The Morgan Stanley (MS) Amex Platinum Card has all the same great travel benefits as the regular personal Amex Platinum Card. MS Platinum is the only version of the Amex Platinum Family that continues to offer a free Companion Platinum Card ($195 value). Amex additional card members will get their own complimentary access to airport lounges (e.g., Amex Centurion & Delta Sky Clubs) along with instant elite status with hotels (e.g., Hilton) and car rentals (e.g., Hertz President Circle, Avis Preferred and National Emerald Club).
Morgan Stanley IRA Investment Account
I have had a Morgan Stanley IRA investment account for the last 8 years. I first opened the MS Platinum card a month after opening the IRA investment account and closed it after the first year. Since Amex shows no “once in a lifetime” language for the MS Platinum card application, I opened a second MS Platinum in July 2021. Since then I have learned about getting the MS Platinum annual fee refunded (MS Platinum card engagement bonus) by the company by meeting the following criteria (https://www.morganstanley.com/wealth-disclosures/cashplusaccountdisclosurestatement.pdf):
- Platinum CashPlus Account (https://www.morganstanley.com/what-we-do/wealth-management/cashplus/).
- Another qualified non-CashPlus Morgan Stanley account (e.g., AAA, Brokerage and Access Investing Accounts). Retirement accounts, including IRAs, are eligible account types for Individual and Joint CashPlus Accounts only.
- Morgan Stanley Online enrollment.
- Direct deposit of $5,000/month or more, or social security deposits of any amount.
- Average daily balance of $25,000 or more in the checking account.
Morgan Stanley Platinum CashPlus Account
It was easy to apply for a Platinum CashPlus account since I already had online access from the investment account. I decided to move my entire paycheck as a direct deposit to meet the 5K per month deposit requirement. The average balance of 25K sitting in the checking account worked out in my case as I always liked the idea of having access to an “emergency fund”.
After careful consideration, I finally opened the CashPlus account in Jan 2022. My Amex Platinum annual fee gets charged annually in July, which was promptly followed by an automated refund by my bank in August of every year (see images below).
Other Benefits of MS Platinum CashPlus Account
There are no foreign transaction fees and there is also worldwide ATM fee automatic reimbursement. Since the Charles-Schwab ATM card does the same without keeping 25K in the account, I have never used this benefit overseas. I also don’t want to carry an ATM card with 25K sitting in the account.
Identity and Credit Protection provided by Experian for two people is a useful perk and allows you to lock and unlock Experian’s credit report at any time ($240/year value).
Is the MS Platinum CashPlus Account Worth it?
Keeping 25K in a checking account may not make sense for many people who like investing, opening high-yield savings or buying bonds. For example, 4% interest from the high-yield savings account earns $1000 every year from $25,000. While the effective total annual fee for the MS Platinum card + 1 companion card is $890 (695+195), the company will send annual 1094 form for the amount of $695 (you will lose ~200 dollars based on your tax bracket). I can still double-dip and make the most out of the complex Amex Platinum monthly, semi-annual and annual credits.
| Type of credit | Amount | Notes |
|---|---|---|
| Uber Rides/Eats | 200.00 | Activation required in card benefit section. |
| Saks 5th avenue | 100.00 | Activation required in card benefit section. $50 credit every 6 months X 2 (Jan-June; June-Dec) |
| Airline credit | 200.00 | Covers agent phone booking fees, seat selection fees, checked baggage fees, ticket change fees, pet transport fees and airport lounge passes. United Mileage Bank $50 purchases will trigger the travel credit. Try to use the benefit twice during the first year (resets January 1st). |
| Hotel Credit | 200.00 | Restricted to booking either The Hotel Collection (2 night minimum) or Fine Hotels + Resorts (1 night minimum). Try to use the benefit twice during the first year (resets on January 1st). |
| Walmart+ membership monthly statement credit | 155.00 | Free shipping for any item online without minimum purchase. $35 minimum for free grocery deliveries and 10 cents off every gallon gas at Mobil gas stations. |
| Peacock, Audible, SiriusXM, Disney+ The Disney Bundle, ESPN+, Hulu and The New York Times | 240.00 | $20 per month statement credits. |
| TOTAL annual credits | 1095.00 | I find most of the above credits relatively easy to get with a single exception of hotel booking credit. I find FHR properties too expensive for a single night and rarely stay 2 nights where they offer Hotel Collection. |
Conclusion
So far in my case, the MS Platinum CashPlus account has worked out and I will continue keeping it open so both me and my wife can enjoy the benefits of Platinum cards when we travel separately. There are several ways to qualify for non-CashPlus Morgan Stanley accounts and an IRA investment worked out in my case.