Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Sep 11, 2011, 10:38 pm
#1096
Join Date: Feb 1999
Location: Denver CO
Posts: 3,682
I too find the indignation in some of these posts amusing. Get mad all you want but B of A just made a business decision, and in my view probably the right one, namely that they can't make money giving 2% cash back on a no annual fee, no forex fee card. Those terms were why so many of us liked it-you see what we get the bank doesn't-it's called a zero sum game. They finally woke up and did something and so it's time to move to the next deal. But just don't take it personally, ok?
As for the person allegedly worth 100MM, well I know that world and if that customer isn't already a client of B of A's private bank, then he or his team must just be miliking the 2% card for the rebate, in which case B of A may be happy to say adios. Unrequited love is bush league.
So where to go from here? Not sure yet, though the Chase Sapphire offers no forex until I figure that out. I had a Cap One card a few years back and I found "No Hassles" to be a title, not a description, but that was a few years ago and maybe I should take another look.
Don't take it personally, folks, and don't get upset. Just toss it in the shredder and open the next window.
As for the person allegedly worth 100MM, well I know that world and if that customer isn't already a client of B of A's private bank, then he or his team must just be miliking the 2% card for the rebate, in which case B of A may be happy to say adios. Unrequited love is bush league.
So where to go from here? Not sure yet, though the Chase Sapphire offers no forex until I figure that out. I had a Cap One card a few years back and I found "No Hassles" to be a title, not a description, but that was a few years ago and maybe I should take another look.
Don't take it personally, folks, and don't get upset. Just toss it in the shredder and open the next window.
Sep 11, 2011, 10:43 pm
#1097
Join Date: Jul 2007
Posts: 1,762
Any bank that imposes a foreign transaction fee on a credit card is performing a near criminal act namely charging for a service it is not providing as it has nothing to do with the foreign conversion nor does it have any foreign currency risk. This is one fee the government should outlaw.
Sep 11, 2011, 11:35 pm
#1098
Join Date: Apr 2001
Posts: 1,223
altnernative FIA cards?
I doubt I'll be happy with 1% cashback, so I'll want to switch to something else.
I have a huge credit limit on the Schwab card which I wont want to abandon because I have a high spend for business reasons.
That means I should choose from another FIA card. Maybe they will allow me to simply convert the schwab card (or whatever they will give me) into a different card. At minimum I know they allow moving credit lines between cards (I've moved my BofA visa credit limit to the schwab card already), in which case I'll just apply for a new card and then transfer my credit limit there.
So the question is, if we look exclusively at FIA cards, which is the best one out there?
After much searching I found this credit card finder https://www.bankofamerica.com/credit...id=card_finder
Of course I know the best choice will depend on each of our situations, but it might be useful to have a discussion of the pros and cons of the FIA/BofA cards.
I have a huge credit limit on the Schwab card which I wont want to abandon because I have a high spend for business reasons.
That means I should choose from another FIA card. Maybe they will allow me to simply convert the schwab card (or whatever they will give me) into a different card. At minimum I know they allow moving credit lines between cards (I've moved my BofA visa credit limit to the schwab card already), in which case I'll just apply for a new card and then transfer my credit limit there.
So the question is, if we look exclusively at FIA cards, which is the best one out there?
After much searching I found this credit card finder https://www.bankofamerica.com/credit...id=card_finder
Of course I know the best choice will depend on each of our situations, but it might be useful to have a discussion of the pros and cons of the FIA/BofA cards.
Sep 12, 2011, 7:51 am
#1099
Join Date: Mar 2003
Location: EWR Ionosphere Club, LAX Clipper Club, Still Traveling Global, yearly BIS miles
Programs: EAL Silver Wings, I-Club, Flying Colonels DL, WorldPass PLat from the olde Meatball and PE SMARTbank
Posts: 1,987
As Soitgoes points out, this card is a money loser for the owner. That is primarily the reason Schwab sold it because this "loss leader" did not produce the hoped for result by attracting people to invest with Schwab even though they had to open a Schwab account in order to receive the rebate.
It is not FIA "take over," it is Schwab SOLD the card. Schwab does not want to be in the CC business. Your rebate depositing back to Schwab account really is just a SHAM - there is NO real relationship other than the new owner BofA (FIA is a sub) decided to maintain status quo until they come up with a strategy to transform the card.
I honestly dont understand what is the worth in the name, when the name has already sold the card out right to a new owner.
Also, what is the value of the rebate going back to Schwab account? A lot of people here promptly changed it to another bank once FIA "took over", or in reality, Schwab sold the business. Obviously there is no value to many to have the rebate deposited to Schwab account.
