Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Aug 10, 2011, 8:20 am
#976
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I see so many people referring to this 2% cb card as if it were still active but I dont see it on Schwab's website. In fact they seem to have discontinued their CC business.
That being said, can someone confirm whether there is some conversion fee when this debit card is used as a credit card abroad ?
That being said, can someone confirm whether there is some conversion fee when this debit card is used as a credit card abroad ?
Schwab's credit card business was operated by a Bank of America division called FIA. Scwab has discontinued this card, but existing cardholders have received another card from FIA with the same rewards and benefits. There is no foreign transaction fee, but the card is not available to new applicants.
There is a similar card, also issued by FIA, through Fidelity. It is an Amex-network card with 2% rewards, and 1% foreign transaction fee:
http://personal.fidelity.com/product...owcard=college
Aug 21, 2011, 6:59 pm
#977
Original Member
Join Date: May 1998
Location: Tampa, FL
Programs: AAMM & PLT; UA Gold, DL Silver, Marriott LT Titanium Elite, Hilton Diamond, Hertz #1 Gold Club
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Per this long running Fatwallet thread, changes coming in October.
http://www.fatwallet.com/forums/finance/883571/?start=0
http://www.fatwallet.com/forums/finance/883571/?start=0
Aug 21, 2011, 7:18 pm
#978
Join Date: Jun 2009
Location: LAX
Posts: 6,769
Per this long running Fatwallet thread, changes coming in October.
http://www.fatwallet.com/forums/finance/883571/?start=0
http://www.fatwallet.com/forums/finance/883571/?start=0
Aug 21, 2011, 7:34 pm
#979
Join Date: Dec 2005
Location: NYC
Programs: SPG, AA, BA, CO, UA, US, B6, DL, Amex MR, HH
Posts: 1,009
I'm not sure what they're referring to when they say 'Bank of America Privileges'. Looking on the BoA website, it doesn't seem to have it listed as a CC product.
Choice Privileges is a reward program run by Choice Hotels (inclusive of comfort inn, quality, econolodge, etc...). They have an associated credit card through Barclays, and it doesn't look like it has an annual fee. This probably isn't what we'll be 'offered' to switch to. I believe there used to be a BoA version of this card, but was discontinued a while back.
Choice Privileges is a reward program run by Choice Hotels (inclusive of comfort inn, quality, econolodge, etc...). They have an associated credit card through Barclays, and it doesn't look like it has an annual fee. This probably isn't what we'll be 'offered' to switch to. I believe there used to be a BoA version of this card, but was discontinued a while back.
Aug 21, 2011, 8:25 pm
#980
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Join Date: Jul 2003
Posts: 11,377
https://www.managerewardsonline.bank...home?mc=maxrwd
Aug 21, 2011, 8:49 pm
#981
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Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
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Platinum Privileges is the name of a Bank of America relationship banking program launched in January 2011, in a few markets. It includes reduced pricing on transactions made through Merrill Edge, which itself is a new service designed to compete with discount brokers such as Schwab.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
Aug 21, 2011, 10:30 pm
#982
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Join Date: Jul 2003
Location: Florida
Posts: 29,762
Platinum Privileges is the name of a Bank of America relationship banking program launched in January 2011, in a few markets. It includes reduced pricing on transactions made through Merrill Edge, which itself is a new service designed to compete with discount brokers such as Schwab.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
Given Fido's AMEX is also managed by FIA, I wonder how long that relationship would last. Or, put it this way, how long Fido still wants staying in credit card business. I am sure they got a cut of the transaction fee.
Aug 22, 2011, 5:53 am
#983
Join Date: Oct 2008
Location: New York, NY
Programs: Hilton, Hyatt, Marriott
Posts: 241
Unrelated to the above, but it's also possible that the new BofA Privileges card will be an Amex.
Aug 22, 2011, 7:33 am
#984
Join Date: Feb 1999
Location: Denver CO
Posts: 3,682
Platinum Privileges is the name of a Bank of America relationship banking program launched in January 2011, in a few markets. It includes reduced pricing on transactions made through Merrill Edge, which itself is a new service designed to compete with discount brokers such as Schwab.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
I speculate that they are introducing a new card which will require that the 2% be deposited in a Merrill Edge account.
I took a quick first look at the Merrill Edge fee schedule. Actually I took a long first look as the list of fees goes on and on.......
Maybe someone will find fertile ground there, but my guess is this is the end of the (ex) Schwab 2% card's usefullness. My only surprise is that FIA didn't make a move on this a long time ago.
Mid-October, if that is indeed the cut-off, doesn't leave much time to plan for Fall overseas travel. Those Chase cards with no for-ex fees will be handy until a new option can be put together.
Aug 22, 2011, 7:48 am
#985
Join Date: Oct 2008
Location: New York, NY
Programs: Hilton, Hyatt, Marriott
Posts: 241
Someone over at FatWallet got the scoop via web chat. Assuming this is correct, it's not looking pretty folks:
Direct link to message here -> http://www.fatwallet.com/forums/fina...263/#m16191263
- $75 Annual Fee (rebated for Platinum Privileges customers with >$50K in accounts with BofA and/or Merrill)
- 3% Foreign Exchange Transaction Fee
- 1 pt per dollar earn rate.
- 50% more cash back if you redeem for cash into BofA or Merrill accounts.
- Bonus points in rotating categories such as gas, travel, etc.
- "Concierge" service
Direct link to message here -> http://www.fatwallet.com/forums/fina...263/#m16191263
Last edited by islandguy84; Aug 22, 2011 at 8:22 am
Aug 22, 2011, 9:08 am
#987
Join Date: Jun 2009
Location: LAX
Posts: 6,769
Yeah. This is my backup card when my Amex isn't accepted. I now need another forex-free non-Amex card with hopefully no annual fee.
Aug 22, 2011, 10:48 am
#988
Join Date: Oct 2006
Programs: UA, bmi, AA, CO, DL, B6, AMEX, Hertz, Most Hotels
Posts: 3,002
Even though I happen to have a ML account, now that so many other cards have no ForEx fees, I say "Good riddance to bad rubbish"
Over the past 6 mos or so, this card has given me one hassle after another, including, putting a "security hold" on a sub $100 transaction for no discernible nor explained reason and eventually conceding that they screwed up a dispute investigation of another sub $100 charge, after months of misinformation and outright lies.
Over the past 6 mos or so, this card has given me one hassle after another, including, putting a "security hold" on a sub $100 transaction for no discernible nor explained reason and eventually conceding that they screwed up a dispute investigation of another sub $100 charge, after months of misinformation and outright lies.
Aug 22, 2011, 11:05 am
#989
Original Member
Join Date: May 1998
Location: Tampa, FL
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In the words of my 2 year old son....."it gone"!!!! That's one less card to worry about. Citi Premier card now firmly place in my wallet.
Aug 22, 2011, 6:22 pm
#990
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Join Date: Jan 2005
Location: home = LAX
Posts: 25,933
Yeah. This is my backup card when my Amex isn't accepted. I now need another forex-free non-Amex card with hopefully no annual fee.
http://www.flyertalk.com/forum/credi...tion-fees.html