I love credit cards so much! v3.0 (see first page for add'l details)

[Hoosier John]

There's no cost, other than a hard pull, to open a Schwab One brokerage account. And if you apply via a supportal link and can float $1,000 in the brokerage account for 45 days, you'll earn a $100 bonus. You may also want to open up a Schwab checking account while you're at it, since one of the benefits of Schwab's checking account is refunded ATM fees worldwide, which comes in handy when you travel internationally.

You don't need an Amex Schwab Platinum to open a Schwab One brokerage account, but you do need a Schwab One brokerage account to be eligible for a Schwab Platinum. And you need to keep a Schwab Platinum open as long as you want the ability to invest ("cash out") your MR to your Schwab One brokerage account at a 1 MR = 1.25 cent rate.

So to your question, there's no harm in opening up a Schwab One brokerage account early, long before you even intend to cash out your MR. The qualifying account will be there when you're ready. However, ideally, you'd open a Schwab One brokerage account via a supportal link and when you can float $1,000 for 45 days or more to earn at least a $100 bonus.

The other part to your question is when should you open a Schwab Platinum. Most wait until they've hit several of Amex's big SUB cards and built up a good stash of MR. This is because you need to keep your Schwab Platinum open for at least a year, but also for as long as you want the ability to invest ("cash out") your MR to your Schwab One brokerage account. If you want to keep this benefit for whatever MR you earn in the future, you'll need to keep your Schwab Plat open at a cost of $550 AF per year. Another reason is one of Amex's biggest SUBs is the personal Plat (whether the 100k MR Platicorn, or 70k/75k MR incognito offers, or even just the 60k MR public offer). Of course, you'll want to bank this SUB, but that means you'll also have a Plat for a year or two (if you accept a retention offer). The Schwab Platinum has basically all of the same benefits of the regular Plat (but with the ability to cash out your MR), so it's not really ideal to have the personal Plat and the Schwab Platinum concurrently. It's also not ideal to get the Schwab Platinum first then the regular Plat, because if you keep the Schwab Plat open to cash out you'll be holding the Schwab Plat concurrently with the regular Plat (and paying both AFs), or if you close the older Schwab Plat to avoid the duplication of benefits and another AF then you'll no longer have the ability to cash out any points you'll earn from the regular Plat and any other MR card. (Then there's a Morgan Stanley Platinum with it's own 60k MR bonus.) For these reasons, the Schwab Plat is usually a late in the game card, and for some the Platinum card they end up keeping (after churning the regular Platinum, Morgan Stanley Platinum, and the discontinued Ameriprise and Mercedes-Benz Platinums) for the usual Platinum benefits, but also because of its unique ability to cash out. (Of course others may take a hit it hard, hit it fast approach and get all the cards in a short period of time.)

There are always concerns whether this neat little benefit will continue. Amex and Schwab could decide to end their relationship, just as we've seen Amex discontinue the Ameriprise and Mercedes-Benz Platinums. Amex could decide to treat all the remaining varieties of personal Platinum cards with a SUB (e.g., the regular, Morgan Stanley, Charles Schwab) as the same product fo the purposes of its lifetime language restriction on bonuses, so getting a SUB on one variety makes you ineligible for a SUB on another flavor. Schwab could decide to stop the invest with rewards program or cut the redemption rate to 1 MR = 1 cent or less, since it's thought Schwab is footing the bill on the extra 0.25 cpp to get you to use their investment products.

Again, like I mentioned to you when you first started churning, Amex cards have serious AFs, but their rewards are lucrative and bonus categories are extremely useful, and having the right set of cards in your wallet can mean earning MRs at a much faster clip than even Chase URs. But because Amex cards typically have higher AFs than Chase's cards, you need to have an idea whether the SUB, credits, earning structure and benefits are worth it to help offset the fees, and a plan for what you're going to do with the MRs you earn. And as you know, Amex can be very sensitive to churning behavior, especially if you sign up for their cards and stop spending on them after you've gotten the bonus, then try to move on to the next one.

