to just have an investment account to qualify. Unfortunately, since the Access Investing account closed last year, there aren't very cheap options to use. A Morgan Stanley IRA is possible, but I'm not sure of the specifics.
Since the threshold to get 1099 form from MS or other Banks is $600 I was thinking if it makes sense to pay couple months monthly maintanence fees as the fees get deducted from Annual Engagement Bonus when 1099 is issued... Maybe I am over-complicating... One item to remind to folks is first year you do not get Annual Engagement Bonus. So I am still waiting for mine and will know more end of this year if the Bonus is combined with Interest and also if any maintenance fees are deducted.
I think that if you pay any maintenance fee, it's probably either not going to be worth it, or just easier not to deal with the Platinum CashPlus account at all. I'm also waiting for my Engagement Bonus, and expect to get it in a few months so I'll definitely be doing an update when that happens!
The discussion on another video today prompted me to come back and look at this again - you're double-counting the taxes on your total savings slide because you're mixing pre-tax and post-tax amounts in the same equation. (You're using the Platinum annual fee inflated by 35% taxes and subtracting the HYSA reduced by 35% taxes) Since you've already factored in the taxes when you are arriving at your $690.63 net gain for the HYSA / CD, you don't pay taxes again when you pay the Amex Platinum card annual fee, so it's $870 - $690.63 for a $179.37 out-of-pocket expense. If you want to account for the pre-tax income you'd need to earn to cover the respective out-of-pocket expenses like you were showing for the vanilla Platinum card, then it would be $243.25/0.65 for MS and $179.37/0.65 for the vanilla. So you need to generate $374.23 of pre-tax income to cover the MS out-of-pocket compared to $275.95 of pre-tax income for the vanilla setup out-of-pocket, assuming a 35% effective tax rate.
I will have to look into this and check my math again. There’s a lot of moving parts with this so it’s easy to make a mistake. Thanks for pointing this out and letting me know!
Great video & break-down here Stan! If you have a two-player setup and want to add 1 Authorized User, then the Morgan Stanley version could be a great option for that, especially like you said when you consider the changes to Centurion lounges. That $695 Engagement Bonus is key for the Morgan Stanley Card, and obviously could be a great option for people with Morgan Stanley Investment Accounts, since you must have one. Ultimately, when I get the AMEX Plat Card I'll probably stick with the regular version, since my investments are elsewhere- but that Engagement Bonus can be huge if you have that Cash Plus Account.
Thanks Matt! Yeah the MS Platinum is definitely a card that’s for someone who already has investments with Morgan Stanley already, especially after the MSAI account was closed off to new applicants. The classic Platinum is definitely a great way to start for sure. The AU can be super helpful with a P2 setup like you mentioned, but given the current state on how to get this card, this may be more effort (and costly) than it’s really worth.
MS advisor couldn’t even answer a question I had. If I have a joint AAA and platinum cash plus account with my wife. And each one of us have our own MS amex platinum card. Do both of us get the 695 annual bonus, total of 1390?
@@TheCreditFrog I appreciate your response, but no one seems to be able to confirm. Especially now the bonus is credited after the AMEX annual fee renewal date, which is year 2. That means my wife and I have to keep two separate cards, pay $2780 to see if they will reimburse both of our cards. If MS does reimburse two cards, it will be lot more beneficial to couples and way higher incentives since we still only need $25k in AAA + $25k in platinum cash plus account.
Great video! If I'm only interested in the +1 free AU, is the easiest way to open an IRA at Morgan Stanley? Can I open one online? Do I even need to fund it or can it stay at $0? Thanks!
Yes, I think that would be the easiest way. From what I understand, I don't think there are minimum limits on the IRAs, but there's no way to open one online. I think you have to call in to open an account with them over the phone. I'm also not sure if you can self-direct your investments with them either so that may also be an issue because their accounts tend to be actively managed.
Yeah! It all has to do with your tax bracket and the current interest rate! Hopefully they open up eTrade accounts, otherwise this card is kind of hard to get without some serious 💵!
Does the Morgan Stanley stock broker account through employer qualifies for engagement bonus (as credit to annual fees)? If Platinum Cash Plus is required, does employer stock account helps in removing fees and deposit requirements?
Hi Stan, what is the most economic and affordable way rn to get approved for the MS Platinum (post access investing offer) ? Side note- Without having to park 25k in cash plus acct that gets essentially zero interest. In other words, can you suggest another way without having six-figure plus investments with MS and incurring all those maintenance fees. Spoke with rep but he waived me off since I wasn’t interested too much in investing with MS. Willing to put some money in an acct with them but not the cash plus at zero interest. Thank you !
