Back in December, I applied for the Morgan Stanley AMEX because I saw it was free if you jump through some hoops with Morgan Stanley. So let’s go through those hoops. First you need to open a Platinum CashPlus account and the only way to do that is by calling MS. I forgot how long the call took; maybe 30 minutes or so? Now the CashPlus account has a $55 monthly fee unless you jump through some hoops. Let’s go through that:
- $5,000 in total monthly deposits AND $25,000 in average daily cash balance (in the Bank Deposit Program)
- Existing eligible Morgan Stanley Investment Account
- Morgan Stanley Online enrollment
Number 3 is easy. Number 2 is sorta easy as well. Number 1 is where it sucks. You basically have to park $25K into the account and the interest rate is abysmal. The $5K monthly deposit I hear is ‘easy’ meaning you can deposit 5K and withdraw 5K each month.
I had gotten the card approved on 12/9/25, after opening the CashPlus account. All I remember when opening the MS card was a check box that asked if I had an MS account. I don’t recall them asking for my account number either, so they are linking them somehow. The annual fee hit on 12/23 and I got the $895 as a credit IN MY MS ACCOUNT, not on the AMEX side back on 1/15.
Do I recommend you do this? Not really unless you really value the free companion card to get you into Centurion. If you can find a 4% CD or something, then that nets you $1000 in interest vs this $895 “bonus.” No clue what would happen if I close my MS account early (since I don’t like parking 25K there with nearly zero interest and also not sure what would happen if I got a 2nd MS card…
Want to cash out points, good way to get the Schwab Platinum?
sure
If you close the ms platinum account they will close your card eventually.
@trav, thwarts beyond the point. It wouldn’t be “free”
Where did you hear that? That doesn’t make any sense for MS to tell AMEX to close the card since AMEX charged you the AF and you paid the AF to them. I could see MS charging you back the $895 but who knows. I’m not sure anyone has tried any shenanigans.
I actually had the “free” MS Platinum with the Platinum Cashplus account some years ago. Eventually, I decided it wasn’t worth parking the 25k, and closed the MS account. I eventually received a letter from Amex saying they would be closing my MS Plat.
thanks good to know
Hiya, Vinh! Have had the Vanilla Plat and the Schwab Plat. Is it likely to be turned down for the bonus on this one, do you think? I thought I had read that now it is one per “family” of cards.
not sure Carl. try to apply and see if you get the popup?
I’ve had the Vanilla Plat 4 times (once as recent as opened in 2022, closed in 2023), Ameriprise version once. I was auto approved for the MS Platinum last month. Got the bonus message etc.
You can get the MS Platinum with just an Etrade account now