Investing your MR with Schwab, or cashing them out is one option if you have the right card. But MRs can also transfer over to Virgin Atlantic (frequently with transfer bonuses) and ANA, if you want to fly to Japan again, or British Airways or Air France/KLM if you wanted to fly to Europe, among many other transfer partners.

Lain ... This is a GREAT write-up. Packed with information. I read it twice in case I shy away from Chase in favor of AmEx. Thanks!

 

[disfanforlife]

Lain ... This is a GREAT write-up. Packed with information. I read it twice in case I shy away from Chase in favor of AmEx. Thanks!

Me too!

 

[punkin]

About the stimulus...I'm claiming DD as dependent on my 2019 taxes, but will not claim her in 2020 (hopefully). If this is based on 2020 income, shouldn't she get something at some point?

 

[mgarbowski]

NYC had more 911 calls today than 9/11. I feel for the cities currently experiencing these outbreaks. I hope proactive measures help the rest of the country flatten the curve and avoid Italy like outcomes.

@CyndiLouWho I am so sorry your DS has been experiencing this Middle school is an awful age to start and to add racism, I can’t imagine.

The thing about 9/11 is that there wasn't really all that much call for ER services in New York. Everyone who got out of the buildings came out fine or with minor injuries. Everyone who did not get out was killed outright. Some people got caught in the dust and debris wave, and while that possibly had long term effects, in the short term they mostly needed cleaning up and water to drink. When we first realized what happened, the hospitals ramped up and people rushed to give blood. And it turned out mostly to be unnecessary.

 

[Judique]

There's no cost, other than a hard pull, to open a Schwab One brokerage account. And if you apply via a supportal link and can float $1,000 in the brokerage account for 45 days, you'll earn a $100 bonus. You may also want to open up a Schwab checking account while you're at it, since one of the benefits of Schwab's checking account is refunded ATM fees worldwide, which comes in handy when you travel internationally.

You don't need an Amex Schwab Platinum to open a Schwab One brokerage account, but you do need a Schwab One brokerage account to be eligible for a Schwab Platinum. And you need to keep a Schwab Platinum open as long as you want the ability to invest ("cash out") your MR to your Schwab One brokerage account at a 1 MR = 1.25 cent rate.

So to your question, there's no harm in opening up a Schwab One brokerage account early, long before you even intend to cash out your MR. The qualifying account will be there when you're ready. However, ideally, you'd open a Schwab One brokerage account via a supportal link and when you can float $1,000 for 45 days or more to earn at least a $100 bonus.

The other part to your question is when should you open a Schwab Platinum. Most wait until they've hit several of Amex's big SUB cards and built up a good stash of MR. This is because you need to keep your Schwab Platinum open for at least a year, but also for as long as you want the ability to invest ("cash out") your MR to your Schwab One brokerage account. If you want to keep this benefit for whatever MR you earn in the future, you'll need to keep your Schwab Plat open at a cost of $550 AF per year. Another reason is one of Amex's biggest SUBs is the personal Plat (whether the 100k MR Platicorn, or 70k/75k MR incognito offers, or even just the 60k MR public offer). Of course, you'll want to bank this SUB, but that means you'll also have a Plat for a year or two (if you accept a retention offer). The Schwab Platinum has basically all of the same benefits of the regular Plat (but with the ability to cash out your MR), so it's not really ideal to have the personal Plat and the Schwab Platinum concurrently. It's also not ideal to get the Schwab Platinum first then the regular Plat, because if you keep the Schwab Plat open to cash out you'll be holding the Schwab Plat concurrently with the regular Plat (and paying both AFs), or if you close the older Schwab Plat to avoid the duplication of benefits and another AF then you'll no longer have the ability to cash out any points you'll earn from the regular Plat and any other MR card. (Then there's a Morgan Stanley Platinum with it's own 60k MR bonus.) For these reasons, the Schwab Plat is usually a late in the game card, and for some the Platinum card they end up keeping (after churning the regular Platinum, Morgan Stanley Platinum, and the discontinued Ameriprise and Mercedes-Benz Platinums) for the usual Platinum benefits, but also because of its unique ability to cash out. (Of course others may take a hit it hard, hit it fast approach and get all the cards in a short period of time.)