Hi Feldiii! So to just get approved for the card, you'll need to have an eligible MS brokerage account open. The only brokerages that I'm aware of that meets this requirement is the Premier CashPlus and the Platinum CashPlus accounts. So having one of those accounts would work, but if you wanted to go for the $695 Engagement Bonus as well, you'd have to get the Platinum CashPlus account, which has that larger minimum balance requirement. Other brokerage accounts may work too, but unfortunately, with Morgan Stanley, they usually have very high minimums so I'm not sure if there's another way out of this one! Maybe one day eTrade accounts would work, but as far as i know, they are still a part of eTrade, even though they are owned by Morgan Stanley.
Yes, the engagement bonus is specifically tied to the MS Platinum CashPlus Account. The ability to apply for the card only is dependent on having an investment relationship with Morgan’s Stanley, which may or may not include the Platinum CashPlus account! So if you have an IRA only with MS, you have an investment relationship with MS, but since you do not have the Platinum CashPlus account, you are not eligible for the $695 engagement bonus.
I think that would qualify since that would be an investment relationship, but I think you'd have to call into Morgan Stanley to open one. You can ask the virtual advisors at that time just to be sure 👍
Hello, I was just trying to look this up because the question came in my mind and couldn't find anything on it. For people with the Morgan Stanley Amex Platinum, can you still refer people to the card. If so, does it let you refer people to vanilla or only MS. Thanks in advance!
Hi there! So you can't refer people specifically for the MS Platinum card; However, if you have the MS Platinum card, you get a referral link that earns statement credit (usually $100 up to $1,000 per year) for any successful Amex card referral through that link.
Okay so to clarify..i can just get an IRA with them to get the card? The same way i did with the Schwab edition and just pay the annual fee like the vanilla plat?
Technically yes, that should qualify you to get the card, although, it's not as easy to open an IRA with Morgan Stanley compared to Schwab since I don't think there's a way to do it on your own online. You'd have to call in to open one.
The IRA can get you qualified to open the MS Platinum card, but only having the Platinum CashPlus account will qualify you for the $695 engagement bonus
I appreciate you sharing this new information Stanley! Not enough people talk about the MS Platinum. Sounds like they made it pretty complicated for new users. But hey totally worth it still in my opinion! Now the fun question: do you think it will be possible to ask for an amex retention offer after year 1 and get the engagement bonus? 😅
Of course Yamah! Yeah, the nitty gritty of the Morgan Stanley Platinum isn't talked about enough so I'm happy that you were able to get in last year with the MSAI account! Haha, it never hurts to ask for a retention offer so it may be a great way to double up on that value!
@@SUPPASK8A Gosh darn! Glad you still asked. Did you ask for a retention before or after Morgan Stanley posted your engagement bonus? (Not that it should matter but I’m curious haha)
Hey, Stan! I came to this video specifically to ask a question: As a part of my benefits package at work, I buy company stock at a discounted rate - they deposit into an ETrade account. Today, I got an email that said ETrade would be moving all of my assets to a Morgan Stanley account on or around September 1st. Coincidentally, mid or late September I wanted to apply for a Gold or Platinum card. Any idea if that account would qualify for that engagement bonus? If so, that would be a no-brainer as I get company stock/dividends deposited 3 times a year. Thanks! - Ivan
Hey Ivan! I've heard about similar notices to others where eTrade accounts are becoming Morgan Stanley accounts, which is very exciting news! I think you have to keep a close eye on this and see what account it switches to around Sept 1st. If the account is truly a Morgan Stanley investment account (and is also considered a brokerage), that would be enough to at least qualify to apply for the Morgan Stanley Platinum! I think it all depends on what account it switches over to.
@@TheCreditFrog I should be getting more clarity in the coming months and hopefully it's an account that qualifies for the MS Platinum and from there can hit one of the requirements to get the engagement credit! Would be dope! Thanks as always for replying, and so quickly I might add!
With Morgan Stanley, it may be an option, but I would call the Morgan Stanley Virtual Advisors just to make sure. For BofA, yes! IRAs count towards the Preferred Rewards program so for $25k, you could get at least into the Gold tier!
@@TheCreditFrog thanks! Just wondering if that’s a way around the 25k cash requirement because it seems like you need both an investment account AND a cash account with either 25k or the 5k monthly deposit
@WhatsThePoints1 Yeah, so you need to have a Platinum Cash Plus account to get the $695 engagement bonus. Although the IRA allows you to get the MS Platinum card, you’ll need the $25k and $5k monthly deposits to avoid that $55 monthly fee that comes with that account.
Hi Stan! I think the Access Direct account qualify as an investment account and there is not any balance requirement on this account. I have both accounts: Access investing and Access direct. I just confirmed with a MS agent that I can close my Access investing account and continue getting my engagement bonus. Do you see any value on keeping Access investing account open?
If you're only reason is to have it for the Amex MS Platinum, then if you want to close it, it's totally up to you. As an account that's no longer offered, of course, you can't reapply for it so keep that in mind, but if you wanted to simplify, it would make sense to close it as long as the Access direct account still qualifies!
