Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Jun 14, 2009, 8:53 pm
#166
Join Date: Jun 2008
Location: PDX
Programs: OnePass, MilesPlus, AAdvantage, SkyMiles (unfortunately), PC Plat, HH Silver, Marriott Aluminium
Posts: 739
Debit Card benefits?
Heading over to Europe next month and was pleased to know I've got a Schwab VISA for all my fee-free ATM transactions while there. Then I realized the card is a platinum check card VISA debit version. Will this card also provide fee-free foreign transactions?
Jun 14, 2009, 9:01 pm
#167
Join Date: Dec 2005
Location: NYC
Programs: SPG, AA, BA, CO, UA, US, B6, DL, Amex MR, HH
Posts: 1,009
No - the debit card associated with the High Yield Checking account only gets ATM fees refunded, but does have foreign currency transaction fees associated with it. Only the Schwab Visa Credit Card has the fee-free foreign transactions - sign up here : http://www.schwab.com/public/schwab/...l2=credit_card
Jun 15, 2009, 10:33 am
#168
Join Date: Jun 2008
Location: PDX
Programs: OnePass, MilesPlus, AAdvantage, SkyMiles (unfortunately), PC Plat, HH Silver, Marriott Aluminium
Posts: 739
No - the debit card associated with the High Yield Checking account only gets ATM fees refunded, but does have foreign currency transaction fees associated with it. Only the Schwab Visa Credit Card has the fee-free foreign transactions - sign up here : http://www.schwab.com/public/schwab/...l2=credit_card
Jun 15, 2009, 11:22 am
#169
Join Date: Dec 2005
Location: NYC
Programs: SPG, AA, BA, CO, UA, US, B6, DL, Amex MR, HH
Posts: 1,009
Most credit cards have a fee of about 3% of the transaction total (I think Amex has 2.7%). When using the Schwab Credit Card abroad, they do not charge that transaction fee.
Jun 15, 2009, 2:00 pm
#170
Join Date: Jun 2008
Location: PDX
Programs: OnePass, MilesPlus, AAdvantage, SkyMiles (unfortunately), PC Plat, HH Silver, Marriott Aluminium
Posts: 739
Jun 15, 2009, 3:12 pm
#171
Join Date: Dec 2005
Location: NYC
Programs: SPG, AA, BA, CO, UA, US, B6, DL, Amex MR, HH
Posts: 1,009
You know, I can't find it either. However, on the Credit Card page, it explicitly states that there are no foreign transaction fees, while on the Checking account page, it doesn't have that listed as one of the benefits - so I'm assuming that means that purchases made using the debit card would be subject to that fee.
Jun 15, 2009, 3:44 pm
#172
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,486
I have the check card that is linked to the Schwab One brokerage account (not the checking account). While the disclosure material I received with the check card indicated that a 1% fee would apply for foreign withdrawals, in my experience so far that fee has not been applied. (I.E. the exchange rate I received from withdrawing cash at foreign ATMs have been nearly identical to the exchange rate I have received when using my Schwab Visa, for transactions posting on the same day.)
Jun 16, 2009, 6:46 am
#173
Join Date: Aug 2005
Location: EWR
Programs: UA (former CO), TrueBlue, Etc.
Posts: 291
Well, although it isn't straight from Schwab, the following is on the FlyerGuide Credit/Debit/ATM Wiki page:
http://www.flyerguide.com/wiki/index...reign_Exchange
Schwab - Visa/Plus - 0% ATM - 0% POS - Confirmed 3/2009 by use. Reimburses unlimited ATM-owner fees, but often fails to automatically reimburse overseas ATM-owner fees that are not broken out from the withdrawal amount (you will need to call customer service to get these fees reimbursed--save your receipts and hang up and call back if you get a customer service rep who is unfamiliar with the issue). Daily withdrawal limit = $500 for basic card, $2000 for Platinum Check Card (which most customers seem to automatically get). Note 0% is confirmed for ATM withdrawals from High Yield Investor Checking account, but 1% may be charged (unconfirmed) for ATM withdrawals directly from SchwabOne Brokerage or other SchwabBank account types.
Jun 16, 2009, 4:51 pm
#174
Join Date: Aug 2008
Posts: 8
New AmEx card from Bank of America.
According to the Cust. Rep. this credit card has a total foreign transaction fee of 1% and not 3% as the (great) table associated with this forum states. B of A does not add its own fee to the 1% AmEx charges, according to the Rep. Can someone confirm this and then if appropriate change the table?