There are always concerns whether this neat little benefit will continue. Amex and Schwab could decide to end their relationship, just as we've seen Amex discontinue the Ameriprise and Mercedes-Benz Platinums. Amex could decide to treat all the remaining varieties of personal Platinum cards with a SUB (e.g., the regular, Morgan Stanley, Charles Schwab) as the same product fo the purposes of its lifetime language restriction on bonuses, so getting a SUB on one variety makes you ineligible for a SUB on another flavor. Schwab could decide to stop the invest with rewards program or cut the redemption rate to 1 MR = 1 cent or less, since it's thought Schwab is footing the bill on the extra 0.25 cpp to get you to use their investment products.

Again, like I mentioned to you when you first started churning, Amex cards have serious AFs, but their rewards are lucrative and bonus categories are extremely useful, and having the right set of cards in your wallet can mean earning MRs at a much faster clip than even Chase URs. But because Amex cards typically have higher AFs than Chase's cards, you need to have an idea whether the SUB, credits, earning structure and benefits are worth it to help offset the fees, and a plan for what you're going to do with the MRs you earn. And as you know, Amex can be very sensitive to churning behavior, especially if you sign up for their cards and stop spending on them after you've gotten the bonus, then try to move on to the next one.

Investing your MR with Schwab, or cashing them out is one option if you have the right card. But MRs can also transfer over to Virgin Atlantic (frequently with transfer bonuses) and ANA, if you want to fly to Japan again, or British Airways or Air France/KLM if you wanted to fly to Europe, among many other transfer partners.

Thank you @Lain. What are the costs associated with opening maintaining and using the brokerage account? Is there a monthly fee, minimum continuing activity required? Or is it something where you can do nothing other than collect the $100, cash out your MR's (after getting the S Plat and then close and take back your $1000? I've ignored bank bonuses that I sort of would have liked to pursue because they would have required me to pull retirement funds that then would have had to have taxes paid on them. But $1000 is so small if it doesn't get eaten up by other fees and in future perhaps this is a place to put a small part of required withdrawals from my retirement and 'play' with investing. Right now I manage to use up a good part of my pension money but still have some that is accumulating in savings and could play a little.

 

[gottalovepluto]

Does Disney make an announcement about the parks after the market closes tomorrow? That is my guess. They can't open until a least the 4\10 due to the shutdown in Florida. My guess is there waiting for the markets to close tomorrow so their stock doesn't take a hit. If Vegas was open they'd be taking bets on this. I'm thinking April 19 or May 1st. JP Morgan made some statements about May 1 and banks always have the inside track.

Personally I think it’s less about the stock price and more about what to do about employees pay based on the stimulus bill. Fire them? Furlough them? Keep them on part pay? Full pay? Alas no idea if either of us will be right because bill passage and the weekend should coincide nicely

 

[SouthFayetteFan]

Thank you @Lain. What are the costs associated with opening maintaining and using the brokerage account? Is there a monthly fee, minimum continuing activity required? Or is it something where you can do nothing other than collect the $100, cash out your MR's (after getting the S Plat and then close and take back your $1000? I've ignored bank bonuses that I sort of would have liked to pursue because they would have required me to pull retirement funds that then would have had to have taxes paid on them. But $1000 is so small if it doesn't get eaten up by other fees and in future perhaps this is a place to put a small part of required withdrawals from my retirement and 'play' with investing. Right now I manage to use up a good part of my pension money but still have some that is accumulating in savings and could play a little.

So I played the Schwab game back in 2016/2017. My last activity in any of my accounts was March 2018. I keep $100 in the brokerage in cash and $50 in the checking and I’ve never paid any fees.

I have no idea if my accounts have different rules since they are super old but that’s my experience.

Also, I miss the golden era of Schwab Plat

 

[Hoosier John]

I suppose I daren't ask who Drew Brees is

And Drew Brees just donated $5 million to New Orleans to help out

 

[hsmamato2]

barclays aviator RED - AAdvantage cc-$99 AF... can we call to PC this to the no fee m/c? or better to just cancel

 

[smmco]

I also have a sneaking suspicion about May 1. Time will tell...