@@TheCreditFrog Thank you! In the last 2 years I didn't see the value of this Access Investing account. I don't see the point of having 5K there if I'm not getting good returns. I will close it and transfer the funds to another financial product.
Hey @trs80do, did you get the engagement bonus in the first year? I see differing data points. I have Access Direct account and considering to open CashPlus Platinum to qualify for Amex platinum and the engagement bonus.
Hi Stan, on June 16th most of the E*trade accounts will be transferred to Morgan Stanley custody directly. Do you think that these accounts could qualify for this AMEX platinum card after this transfer?
Hey Victor! Thanks for the heads-up! I haven't looked into this yet, but I think it will depend if eTrade continues to operate under "eTrade for Morgan Stanley" vs. just Morgan Stanley accounts. If they are full Morgan Stanley accounts, they may be able to qualify, but at this point, I'm not sure either. Definitely a story to follow 👍!
@@TheCreditFrog You’re right. I confirm that the E*trade securities LLC will transfer accounts, assets and obligations to Morgan Stanley Smith Barney LLC. I have accounts with E*trade and that is what they communicate to all customers.
@@xxmahir3000xx Yes, it could be, but opening an IRA with Morgan Stanley is not as straightforward and I don’t think you can pick investments without calling into a broker.
I'm not entirely sure what the best account to use for this would be. The best way to figure this out would to be call the Morgan Stanley virtual advisors to see what their account minimums are, if any. I don't think there is a way to open a Morgan Stanley IRA online like most custodians do.
@@TheCreditFrogtempted to try although I have been put in pop-up jail with regular Amex cards so don't want to open an account just to hit that pop up again 😅 It's not my fault they keep targeting me for NLL biz cards 💀
Hi Stan, to avoid the monthly fee, Can I just transfer $5,000 into my Platinum CashPlus Account, and then a couple weeks later, transfer it out? For Example: $25,000 Average Daily Balance. I transfer $5,000 to my Platinum CashPlus Account on (01/01/24); $30,000 Average Daily Balance (01/01/24). Then (02/01/24) Transfer the $5,000 out; $25,000 Average Daily Balance (02/01/24). Then do it all again for February?
Yes! That's actually exactly what I did for a long time to meet this requirement. I have since closed this account though since the interest rate is pretty high, and it was not great keeping that $25k balance in the account doing nothing!
I have an E*Trade account through employment to receive company stocks. That's not eligible account for the amex card. But looks like those E*Trade accounts will be taken to Morgan Stanley around September 2023. Does that mean i will be eligible for Morgan Stanley Amex plat 🫣? If you google etrade account transfer to Morgan Stanley, you can see the announcement from E*Trade (links are not allowed here….)
Yeah, I've seen that news that eTrade may be migrating to Morgan Stanley. Depending on how the migration goes, if eTrade accounts can qualify as Morgan Stanley investment accounts, this would open up a new pathway to the Morgan Stanley Platinum so I'm excited to see what's to come of it!
Thank you Stan for covering the math as I presented to you earlier, glad you got inspiration to break it down in the video to help others!
Of course man! I think your insight into this card really opened my eyes to how valuable this card could be, especially because of taxes and how that heavily influences the bottom line, which is just as important as the interest rate environment as well! I was about to cancel this card at the end of Year 1, but thanks to you, I was able to run the numbers myself and realize it’s true value proposition!
@@TheCreditFrog That's great! I'm glad we were able to get it last year too
Finally a channel that gets to the point and in the weeds on the economic differences!
Of course! I appreciate the feedback! That is one of my main goals on this channel, and I will continue to do so 👍
OMG this is so clear! great video! I applied for the AAA and plat cash plus account last November, because they the advisor via phone told me that the access invest account might not qualify for "investment relationship with MS" in the future. Exactly like you mentioned in the video, I put 25K in both accounts and transfer 5K to the checking acct monthly. And after December when the access investing application was officially closed, so many people asked me how did I get the amex MS plat card without access investing acct (they though I was a millionaire or something lol). I tried to explain how this works but couldn't do it as clear as you did. Love your video and especially the math part!
Thanks so much! I'm glad you were able to get the MS Platinum card, and I'm glad you're able to make it work for the AAA account. If you have any other people who are curious about how this works, definitely share this video with them so it can help them as well!
@@TheCreditFrog that's exactly what I did lol. just shared this video to those friends who were asking me about the MS plat card. great video and thanks again!
Great Updated Video Stan... Luckily I got in last year after seeing your earlier videos by opening Access Investing. The higher the interest rates go, the less lucrative the MS Plat Engagement Bonus is. One other advantage is that with Platinum Cash Plus Account you can put any amount beyond the 25k minimum into a Preferred Savings Account Bucket at 4% APR.
