Just in time for $15 Uber and another $200 United credit I went ahead and got myself a Morgan Stanley AmEx Platinum. The application link is here. You could just apply, but I am sure if you don’t have a relationship with them either with an employee sponsored account or personal brokerage account they can cancel your card!
The application says:
You must have an eligible Morgan Stanley Smith Barney brokerage account to apply for and use the Card. Please see below for further information regarding eligible accounts.
The Platinum Card®from American Express Exclusively for Morgan Stanley is only available to you if you have an Eligible Morgan Stanley Smith Barney LLC brokerage Account (“Eligible Account”). Eligible Account means a Morgan Stanley Smith Barney LLC (“Morgan Stanley”) brokerage account held in your name or in the name of a revocable trust where you are the grantor and trustee, except for the following accounts: Charitable Remainder Annuity Trusts, Charitable Remainder Unitrusts, irrevocable trusts and employer-sponsored accounts. Eligibility is subject to change.
American Express may cancel your Card Account and participation in this program, if you do not maintain an Eligible Morgan Stanley brokerage Account.
Morgan Stanley may compensate your Financial Advisor and other employees in connection with your acquisition or use of The Platinum Card®from American Express Exclusively for Morgan Stanley.
I asked my advisor if he gets a kickback for the card, but he said he does not. He said they would waive the annual fee for clients that have $1,000,000 while sending every direct deposit into my Morgan Stanley account. I had a much easier way to waive the fee which was the SCRA waivers.
I ended up opening a 529 college savings plan with them which unfortunately had a 3.5% front end loading fee. They only offered me only the State of Illinois one which is all Oppenhimer Funds by Bright Start. This has the advantage of contributions being deductible on my state return, but since I don’t pay any taxes on active duty pay, then it’s a moot point.
If you wanted to start a 529 with the State of Illinois, then go right to the source. Without an advisor fee of 3.5% as well as the minimum contribution requirement of $10,000 you would save a lot. Keep in mind I am doing this just to start the Morgan Stanley Relationship to get the card.
On $10k invested to have the lower cost Oppenhimer Bright Start A/B 0-6 A (OBGHA). My Morgan Stanley advisor convinced me to put in $10k for the A Class shares although I could certainly have done less. One advisor I called in Lake Forest practically hung up on me when I said I had $2,500 to invest. He didn’t even want to touch my basic bitch money.
However the minimum is $25 directly with Bright Start. I paid $350 in fees which was more than compensated for by the $200 yearly Uber, $200 yearly United and 50,000 MR for $1,000 spend. If we took the cash option on 50k MR via Schwab, we’re looking at a reverse front load of $625. With the SCRA annual fee waiver of the new $550 fee we actually got paid $275 to have a relation with Morgan Stanley with $400 in annual dividends with Uber and United Credit. This my friend is a substantial payout.
What is noteworthy is that I may have exceeded the theoretical limit for Charge cards. We all know that 5 is the limit for AmEx Credit Cards and I have wasted a hard pull attempting to get a 6th, but was denied. Currently I have 6 charge cards: Regular, Busisness, MB, MS, CS, Gold. Now I am not sure if they count the busisness one as separate. Only way to tell for sure is to get the Ameriprise Gold and Platinum!
The theoretical limit may be the entire universe of charge cards that AmEx offers. Just missing Centurion and Goldman Sachs! If you are already done with your Biz, Personal, MB, and Schwab churn it might be worthwhile to look at Morgan Stanley. Just be careful of a lot of there advisor fees. There is only one other O-3 that has the MS Plat, and he got it from a old employee shareholder plan management account. Some shareholder services are with Morgan Stanley which would allow for this relationship. Like Amazon and other companies with restricted stock options.