The Amex Platinum Card from American Express is a highly sought-after premium travel card, known for its extensive benefits, including lounge access, travel credits, and elite status. However, its substantial annual fee can be a deterrent. For Morgan Stanley clients, there's a unique opportunity to potentially offset or even waive this fee. This comprehensive guide will walk you through the process, step by step, to understand how to leverage your Morgan Stanley relationship for this valuable perk.
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Are you a Morgan Stanley client looking to maximize your financial relationship and enjoy the luxurious perks of the Amex Platinum card without the hefty annual fee? You've come to the right place! This guide will meticulously outline the path to potentially getting your Amex Platinum fee waived through your Morgan Stanley accounts. It's not a secret, but it does require understanding specific program requirements and aligning your financial strategy.
How to Get Your Amex Platinum Fee Waived Through Morgan Stanley: A Step-by-Step Guide
The key to getting the Amex Platinum annual fee effectively waived for Morgan Stanley clients lies in a specific program offered by Morgan Stanley, primarily through their Platinum CashPlus Account. This program provides an "Annual Engagement Bonus" that can directly offset the Amex Platinum annual fee.
Step 1: Establish Your Morgan Stanley Relationship
The very first and most crucial step is to be an eligible Morgan Stanley client. Without an existing relationship, or establishing one, you won't be able to access the specific Amex Platinum card tailored for Morgan Stanley clients, which is a prerequisite for the fee waiver.
Sub-heading: Understanding Eligibility
- Morgan Stanley Brokerage Account: You'll need to have an eligible Morgan Stanley brokerage account. This is the foundational requirement. It could be a full-service brokerage account, a self-directed account, or another type of investment account offered by Morgan Stanley.
- Morgan Stanley Access Investing: This is often cited as one of the easiest ways to meet the initial Morgan Stanley account requirement due to its relatively lower minimums. It's a robo-advisor platform, which can be a good starting point if you don't already have a significant investment portfolio with them.
- Important Note: Simply being an E*Trade customer (which is now under Morgan Stanley) generally does not qualify you for the Morgan Stanley Amex Platinum card or its fee waiver benefits. You need a direct Morgan Stanley client relationship.
Step 2: Apply for The Platinum Card® from American Express Exclusively for Morgan Stanley
Once you've established your Morgan Stanley relationship, you can apply for this specific version of the Amex Platinum card. This isn't the standard Amex Platinum; it's a co-branded version that comes with unique benefits tied to your Morgan Stanley account.
Sub-heading: Key Distinctions of the Morgan Stanley Platinum Card
- Exclusive to Morgan Stanley Clients: Only those with an eligible Morgan Stanley account can apply for this card.
- Free Authorized User: A significant perk of the Morgan Stanley Platinum card is that it often includes one complimentary authorized user, which typically costs extra on the regular Amex Platinum card. This can be a substantial saving if you plan to add a family member.
- Membership Rewards Redemption Options: You may have the option to redeem your Membership Rewards points for deposits directly into your Morgan Stanley brokerage account, often at a favorable rate.
- Application Process: You'll typically apply for this card through a link provided by Morgan Stanley or by speaking with your Morgan Stanley financial advisor. Ensure you are applying for the Morgan Stanley version of the Platinum Card.
Step 3: Open and Qualify for the Morgan Stanley Platinum CashPlus Account
This is where the magic happens for the fee waiver. The "Annual Engagement Bonus" that offsets the Amex Platinum annual fee is directly tied to maintaining specific requirements within the Morgan Stanley Platinum CashPlus Account.
Sub-heading: Understanding the Platinum CashPlus Account Requirements for the Fee Waiver
To qualify for the $695 "Annual Engagement Bonus" (which is designed to offset the Amex Platinum annual fee), you generally need to meet two main criteria within your Platinum CashPlus Account:
- Monthly Deposits: You need to maintain at least $5,000 in monthly deposits of any amount. This can include direct deposits from your employer, transfers from other bank accounts, or even Social Security deposits.
- Average Daily Balance: You must maintain an average daily balance of at least $25,000 in your Platinum CashPlus Account. This means the average amount of money in your account each day over a given period (usually a month) needs to be at least $25,000. It's important to note that this account may not earn significant interest, so you're essentially parking a substantial sum of money here to gain the fee waiver.
Sub-heading: Navigating the Trade-offs
While the $695 annual fee waiver is attractive, consider the opportunity cost of keeping $25,000 in a low-interest or non-interest-bearing account. Do the math to ensure it's worth it for your financial situation. For some, the value of the Platinum card's benefits, combined with the fee waiver, far outweighs the potential interest earned elsewhere. For others, particularly if they can't easily meet the balance requirement, it might not be the most optimal strategy.
