Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
Mar 18, 2009, 9:05 am
#121
Join Date: Jun 1999
Location: NYC/LA
Programs: DL Plat, AA Plat Pro, Marriott Titanium, IHG Diamond Amb
Posts: 7,486
We offer a range of smart, convenient ways to manage the cash in your Schwab One brokerage account—including free online bill pay and no ATM fees.
* No ATM fees: We'll reimburse any fees you're charged at ATMs worldwide.1
1. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than an ATM cash withdrawal from your Schwab One account. Rebates are applied automatically when identified by ATM and network operators to Schwab as an eligible ATM fee. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Client Service Specialist for assistance. Schwab reserves the right to modify or discontinue the ATM fee rebate at any time.
Mar 18, 2009, 11:16 am
#122
Join Date: Jul 2003
Location: Seattle, WA
Programs: Marriott Titanium
Posts: 2,861
Becasue I didn't know about the savings account with 2% interest... How do I find out about this savings account?
Mar 18, 2009, 2:36 pm
#123
Join Date: Dec 2005
Location: NYC
Programs: SPG, AA, BA, CO, UA, US, B6, DL, Amex MR, HH
Posts: 1,009
Mar 18, 2009, 3:20 pm
#124
Join Date: Aug 2006
Location: ATL, BHM, DUB, County Wexford
Programs: DL DM, AA ExPlt, Diamond HH, HY, BW, & Titanium Elite Marriott
Posts: 4,863
When I said the brokerage ATM card had fees, I meant that the Visa debit card does have a 1% foreign transaction fee. (confirmed with customer service) The checking does not charge the fortran fee (confirmed with customer service).
Apr 12, 2009, 9:53 pm
#126
Join Date: Jan 2008
Programs: aa, onepass, skymiles
Posts: 116
Received our Schwab cc several months ago; have already been thru 2 billing cycles.
1st statement rewards came to some 300 pts, which actually got deposited about a month later -- seemed to be right after the payment due date for that statement.
Payment was easy enough -- set up a Bill Pay from my personal (outside) checking.
Seemed to post in about a day or two.
I subsequently opened a Schwab HiYield Savings account, paying 2%, so I can transfer my monthly cash rewards reight into that account.
One thing I really like is that charges seem to post almost immediately -- I mean under an hour so so. They first show up as pending, then after a few days turn into actual charges -- fascinating. I feel like it's almost real-time.
1st statement rewards came to some 300 pts, which actually got deposited about a month later -- seemed to be right after the payment due date for that statement.
Payment was easy enough -- set up a Bill Pay from my personal (outside) checking.
Seemed to post in about a day or two.
I subsequently opened a Schwab HiYield Savings account, paying 2%, so I can transfer my monthly cash rewards reight into that account.
One thing I really like is that charges seem to post almost immediately -- I mean under an hour so so. They first show up as pending, then after a few days turn into actual charges -- fascinating. I feel like it's almost real-time.
Apr 13, 2009, 12:57 pm
#127
Join Date: May 2005
Location: Oakland, CA
Programs: Silver Level: DL, Non-Elite: AS, UA, AA, WN
Posts: 745
schwab.com vs schwabbankcreditcard.com
Hi,
I just opened a Checking/Brokerage + Credit Card account and created 2 different profiles, one on the credit card site and on schwab.com. My impressions was that eventually that I would be able to see the credit card on the schwab website. The first agent told me that it just takes a statement until the linking can be complete. But, now that I've received my first statement, when I called, they transferred me a bunch of times and the last rep I spoke to said that you need to manage your credit card via schabbankcreditcard.com (that it's our only choice).
Anyone have any comments as to which rep was correct? I'd really prefer to have everything together for the sake of simplicity, but if it's not possible, well then I guess I'll deal with it.
Thanks!
I just opened a Checking/Brokerage + Credit Card account and created 2 different profiles, one on the credit card site and on schwab.com. My impressions was that eventually that I would be able to see the credit card on the schwab website. The first agent told me that it just takes a statement until the linking can be complete. But, now that I've received my first statement, when I called, they transferred me a bunch of times and the last rep I spoke to said that you need to manage your credit card via schabbankcreditcard.com (that it's our only choice).