Thanks so much! Yes, I'm so happy I was able to help people navigate the complex application process to get the Morgan Stanley Platinum since it's a topic that could definitely be covered better. That's a great piece of info to know that you can get into the Preferred Savings Account with anything over the 25k minimum for the Platinum Cash Plus! I'm going to have to look into that further. Thanks for that tip!
@@TheCreditFrog Just talk to Virtual Advisor and I am sure they can setup Preferred Savings for any amount beyond the minimum 25k needed in Plat Cash Plus account
@@RemGb10 Awesome! Thanks for confirming!
@@TheCreditFrog They also have a promotional 5% 6 month CD rate that they offered when I was trying to transfer some cash to Preferred Savings account which has 4% interest... Do check with your Virtual advisor...
@@RemGb10 Ooh that sounds like a great opportunity as well! Thanks for the tip 👍!
Thanks for the detailed info on this CC! Great video!
Of course Jimmy! Glad you enjoyed it!
This is a great guide that anyone considering opening this card should watch. Nice work Stanley, it was very easy to follow! And that thumbnail is looking sweeeeet
Thanks so much Josh! I'm happy to hear the guide was easy to follow - the MS Platinum is such a valuable card for the right person, and I don't want that person to miss out! Glad you like the thumbnail as well!
What are the odds that the video I release today, I tell people to watch your Morgan Stanley breakdown, and you release an updated version on the same day!
You should have told me, I would have put a link directly to this guide 😂😂😂.
This was great, it’s very complicated and you really gave us the best info I think there is out there today.
… and we are both cancelling our vanilla platinums haha!
Hahaha! I knew it was coming per our previous conversation, but it was definitely fortuitous that we released on the same day! My previous guide was really helpful, but outdated so a new video was definitely necessary to keep up with times. And yes, it looks like we will both be canceling our classic Platinum cards! The only thing better than an Amex Platinum is an Amex Platinum with more value!
@@TheCreditFrog It definitely worked out, I hope they literally jumped to this video after haha.
For sure, and you have the most detailed view on this card so that’s important. For sure, cancel that vanilla, in with the Schwab + Morgan Stanley!
Thank you for your video. I'm glad I found it. I've had the Morgan Stanley platinum for a couple of years now. And with the rising interest rates I had some questions about it. You're breakdown made my decision easy. Now as far as the 1099 form from Morgan Stanley. I don't remember ever getting one.
Of course Dave! The MS Platinum is kind of a niche card, but I think once you have it, it's a great addition to the collection, and depending on your tax bracket and interest rate, this could make sense for those select people! I'm glad you're on team MS Platinum!
Thanks for the video! On the math, shouldn’t the $695 upfront cost for the MS Platinum also be divided by .65 since you’re paying that out of pocket like the vanilla (just without the additional $175 for AU)? You’d still come out marginally ahead with an AU but behind without one. (Either that or keep the $870 as-is. Seems like you’re comparing pre-tax on one to after-tax on the other.)
Yes, doing that conversion should have been used as well since you’re technically paying out of pocket for the MS Platinum as well. I left it out of the calculation because the $695 should be canceled out by the engagement bonus but since it’s taxed, you do end up paying something. Two ways to look at it!
Thanks always for the great information! The AMEX MS Platinum Card isn't the slam dunk I thought it was, judging by this video and your more recent video about the card.
Yeah it’s become much more difficult to get value from the card now so I would just count it out!
That's some great info, Stan! I never looked into the Morgan Stanley option to be honest!
Yup! This version of the Platinum is not talked about as much but can be very valuable if the math works out. Thanks Kostas!
Awesome video Stan! You are definitely helping a ton of people to save some serious $$$! I’m looking to start my AMEX portfolio this year so seeing this is very helpful! Great video as always Stan! The editing is unmatched! 🙌🏻🙌🏻
Thanks so much Edras! That's exciting that you'll be starting up with Amex this year! I'm curious to see what Amex card you decide to go with first. There's a lot of good options out there, and I know there's a quite a few other credit card creators that also have recently started with Amex too so I'm excited to hear about your first Amex approval! I appreciate the kind words bro!
@@TheCreditFrog I’m looking to get the AMEX Gold card or maybe even the Platinum Schwab card! I’ll most likely get the Gold first though. I’ve always heard good things about AMEX so I definitely have to join! Thanks for all the work you do Stan! 👍🏻
That’s sounds like a great plan! Getting into Amex is a great decision and both of those cards are solid picks if you can find value. Looking forward to seeing your watch me apply 👍!
i'm happy i opened the access investing account when I first watched your original video talking about it. Needing to keep $50k+ is quite a lot.
That's great Mason! I'm glad you were able to get in as well since now it's so much harder to get this card if you also want to get the engagement bonus as well 😳.
Great info Stan. Very detailed
Thanks Sledge!