It is not FIA "take over," it is Schwab SOLD the card. Schwab does not want to be in the CC business. Your rebate depositing back to Schwab account really is just a SHAM - there is NO real relationship other than the new owner BofA (FIA is a sub) decided to maintain status quo until they come up with a strategy to transform the card.
I honestly dont understand what is the worth in the name, when the name has already sold the card out right to a new owner.
Also, what is the value of the rebate going back to Schwab account? A lot of people here promptly changed it to another bank once FIA "took over", or in reality, Schwab sold the business. Obviously there is no value to many to have the rebate deposited to Schwab account.
This cc was great because it was a time saver to not worry abut churning, chg categories, other nonsense etc.
I bet that BofA default rate with this card is very low.
So what is the name of the new 2% cc that some cus are getting?
Last edited by frank_10b; Sep 12, 2011 at 8:07 am
Sep 12, 2011, 8:49 am
#1100
Join Date: Apr 2005
Location: ATL
Posts: 802
NOt getting that $1000 isn't what's going to put him towards bankruptcy or prevent him from making the next $100 million. Doubtful that he made that fortune from credit card rewards.
Maybe if the extra $1000 is an issue (hard to imagine it would be to most sane people or anyone who can do a little math), he should charge and spend less.
Maybe if the extra $1000 is an issue (hard to imagine it would be to most sane people or anyone who can do a little math), he should charge and spend less.
Sep 12, 2011, 11:35 am
#1101
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Any bank that imposes a foreign transaction fee on a credit card is performing a near criminal act namely charging for a service it is not providing as it has nothing to do with the foreign conversion nor does it have any foreign currency risk. This is one fee the government should outlaw.
Except C1, all big banks impose forex fee even they do have some cards dont have forex fee in the mix.
If you dont like it, and the government likely would not do a thing about it (we are still waiting the settlement from what? 3 years ago?), then bank with some entity that does not impose the 3% forex fee.
Sep 12, 2011, 11:36 am
#1102
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Sep 12, 2011, 11:37 am
#1103
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Schwab cs is very good, ATM rebates, 0 foreign tran fees on ATM w/d
This cc was great because it was a time saver to not worry abut churning, chg categories, other nonsense etc.
I bet that BofA default rate with this card is very low.
So what is the name of the new 2% cc that some cus are getting?
This cc was great because it was a time saver to not worry abut churning, chg categories, other nonsense etc.
I bet that BofA default rate with this card is very low.
So what is the name of the new 2% cc that some cus are getting?
Last edited by Happy; Sep 12, 2011 at 11:43 am
Sep 12, 2011, 11:54 am
#1104
Join Date: Mar 2007
Location: CLE
Programs: UA Gold, HH Diamond, Marriott Gold
Posts: 3,661
I got my second letter today (the first was just the notice that the card is changing). The second card just says that travel accident ins us reduced, no ID theft recovery and no price protection. No mention of forex, cash back, fees.
Is a third letter coming? When will they tell me the important stuff?
Is a third letter coming? When will they tell me the important stuff?
Sep 12, 2011, 2:58 pm
#1105
Join Date: Jul 2007
Posts: 1,762
Talk to your government then.
Except C1, all big banks impose forex fee even they do have some cards dont have forex fee in the mix.
If you dont like it, and the government likely would not do a thing about it (we are still waiting the settlement from what? 3 years ago?), then bank with some entity that does not impose the 3% forex fee.
Except C1, all big banks impose forex fee even they do have some cards dont have forex fee in the mix.
If you dont like it, and the government likely would not do a thing about it (we are still waiting the settlement from what? 3 years ago?), then bank with some entity that does not impose the 3% forex fee.
Sep 12, 2011, 5:45 pm
#1106
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
2nd letter came today, like others, I got the options between the 1/2/3% BofA card and the Prestige Card. $1500 cap on spend per quarter on the combined 2/3% categories - $500 a month combined total on grocery and gasoline - that is way low for many households.
The Prestige card version I got is 1% on everything with 3x in rotating categories each quarter.
50% more cash when points are redeemed for cash into a BofA or Merrill account. So at best this is just a 1.5% rebate card.
However, it is confusing that it also have "redemption options".
Cash back on travel, merchandise, gift cards or Ultimate Access rewards - so it is basically a copycat of C1 Venture, and borrowed the word from Chase' Ultimate Reward.
The $75 fee has a "rebated first year" notation but I have no clue how does that work and frankly no inclination to read the ultra small fine print at the back of the letter.
BofA marketing dept is pathetic - first to copy C1 Venture card's features, then to borrow Chase' program name...