Anyone have any comments as to which rep was correct? I'd really prefer to have everything together for the sake of simplicity, but if it's not possible, well then I guess I'll deal with it.
Thanks!
Apr 14, 2009, 1:17 pm
#128
Join Date: Jan 2003
Location: NYC
Posts: 8,498
I can see my brokerage, checking and credit account balances all through schwab.com. But when I click on the credit account balance to get more information, it opens schwabbankcreditcard.com in another window (although I don't have to put my password in again).
Schwab's website really is a clumsy mess. The new one is better than the old one, but it's still sub-standard.
Schwab's website really is a clumsy mess. The new one is better than the old one, but it's still sub-standard.
Apr 14, 2009, 2:58 pm
#129
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Apr 15, 2009, 5:59 am
#130
Join Date: Feb 1999
Location: Denver CO
Posts: 3,682
Schwab's website is fine to me. When I had a Fidelity branded credit card issued by MBNA, I had to go to the MBNA site to see my credit card transactions and it is the same with Schwab.
With 2% back and no forex fees, Schwab's new Visa is by far the best deal for foreign transactions. They are also first-class company with solid, U.S. based customer service. When I had an overseas ATM hit my account twice but only give me money once a few years back, Schwab stuck with me, kept filing protests with the overseas bank and got the issue settled in my favor. And, they left the disputed money in my account while the issue was debated,
I'd encourage people to ignore the complaints about nits and give this card a try.
With 2% back and no forex fees, Schwab's new Visa is by far the best deal for foreign transactions. They are also first-class company with solid, U.S. based customer service. When I had an overseas ATM hit my account twice but only give me money once a few years back, Schwab stuck with me, kept filing protests with the overseas bank and got the issue settled in my favor. And, they left the disputed money in my account while the issue was debated,
I'd encourage people to ignore the complaints about nits and give this card a try.
Apr 15, 2009, 9:23 am
#131
Join Date: Jul 2003
Location: Seattle, WA
Programs: Marriott Titanium
Posts: 2,861
Schwab's website is a little funky. The new website does a pretty good job of integrating the Brokerage company and the Bank. But credit cards are all farmed out to FIA. That is why you go out to a separate site when you do credit card stuff. It is a little odd, but if you understand it, then it all makes sense, and isn't a real limitation.
They have layered this all together pretty nicely - but there ARE layers. For example, there are multiple ways to make payments - from your brokerage account, your bank account, and from your credit card account. It would be nice if these were all integrated, and worked the exact same way. But it does add a bit of flexibility, so long as you can understand what is going on.
They have layered this all together pretty nicely - but there ARE layers. For example, there are multiple ways to make payments - from your brokerage account, your bank account, and from your credit card account. It would be nice if these were all integrated, and worked the exact same way. But it does add a bit of flexibility, so long as you can understand what is going on.
Apr 15, 2009, 11:14 am
#133
Suspended
Join Date: Oct 2004
Location: Bay Area
Programs: DL SM, UA MP.
Posts: 12,729
Let me ask, if you had a banking account at Chase or Citi or B of A, you'd go to their online banking sites.
Now if you had credit cards issued through those banks, do you use the same banking sites?
I wouldn't necessarily expect to.
Of course, I avoid those big banks (long before their current financial problems) so I'd get Visas issued through a regional S&L but I'd use the MBNA site to manage that Visa account, which is a completely different site from the S&L online banking site.
So really isn't a disconnect that Schwab site is different from the MBNA site which is used to manage the Schwab Visa.
Now if you had credit cards issued through those banks, do you use the same banking sites?
I wouldn't necessarily expect to.
Of course, I avoid those big banks (long before their current financial problems) so I'd get Visas issued through a regional S&L but I'd use the MBNA site to manage that Visa account, which is a completely different site from the S&L online banking site.