Great video! So do share works accounts by Morgan Stanley count? I have one through my employer.
Thanks! I think that they do, but definitely call the virtual advisors team to make sure it qualifies 👍!
Awesome! Just subscribed to your channel. The software company I work for provides stock through MS and I sell stock thru MS. Does this meet one of the requirements?
That's great! And thank you so much! The key is that you have an "eligible investment account" with Morgan Stanley, which does include workplace retirement accounts. I'm not sure what specific accounts you have to sell stocks through MS, but it sounds like an investment account. I'd call the Morgan Stanley virtual advisor team to see if your individual account qualifies before applying just to be sure 👍!
This is great! Do you know the sign up bonus points as of now (April 2023)?
Yes! It’s 100k MR points after spending $6k in 6 months.
Thanks for this video do you know how much deposit is required if I open an MS IRA
Of course! I’m not sure what the deposit requirements are for a MS IRA, but they are subject to the federal contribution limits. I’d call and ask a virtual advisor to get more information!
Thanks for the information but you left out how to acquire the AMEX platinum card using a Morgan Stanley IRA account; along with the details of what would be required to even establish Morgan Stanley IRA account.
Of course! I don't know how to do that since I got this card when I could still get the Access Investing account. From what I understand, you need to call a Morgan Stanley virtual advisor and they can help you out. I don't think you can open one online like most brokerages do.
Hello Stan, thanks for your videos, I find them informative. I'm late to this credit card, and noticed there is a spend requirement of 100K on the debit card if you open the Platinum account. The way I understand you get the engagement bonus of 695, is you have to wait one year, keep 25K Platinum balance, 5K incoming deposits, and a investment account(the IRA would be the most cost effective). Appreciate if you can concur if that is true for 2024?
Of course! Yeah, so what you said is correct! But since the interest rate is so high now, getting the engagement bonus isn’t really worth it since you have to park $25k in an account that doesn’t get any interest. I think the better play is to get an investment account like the IRA and get the MS Platinum for the free authorized use which is a $195 value at this point!
Great video. As of 11/20/2023 there is no lifetime language on the MS platinum so if you got the Vanilla you can still get the sign up bonus? If that's the case, can one just open the lower end Cashplus premier account, get the card and bonus at full price and get the free AU? In the long term I will settle with the Schwab version since I can get a $200 reduction with a 7 figure account.
Thanks! Yes, so you should be able to get the MS Platinum SUB if you already have a classic Platinum. I think that you should be able to open the MS Platinum with a Premier CashPlus account, but there's a monthly fee with that account (just like the Platinum CashPlus) and to get rid of it, you'll need a separate investment account. Because of this, it's better to just have an investment account to qualify. Unfortunately, since the Access Investing account closed last year, there aren't very cheap options to use. A Morgan Stanley IRA is possible, but I'm not sure of the specifics.
Since the threshold to get 1099 form from MS or other Banks is $600 I was thinking if it makes sense to pay couple months monthly maintanence fees as the fees get deducted from Annual Engagement Bonus when 1099 is issued... Maybe I am over-complicating... One item to remind to folks is first year you do not get Annual Engagement Bonus. So I am still waiting for mine and will know more end of this year if the Bonus is combined with Interest and also if any maintenance fees are deducted.
I think that if you pay any maintenance fee, it's probably either not going to be worth it, or just easier not to deal with the Platinum CashPlus account at all. I'm also waiting for my Engagement Bonus, and expect to get it in a few months so I'll definitely be doing an update when that happens!
The discussion on another video today prompted me to come back and look at this again - you're double-counting the taxes on your total savings slide because you're mixing pre-tax and post-tax amounts in the same equation. (You're using the Platinum annual fee inflated by 35% taxes and subtracting the HYSA reduced by 35% taxes) Since you've already factored in the taxes when you are arriving at your $690.63 net gain for the HYSA / CD, you don't pay taxes again when you pay the Amex Platinum card annual fee, so it's $870 - $690.63 for a $179.37 out-of-pocket expense.
If you want to account for the pre-tax income you'd need to earn to cover the respective out-of-pocket expenses like you were showing for the vanilla Platinum card, then it would be $243.25/0.65 for MS and $179.37/0.65 for the vanilla. So you need to generate $374.23 of pre-tax income to cover the MS out-of-pocket compared to $275.95 of pre-tax income for the vanilla setup out-of-pocket, assuming a 35% effective tax rate.
I will have to look into this and check my math again. There’s a lot of moving parts with this so it’s easy to make a mistake. Thanks for pointing this out and letting me know!
Great video! Did any viewers end up opening an IRA with MS?
Thanks! Not sure, but MS IRA should count and give you access to apply for the MS Platinum!
Definitely doesn’t get talked about as much but can be huge savings for not paying that Plat AF!
For sure Manny! If it makes sense, this is an option to not only save on the AF, but also to get that free AU 👍!
