Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Credit Card Programs
Reload this Page >

Schwab Invest Visa? 2% cash back on everything? [Discontinued card]

Schwab Invest Visa? 2% cash back on everything? [Discontinued card]

Reply

Old Dec 11, 08, 10:52 pm
  #46  
FlyerTalk Evangelist
 
Join Date: Oct 2004
Location: Bay Area
Programs: DL SM, UA MP.
Posts: 10,049
I had a card with FIA, which they brought up.

They were going to offer me about half the credit line I had with the other card, which would have been fine with me.

It was way more than I would charge and the other card I never use.

So I told them you could even close out the other card, which they did and gave me the same credit line as the old card.

Again, way more than I will ever need, unless I win the lotto or something.
wco81 is online now  
Reply With Quote
Old Dec 13, 08, 6:14 pm
  #47  
925
 
Join Date: Jul 2003
Location: Seattle, WA
Programs: UA Gold, Marriott Titanium
Posts: 2,845
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.

Last edited by 925; Dec 13, 08 at 6:21 pm
925 is offline  
Reply With Quote
Old Dec 13, 08, 6:51 pm
  #48  
FlyerTalk Evangelist
 
Join Date: Jul 2003
Posts: 11,333
Originally Posted by 925 View Post
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.
The 10K is the amount you can revolve/carry over from month-to-month.
Signature Visa and World MC have no preset limit for purchases, and so there is no over-the-limit fee.
soitgoes is offline  
Reply With Quote
Old Dec 14, 08, 10:06 am
  #49  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,288
Originally Posted by 925 View Post
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.
I haven't found an autopay feature anywhere in the docs or on the website either--and they appear to use a third-party billpay service for manual online payments, which is somewhat clumsily integrated in their website.

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.
I've never seen a personal Visa or MC account with the charges broken out by cardholder. Amex indicates which charges are which users, but only business Visa and MC accounts seem to truly break out the authorized users.
themicah is offline  
Reply With Quote
Old Dec 15, 08, 8:15 am
  #50  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,288
Note that some account aggregation services (I use Chase Online Plus, which is a branded version of old-school Yodlee--I like its account summary view better than the newer Yodlee versions) don't have the new Schwab card in their databases of accounts. I was able to add it by adding FIA Card Services, however, and it works fine.
themicah is offline  
Reply With Quote
Old Jan 8, 09, 3:31 pm
  #51  
 
Join Date: Jun 2004
Location: LA area
Programs: SPG Plat, Priority Pass
Posts: 313
Just got this

So I went for all of it. The Visa CC, Schwab Investment account, and high interest checking with ATM. I travel internationally alot for work, and my company only reimburses me based on the actual merchant receipt and not my credit card statement. So I have had to absorb the 2-3% Forex fees on my CC.
This works nicely because it's 2% cash back. I opened the checking account too, so I can move it into checking and make it cash. I was looking for a solution to the Forex fee and most of the cards that had 0% Forex were weak in terms of rewards. 2% on everything seems to be the best reward on a 0% Forex card. And without having to have a Centurion card or equivalent.

In case you were wondering, I also wanted the ATM for 0% Forex fee. So its true that there are no ATM fees, but CS rep said because its a Visa Debit/ATM card, that Visa charges 1% on the Forex transaction when you withdraw money overseas. I asked if there was a ATM only, no Visa debit version of the card, and there isn't. It's annoying because I wanted to make Schwab my bank for everything, domestic and international travel. the 0% Forex on the CC, with 2% cash back on the Visa CC is great. And the ATM card with no ATM fees worldwide is a nice convenience, but then they left in that snag about the 1% Forex for international ATM withdrawals.

I guess I'll hold onto my Commerce/TD bank ATM for 0% Forex for ATM use internationally. Until TD Bank takes away this feature which they seem to be doing slowly (ie. recently adding a Forex charge on their Visa CC) after the merger with Commerce.

