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Morgan Stanley Clients Can Get Amex Platinum Free: Here's How to Qualify
July 1, 2025
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The American Express Platinum Card® typically costs $895 per year, but Morgan Stanley clients can get this premium card essentially free through an Annual Engagement Bonus. Here's exactly how to qualify and whether it makes financial sense for you.
What You're Getting
The Platinum Card® from American Express Exclusively for Morgan Stanley includes all standard Platinum benefits:
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Premium Travel Benefits
- Global Lounge Access - Over 1,550 lounges worldwide including Centurion Lounges, 10 complimentary Delta Sky Club visits when flying Delta, Priority Pass Select membership
- Travel Protections - Trip delay, cancellation, baggage insurance
- Fine Hotels & Resorts - Room upgrades, breakfast, property credit, noon check-in, guaranteed 4PM checkout
Exclusive Morgan Stanley perk: Your first authorized user card is free (normally $195).
Two Ways to Qualify
Option 1: Park $25k and Pay Nothing
Requirements:
- Morgan Stanley Platinum CashPlus account with $25k average daily balance
- $5,000 in monthly deposits (can be automated in/out the same week)
- Eligible Morgan Stanley or E*TRADE brokerage account
- Morgan Stanley Online enrollment
Result: $895 engagement bonus deposited at card opening and each renewal. No monthly account fees.
The Math:
- $25k at 4% interest elsewhere = $1,000/year pre-tax ($700 after taxes)
- Free Platinum card = $895 value
- Free authorized user = $195 value
- Total value: $1,090
This works if you already keep $25k+ in liquid cash for expenses or emergencies.
Option 2: Pay $55/Month
Requirements:
- Morgan Stanley Platinum CashPlus account
- Eligible brokerage account (can be empty)
- Pay $55 monthly account fee
Result: Still receive the $895 annual engagement bonus.
The Math:
- Monthly fees: $55 x 12 = $660/year
- Engagement bonus: $895
- Free authorized user: $195
- Net savings: $430/year vs. regular Platinum
This option makes sense if you don't want to tie up $25k in a low-interest account.
Step-by-Step Setup Process
Step 1: Open the Required Accounts
Call Morgan Stanley (or use their virtual advisor if you have under $250k in investable assets):
- Open an eligible brokerage account (Active Assets Account or E*TRADE)
- Open a Platinum CashPlus account
Initial funding: The brokerage account typically requires a $25k initial deposit to establish the relationship, though it doesn't need to stay there.
Step 2: Set Up Fee Waivers (If Using Option 1)
To avoid the $55/month CashPlus fee:
- Transfer $25k to the CashPlus account
- Set up automatic $5k monthly transfers (can immediately reverse them)
- Enroll in Morgan Stanley Online
Step 3: Apply for the Card
Once accounts are active, apply through the Morgan Stanley American Express portal. Most applications get instant approval.
Step 4: Receive Your Bonus
The $895 engagement bonus deposits to your CashPlus account:
- New rule (as of Sept 18, 2025): Bonus received upon card opening
- An annual renewal bonus is deposited each year after
Track All Your Benefits with Kudos
Here’s where many cardholders struggle: the average Kudos user forgets to redeem $624 in card benefits each year. With over $2,000 in Amex Platinum statement credits and perks, it's easy to lose track of what you've used and what's still available.
Kudos Insights automatically tracks all your Morgan Stanley Platinum benefits, including:
✅ Monthly credit usage - See how much of your $15 Uber credit you've used
✅ Semi-annual credits - Track your Saks $50 credits for each half of the year
✅ Annual credit status - Monitor your airline, hotel, and entertainment credits
✅ Expiration alerts - Get notified before your credits expire
✅ Unused benefit identification - Discover perks you're paying for but not using
This means you’ll actually get the full value from your engagement bonus instead of leaving money on the table.
Maximize Your Morgan Stanley Platinum with Kudos
Once you have your Morgan Stanley Platinum card, Kudos helps you get maximum value by:
- Optimizing your spending to earn 5x Membership Rewards points on flights and prepaid hotels through Amex Travel
- Tracking all statement credits so you never miss a benefit
- Recommending when to use Platinum vs. other cards for maximum rewards
- Managing multiple Amex cards if you expand your portfolio
- Identifying underperforming cards that might not be worth their annual fees
💡 Pro tip: Kudos Insights helps users identify when a card is costing more than it's earning, so you'll know if your Platinum card is truly worth keeping long-term.
Important Considerations
Tax Implications
Morgan Stanley reports the $895 engagement bonus as taxable income on Form 1099-MISC. This reduces the effective value compared to earning interest elsewhere (which is also taxable).
Account Minimums
Some Reddit users report needing to maintain at least $1,000 in the CashPlus account or have regular transactions to prevent account closure, even when paying the monthly fee.
Chase 5/24 Compatibility
This is issued by American Express, not Chase, so it doesn't impact Chase's 5/24 rule. However, it does count toward your total new accounts if you're subject to 5/24 for future Chase applications.
E*TRADE Integration
As of 2025, E*TRADE accounts now qualify as eligible brokerage accounts, expanding access to more Morgan Stanley clients.
Is This Deal Worth It?
Best for:
- People who already keep $25k+ in liquid savings
- Those who want a second Platinum card for a partner/spouse (free authorized user)
- Morgan Stanley clients looking to maximize their banking relationship
- Anyone comparing against paying $55/month for premium card benefits
Skip if:
- You'd need to liquidate investments to park $25k in low-interest cash
- You're not already a Morgan Stanley client and don't plan to be
- You won't use the Platinum benefits enough to justify the hassle
The Bottom Line
The Morgan Stanley Platinum card is genuinely “free” only if you'd keep $25k in cash anyway. The $55/month option offers real savings over the standard Platinum but requires careful evaluation of whether you'll use the benefits. Most valuable for existing Morgan Stanley clients who want premium travel perks and can either park cash comfortably or don't mind the monthly fee for a $430+ annual net benefit.
To get started: Contact your Morgan Stanley advisor or call their virtual advisor line to discuss account setup and card eligibility.
Frequently Asked Questions
Can I get the bonus if I already have an Amex card?
Yes, but you may not be eligible for the welcome bonus if you've had a personal Platinum card in the past. You can still receive a bonus if you've only held other Amex cards (Gold, Green, etc.). Check Amex's once-per-lifetime bonus rule.
Will this affect my credit score?
Opening the Morgan Stanley accounts won't affect your credit. The Amex application will result in a hard inquiry.
What if I can't meet the $8K spending requirement?
Don't force it. Manufactured spending or carrying a balance defeats the purpose. Time your application around naturally large purchases.
How long do I have to use the credits?
Most credits reset annually, semi-annually, or monthly. Kudos Insights tracks all expiration dates so you never miss a deadline.
Can I downgrade later to avoid the annual fee?
The engagement bonus is tied to having the Platinum card, so downgrading means losing the $895 reimbursement. Most users find the card worth keeping for the ongoing credits and benefits.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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