Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Apr 19, 2009, 11:43 am
#136
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,479
While the disclosure material I received for my Schwab brokerage debit card stated that the 1% Visa forex charge would be passed along for both ATM withdraws and debit card purchases, in my experience I have not been charged any forex fees at ATMs. (I have not tried using the card for debit card purchases.) Of course, YMMV.
Apr 19, 2009, 4:13 pm
#137
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,740
While the disclosure material I received for my Schwab brokerage debit card stated that the 1% Visa forex charge would be passed along for both ATM withdraws and debit card purchases, in my experience I have not been charged any forex fees at ATMs. (I have not tried using the card for debit card purchases.) Of course, YMMV.
One way to find out is to compare the exchange rates used on your statement, with the Mean Interbank historic rates on the same date - you can get such info from sites such as this:
http://www.oanda.com/convert/fxhistory
In my experiences with Fidelity's ATM card (modeled to Schwab's checking), the rates were very competitive, always came in very close to the historic rates with much less than 1% extra.
Apr 19, 2009, 5:18 pm
#138
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,479
To clarify, the exchange rates that I have received drawing money from ATMs using the Schwab brokerage debit card have been more or less what I have received with the Schwab Invest First Visa for charges that posted on the same day. The debit card exchange rate was definitely higher than the Interbank exchange rate minus 1%.
Apr 27, 2009, 10:14 am
#139
Join Date: Aug 2007
Location: Atlanta/DC
Posts: 297
Hi,
I just opened a Checking/Brokerage + Credit Card account and created 2 different profiles, one on the credit card site and on schwab.com. My impressions was that eventually that I would be able to see the credit card on the schwab website. The first agent told me that it just takes a statement until the linking can be complete. But, now that I've received my first statement, when I called, they transferred me a bunch of times and the last rep I spoke to said that you need to manage your credit card via schabbankcreditcard.com (that it's our only choice).
Anyone have any comments as to which rep was correct? I'd really prefer to have everything together for the sake of simplicity, but if it's not possible, well then I guess I'll deal with it.
Thanks!
I just opened a Checking/Brokerage + Credit Card account and created 2 different profiles, one on the credit card site and on schwab.com. My impressions was that eventually that I would be able to see the credit card on the schwab website. The first agent told me that it just takes a statement until the linking can be complete. But, now that I've received my first statement, when I called, they transferred me a bunch of times and the last rep I spoke to said that you need to manage your credit card via schabbankcreditcard.com (that it's our only choice).
Anyone have any comments as to which rep was correct? I'd really prefer to have everything together for the sake of simplicity, but if it's not possible, well then I guess I'll deal with it.
Thanks!
When I log into the new Schwab website, I see my Schwab One, checking, savings, and credit card accounts. I can click the balance tab on my credit card account and it automatically logs me into the credit card website. The only thing I can't access information on is the savings account, which I've been told should be fully implemented into the website within 3 months.
Apr 27, 2009, 11:16 am
#140
Join Date: Jul 2003
Location: Seattle, WA
Programs: Marriott Titanium
Posts: 2,861
As soon as your Schwab credit card is issued AND LINKED TO YOUR BROKERAGE ACCOUNT (which THEY have to do), and even befofe your card gets to you, you will see the credit card on your brokerage login.
When you click on the credit card link it will open a new window and take you to an external site (aqnd MAYBE you have to wait for the first statement on your first credit card account, but I don't think so). But even if the external site isn't ready for you, you should see it on the brokerage site (on the NEW website, not the OLD website).
When you click on the credit card link it will open a new window and take you to an external site (aqnd MAYBE you have to wait for the first statement on your first credit card account, but I don't think so). But even if the external site isn't ready for you, you should see it on the brokerage site (on the NEW website, not the OLD website).
Apr 27, 2009, 12:13 pm
#141
Join Date: Dec 2001
Location: NYC
Programs: AA LT PLT, SPG Gold
Posts: 2,564
Just got my cards. The package is straight-forward, readable, with no hidden surprises.
The docs are silent about letting me tell them to automatically pay some or all of my bill each month from my brokerage account or a checking account.
