Schwab Invest Visa? 2% cash back on everything? [Discontinued card]
#1
Original Poster
Join Date: Mar 2005
Posts: 183
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
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
#2
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
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.
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.
#3
Join Date: Feb 2007
Location: NJ/NYC
Programs: UA and HH
Posts: 4,346
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.
ETA: My firm was told NO FEE.
#4
Join Date: Apr 2005
Posts: 177
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
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
#5
Original Member
Join Date: May 1998
Location: Reno, NV (RNO)
Programs: AA Platinum, AS, UA, DL, HHonors Gold, Marriott LTP, Hyatt, IHG Platinum
Posts: 4,707
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.
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.
#6
Original Poster
Join Date: Mar 2005
Posts: 183
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.
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.
How long do you think this will last? Will Schwab be like Citi and change their cashback percentage later on?
#7
Join Date: Mar 2004
Location: California
Programs: Marriott: Titanium, SQ: Gold, UA: Silver, Hilton: Diamond, Wyndham - Diamond, TR - Diamond
Posts: 233
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.
#8
Join Date: Jul 2004
Location: Lodi, CA
Posts: 592
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.
#9
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
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.
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.
#10
Join Date: Nov 2003
Location: NRT/PDX
Programs: Willamette Valley Cropdusters Silver Elite, National Tent Frequent Stay program, Ed's Rent-a-tractor
Posts: 3,357
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, 2008 at 8:58 pm Reason: Edited to avoid a crosspost
#11
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 29,762
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?
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.
#12
Moderator
Join Date: Jun 2003
Location: Miami, Mpls & London
Programs: AA & Marriott Perpetual Platinum; DL & HH Gold
Posts: 48,958
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
#13
Join Date: Nov 2003
Location: NRT/PDX
Programs: Willamette Valley Cropdusters Silver Elite, National Tent Frequent Stay program, Ed's Rent-a-tractor
Posts: 3,357
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.
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.
#14
Join Date: Jan 2000
Location: Ashburn, VA (IAD/DCA/BWI)
Posts: 2,748
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
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
#15
Join Date: Feb 1999
Location: Denver CO
Posts: 3,682
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
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 think the 1.5% Fidelity card used to have no foreign exchange fees but they added one after a while. Anyone remember?