Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Sep 18, 2011, 6:06 pm
#1173
Join Date: Sep 2010
Location: Cypress Hills Research Center
Posts: 5,295
No, this is not true. Some of us, myself included, have posted that we received an actual mailing from BOA, outlining the reductions in benefits, and the 3% forex fee. For me, it the second mailing I received after the initial "your card is changing" letter. The latest letter also said I needed to mail back acceptance of the annual fee card if that was the replacement I wanted. Both card options they offered me had the 3% forex fee stated in black and white.
Sep 18, 2011, 6:19 pm
#1174
Join Date: Dec 2009
Location: DCA
Posts: 814
Yes, with the letter I got there was a separate T&C fact sheet. It was not mentioned in the letter, but was on the separate T&C fact sheet that was enclosed. Also enclosed was a postage-paid envelope and card election form, for choosing the annual fee Visa.
Sep 18, 2011, 9:22 pm
#1175
Join Date: Jul 2010
Programs: AA, DL, SPG, Hyatt
Posts: 313
But if you are set on having it eventually canceled, I would recommend doing it yourself. If you never activate it, BofA will eventually close it...it's always better to have accounts "closed by consumer" rather than by the creditor.
Sep 18, 2011, 10:07 pm
#1176
Join Date: Sep 2010
Location: Cypress Hills Research Center
Posts: 5,295
Thanks for the info. I only got a cover letter describing the changes and a second page with a brief comparison of the Cash Rewards vs Privileges card. The second page had a detachable form at the bottom to fill out if I wanted to select the Privileges card. Neither the letter nor the card comparson page mentioned forex fees. Maybe there was a third page which was mistakenly not included in everyone's mailings.
Sep 19, 2011, 12:01 am
#1177
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,740
Thanks for the info. I only got a cover letter describing the changes and a second page with a brief comparison of the Cash Rewards vs Privileges card. The second page had a detachable form at the bottom to fill out if I wanted to select the Privileges card. Neither the letter nor the card comparson page mentioned forex fees. Maybe there was a third page which was mistakenly not included in everyone's mailings.
I have not received the 3rd letter yet.
This conversion seems like a mucked up job judged by all these separate mailings. Why mail 3 different letters to give customer a little bit information at a time?!
Sep 19, 2011, 3:16 am
#1178
Join Date: Apr 2006
Location: LIS/ATL/other
Programs: UA 1K, Avis PC, Hertz PC, Sixt Plat, Marriott Gold, HH Silver
Posts: 1,983
Why cancel it or not activate it? Why not just activate it and put it away and never use it? That way you can let the account age and help improve your credit score.
But if you are set on having it eventually canceled, I would recommend doing it yourself. If you never activate it, BofA will eventually close it...it's always better to have accounts "closed by consumer" rather than by the creditor.
But if you are set on having it eventually canceled, I would recommend doing it yourself. If you never activate it, BofA will eventually close it...it's always better to have accounts "closed by consumer" rather than by the creditor.
Sep 19, 2011, 11:45 am
#1179
Join Date: Jan 2003
Location: NYC
Posts: 8,498
I got three letters so far:
1) We have some "exciting" new changes. Stay tuned.
2) Your 2% cash back benefit ends at the end of October. But we're going to send you an "exciting" new card that gives you 1% cash back (1.1% if you have a BofA checking account). Or you can pay a hefty annual fee and get 1.5% cash back if you have a BofA checking account. We'll send you full details when we mail you the card, but you have to decide now which card you want before we tell you those details.
3) While we're at it, we're also reducing your travel accident insurance and taking away ID theft recovery and purchase protection. We're not going to make it clear whether this only applies to the old FIA card (if you keep using it after the 2% cash back benefit ends) or whether it relates to one of the new BofA cards we're going to send you. Because we like keeping things interesting.
None of these said anything about forex fees, nor did they include any inserts saying anything about forex fees that I saw.
1) We have some "exciting" new changes. Stay tuned.