The two cards have the same account number, so unike my CapOne business card, our charges to both cards will be mixed together by processing date. I like it much better when additional cardholder charges are in a section by themselves on each bill - it makes it so much easier to reconcile who charged what.
The only fees seem to be 3% charges for a slew of ways to advance funds on other than retail purchases. And $39 NSF/returned check fees. Otherwise, it appears to be fee-free.
It is odd to me that they give me a credit limit ($10K+) but then say there is no fixed limit, but then say that all charges (above or below my limit) are subject to approval on a case by case basis. Only time will tell on this one. At least they don't disclose an over-limit fee.
Biggest disappointment: The card is only to be used for household or personal charges; any purchase by or for a business or even for a business purpose are denied 2% cash back. This has obvious enforceabiity issues, but technically, if you charge stuff and subsequently get reimbursed by your employer or your business of any sort, you are not entitled to the 2% cash back. This puts a self-limiting cap on "unlimited" 2% cash back.
Biggest pluses: Not an American Express card (Plum) that so many smaller merchants won't take, and you always have to ask if they will, being prepared to substitute a VISA/Mastercard. And I can't imagine Schwab could possibly be as tough to live with as CapOne is.
The docs are silent about letting me tell them to automatically pay some or all of my bill each month from my brokerage account or a checking account.
The two cards have the same account number, so unike my CapOne business card, our charges to both cards will be mixed together by processing date. I like it much better when additional cardholder charges are in a section by themselves on each bill - it makes it so much easier to reconcile who charged what.
The only fees seem to be 3% charges for a slew of ways to advance funds on other than retail purchases. And $39 NSF/returned check fees. Otherwise, it appears to be fee-free.
It is odd to me that they give me a credit limit ($10K+) but then say there is no fixed limit, but then say that all charges (above or below my limit) are subject to approval on a case by case basis. Only time will tell on this one. At least they don't disclose an over-limit fee.
Biggest disappointment: The card is only to be used for household or personal charges; any purchase by or for a business or even for a business purpose are denied 2% cash back. This has obvious enforceabiity issues, but technically, if you charge stuff and subsequently get reimbursed by your employer or your business of any sort, you are not entitled to the 2% cash back. This puts a self-limiting cap on "unlimited" 2% cash back.
Biggest pluses: Not an American Express card (Plum) that so many smaller merchants won't take, and you always have to ask if they will, being prepared to substitute a VISA/Mastercard. And I can't imagine Schwab could possibly be as tough to live with as CapOne is.
Apr 27, 2009, 12:25 pm
#142
Join Date: Jul 2003
Location: Seattle, WA
Programs: Marriott Titanium
Posts: 2,861
I talked to Schwab further about the business charges. They don't yet have business cards because they don't have the required infrastructure in their bank to support the credit issues associated with evaluating business creditworthiness. The guy I talked with says that in real life, people use it for business charges all of the time, but that Schwab wants to distance themselves from being a business card. He almost went as far as to recommend that I just go ahead and use it for business reimbursements.
Apr 27, 2009, 12:42 pm
#143
Join Date: Dec 2001
Location: NYC
Programs: AA LT PLT, SPG Gold
Posts: 2,564
I talked to Schwab further about the business charges. They don't yet have business cards because they don't have the required infrastructure in their bank to support the credit issues associated with evaluating business creditworthiness. The guy I talked with says that in real life, people use it for business charges all of the time, but that Schwab wants to distance themselves from being a business card. He almost went as far as to recommend that I just go ahead and use it for business reimbursements.
Apr 27, 2009, 12:51 pm
#144
Join Date: Jul 2003
Location: Seattle, WA
Programs: Marriott Titanium
Posts: 2,861
EXACTLY! If I was flying under the radar and putting $1-3K/month of business reimburseables on my card, I wouldn't even blink. But if I was pumping $50K-$100K/month through the card, you have to stop and consider the Terms and Conditions.
Apr 30, 2009, 10:26 pm
#145
Join Date: Apr 2004
Location: ATL
Programs: SPG gold; otherwise just base in everything so far, but learning!
Posts: 489
Converting another card to Schwab possible?
