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Schwab Invest Visa? 2% cash back on everything? [Discontinued card]

Schwab Invest Visa? 2% cash back on everything? [Discontinued card]

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Old Dec 4, 08, 12:48 pm
  #1  
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Schwab Invest Visa? 2% cash back on everything? [Discontinued card]

I saw user icbkcnbjicc post this card in another thread about good credit cards for international charges.

Does anyone have this card? It looks like 2% cash back on everything straight to your Schwab account.

http://www.schwab.com/public/schwab/...l2=credit_card

Looks very compelling! Thoughts and experience? Thanks
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Old Dec 4, 08, 2:56 pm
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The T&C fine print does not mention anything about the FX fee

While on the front page it said No Annual Fee and No Foreign Transaction Fee, it does not mention it at all in the detailed T&C.

I have a Schwab Visa from 2 years ago (still have, but hardly use it), that started with 0 FX Transaction Fee. After FIA (Unit of MBNA) was purchased by BofA, it started charging FX fee since last year.

Unless the 0 FX fee is explicitly spelled out in the T&C, I would be a bit skepticle, though 2% cash back is better than Fidelity's version.
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Old Dec 4, 08, 6:15 pm
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I believe this card is brand new. I know they had a similar card w/ 1 1/2% cashback? We got notice of it earlier in the week from Schwab (my firms broker/dealer). You must open a Schwab account and the cash back will be deposited at the end of each month.

ETA: My firm was told NO FEE.
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Old Dec 5, 08, 6:48 am
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Schwab Bank Invest First™ Visa Signature® credit card

Now there's an easier way to invest for the future. The Schwab Bank Invest First™ card gives you unlimited 2% cash back on every purchase, automatically deposited into a Schwab One® brokerage account each month.

No cash back limits. No minimums. No annual fee.


There's no limit on the cash back you can earn.

No minimum monthly purchase amount.

And no annual fee or foreign exchange transaction fees.
Enjoy additional Visa Signature® benefits if you qualify.


If you qualify for a credit line of $5,000 or more, you'll enjoy complimentary premium benefits including Visa Signature Dining with Zagat ratings and reviews, Visa Signature Access to exclusive events, and no preset spending limits.1
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Old Dec 5, 08, 1:46 pm
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Received offer in mail yesterday. This is the card I've been waiting for. It is 2% back on all charges, no annual fee, no international transaction fees. Details at www.schwab.com/creditcard. Only requirement is that you need to have a Schwab One account for the cash back to be deposited into. Additional card is also free.

Assuming my application for this card is approved, I will be moving all of my and Mrs. MileKing's spending to it except for gas, grocery, fast food (will continue to use 3% Chase Freedom), charges at Marriott properties (will use Marriott Rewards card), charges at HHonors properties (will use HHonors AMEX), and charges at SPG properties (will use SPG AMEX). Will also cancel my AAdvantage Mastercard when it comes up for renewal next year. 2% cashback beats miles/points.
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Old Dec 6, 08, 8:27 pm
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Originally Posted by MileKing View Post
Received offer in mail yesterday. This is the card I've been waiting for. It is 2% back on all charges, no annual fee, no international transaction fees. Details at www.schwab.com/creditcard. Only requirement is that you need to have a Schwab One account for the cash back to be deposited into. Additional card is also free.

Assuming my application for this card is approved, I will be moving all of my and Mrs. MileKing's spending to it except for gas, grocery, fast food (will continue to use 3% Chase Freedom), charges at Marriott properties (will use Marriott Rewards card), charges at HHonors properties (will use HHonors AMEX), and charges at SPG properties (will use SPG AMEX). Will also cancel my AAdvantage Mastercard when it comes up for renewal next year. 2% cashback beats miles/points.
This is what I was thinking to0.. I just need to open a Schwab One account..

How long do you think this will last? Will Schwab be like Citi and change their cashback percentage later on?
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Old Dec 7, 08, 3:12 am
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Originally Posted by m3m3m3 View Post
How long do you think this will last? Will Schwab be like Citi and change their cashback percentage later on?
I've had Schwab accounts for about 20 years. I really like Schwab a lot. about 7 years ago more or less they screwed with everything, fees, limits, minimum account balances, interest rates.. etc.. they had a huge negative response and people were leaving Schwab. They still do some small bait and switch type of things, but I doubt they will do anything huge and suffer the fallout they did during that screw up.