I'm supposed to be there on April 28. I've been looking for a CSR tower room in June. I've tried every combination of dates. No luck so far.

 

[smmco]

Personally I think it’s less about the stock price and more about what to do about employees pay based on the stimulus bill. Fire them? Furlough them? Keep them on part pay? Full pay? Alas no idea if either of us will be right because bill passage and the weekend should coincide nicely

I forgot about the new unemployment benefits. Disney employees will make more being unemployed.

 

[Judique]

So I played the Schwab game back in 2016/2017. My last activity in any of my accounts was March 2018. I keep $100 in the brokerage in cash and $50 in the checking and I’ve never paid any fees.

I have no idea if my accounts have different rules since they are super old but that’s my experience.

Also, I miss the golden era of Schwab Plat

Thank you! Other than applying for credit cards I'm super cautious in actions regarding investing other than my longstanding accounts that I do nothing with.

This probably comes from my one little venture into it using a broker when I wanted to buy a few shares of Disney and another stock that I became acquainted with by accident. The second stock I made some money and got my cash out. Then - I reinvested part of the cash out and lost it all.

The small bit of Disney prospered and I cashed it out also eventually, but only because Wells Fargo bought out the firm I was using and set minimums for investment that at the time I couldn't meet and started charging fees that were eating up what I had. They got rid of all us little guys.

This was before the internet presence changed things and the online market opened up and it became almost free to do trades. I was seriously scared off, and never ventured into this again on my own. You and @Lain were probably toddlers back then! The one thing I have learned is that History repeats itself. And it's all in the timing as to when someone should jump in.

 

[gottalovepluto]

Tax fyi- with the tax filing and payment dates moved, HSA and IRA deadlines to contribute for 2019 have also moved to 7/15/20

https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers

 

[gottalovepluto]

Thank you! Other than applying for credit cards I'm super cautious in actions regarding investing other than my longstanding accounts that I do nothing with.

This probably comes from my one little venture into it using a broker when I wanted to buy a few shares of Disney and another stock that I became acquainted with by accident. The second stock I made some money and got my cash out. Then - I reinvested part of the cash out and lost it all.

The small bit of Disney prospered and I cashed it out also eventually, but only because Wells Fargo bought out the firm I was using and set minimums for investment that at the time I couldn't meet and started charging fees that were eating up what I had. They got rid of all us little guys.

This was before the internet presence changed things and the online market opened up and it became almost free to do trades. I was seriously scared off, and never ventured into this again on my own. You and @Lain were probably toddlers back then! The one thing I have learned is that History repeats itself. And it's all in the timing as to when someone should jump in.

Most of the big brokers have gone fee free, minimum free, trade for darn near free for their basic brokerage accounts. However if you want to trade anything you need to do it yourself on web or via app (both very easy) once you get a person involved the fees rack up fast. That's IF you are inclined to trade at all. I can see why you might not be! You will find their fees in the information about each account. And because they do grandfather you can't rely on how it works for each of us as what you are being offered today could be different. I have an account with Schwab and I don't have minimums or fees but I do trade a bit here and there so idk if there are inactivity fees on it. But I do know it will be disclosed to you before you sign up for the account.

It can be a hard pull to sign up for a brokerage account fyi. Sometimes saying no to margin prevents that, sometimes it does not.

 

[platamama]

Also, I miss the golden era of Schwab Plat

Just for curiosity's sake, how was it different? My Schwab Plat is only 7 mo old.

 

[Judique]

Personally I think it’s less about the stock price and more about what to do about employees pay based on the stimulus bill. Fire them? Furlough them? Keep them on part pay? Full pay? Alas no idea if either of us will be right because bill passage and the weekend should coincide nicely

I figure the stimulus will have a huge impact on whether Disney continues to pay in their next segment of response. My guess is that after March 31st, no pay for the next closure period. I'm not sure how unemployment benefits will figure in. But, furlough should be a possibility under the contracts - a way to keep things going for the moment. Firing is a different animal - I can't see that happening - maybe lay offs with options to return when needed.

And, is Disney getting any of the bail out money? Big business and all.

