Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Aug 23, 2011, 10:26 am
#991
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
Wishful thinking of BofA and its ML Unit
Yeah I know they have to fleece customers in every possible way to help the continuous hefty losses from the mortgage side...
But whoever the team that dreams up this scheme is going to be shocked to see the number of cancellation of the old card.
There are so many forex free cards out there, some of them with very low cost to keep such as the Chase Priority Club card with only $49 annual fee paid off by an annual free night cert for any IHG hotel around the world.
There are plenty of cards that earn 2x in selective categories with 1st year fee waived. Often the 2nd year fee is waived or reduced. One can also rotate among those cards...
Who in the world would keep this card for the "Prestige"?!
But whoever the team that dreams up this scheme is going to be shocked to see the number of cancellation of the old card.
There are so many forex free cards out there, some of them with very low cost to keep such as the Chase Priority Club card with only $49 annual fee paid off by an annual free night cert for any IHG hotel around the world.
There are plenty of cards that earn 2x in selective categories with 1st year fee waived. Often the 2nd year fee is waived or reduced. One can also rotate among those cards...
Who in the world would keep this card for the "Prestige"?!
Aug 23, 2011, 10:40 am
#992
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
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.
It took 30 minutes and still not able to get through Fraud Dept. Totally not worth the hassle. I ended up paying the shop a check. Came home to call again and wasted another 45 minutes to find out they did put a hold on the $150 charge.
The transition from Schwab to FIA was handled very poorly - we had not learned anything from any official channel prior to the switch over - everything was drips and dabs from the grapevines.
Since we have enough travel expenses to redeem statement credit at 2% rate with C1 - so it can be our temporary day to day card until the anniversary.
If you have enough cards that have continuous anniversary dates from the 1st year fee waived period, you can extend your time till the better options surface.
Many cards now give 2x on Gas and Grocery, plus dining - this should cover 50% or more of one's day to day spending for the majority of people.
Aug 23, 2011, 1:22 pm
#993
Join Date: Oct 2004
Location: NYC
Programs: AS MVP Gold, BA Silver, AA Gold, Marriott Titanium, Hyatt Globalist
Posts: 1,619
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 23, 2011, 5:15 pm
#994
Suspended
Join Date: Oct 2004
Location: Bay Area
Programs: DL SM, UA MP.
Posts: 12,729
I've had problems once or twice, including the time they replaced the card for everyone.
This is in over 2 years. I've used the card for everything including major purchases, not just everyday expenses.
I'd miss it if it were gone. But this thread is approaching 3 years and there have been predictions about the demise several times. Hope the latest ones are wrong too.
This is in over 2 years. I've used the card for everything including major purchases, not just everyday expenses.
I'd miss it if it were gone. But this thread is approaching 3 years and there have been predictions about the demise several times. Hope the latest ones are wrong too.
Aug 25, 2011, 1:59 pm
#995
Join Date: Oct 2008
Location: BOS
Programs: AmEx Gold PR, BoA Plat Priv
Posts: 73
Assuming this is correct, it's not looking pretty folks:
- $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
Aug 25, 2011, 3:04 pm
#996
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
Bank of America launched their Platinum Privileges program, which recognizes and rewards customers for their banking relationships. Customers qualify for the rewards when their relationship includes at least $50,000 in deposits and/or investments with Bank of America, plus a checking or brokerage account. Customers with Platinum Privileges qualify for the new Platinum Money Market Savings account with rates as high as .60% and higher rates on the 7, 12, and Opt-Up 18-month term CDs. The new program is only available in Arizona, Georgia, and Massachusetts.
Aug 25, 2011, 9:41 pm
#997
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
Aug 25, 2011, 11:35 pm
#998
Moderator: Alaska Mileage Plan
Join Date: Feb 2005
Posts: 12,318
Still no receipt or report of the rumored mailings announcing the "change."
Originally Posted by fatwallet.com on 8/21/2011
Just spoke w/ an FIA rep. Letters going out tomorrow offering card holders opportunity to switch by 10/15 to a BofA Privileges card, still (supposedly) w/ 2%.
Aug 27, 2011, 12:28 pm
#999
Join Date: Jan 2005
Programs: UA GOLD MM,WN CP A+list, HH Gold,MR LT Titanium
Posts: 2,184
It also says that soon I will be receiving more details about the replacement card and other services from B of A.
Personally, I detest B of A,so unless the terms of the new card remain at 2% rebate into an account of my choice,along with no forex fees,which is all unlikely, this card is done for me.
Aug 28, 2011, 1:16 am
#1000
Join Date: Nov 2004
Location: Los Angeles, CA; Philadelphia, PA
Programs: OZ Diamond
Posts: 6,139
I received a letter today.It states that my current card will be replaced by a "new Bank of America credit card"
It also says that soon I will be receiving more details about the replacement card and other services from B of A.
Personally, I detest B of A,so unless the terms of the new card remain at 2% rebate into an account of my choice,along with no forex fees,which is all unlikely, this card is done for me.
It also says that soon I will be receiving more details about the replacement card and other services from B of A.
Personally, I detest B of A,so unless the terms of the new card remain at 2% rebate into an account of my choice,along with no forex fees,which is all unlikely, this card is done for me.
LAX