So really isn't a disconnect that Schwab site is different from the MBNA site which is used to manage the Schwab Visa.
Apr 15, 2009, 9:51 pm
#134
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,760
Yes, for Chase, Citi and BofA, the banking and credit cards can be access all from one single site.
My pet peeve with MBNA is, you cannot make payment for the same day - it has to be like 2 or 3 days in advance to schedule a payment for the day you want the payment posted.
With Citi you can schedule your payment as late as just before 5pm of a business day and the payment will be posted the same day.
With Chase you can even schedule your payment on a Saturday and the payment will be posted on Saturday.
I forgot how BofA worked - it has its own quirk, that is, if you use "pull method" you can only pay from BofA bank account. Of course you can use "push method" to pay from any bank account. The integration between BofA and MBNA never happens. BofA simply gave up after trying for a few months.
The only good thing about MBNA is they show the authorizations in itemized details so you know exactly what they are, instead of completely in the dark with Chase and Citi - the unreconcilable part among your credit limit, available credit, and the billed amount, is the lump sum of authorization. This can be very annoying when you have several prepaid hotel reservations, yet they do not hit your CC on time and you are left wondering, which hotels haven't actually billed you?
My pet peeve with MBNA is, you cannot make payment for the same day - it has to be like 2 or 3 days in advance to schedule a payment for the day you want the payment posted.
With Citi you can schedule your payment as late as just before 5pm of a business day and the payment will be posted the same day.
With Chase you can even schedule your payment on a Saturday and the payment will be posted on Saturday.
I forgot how BofA worked - it has its own quirk, that is, if you use "pull method" you can only pay from BofA bank account. Of course you can use "push method" to pay from any bank account. The integration between BofA and MBNA never happens. BofA simply gave up after trying for a few months.
The only good thing about MBNA is they show the authorizations in itemized details so you know exactly what they are, instead of completely in the dark with Chase and Citi - the unreconcilable part among your credit limit, available credit, and the billed amount, is the lump sum of authorization. This can be very annoying when you have several prepaid hotel reservations, yet they do not hit your CC on time and you are left wondering, which hotels haven't actually billed you?
Apr 18, 2009, 4:02 pm
#135
Join Date: Mar 2007
Programs: Hilton Diamond, AA 1MM
Posts: 245
summary so far:
For those people who are too busy to read all the 9 page long posts:
1. Why get Schwab visa?
Because it gives 2% cashback + 0% foreign transaction fee. 1.75% better than penfed visa, 1% better than cap1 and 2.7% better than starwood amex if you value spg at 2%.
2. Why get Schwab brokerage account?
Because the 2% cashback deposits to the brokerage account.
Why not? you will have to open one ultimately, but you can do it anytime before 5 years.
3. Why get Schwab checking account?
foreign fee for cash withdrawal is 0%, while Schwab brokerage debit card is at 1%. Other than that, the benefit is the same as Schwab brokerage debit card.
Why not? you don't have to deal with one more account, and one less thing to worry about. Also you save an inquiry for opening a checking account. Unless you withdraw $10K worth of foreign currency a year, your saving is less than 100 dollars.
I do 1 and 2, but skip 3.
1. Why get Schwab visa?
Because it gives 2% cashback + 0% foreign transaction fee. 1.75% better than penfed visa, 1% better than cap1 and 2.7% better than starwood amex if you value spg at 2%.
2. Why get Schwab brokerage account?
Because the 2% cashback deposits to the brokerage account.
Why not? you will have to open one ultimately, but you can do it anytime before 5 years.
3. Why get Schwab checking account?
foreign fee for cash withdrawal is 0%, while Schwab brokerage debit card is at 1%. Other than that, the benefit is the same as Schwab brokerage debit card.
Why not? you don't have to deal with one more account, and one less thing to worry about. Also you save an inquiry for opening a checking account. Unless you withdraw $10K worth of foreign currency a year, your saving is less than 100 dollars.
I do 1 and 2, but skip 3.