Great video & break-down here Stan! If you have a two-player setup and want to add 1 Authorized User, then the Morgan Stanley version could be a great option for that, especially like you said when you consider the changes to Centurion lounges. That $695 Engagement Bonus is key for the Morgan Stanley Card, and obviously could be a great option for people with Morgan Stanley Investment Accounts, since you must have one. Ultimately, when I get the AMEX Plat Card I'll probably stick with the regular version, since my investments are elsewhere- but that Engagement Bonus can be huge if you have that Cash Plus Account.
Thanks Matt! Yeah the MS Platinum is definitely a card that’s for someone who already has investments with Morgan Stanley already, especially after the MSAI account was closed off to new applicants. The classic Platinum is definitely a great way to start for sure. The AU can be super helpful with a P2 setup like you mentioned, but given the current state on how to get this card, this may be more effort (and costly) than it’s really worth.
MS advisor couldn’t even answer a question I had. If I have a joint AAA and platinum cash plus account with my wife. And each one of us have our own MS amex platinum card. Do both of us get the 695 annual bonus, total of 1390?
It probably would! But the issue is if you’d even want to get a joint AAA account!
@@TheCreditFrog I appreciate your response, but no one seems to be able to confirm. Especially now the bonus is credited after the AMEX annual fee renewal date, which is year 2. That means my wife and I have to keep two separate cards, pay $2780 to see if they will reimburse both of our cards.
If MS does reimburse two cards, it will be lot more beneficial to couples and way higher incentives since we still only need $25k in AAA + $25k in platinum cash plus account.
Great video! If I'm only interested in the +1 free AU, is the easiest way to open an IRA at Morgan Stanley? Can I open one online? Do I even need to fund it or can it stay at $0? Thanks!
Yes, I think that would be the easiest way. From what I understand, I don't think there are minimum limits on the IRAs, but there's no way to open one online. I think you have to call in to open an account with them over the phone. I'm also not sure if you can self-direct your investments with them either so that may also be an issue because their accounts tend to be actively managed.
Oof, that was way more complicated than I first thought; I guess I missed out 😢
Yeah! It all has to do with your tax bracket and the current interest rate! Hopefully they open up eTrade accounts, otherwise this card is kind of hard to get without some serious 💵!
Does the Morgan Stanley stock broker account through employer qualifies for engagement bonus (as credit to annual fees)?
If Platinum Cash Plus is required, does employer stock account helps in removing fees and deposit requirements?
I’m not sure if that account will count, but the best way to find out is to call the Morgan Stanley virtual advisors and ask them!
Hi Stan, what is the most economic and affordable way rn to get approved for the MS Platinum (post access investing offer) ? Side note- Without having to park 25k in cash plus acct that gets essentially zero interest. In other words, can you suggest another way without having six-figure plus investments with MS and incurring all those maintenance fees.
Spoke with rep but he waived me off since I wasn’t interested too much in investing with MS. Willing to put some money in an acct with them but not the cash plus at zero interest. Thank you !
Hi Feldiii! So to just get approved for the card, you'll need to have an eligible MS brokerage account open. The only brokerages that I'm aware of that meets this requirement is the Premier CashPlus and the Platinum CashPlus accounts. So having one of those accounts would work, but if you wanted to go for the $695 Engagement Bonus as well, you'd have to get the Platinum CashPlus account, which has that larger minimum balance requirement. Other brokerage accounts may work too, but unfortunately, with Morgan Stanley, they usually have very high minimums so I'm not sure if there's another way out of this one! Maybe one day eTrade accounts would work, but as far as i know, they are still a part of eTrade, even though they are owned by Morgan Stanley.
Stan..I don’t understand. So if you have a MS IRA, you are eligible to get MS platinum but NOT the engagement bonus?
Yes, the engagement bonus is specifically tied to the MS Platinum CashPlus Account. The ability to apply for the card only is dependent on having an investment relationship with Morgan’s Stanley, which may or may not include the Platinum CashPlus account! So if you have an IRA only with MS, you have an investment relationship with MS, but since you do not have the Platinum CashPlus account, you are not eligible for the $695 engagement bonus.
Quick question then can I avoid the $55 by pairing a Morgan Stanley IRA with the Platinum CashPlus Account
I think that would qualify since that would be an investment relationship, but I think you'd have to call into Morgan Stanley to open one. You can ask the virtual advisors at that time just to be sure 👍
If you have a Morgan Stanley at work account it also qualifies
Yup, that’s correct!
Does the information presented here still apply now?
Sort of. It needs to be updated but for the most part it’s ok
Hello, I was just trying to look this up because the question came in my mind and couldn't find anything on it. For people with the Morgan Stanley Amex Platinum, can you still refer people to the card. If so, does it let you refer people to vanilla or only MS. Thanks in advance!