2) Your 2% cash back benefit ends at the end of October. But we're going to send you an "exciting" new card that gives you 1% cash back (1.1% if you have a BofA checking account). Or you can pay a hefty annual fee and get 1.5% cash back if you have a BofA checking account. We'll send you full details when we mail you the card, but you have to decide now which card you want before we tell you those details.
3) While we're at it, we're also reducing your travel accident insurance and taking away ID theft recovery and purchase protection. We're not going to make it clear whether this only applies to the old FIA card (if you keep using it after the 2% cash back benefit ends) or whether it relates to one of the new BofA cards we're going to send you. Because we like keeping things interesting.
None of these said anything about forex fees, nor did they include any inserts saying anything about forex fees that I saw.
Sep 19, 2011, 11:49 am
#1180
Join Date: Jun 2009
Location: LAX
Posts: 6,769
I got three letters so far:
1) We have some "exciting" new changes. Stay tuned.
2) Your 2% cash back benefit ends at the end of October. But we're going to send you an "exciting" new card that gives you 1% cash back (1.1% if you have a BofA checking account). Or you can pay a hefty annual fee and get 1.5% cash back if you have a BofA checking account. We'll send you full details when we mail you the card, but you have to decide now which card you want before we tell you those details.
3) While we're at it, we're also reducing your travel accident insurance and taking away ID theft recovery and purchase protection. We're not going to make it clear whether this only applies to the old FIA card (if you keep using it after the 2% cash back benefit ends) or whether it relates to one of the new BofA cards we're going to send you. Because we like keeping things interesting.
None of these said anything about forex fees, nor did they include any inserts saying anything about forex fees that I saw.
1) We have some "exciting" new changes. Stay tuned.
2) Your 2% cash back benefit ends at the end of October. But we're going to send you an "exciting" new card that gives you 1% cash back (1.1% if you have a BofA checking account). Or you can pay a hefty annual fee and get 1.5% cash back if you have a BofA checking account. We'll send you full details when we mail you the card, but you have to decide now which card you want before we tell you those details.
3) While we're at it, we're also reducing your travel accident insurance and taking away ID theft recovery and purchase protection. We're not going to make it clear whether this only applies to the old FIA card (if you keep using it after the 2% cash back benefit ends) or whether it relates to one of the new BofA cards we're going to send you. Because we like keeping things interesting.
None of these said anything about forex fees, nor did they include any inserts saying anything about forex fees that I saw.
Sep 19, 2011, 2:08 pm
#1181
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,740
FIA website has been down since Sunday
It said it is down for maintenance when I went there on Sunday. This afternoon the same message remains - this is a Monday Afternoon and they are doing maintenance?!
Calling customer service now and has been on hold over 10 minutes already...
Calling customer service now and has been on hold over 10 minutes already...
Sep 19, 2011, 2:58 pm
#1182
Join Date: Jun 2009
Location: LAX
Posts: 6,769
It was up yesterday when I was checking my account and to pay my bill.
Sep 19, 2011, 10:12 pm
#1183
Join Date: Nov 2010
Location: SFO/SJC
Posts: 226
And several Chase cards and two CapitalOne. None of them have this feature.
Sep 20, 2011, 9:39 am
#1184
Join Date: Jun 2011
Location: Flyover Territory
Programs: Hilton Diamond
Posts: 687
won't it just continue as same account?
Why cancel it or not activate it? Why not just activate it and put it away and never use it? That way you can let the account age and help improve your credit score.
But if you are set on having it eventually canceled, I would recommend doing it yourself. If you never activate it, BofA will eventually close it...it's always better to have accounts "closed by consumer" rather than by the creditor.
But if you are set on having it eventually canceled, I would recommend doing it yourself. If you never activate it, BofA will eventually close it...it's always better to have accounts "closed by consumer" rather than by the creditor.
If new account, I will definitely close
Anita
Sep 20, 2011, 10:03 am
#1185
Join Date: Jul 2010
Programs: AA, DL, SPG, Hyatt
Posts: 313
My understanding is that the old account information will rollover to the new BofA card, with all of your history from the FIA account shown on the new BofA account. If I'm wrong, someone please chime in. So in essence, you would be keeping your credit history and adding to the age of your account.