dayone

Not bad.

soitgoes

The NW card was converted to US Bank Flexperks. That is different than B of A. (And there is a fee-free US Bank Flexperks option with less generous point earning.)

amartin1979

Does the new BofA card hae a FOREX fee?

uszkanni

Like many others, I just received the BoA letter (I'm in CA). No details, just a brief description of their privacy policy. I'll wait until I see the full details but I'm guessing that they won't even be substantially similar to, much less better than the Schwab/FIA card.

Of course, does anyone really know if the exchange rate used by Schwab/FIA was competitive to a card which did charge forex fees? A 3% difference in exchange rate - which would have to be tied to not only the currency involved but also to, at least, the day/time the transaction was made - might be difficult to ascertain.

Happy

Schwab card's exchange rates are close to 0.01 to 0.03% difference comparing the historical Mean IntraBank rate of the day based on my experiences. This is THE card we use whenever we are abroad. Although we also have other 0% forex cards but this card gets all the usage unless it is declined. (happened twice in our Spring trip most likely due to the clerk / cashier swiped the card too quickly and repeatedly and nothing else.)

alemdohorizonte

i conducted several competitive head-to-head tests (latest one was late last year). here's a link to the thread:
http://www.flyertalk.com/forum/miles...l#post15430639

as you can see, the former schwab card was consistently right on or very near the official exchange rate--more so than any other card i tested.

i'm really going to miss this card. it served me very well.
on top of the 0% forex and 2% cash back, it is the only credit card that i have ever had that never declined any of my foreign transactions--even when i'd do crazy stuff like charging in 3 different countries in 24 hours. and, for the record, i never once called schwab (or fia) to alert them of my travel plans.

rip formerly-known-as-the-schab-visa-card. you are an irreplaceable, class act. i morn your loss and will leave the top slot in my wallet empty in your honor.

josephstern

I needed 8 bikes in Paris on the Velib system, and this card died after four - and that was with a phone call before the trip.

Moved on to my Chase Sapphire and had no problems, and did another round later in the week - Schwab wouldn't even do one; Chase did all eight.

pgary

The Household Bank Rewards MasterCards offers 2% cash back on all purchases.

• The rewards program is a points program. You need to spend a minimum of $1,250 to get your 2% of $25.
• There is a 0% Introductory APR offer on Purchases for 9 months.
• An Annual Fee of either $0 or $39 will apply, based on your creditworthiness.
• The card has a 3% FOREX fee.
• Read the info from clicking on the "Our Application Tab" to verify this process:
  • Fill out form.
  • They pre-approve based on what you say, telling what offer they will give you.
  • You accept it or not. If not, "no other creditor will know you applied with us".
  • So if they offer you the card with an annual fee, you can reject it.
• The card is issued by HSBC Bank of Nevada.
  

You may read about the card and apply for it on my website below in the Credit Cards > Free Cards > Annual Fee cards section.

A customer rep at the hard to find HSBC application number, 800-975-4722, told me that there is a Platinum Mastercard that gives 2% cash back statement credit with no annual fee. He had no script to read to me, but said he would email and snail mail me the terms and conditions of the offer. Half an hour later, no email received. Do to his manner, I do not trust this rep. But we shall see.

masonuc

Got the BOA letter. We're screwed. 2% was fun while it lasted. My replacement will be the Starwood AMEX. Maybe it will be a few months before BOA cancels the 2%. We'll see. Maybe we can make a stink under the new credit card rules or something. Ugh...

cardtracker

Got the letter a few days ago. Called CS and spent about 10 minutes grilling the rep on when the card switch would occur (approx Nov) as well as whether the new card would be 2% cash back. This is where the conversation got interesting.

He indicated that based upon the demographic of each customer the customer would be presented with a choice of cards when the switch occurs. Apparently, there is only one card that will offer 2% cash back and you're not guaranteed that will be one of your choices when the switch occurs.

I expressed to him that I thought the BofA mailing was poorly written and crap customer service

CaptainMiles

I can make it simple for them. If among the choices I am offered there isn't one for 2% rebate and no forex fee, my answer will be "none of the above".

JEFFJAGUAR

We're all smart enough to understand what's going on. About 3 or 4 years ago, I was on a travel board and we were discussing credit cards and no for ex fee cards and naturally enough the subject of Capital One came up. And I explained how Capital One not only didn't have a foreign exchange fee (since of course becoming a foreign transaction fee with many of the near criminal banks that think such fees are appropriate) and ate the 1% visa/mc part of the fee. Somebody told me in no uncertain terms this was a come on and that no bank could afford to eat the 1% fee. Of course we all understand that the lack of foreign transaction fees is what sets the Capital One cards apart from most other credit cards and that the income they derive from people using the card offsets the loss from eating the 1% fee.

It is the same, of course, with the FIA soon to be retired apparently card. Once Schwab got rid of it (it was an inducement of course to use the Schwab brokerage account and also to use the card), as long as charging volume increased and remained high, it was worth it. But as soon as they stopped accepting applications for the card, growth of use of the card probably began going down and the bean counters realized that and began looking for ways to offset the rebates and came to the conclusion it was no longer econmically viable for them to give a 2% rfebate, eat the 1% visa/mc fee. As simple as that. It was inevitable.

AdamS

Anyone know what is the last day for the 2% cash back? Or will it vary by customer? I need to pay property taxes that are due on Oct. 15. The county only charges 1.4% fee to put the taxes on a VISA/MC, so I actually come out ahead.

jamflyer

Fatwallet postings said 12/17.

Mountain Trader

To me, 2% cash back is better than earning miles unless I'm spending to get a bonus, such as a sign-up offer with a lot of miles. The past two years have involved a lot of those bonuses, but I have still charged a lot on my Schwab Visa during the gaps.

Instead of 2% cash back and no forex on one no fee card, I would settle for 2 no fee cards, one with high cash back (stay on the hunt for those 2%ers, Gary), and another with no forex. A couple of years back, getting no forex was getting tougher, but Chase has several usable cards now.

Looking back over the last 10 years, I think I have always had at least one card with no forex fees. For a while, it was Cap One, and while I know their terms are attractive, I'm really hoping I don't have to jump back in bed with them.

One other observation-I don't disparage BofA for dumping the Schwab card. As I've posted in the past, I'm surprised they kept it this long-they couldn't have made much if anything on that card.

I wonder what BofAs card strategy is-they obviously aren't serious players in the airline business. Do they have other market segments where they lead?