Oh by the way my opinion of the actual look of the card is, blah. It doesn't look "prestigious" or anything. Kind of generic and plain. Like a no name bank regular Visa card. But I didn't get the card for looks.
dko3tgk is offline  
Reply With Quote
Old Jan 8, 09, 4:27 pm
  #52  
FlyerTalk Evangelist
 
Join Date: Jul 2003
Location: Florida
Posts: 27,193
You may want to check some historical XC data to see if the Visa 1% is actually built in. My gut feeling is, it may not have the 1%.

I use Fidelity's mySmartCash ATM card for overseas ATM withdrawal - also being told there is a 1% Visa fee. Since we are not talking about a whole lot of CASH being used overseas, the 1% in absolutely $ term, is really not much. I mean, $1000 would cost you $10...

However, when I looked up the historical XC rates using the Median Interbank rates, I found many times the 1% did not exist. In fact in a few occasions, the actual XC rate were lower than the median interbank rate on the same date.

My advice is, dont sweat the 1% - the convenience is worth that.

Originally Posted by dko3tgk View Post
So I went for all of it. The Visa CC, Schwab Investment account, and high interest checking with ATM. I travel internationally alot for work, and my company only reimburses me based on the actual merchant receipt and not my credit card statement. So I have had to absorb the 2-3% Forex fees on my CC.
This works nicely because it's 2% cash back. I opened the checking account too, so I can move it into checking and make it cash. I was looking for a solution to the Forex fee and most of the cards that had 0% Forex were weak in terms of rewards. 2% on everything seems to be the best reward on a 0% Forex card. And without having to have a Centurion card or equivalent.

In case you were wondering, I also wanted the ATM for 0% Forex fee. So its true that there are no ATM fees, but CS rep said because its a Visa Debit/ATM card, that Visa charges 1% on the Forex transaction when you withdraw money overseas. I asked if there was a ATM only, no Visa debit version of the card, and there isn't. It's annoying because I wanted to make Schwab my bank for everything, domestic and international travel. the 0% Forex on the CC, with 2% cash back on the Visa CC is great. And the ATM card with no ATM fees worldwide is a nice convenience, but then they left in that snag about the 1% Forex for international ATM withdrawals.

I guess I'll hold onto my Commerce/TD bank ATM for 0% Forex for ATM use internationally. Until TD Bank takes away this feature which they seem to be doing slowly (ie. recently adding a Forex charge on their Visa CC) after the merger with Commerce.

Oh by the way my opinion of the actual look of the card is, blah. It doesn't look "prestigious" or anything. Kind of generic and plain. Like a no name bank regular Visa card. But I didn't get the card for looks.
Happy is offline  
Reply With Quote
Old Jan 8, 09, 4:50 pm
  #53  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,288
Originally Posted by dko3tgk View Post
In case you were wondering, I also wanted the ATM for 0% Forex fee. So its true that there are no ATM fees, but CS rep said because its a Visa Debit/ATM card, that Visa charges 1% on the Forex transaction when you withdraw money overseas. I asked if there was a ATM only, no Visa debit version of the card, and there isn't.
There's been some controversy over on the credit card forex wiki about whether the Schwab ATM card is 0% or 1% and different CSRs seem to give different answers. Right now we have SchwabOne as 1% and Schwab Investor Checking as 0% on the wiki, which doesn't make much sense to me.

Unfortunately, with the inconsistent answers people seem to get from customer service reps and volatility in currency markets, it's really hard to know for sure whether a given card is 1% or 0%. One user determined that Schwab and Fidelity are the same by performing nearly simultaneous, identical withdrawals from an ATM in Brazil, although it's still not 100% clear whether they're both 0% or both 1% (we only know they aren't different).

But sometimes even scientific experiments like that yield murky results.

