Originally Posted by
steve4
Once the 2% is gone, I think a good alternative is the Capital One Venture Card. You get 2 miles per dollar on every purchase which can be used like cash, and no foreign transaction fees. The catch is the annual fee of $59 (no fee first year). Venture = Schwab Visa + annual fee.
I won't cross-post my reply to your cross-posted comment-see the 2% thread.
I've been thinking about what might happen here and I have another thought. Chase and Citi are paying whopping bonuses to get new customers, and while they have credit reports on those applicants, they really don't know a lot about the revenue flow they are paying up for. On the other hand, FIA has more than 18 months of actual credit card use history on the Schwab book of business. It may seem foreign to FTers, but I think a good chunk of those Schwab customers may have been running large amounts of charges through the Schwab card, and those are customers FIA would very much like to keep (and Citi and Chase would like to get), not only for their credit card business but for broader banking relationships.
While many on FT view the Schwab card as a fat deal, FIA and Bank of America might view it as a low cost (or low profit) item that opens doors to banking customers. If so, and that's a big if, they might well not change the Visa terms much if at all.