Grrrrrr....we've had Schwab accounts I think since the beginning of time and I had to hear about the new 2% Visa here on FT. Received mine but then try to pay, ha! I had deliberately charged a large amount because of the 2% and they said I could only pay $375 from my non-Schwab bank account and I needed to be "verified" to which I did not agree online or via email. I paid it from my bank's billpay and yet they did the deposit/withdrawal from my bank account AND did not "confirm" my bank account. Nor have I received the 2% rebate on a statement that closed 1/14.

I hope this is just a glitch as well but our son lost his ATM card which we reported 12/31 and again 1/15 and finally received a replacement late this month. And it did not work. When we called they said, oh, it won't work for 24 hours although the phone said it was now active.

I received and finally read my t&c's for my high yield debit card. It does in deed have no additional fees. But the t&c has a clause regarding foreign exchange fees that bothers me.

Update: still have not received the 2% which CSR said would post tonight. Even though my statement closes 1/14 it is the next month before the cash back occurs. Forgot to ask if I could change statement date to 1/28.

Also, they insist on doing the bank confirm thing even from your Schwab One brokerage account! So I cannot pay on their website without the full busybody treatment and would have to use the Schwab billpay or my bank's billpay instead. I had the CSR remove my bank account which is still showing unconfirmed.

Also, you cannot download transactions into Quicken until the statement closes instead of daily like Amex.

I recently opened an account as well and found the online Billpay fairly straightforward. Yes, it is somewhat annoying to have to "confirm" the deposits that go into your checking account, as other card issuers do not require this, but may I ask why you have refused to do so? I certainly don't see any security risk in confirming the two micro-deposits.

I don't want them nosing into my accounts. Paypal does this and I refuse to use them, either. I have dozens of credit cards and no need to put up with this.

How is making two deposits to your account 'nosing'? You want them to withdraw money from your account; having them make two small deposits and then have you verify the amounts seems like a good way of verifying ownership/access.

Just got back from a trip to canada, and I can report that the posted USD amount tracks with the XE.com rate (though not at the exact time) to <0.2%, which I'd consider close enough to 0 given the fluctuations in FX rates anyways.

I was trying to pay them $2500 and they wouldn't let me without nosing in my account! Ridiculous. Why did they give me a card with a $35K limit if they don't trust me to have money in the account I am paying from? They would let me pay the minimum, of course. :td:

Making deposits INTO an account doesn't tell them anything about the balance of it. It tells them it exists and you have access to it (b/c you can confirm the amounts).

Well, Amex, US Bank, BofA, Capital One and Chase all trust me to pay from multiple accounts without being busybodies and I will do my charging with them instead.

Any one receiving their cash back?
 

My statement closes mid-month and on the credit card page it appears that they have processed the points transfer. However, I still don't see the deposit into my schwab account. Not that it matters THAT much, but until I get that first deposit, I'm not going to feel like the card really works.

On the other hand, they manage to process payments pretty quickly. :)

I'm not sure if the following from the FAQs tells us much, but it may mean that we will not receive our cash back until after the first complete statement cycle, which, depending on timing, may be after the second statement cuts.

When will I get my cash rewards?
Your cash rewards will be automatically deposited once a month into your Schwab One account, during the last business day of each month. After you open your account, it may take one statement cycle before you start receiving your cash rewards.

No, and their CSR assured me yesterday that my January rebate would be in my account this morning.

FYI: First stmt closed on 1/13 and the cash rebate hit my account 2/2. About 20 days.

My first statement closed 1/7/09 and my cash back posted to SchwabOne today (2/3/09).