Among our cards, the grandfathered 0 fee old Citi PPE, now Citi Premier looks better and better - while it is a 1% on spend, when flight points are matched, it becomes 2%, and when used to redeem flights, it becomes 2.67%. 0% forex fee, travel interruption insurance, and the usual CDW, purchase protection, etc.
Already have SPG, AMEX PRG, Chase Freedom from several years ago, Sapphire Preferred, Priority Club, Continental OnePass Plus (this one may go when anniversary is up next year), and a few Citi card varieties. Therefore basically I will just take this conversion, only use it for gasoline and may be grocery just so I can keep the history and the credit line.
The Prestige card version I got is 1% on everything with 3x in rotating categories each quarter.
50% more cash when points are redeemed for cash into a BofA or Merrill account. So at best this is just a 1.5% rebate card.
However, it is confusing that it also have "redemption options".
Cash back on travel, merchandise, gift cards or Ultimate Access rewards - so it is basically a copycat of C1 Venture, and borrowed the word from Chase' Ultimate Reward.
The $75 fee has a "rebated first year" notation but I have no clue how does that work and frankly no inclination to read the ultra small fine print at the back of the letter.
BofA marketing dept is pathetic - first to copy C1 Venture card's features, then to borrow Chase' program name...
Among our cards, the grandfathered 0 fee old Citi PPE, now Citi Premier looks better and better - while it is a 1% on spend, when flight points are matched, it becomes 2%, and when used to redeem flights, it becomes 2.67%. 0% forex fee, travel interruption insurance, and the usual CDW, purchase protection, etc.
Already have SPG, AMEX PRG, Chase Freedom from several years ago, Sapphire Preferred, Priority Club, Continental OnePass Plus (this one may go when anniversary is up next year), and a few Citi card varieties. Therefore basically I will just take this conversion, only use it for gasoline and may be grocery just so I can keep the history and the credit line.
Last edited by Happy; Sep 12, 2011 at 6:51 pm Reason: Add additional thoughts.
Sep 12, 2011, 5:53 pm
#1107
Suspended
Join Date: Aug 2011
Posts: 364
2nd letter came today, like others, I got the options between the 1/2/3% BofA card and the Prestige Card. $1500 cap on spend per quarter on the combined 2/3% categories - $500 a month combined total on grocery and gasoline - that is way low for many households.
The Prestige card version I got is 1% on everything with 3x in rotating categories each quarter.
50% more cash when points are redeemed for cash into a BofA or Merrill account. So at best this is just a 1.5% rebate card.
However, it is confusing that it also have "redemption options".
Cash back on travel, merchandise, gift cards or Ultimate Access rewards - so it is basically a copycat of C1 Venture, and borrowed the word from Chase' Ultimate Reward.
The $75 fee has a "rebated first year" notation but I have no clue how does that work and frankly no inclination to read the ultra small fine print at the back of the letter.
BofA marketing dept is pathetic - first to copy C1 Venture card's features, then to borrow Chase' program name...
Among our cards, the grandfathered 0 fee old Citi PPE, now Citi Premier looks better and better - while it is a 1% on spend, when flight points are matched, it becomes 2%, and when used to redeem flights, it becomes 2.67%. 0% forex fee, travel interruption insurance, and the usual CDW, purchase protection, etc.
The Prestige card version I got is 1% on everything with 3x in rotating categories each quarter.
50% more cash when points are redeemed for cash into a BofA or Merrill account. So at best this is just a 1.5% rebate card.
However, it is confusing that it also have "redemption options".
Cash back on travel, merchandise, gift cards or Ultimate Access rewards - so it is basically a copycat of C1 Venture, and borrowed the word from Chase' Ultimate Reward.
The $75 fee has a "rebated first year" notation but I have no clue how does that work and frankly no inclination to read the ultra small fine print at the back of the letter.
BofA marketing dept is pathetic - first to copy C1 Venture card's features, then to borrow Chase' program name...
Among our cards, the grandfathered 0 fee old Citi PPE, now Citi Premier looks better and better - while it is a 1% on spend, when flight points are matched, it becomes 2%, and when used to redeem flights, it becomes 2.67%. 0% forex fee, travel interruption insurance, and the usual CDW, purchase protection, etc.
Sep 12, 2011, 6:11 pm
#1108
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Sep 12, 2011, 6:41 pm
#1110
Join Date: Jun 2009
Location: LAX
Posts: 6,769
I'm probably going to get a Chase Freedom or some other no fee card that I can use only when my Amex is not accepted. I'm even willing to take the forex hit so long as I get decent rewards, since I'll be using my Amex Plat most of the time when traveling.