Hi there! So you can't refer people specifically for the MS Platinum card; However, if you have the MS Platinum card, you get a referral link that earns statement credit (usually $100 up to $1,000 per year) for any successful Amex card referral through that link.
Okay interesting, thank you!
Okay so to clarify..i can just get an IRA with them to get the card? The same way i did with the Schwab edition and just pay the annual fee like the vanilla plat?
Technically yes, that should qualify you to get the card, although, it's not as easy to open an IRA with Morgan Stanley compared to Schwab since I don't think there's a way to do it on your own online. You'd have to call in to open one.
You didn't talk much about the IRA option. Will opening a Roth IRA with MS get you the engagement bonus without the $25k requirement?
The IRA can get you qualified to open the MS Platinum card, but only having the Platinum CashPlus account will qualify you for the $695 engagement bonus
Can we open the IRA account online? Couldn’t find it anywhere on Morgan Stanley’s website
I appreciate you sharing this new information Stanley! Not enough people talk about the MS Platinum. Sounds like they made it pretty complicated for new users. But hey totally worth it still in my opinion! Now the fun question: do you think it will be possible to ask for an amex retention offer after year 1 and get the engagement bonus? 😅
Of course Yamah! Yeah, the nitty gritty of the Morgan Stanley Platinum isn't talked about enough so I'm happy that you were able to get in last year with the MSAI account! Haha, it never hurts to ask for a retention offer so it may be a great way to double up on that value!
Just asked today and was told no haha
@@SUPPASK8A Gosh darn! Glad you still asked. Did you ask for a retention before or after Morgan Stanley posted your engagement bonus? (Not that it should matter but I’m curious haha)
@@SUPPASK8A At least you asked!!
Does the Morgan Stanley IRA still count as an eligible brokerage account to get the MS Amex?
Yes, the MS IRA will count 👍!
Can I have a MS IRA to qualify or do I have to have a AAA account?
An MS IRA should be enough to qualify you to get the MS Platinum!
How do I open the IRA with MS?
You have to call them. I don’t think there’s a way to do it online.
Hey, Stan!
I came to this video specifically to ask a question:
As a part of my benefits package at work, I buy company stock at a discounted rate - they deposit into an ETrade account.
Today, I got an email that said ETrade would be moving all of my assets to a Morgan Stanley account on or around September 1st.
Coincidentally, mid or late September I wanted to apply for a Gold or Platinum card.
Any idea if that account would qualify for that engagement bonus? If so, that would be a no-brainer as I get company stock/dividends deposited 3 times a year.
Thanks!
- Ivan
Hey Ivan! I've heard about similar notices to others where eTrade accounts are becoming Morgan Stanley accounts, which is very exciting news! I think you have to keep a close eye on this and see what account it switches to around Sept 1st. If the account is truly a Morgan Stanley investment account (and is also considered a brokerage), that would be enough to at least qualify to apply for the Morgan Stanley Platinum! I think it all depends on what account it switches over to.
@@TheCreditFrog I should be getting more clarity in the coming months and hopefully it's an account that qualifies for the MS Platinum and from there can hit one of the requirements to get the engagement credit! Would be dope! Thanks as always for replying, and so quickly I might add!
@@DJOctoberAny update on this Ivan? Haha
@@AnthonyVenture sadly it does not qualify for the engagement bonus! Wishful thinking on my end apparently.
you have all the best cards!!!
I don't know if I have all of them, but I'd like to think that I have a lot of good ones!
I have an IRA with Vanguard with over 25k I might consider rolling over. Is that an option? Does this also allow for BofA status?
With Morgan Stanley, it may be an option, but I would call the Morgan Stanley Virtual Advisors just to make sure. For BofA, yes! IRAs count towards the Preferred Rewards program so for $25k, you could get at least into the Gold tier!
@@TheCreditFrog thanks! Just wondering if that’s a way around the 25k cash requirement because it seems like you need both an investment account AND a cash account with either 25k or the 5k monthly deposit
@WhatsThePoints1 Yeah, so you need to have a Platinum Cash Plus account to get the $695 engagement bonus. Although the IRA allows you to get the MS Platinum card, you’ll need the $25k and $5k monthly deposits to avoid that $55 monthly fee that comes with that account.
Hi Stan!
I think the Access Direct account qualify as an investment account and there is not any balance requirement on this account.
I have both accounts: Access investing and Access direct.
I just confirmed with a MS agent that I can close my Access investing account and continue getting my engagement bonus.
Do you see any value on keeping Access investing account open?
If you're only reason is to have it for the Amex MS Platinum, then if you want to close it, it's totally up to you. As an account that's no longer offered, of course, you can't reapply for it so keep that in mind, but if you wanted to simplify, it would make sense to close it as long as the Access direct account still qualifies!
@@TheCreditFrog Thank you!
