The Platinum Card from American Express for Schwab has a unique superpower: it makes it possible to convert your Membership Rewards points to cash for 1.1 cents per point. Even if your Membership Rewards points were earned from other Amex cards, simply having the Schwab Platinum card unlocks this capability. I am loving the card and its unique superpower.
My strategy when I earned American Express MR points. I transfer the points to Charles Schwab checking account at 1.1 cent per point. I then move the money to my high yield savings account from American Express HYSA or Discover Money Market.
Yes, I know I can redeem the points for hotels and flights at 1-2 cents per points or transfer them to the transfer partners for at least 2 or more cents per point but it required some work and you are not guaranteed.