Unless you’re getting better than 1 cent/point in value when using your MR points (which is only the case if you redeem them for statement credit for flights booked through AXP) or the very rare Delta or SQ xfer, you’re better off redeeming for cash and then using those funds for travel. You don’t have to keep the funds in the Schwab account, it’s just the intermediary to max the value of your MR points. I get 4x points with my Gold card st grocery stores up to $25k in spending a year, which equates to 100k MR points. When paired with a Schwab Plat, I end up with $1250 in cash. AXP is masterful at breakage, and unless you’re getting better than $8k in value from your MR points depending on how you’re currently redeeming them, you’re better off with the transfer and using the cash to travel. Especially if you book through OTAs like Priceline etc where you can get substantially lower rates compared to AXP. Your points are only worth 0.5 cents when redeemed for statement credit for everyday charges, so I’d definitely avoid that option.