In the last 2 years I didn't see the value of this Access Investing account.
I don't see the point of having 5K there if I'm not getting good returns.
I will close it and transfer the funds to another financial product.
Hey @trs80do, did you get the engagement bonus in the first year? I see differing data points. I have Access Direct account and considering to open CashPlus Platinum to qualify for Amex platinum and the engagement bonus.
@AravindhBaskaran yes, I'm getting my Cashplus engagement bonus in April every year.
Hi Stan, on June 16th most of the E*trade accounts will be transferred to Morgan Stanley custody directly. Do you think that these accounts could qualify for this AMEX platinum card after this transfer?
Hey Victor! Thanks for the heads-up! I haven't looked into this yet, but I think it will depend if eTrade continues to operate under "eTrade for Morgan Stanley" vs. just Morgan Stanley accounts. If they are full Morgan Stanley accounts, they may be able to qualify, but at this point, I'm not sure either. Definitely a story to follow 👍!
@@TheCreditFrog You’re right. I confirm that the E*trade securities LLC will transfer accounts, assets and obligations to Morgan Stanley Smith Barney LLC. I have accounts with E*trade and that is what they communicate to all customers.
Awesome! I’m going to follow this story with great interest! If an eTrade account would qualify as an investment account, that would be huge!!
Will just having a morgan stanley IRA be enough?
It will be enough to get the card, but if you want to get the $695 engagement bonus, you'll also need the Platinum CashPlus account.
@@TheCreditFrog Isnt that better than having another account with 25k sitting?
@@xxmahir3000xx Yes, it could be, but opening an IRA with Morgan Stanley is not as straightforward and I don’t think you can pick investments without calling into a broker.
@@TheCreditFrog wow thank you so much Stan. You’re truly an underrated RUclipsr, such a gem!
@@xxmahir3000xx You're welcome, and I appreciate that! Thank you so much for your support!
Has anyone opened a Morgan Stanley IRA to get this Platinum flavor? If you don't need to put much into it, seems the 'easiest' way to get this.
I'm not entirely sure what the best account to use for this would be. The best way to figure this out would to be call the Morgan Stanley virtual advisors to see what their account minimums are, if any. I don't think there is a way to open a Morgan Stanley IRA online like most custodians do.
@@TheCreditFrogtempted to try although I have been put in pop-up jail with regular Amex cards so don't want to open an account just to hit that pop up again 😅
It's not my fault they keep targeting me for NLL biz cards 💀
@@DTD2003 Those have some really good SUBs!
This is why foo complex. I’ll just pay the annual fee. I use most of the credits and many of the benefits of the card align to my lifestyle.
Yes, the Morgan Stanley Platinum is certainly not for the faint of heart!
Or have an E*Trade version
Do those count now? I haven't checked in a while
@@TheCreditFrog not sure, doesn’t appear so
E*trade only shows BCP
That is annoying as hell, Going with CS Plat baby!!
Yeah CS Plat is better now
Stan, so open a roth ira count?
Yes, that would be one way to qualify for the MS Platinum card!
$195 for each au. 😢
Yeah, but if you have the MS Platinum, the first one is still free!
First!?
You are first Eric 🏆!
No!!!! Ugh….
@@ItsMeCJ It’s ok CJ 🥈
@@TheCreditFrog No worries, I’m taking Eric’s trophy too 👀
Dam all that for a credit dard no thank you
Yeah, it's a lot. But it's harder to get now so it's not worth it anymore unless you already have it.
Hi Stan, to avoid the monthly fee, Can I just transfer $5,000 into my Platinum CashPlus Account, and then a couple weeks later, transfer it out?
For Example: $25,000 Average Daily Balance. I transfer $5,000 to my Platinum CashPlus Account on (01/01/24); $30,000 Average Daily Balance (01/01/24). Then (02/01/24) Transfer the $5,000 out; $25,000 Average Daily Balance (02/01/24). Then do it all again for February?
Yes! That's actually exactly what I did for a long time to meet this requirement. I have since closed this account though since the interest rate is pretty high, and it was not great keeping that $25k balance in the account doing nothing!
@@TheCreditFrog Thanks Stan! Your explanation makes alot of sense; I don’t want that money to be locked up doing nothing
I have an E*Trade account through employment to receive company stocks. That's not eligible account for the amex card. But looks like those E*Trade accounts will be taken to Morgan Stanley around September 2023. Does that mean i will be eligible for Morgan Stanley Amex plat 🫣? If you google etrade account transfer to Morgan Stanley, you can see the announcement from E*Trade (links are not allowed here….)
Yeah, I've seen that news that eTrade may be migrating to Morgan Stanley. Depending on how the migration goes, if eTrade accounts can qualify as Morgan Stanley investment accounts, this would open up a new pathway to the Morgan Stanley Platinum so I'm excited to see what's to come of it!