Could I ask you to perform a similar ATM experiment (same ATM, same amount, one withdrawal right after the other) using TD Bank and Schwab on your next overseas trip? Commerce/TD Bank is widely believed to be a true 0% card, so it will be interesting to see how it compares with Schwab.
themicah is offline  
Reply With Quote
Old Jan 8, 09, 5:14 pm
  #54  
 
Join Date: Jun 1999
Location: Rio de Janeiro, BRAZIL
Programs: AA 4MM EXP; Starwood Lifetime Plt
Posts: 2,471
Originally Posted by dko3tgk View Post

... I also wanted the ATM for 0% Forex fee. So its true that there are no ATM fees, but CS rep said because its a Visa Debit/ATM card, that Visa charges 1% on the Forex transaction when you withdraw money overseas.
I specifically asked about this and was told that there is no 1% fee from VISA, not even built into the exchange rate. In any case, a 1% fee is very difficult to detect, except in the case of fixed exchanged rates such as the Hong Kong Dollar, or other currencies rigidly pegged to the US dollar. So we'll just have to wait until someone uses the CS card for one of these currencies.
ajnaro is offline  
Reply With Quote
Old Jan 8, 09, 6:27 pm
  #55  
Original Member
 
Join Date: May 1998
Location: Reno, NV (RNO)
Programs: AA Platinum, AS MVPG, UA, DL, HHonors Gold, Marriott LTP, Hyatt, IHG
Posts: 4,697
Originally Posted by dko3tgk View Post
I travel internationally alot for work, and my company only reimburses me based on the actual merchant receipt and not my credit card statement. So I have had to absorb the 2-3% Forex fees on my CC.
There is no way you should be putting up with that!
MileKing is offline  
Reply With Quote
Old Jan 8, 09, 10:54 pm
  #56  
 
Join Date: Jun 2004
Location: LA area
Programs: SPG Plat, Priority Pass
Posts: 313
Originally Posted by MileKing View Post
There is no way you should be putting up with that!
It's ok. The amounts haven't been large yet, and I've made it up in other ways. Namely because foreign language receipts are hard to decipher. And no I don't abuse this either.

But as the 1% Forex fee for the ATM, I also asked very specifically. And they passed me to a second rep, a specialist I suppose, and they said 1% because of the fact that it uses the Visa network internationally.
Also all the materials and webpage specifically say no ATM fees, EXCEPT for foreign currency exchange, cash advance, etc .

I'm not saying I hope you are wrong when you say you don't see the 1%. But I'll test it against my TD/Commerce ATM on my next trip. Problem is with the slowing economy I might not travel until late spring or summer the earliest. But I'll let you all know when I go.
dko3tgk is offline  
Reply With Quote
Old Jan 9, 09, 7:53 am
  #57  
 
Join Date: Jan 2003
Location: NYC
Posts: 8,288
Originally Posted by dko3tgk View Post
I'm not saying I hope you are wrong when you say you don't see the 1%. But I'll test it against my TD/Commerce ATM on my next trip. Problem is with the slowing economy I might not travel until late spring or summer the earliest. But I'll let you all know when I go.
Thanks!
themicah is offline  
Reply With Quote
Old Jan 13, 09, 10:46 am
  #58  
FlyerTalk Evangelist
 
Join Date: Feb 2002
Location: San Francisco/Tel Aviv/YYZ
Programs: CO 1K-MM
Posts: 10,349
I just applied for this one.. with citi removing the basis for using TYP.
entropy is offline  
Reply With Quote
Old Jan 14, 09, 4:42 pm
  #59  
 
Join Date: Oct 2002
Location: SF Eastbay
Programs: AA Plt-Lite 2MM,HH Gld, MR Plat
Posts: 600
Question: The cash reward get transferred to you CS 1 account with you having to do anything?
sbc94523 is offline  
Reply With Quote
Old Jan 15, 09, 9:13 am
  #60  
 
Join Date: Jun 2004
Location: LA area
Programs: SPG Plat, Priority Pass
Posts: 313
Originally Posted by sbc94523 View Post
Question: The cash reward get transferred to you CS 1 account with you having to do anything?
Yes. It's supposed to get transferred to your brokerage account at the end of each billing period. No waiting for the amount to total a large round amount. No manual conversion of set amounts of points into cashback. You do have to manually move it online from the brokerage to your checking, as was discussed earlier in the thread.
dko3tgk is offline  
Reply With Quote

Thread Tools
Search this Thread