I have a Bank of America Worldpoints Mastercard (it used to be an MBNA Amtrak Guest Rewards card before B of A lost the Amtrak account to Chase). Right now, it's just a back up to my SPG Amex.
I've been thinking about the Schwab card because of the 2% cash back and the no forex fee or, alternatively, the PenFed card.
Does anyone know if you can convert a card to the Schwab invest first card, since the Schwab card is also issued by FIA?
Thanks!
fuzz
I've been thinking about the Schwab card because of the 2% cash back and the no forex fee or, alternatively, the PenFed card.
Does anyone know if you can convert a card to the Schwab invest first card, since the Schwab card is also issued by FIA?
Thanks!
fuzz
Apr 30, 2009, 10:58 pm
#146
Join Date: Aug 2007
Location: Atlanta/DC
Posts: 297
I have a Bank of America Worldpoints Mastercard (it used to be an MBNA Amtrak Guest Rewards card before B of A lost the Amtrak account to Chase). Right now, it's just a back up to my SPG Amex.
I've been thinking about the Schwab card because of the 2% cash back and the no forex fee or, alternatively, the PenFed card.
Does anyone know if you can convert a card to the Schwab invest first card, since the Schwab card is also issued by FIA?
Thanks!
fuzz
I've been thinking about the Schwab card because of the 2% cash back and the no forex fee or, alternatively, the PenFed card.
Does anyone know if you can convert a card to the Schwab invest first card, since the Schwab card is also issued by FIA?
Thanks!
fuzz
May 1, 2009, 6:04 pm
#147
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,740
However, I called today about the status of my app of the First Invest Visa on 27th because the status still shows pending. We need this card for a loooong trip to Pacific region coming up in 20 days. I have already incurred $50 forex fee since Mar by taking advantage of Prepaid hotel sales. I should have applied the card in January, but I never thought I would prepay hotels.
Anyway, the rep offered to convert my existing World Perk to the Invest First card. I told him no because I still have some award pt balance that I am slowly working it up and do not want to lose it (I think the cash conversion rate is twice as good as the BofA version) . He then offered to take a couple thousands line from World Perk to the Invest First card which he approved on the call. He also assured me the new card will come in 7 to 10 days, ready for our trip.
May 4, 2009, 12:33 pm
#148
Suspended
Join Date: Apr 2009
Posts: 93
they actually approved my schwab card, and took $5k limit FROM my b of a card, and didn't even tell me. i coudln't figure out why my limit went down. when i called them they told me, and then i said, oh. ok, take my b of a all the way down and max up my schwab card.
then i opened a citibank CD. i assume that's a "personal" charge, so i will get my 2% back, right? i never saw that part of the t's and c's where they limit the types of purchases that qualify...
then i opened a citibank CD. i assume that's a "personal" charge, so i will get my 2% back, right? i never saw that part of the t's and c's where they limit the types of purchases that qualify...
Jun 6, 2009, 5:01 pm
#149
Join Date: Aug 2006
Location: CLT
Posts: 7,249
I applied for this card online. Does anyone get instant approval online? I obviously didn't so I'm waiting to hope I get approved. FICO was over 740 last time I checked.
I have another FIA account, but I don't use it and shred the card as soon as it arrives so I'm not sure if I'd be able to call and try to move some credit limit without requesting a new card first.
I never cared about 0 forex before, but now I'll be frequenting Canada quite a bit and with Citi constantly devaluing TYN I think it's time I finally jumped to cash back.
I have another FIA account, but I don't use it and shred the card as soon as it arrives so I'm not sure if I'd be able to call and try to move some credit limit without requesting a new card first.
I never cared about 0 forex before, but now I'll be frequenting Canada quite a bit and with Citi constantly devaluing TYN I think it's time I finally jumped to cash back.
Jun 6, 2009, 11:11 pm
#150
Join Date: Aug 2007
Location: Atlanta/DC
Posts: 297
I didn't get instant approval because I'm an independent contractor. I called their 800 number the same day (literally an hour after applying) and the rep approved me.
Which companies does FIA service? Do they still service Bank of America? If so, can we move our credit limits to the Schwab card?
Which companies does FIA service? Do they still service Bank of America? If so, can we move our credit limits to the Schwab card?
