Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Jan 4, 2011, 9:26 am
#886
Moderator
Join Date: Jun 2003
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The common element in those categories is that cards may be automatically used to pay recurring charges. Both behaviors (physically carrying the card and enrolling the card in autopay arrangements) are desirable for the card issuer. It's not coincidence that every major card issuer promotes the same categories.
Jan 4, 2011, 11:57 am
#887
Join Date: Feb 2009
Location: SEA
Programs: Alaska MVPG 100K, IHG Ambassador, Hilton Diamond, Hyatt Globalist, Marriott Titanium
Posts: 1,704
None for me either. I have used the card to the max every month. Actually I even have to pay off in the middle of a billing cycle to recycle the credit line. There is no incentive for FIA to give me any promo.
Jan 4, 2011, 3:27 pm
#888
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
On top of that I just realized FIA closed our other Schwab Visa from 2006 that has been very inactive ever since it took away the 0% forex fee 2 or 3 years ago. I lost 636 WorldPerk points which in the old term is redeemable at 2500 pts for $25 check...
The darn card was up for renewal in December and I was wondering why no new card came... It turned out back in June when Schwab changed the 2% card it also changed that old Visa. We did receive a pair of new cards with new number but since that one only paid 1%, no spending went there... I totally forgot about it despite it showed up online together with the 2% card. Then today I noticed it showed Closed status. Called to find out it was closed on Dec 16 due to inactivity. There is no way to re-open it or transfer the credit line to the 2% card other than initiate a Credit Review... Duh!
Part of it is my own fault that I hadn't charged 2K on it and then claimed a $25 check... after that asked to merge the line to the 2% card... I keep track of our Chase and Citi cards to make sure the idle cards being used once every few months, but totally forgot about the FIA genre!
Jan 4, 2011, 3:31 pm
#889
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
FIA has learned this crap from Chase which always puts a cap on its bonus earning from the Freedom card bonus offers.
Jan 4, 2011, 3:34 pm
#890
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
I didn't get the offer from the former Schwab card -- so I'm at the regular 2% level. But Chase offered me an additional 4% on grocery and drugstore purchases in the first quarter, bringing the total to 5%. And the T&C, if you take the time to read them are very clear --
Maximum bonus reward accumulation during the promotional period is $60 or 6,000 bonus points, which equates to $1,500 in net purchases.
Bravo to Chase for the clarity.
And Discover is offering 5% on air fare, restaurants, hotels, and cruises in the first quarter with the T&C but with a cap of $800 in purchases, or an extra $32 in rewards. Not bad, but not great either. Not quite as clear as Chase, at least for me, but pretty clear -- the bonus works for up to $800 in purchases.
Maximum bonus reward accumulation during the promotional period is $60 or 6,000 bonus points, which equates to $1,500 in net purchases.
Bravo to Chase for the clarity.
And Discover is offering 5% on air fare, restaurants, hotels, and cruises in the first quarter with the T&C but with a cap of $800 in purchases, or an extra $32 in rewards. Not bad, but not great either. Not quite as clear as Chase, at least for me, but pretty clear -- the bonus works for up to $800 in purchases.
The cap at $60 is far more generous than the crummy FIA offer also.
Jan 4, 2011, 6:25 pm
#892
Join Date: Oct 2008
Location: New York, NY
Programs: Hilton, Hyatt, Marriott
Posts: 241
Incorrect, at least in my experience with these offers from FIA, the offer has always been IN ADDITION to the regular rewards program.
Jan 5, 2011, 7:37 am
#893
Join Date: Jan 2003
Location: NYC
Posts: 8,498
And based on the fact that the 3-5% offers state they are paid as statement credits (not as points that convert to the regular 2% cash back ACH deposit), I would be inclined to say you are correct.
Jan 5, 2011, 9:52 am
#894
Join Date: Dec 2009
Location: IAH ↔ PAR
Posts: 777
Jan 5, 2011, 5:51 pm
#895
Join Date: Dec 2007
Location: BOS
Posts: 67
I got a slight variation of the one of the previously mentioned offers:
So 1.67% extra, rather than 5%, and have to spend $1500 to get any benefit.
Use your Visa Signature® credit card to earn a $25 statement credit on airfare, hotel, travel agency, car rental and cruise purchases totaling $1,500 or more. It's a great way to earn a $25 statement credit. Simply register and make these types of eligible purchases before March 31, 2011.
Jan 7, 2011, 3:46 pm
#899
Moderator
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Jan 7, 2011, 6:20 pm
#900
Join Date: Aug 2004
Programs: AA Explat, UA 1K
Posts: 389