Jun 16, 2009, 6:34 pm
#175
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,863
No - the debit card associated with the High Yield Checking account only gets ATM fees refunded, but does have foreign currency transaction fees associated with it. Only the Schwab Visa Credit Card has the fee-free foreign transactions - sign up here : http://www.schwab.com/public/schwab/...l2=credit_card
Jun 17, 2009, 8:52 am
#176
Join Date: Jan 2003
Location: NYC
Posts: 8,498
In my and my friends' experiences, foreign ATM transactions with the Schwab High Yield Investor Checking account are completely fee free. The exchange rates are equal to or better than other fee-free accounts (like TD Bank and Citigold) and no additional fees were charged on the statement.
Jun 17, 2009, 3:23 pm
#177
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,863
Yes it is a Charles Schwab Visa Debit Card drawing on the High Yield Invester Checking account.
There is no charge what so ever or conversion fee when used to withdraw money at an ATM machine anywhere in the world.
Do NOT use it for purchases, it is not free for that.
That is why you have the Schwab 2% Visa credit card. Don't use the credit card at an ATM, it is not fee free there.
There is no charge what so ever or conversion fee when used to withdraw money at an ATM machine anywhere in the world.
Do NOT use it for purchases, it is not free for that.
That is why you have the Schwab 2% Visa credit card. Don't use the credit card at an ATM, it is not fee free there.
Jun 17, 2009, 3:25 pm
#178
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,863
Recap:
1. Brokerage account = Lets you get the 2% cash back and good for investing.
2. Charles Schwab Visa credit card = 2% cash back on all purchases worldwide and no fees for purchases.
3. High Yield Invester checking account = Fee free ATM's world wide and no conversion fees.
4. Savings account = Good APR for parking money.
1. Brokerage account = Lets you get the 2% cash back and good for investing.
2. Charles Schwab Visa credit card = 2% cash back on all purchases worldwide and no fees for purchases.
3. High Yield Invester checking account = Fee free ATM's world wide and no conversion fees.
4. Savings account = Good APR for parking money.
Jun 19, 2009, 1:10 am
#179
Join Date: Aug 2007
Location: Atlanta/DC
Posts: 297
As of right now, for some reason Schwab bank uses Electronic Funds Transfer to transfer between banks, while Schwab Brokerage uses MoneyLink. They're not linked at all, and so even if one has a bank attached to it, the other one won't. I even called up and asked if they could just transfer the info over, and they said I'd need to fill out another form. IIRC, there's an online form you can fill out (with the test deposits and all) for MoneyLink though - just click on the "online" link next to MoneyLink, under Services, Forms. Also, as long as you initially funded your checking from your brokerage account, you can transfer between the 2 using MoneyLink. So, what I've been doing is using moneylink to transfer into the brokerage, and then moneylink to transfer from the brokerage to the checking. Another way obviously would be to push it from the external bank directly into the checking....or just give in and fill out the forms.
You can already move money between your checking/savings accounts and your brokerage account online.
Jun 19, 2009, 1:22 am
#180
Join Date: Sep 2004
Posts: 39
Recap:
1. Brokerage account = Lets you get the 2% cash back and good for investing.
2. Charles Schwab Visa credit card = 2% cash back on all purchases worldwide and no fees for purchases.
3. High Yield Invester checking account = Fee free ATM's world wide and no conversion fees.
4. Savings account = Good APR for parking money.
1. Brokerage account = Lets you get the 2% cash back and good for investing.
2. Charles Schwab Visa credit card = 2% cash back on all purchases worldwide and no fees for purchases.
3. High Yield Invester checking account = Fee free ATM's world wide and no conversion fees.
4. Savings account = Good APR for parking money.
1. The Charles Schwab Visa credit card does not support real time Quicken downloads - just a monthly statement download via the FSI interface. And Schwab's (or FSI's) online payment interface sounds a bit quirky according to some posts. Now that's terrible news for someone like me who hasn't looked at a real statement or written a real check for over ten years.
2. As a secondary card, this is a major hassle for only 2% - gotta get a Schwab Visa card, Schwab brokerage account to deposit your rebates, Schwab brokerage account debit card to get your cash out of the brokerage account, Schwab checking card for zero fee ATM withdrawals, and a Schwab checking account to get the checking ATM/debit card.
Now if this was my primary card AND I was a drug runner, this might be really appealing. But I'd have to move a lot more cash subject to forex fees and ATM fees than I do now to make this worthwhile.
Has anyone checked to see if the Schwab Visa rebates 2% on $1 coin direct ships from the US Mint? Buy and redeposit a few $100K a month and you can quit your day job. But your FedEx guy will hate you and, at about 1,800 lbs per $100K, you'll literally be blowing out wheelbarrow tires on the way to the bank.