And: it's obvious to me that I am extremely naïve and unknowledgeable in the field of business and investing and also bailouts and why big business does what they do. I also have a naturally acquired mistrust of government and the political machine. Thanks for humoring me and keeping me entertained. I'm not too old to learn a few things.

 

[StephPlum]

1) While I’m feeling fine about July I would be ready to cancel anything I booked as we just don’t know at this point

2) If I would go there by car I’ll go there by plane. Rest stops are about as sanitary as all airport stops and airplanes have Hepa filters which do capture this virus they say

3) I don’t shift drive unless someone is already naturally on an all night shift schedule. I’ve seen one too many tales of a family/group notdriving somewhere and the late shift driver falling asleep and killing or injuring everyone. Absolutely not worth it. That driver totally is a night owl and that other person will totally stay awake with them... until reality sets in and they don’t. Spend the night somewhere, don’t risk it.

1. /2. That is why I’m leaning toward driving. Easy to cancel my hotels. Not so easy to cancel flights. SW doesn’t fly there. Just have to decide if I am willing to lose points. Driving is mostly a concession to DH. He doesn’t like flying anyway and even less so now. On flying it is the proximity of other people that worries me. Actually typing it all out, it makes me lean toward driving. I love seeing the different parts of the country that you don’t get at 30k feet. It will just be 2 extra vacation day. But I will be cancelling May so I have plenty to add on.

3. I should have been clear I was thinking three 4-5 hours shifts per day. It would take two days with a stay overnight somewhere. No one would drive over night. It would just ease the burden to have more drivers. I would not want to be in the car for that long either!

Thanks for your thoughts. I don’t have anyone else to talk to about this. DS and DH just want me to plan and tell them what to do. Needed to bounce stuff off others to think it through.

 

[SouthFayetteFan]

Just for curiosity's sake, how was it different? My Schwab Plat is only 7 mo old.

Phrased better I’d call it the golden age of Amex. Pre-PopUp.

When we used to get multiple Amex cards every month, only hit the MSR and sock drawer. And when they used to waive most yr 1 AFs.

I miss how we used to share the Oprah meme - “you get an Amex card...Everbody gets an Amex card”

 

[happ]

Thank you @Lain. What are the costs associated with opening maintaining and using the brokerage account? Is there a monthly fee, minimum continuing activity required? Or is it something where you can do nothing other than collect the $100, cash out your MR's (after getting the S Plat and then close and take back your $1000? I've ignored bank bonuses that I sort of would have liked to pursue because they would have required me to pull retirement funds that then would have had to have taxes paid on them. But $1000 is so small if it doesn't get eaten up by other fees and in future perhaps this is a place to put a small part of required withdrawals from my retirement and 'play' with investing. Right now I manage to use up a good part of my pension money but still have some that is accumulating in savings and could play a little.

I recently opened a Schwab account and received the bonus. I think you have to keep the funds for a year. Here is the language in the email they sent me -

Enroll and make a qualifying net deposit of cash or securities of $1,000-$24,999 and earn a cash bonus of $100 Enroll and make a qualifying net deposit of cash or securities of $25,000-$49,999 and earn a cash bonus of $200 Enroll and make a qualifying net deposit of cash or securities of $50,000-99,999 and earn a cash bonus of $300 Enroll and make a qualifying net deposit of cash or securities of $100,000 + and earn a cash bonus of $500 Offer valid for referred individuals who do not currently have a Charles Schwab & Co., Inc. (Schwab) account (other than a Stock Plan Services account) and who open and make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrolling in the offer. Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab. Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded. Net deposits will be calculated as of the 45th day after enrollment, and the cash bonus will be credited to the enrolled account within approximately one week. For taxable accounts, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the cash bonus.​

 

[elgerber]

Oh this irritates me on so many levels I have heard that our Chinese restaurants are struggling because people won't order Chinese food right now...So, guess what we have been eating more of..?? I'm shocked at people's stupidity.

I don't like Chinese food at all, but I have contemplated ordering something just because I am so appalled by this!!! We just had a case of a hate letter left on someones front door in this situation. I just don't get it, people are so awful.