I will do this card for sure.. Just happened to do a search of google news on "Schwab" and saw the info on this card. Decided to check here to see what people were thinking.
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Old Dec 7, 08, 7:26 am
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I hate switching banks and brokerage companies for small or temporary baits. However this 2% cash back offer seems very attractive. I have a very good relationship with Fidelity for decades. Unbeatable customer service and products. I hate to change this for something which might discontinue later. I wish I had a crystal ball to look into the future and make sure that this 2% cash back will never go away.
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Old Dec 7, 08, 6:59 pm
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Originally Posted by maulah View Post
I hate switching banks and brokerage companies for small or temporary baits. However this 2% cash back offer seems very attractive. I have a very good relationship with Fidelity for decades. Unbeatable customer service and products. I hate to change this for something which might discontinue later. I wish I had a crystal ball to look into the future and make sure that this 2% cash back will never go away.
Here here. I had Schwab One before and was totally unhappy with them, esp on the way they handled option trades about the BS of fast market craps. Ditched them and moved to Fidelity, have been very happy with Fido ever since.

I suppose we can open a Schwab One again but only use it to catch the 2% rebate which would only come from forex transactions ... as long as we can use ATM card to withdraw the rebated amount I guess it would work. I definitely dont want to have another brokerage relationship with Schwab.
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Old Dec 7, 08, 8:30 pm
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So let me get this straight--getting the card by itself will give me the no FX transaction fees. With the brokerage account, I can get the 2% rebate as well. While the package may be the way to go, I would hate to go through the process of opening both the account and the card, only to find the terms of either the no FX fee/2% rebate/or both changed later in the future. The card I can easily open, and then cancel if necessary. The account not so easy. Is there any other incentive for opening a Schwab One account?

Last edited by DoubleJ; Dec 7, 08 at 8:58 pm Reason: Edited to avoid a crosspost
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Old Dec 8, 08, 1:15 pm
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Originally Posted by DoubleJ View Post
So let me get this straight--getting the card by itself will give me the no FX transaction fees. With the brokerage account, I can get the 2% rebate as well. While the package may be the way to go, I would hate to go through the process of opening both the account and the card, only to find the terms of either the no FX fee/2% rebate/or both changed later in the future. The card I can easily open, and then cancel if necessary. The account not so easy. Is there any other incentive for opening a Schwab One account?
You HAVE to open a brokerage account in order to open the card. Cannot have the card by itself.

Close a brokerage account if you have any asset in it, does cost you account closing fee.

Therefore unless there is a fool-proof way to drain all the rebates out from the brokerage account, it would be only a good deal if you intend to keep a Schwab brokerage account.
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Old Dec 9, 08, 8:21 am
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Originally Posted by maulah View Post
...2% cash back offer seems very attractive. I have a very good relationship with Fidelity for decades.
Fidelity has announced a substantially similar offer...

http://www.marketwatch.com/news/stor...00F7828103B%7D

The press release is primarily about a new product Fidelity Retirement Rewards Card, but read all the way to the end:

With enhancements scheduled for early 2009, the new Fidelity Investment Rewards American Express Card and the Fidelity Investments 529 College Rewards American Express Card will be offering a new 2 percent earn rate on retail purchases
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Old Dec 9, 08, 11:09 am
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Originally Posted by Happy View Post
You HAVE to open a brokerage account in order to open the card. Cannot have the card by itself.
According to the Schwab Bank Invest First card website FAQs:
What if I don't have a Schwab One brokerage account? Do I need to open a Schwab One account to have this card?
Opening a Schwab One account is not a prerequisite to apply for a Schwab Bank Invest First card. However, to receive your 2% cash back rewards, you must link an eligible Schwab One account to your card. If you do not have a Schwab One brokerage account, apply for the Invest First card today. Once approved, open a Schwab One brokerage account to receive your 2% cash back.
Still, as you point out, it would only really be a good deal if one intends to keep a Schwab brokerage account (as there's no other way to get the 2% rebate without it). Thanks for the reply, Happy.
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Old Dec 9, 08, 11:41 am
  #14  
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Originally Posted by mia View Post
Fidelity has announced a substantially similar offer...

http://www.marketwatch.com/news/stor...00F7828103B%7D

The press release is primarily about a new product Fidelity Retirement Rewards Card, but read all the way to the end:

With enhancements scheduled for early 2009, the new Fidelity Investment Rewards American Express Card and the Fidelity Investments 529 College Rewards American Express Card will be offering a new 2 percent earn rate on retail purchases
Except Fidelity is offering AmEx. I was hoping that it would enhance its 1.5% cash rebate Visa card...
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Old Dec 9, 08, 3:22 pm
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Originally Posted by mia View Post
Fidelity has announced a substantially similar offer...

http://www.marketwatch.com/news/stor...00F7828103B%7D

The press release is primarily about a new product Fidelity Retirement Rewards Card, but read all the way to the end:

With enhancements scheduled for early 2009, the new Fidelity Investment Rewards American Express Card and the Fidelity Investments 529 College Rewards American Express Card will be offering a new 2 percent earn rate on retail purchases
I did not see mention of a 0% foreign transaction fee. If it is 0%, then the Fidelity card is a good deal. If not, then it's of little use for overseas transactions as the exchange fee will eat up the refund, and Amex has much less acceptance outside the US.

I think the 1.5% Fidelity card used to have no foreign exchange fees but they added one after a while. Anyone remember?
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