Step 4: Monitor Your Account and Receive the Engagement Bonus
Once you've met the criteria for the Platinum CashPlus Account, Morgan Stanley will typically provide the "Annual Engagement Bonus."
Sub-heading: When and How the Bonus is Applied
- Annual Basis: The engagement bonus is typically provided on an annual basis.
- Statement Credit or Direct Deposit: The $695 engagement bonus will generally be issued as a statement credit to your Morgan Stanley Amex Platinum card or directly deposited into your Morgan Stanley account, effectively covering the annual fee.
- Tax Implications: Be aware that Morgan Stanley may be required to report all or a portion of this rebate as taxable income. It's always wise to consult with a tax professional regarding any potential tax implications.
Step 5: Maintain Eligibility
To continue enjoying the fee waiver in subsequent years, you will need to consistently meet the requirements of the Morgan Stanley Platinum CashPlus Account.
Sub-heading: Ongoing Account Management
- Regular Review: Periodically review your monthly deposits and average daily balance in your Platinum CashPlus account to ensure you continue to meet the eligibility criteria.
- Stay Informed: Morgan Stanley's terms and conditions for these programs can change, so it's always good practice to stay informed about any updates by checking their official communications or contacting your financial advisor.
Beyond the Fee Waiver: Maximizing Your Morgan Stanley Amex Platinum Benefits
Even with the fee waiver, the Morgan Stanley Amex Platinum card offers a wealth of premium benefits. Make sure you're leveraging them to their fullest potential!
- Travel Credits: Don't forget the various travel credits like the $200 airline fee credit, $200 Uber Cash, and Fine Hotels + Resorts benefits. These can add significant value.
- Lounge Access: Enjoy unparalleled airport lounge access with the Amex Global Lounge Collection, including Centurion Lounges, Priority Pass, Delta Sky Clubs (when flying Delta), and more.
- Elite Status: Benefit from Hilton Honors Gold status and Marriott Bonvoy Gold Elite status, offering perks like late checkout and potential upgrades.
- Purchase Protections: Take advantage of purchase protection, extended warranty, and return protection on eligible purchases.
- Concierge Service: The Platinum Concierge service can assist with dinner reservations, event tickets, and more.
Frequently Asked Questions (FAQs)
Here are 10 common "How to" questions related to getting the Amex Platinum fee waived for Morgan Stanley clients, along with quick answers:
How to get started with a Morgan Stanley account for the Amex Platinum?
You can start by contacting Morgan Stanley directly or visiting their website to explore their various account options, such as the Access Investing platform or traditional brokerage accounts, to establish the foundational relationship.
How to apply for the Morgan Stanley Amex Platinum Card?
Once you have an eligible Morgan Stanley account, your financial advisor can guide you, or you may find an application link within your Morgan Stanley online portal. Ensure it's explicitly "The Platinum Card from American Express Exclusively for Morgan Stanley."
How to open a Morgan Stanley Platinum CashPlus Account?
You can typically open a Platinum CashPlus Account by contacting your Morgan Stanley financial advisor or through your online Morgan Stanley account, often as part of managing your broader financial relationship.
How to meet the $5,000 monthly deposit requirement for the fee waiver?
This can be achieved through direct deposit of your paycheck, regular transfers from another bank account, or consistent deposits of any amount totaling $5,000 or more within a calendar month.
How to maintain the $25,000 average daily balance in Platinum CashPlus?
This requires ensuring that the total funds in your Platinum CashPlus account, averaged out over the month, remain at or above $25,000. It's about maintaining a consistent balance, not necessarily having $25,000 in it every single day, but the average.
How to check if my Morgan Stanley account qualifies for the Amex Platinum?
Contact your Morgan Stanley financial advisor or their customer service. They can confirm your eligibility for the specific Amex Platinum card and guide you on setting up the Platinum CashPlus Account if needed.
How to understand the tax implications of the fee waiver?
The fee waiver, received as an "Annual Engagement Bonus," may be considered taxable income. It is highly recommended to consult with a qualified tax professional to understand the specific tax implications for your situation.
How to transfer Membership Rewards points to my Morgan Stanley account?
If enabled for your card, you will typically find this option within your American Express online account under the Membership Rewards redemption section, allowing you to deposit points into your linked Morgan Stanley brokerage account.
How to manage my Morgan Stanley Amex Platinum card benefits?
You can manage your card benefits, track credits, and explore perks through your American Express online account or the Amex mobile app. Many benefits require activation or enrollment.
How to contact Morgan Stanley for Amex Platinum related queries?
For questions specific to your Morgan Stanley accounts or the Platinum CashPlus program, contact your Morgan Stanley financial advisor or their dedicated customer service line. For Amex Platinum card-specific benefits and charges, you'll contact American Express customer service directly (the number is usually on the back of your card).