Morgan Stanley Platinum Family Rule
The Platinum Card from American Express Exclusively for Morgan Stanley was the last Platinum card to not have the family rule regarding the welcome bonus. That has now changed, and as expected the card also has the same restriction as The Platinum Card® from American Express and The Platinum Card® from American Express Exclusively for Charles Schwab.
The terms on Morgan Stanley Platinum card now state the following:
You may not be eligible to receive a welcome offer if you have or have had this Card, the Platinum Card®, the Platinum Card® from American Express Exclusively for Charles Schwab or previous versions of these Cards. You also may not be eligible to receive a welcome offer based on various factors, such as your history with credit card balance transfers, your history as an American Express Card Member, the number of credit cards that you have opened and closed and other factors. If you are not eligible for a welcome offer, we will notify you prior to processing your application so you have the option to withdraw your application.
What Does This Mean?
This new family rule on the Morgan Stanley Platinum Card means that you can earn a welcome bonus from only one version of the Platinum card. That is often referred to as a lifetime restriction, but it usually means 5-7 years.
Amex has been adding these restrictions to almost all personal credit cards. But the good thing is that Amex will at least let you know if you are eligible for a bonus before completing an application. This tool was added a few years back.
So even if you’re not sure if you are eligible for a welcome bonus, you can go ahead and apply. The family rule states that “you may not be eligible to receive a welcome offer”, which means that there’s a chance that you might be. And we have seen datapoints over the last few months where people get approved and earn the bonus even though they shouldn’t based on these terms.
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