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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Marko Gerber/ Digital Vision/ Getty Images June 11, 2021 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Ted Rossman is a senior industry analyst at Bankrate.com. He focuses on the credit card industry and helps consumers maximize rewards, get out of debt and improve their credit scores. Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Bankrate logo

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Jumping through those hoops can be well worth it

The qualification requirements aren’t chump change, but they’re not just for the super-rich, either. Many middle-class households can make this work. Morgan Stanley Amex Platinum card members also get one authorized user at no additional charge (a $175 annual value) and their points are worth 1 cent apiece when they’re redeemed into an eligible Morgan Stanley account. On the traditional version of this card, points are only worth 0.6 cents apiece when exchanged for statement credits (they can be worth considerably more, , when redeemed for travel, especially if you transfer your points to Amex’s airline and hotel transfer partners). Charles Schwab and Goldman Sachs also offer co-branded Amex Platinum cards. The Schwab version has historically offered an even better redemption value (1.25 cents per point) when you deposit your Membership Rewards points into an eligible brokerage account, but that may be on the chopping block. Access to Goldman’s version is highly restricted and therefore not worth discussing here (unless you work at the firm or have an eight-figure account balance).

More mainstream brokerage credit cards

If this all sounds interesting but isn’t quite your cup of tea, here are a few alternatives that fit squarely on Main Street. I’m a big fan of the Fidelity Rewards Visa Signature Credit Card*. Cardholders earn 2 percent cash back on every purchase (without an annual fee) as long as they deposit their rewards into an eligible Fidelity account. Options include individual retirement accounts, health savings accounts, 529 college savings accounts, brokerage accounts, cash management accounts and more. I love the idea of earning additional upside from your rewards. If you invest in stocks, bonds and other appreciable assets, you could watch your free money multiply. The has a similar structure, and that one even makes it easy to invest in cryptocurrency if you wish. Another idea is the program offered by Bank of America, which includes its wealth management division, Merrill. If you have $20,000 in eligible balances (for instance, bank accounts or investments), your Bank of America credit card rewards are worth 25 percent more. You get a 50 percent bonus if you maintain $50,000 in eligible balances and a 75 percent bonus if you have $100,000 or more socked away. Especially once you hit that highest tier, are tough to top.

The bottom line

Loyalty pays, so consider your entire financial picture. It might make sense to consolidate your banking, credit card and investment activity with a single provider in order to earn premium perks such as enhanced rewards and lower fees. *The information about The Platinum Card from American Express exclusively for Morgan Stanley, the Fidelity Rewards Visa Signature Credit Card and the SoFi Credit Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. Have a question about credit cards? Email me at and I’d be happy to help. SHARE: Ted Rossman is a senior industry analyst at Bankrate.com. He focuses on the credit card industry and helps consumers maximize rewards, get out of debt and improve their credit scores. Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter."

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