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Glad to hear that I wasn't the only one with a fraud issue on my card. Unfortunately, the whole thing happened the very first day I arrived abroad for two weeks so I couldn't use the benefits. Luckily I dusted off my old Capital One card before leaving and had it in my wallet as a back up. A new card was waiting for me in the mail when I got back.

The Visa Signature band is missing on the card. It now just says signature beneath the Visa logo.

I had an "issue" sort of like that today, but in this case I was trying to pay my AT&T telephone bill online and got a screen back that said that my card had been declined. I tried to put it through again and got the same message. When I call FIA I was tolday that both (duplicate) charges went through. Needless to say, the AT&T office is closed, so I have to wait until Monday (when I have to fly to Vancouver on business) to try and straighten in out. AT&T have got to have the worst opeeration out there. I can't blame this one on FIA.

Today I received revised Terms of Service from FIA Card Services. Uh oh....

Turns out the three page mailing does not involve the rewards program. I suspect this change of terms is the result of recent legislation limiting penalty fees for late or returned payments.

False alarm, but I still won't be surprised if the 2% shoe drops.

I got the new agreement from FIA and BoA as well. I would've been scared to open just the FIA one, but the identical envelope from BoA put me at ease.

New terms came in the mail from FIA.

Late fees and bounced check fees are increased.

No changes to rewards yet.

and the site is down again, they're so bad

edit: took 5 mins of refreshing between 2 browsers to get it to work

jameshasty said: New terms came in the mail from FIA.

Late fees and bounced check fees are increased.

No changes to rewards yet.


Really? My fees look decreased. Late payment fees $15/29/39 -> $0/25/35, return checks $35 -> $25.

DrXX said: jameshasty said: New terms came in the mail from FIA.

Late fees and bounced check fees are increased.

No changes to rewards yet.


Really? My fees look decreased. Late payment fees $15/29/39 -> $0/25/35, return checks $35 -> $25.


Mine as well...

psynaut said:   Are the terms and conditions for the Schwab Invest First published online anywhere?

Since the card is no longer open for applications, I'm having difficulty finding the terms.


Login  > Account Services tab > "Click Here to Request a Copy of your Account Agreement".


It also gives a phone number for requests. It does not appear that Account Terms are available online, at least for paper statement recipients (such as me).

It appears the Forex fee is still 0%, as I just used it in Taiwan on Dec 11 and the Forex rate was even better than the Visa's standard rate with 0% fee (the rate you get if you use Schwab's check card that offers 0% Forex fee and $0 ATM fee).

A charge of NT$3,552 in Taiwan appeared as $118.2 on the December 18's statement.

I also continue to get 2% rebates on my Schwab brokerage account.

Here to report that I clicked the CLI button on Saturday for 2500 to 4500. And got approved Monday. It said initially I needed to call to interview, but went thru automatically next biz day.

Also noteworthy that I requested 4500 and got it. I didn't want to be upgraded to Signature, and was a bit scared they would take me up to 5000 because I have good a score. But they abided.

Maybe this info will help someone else. I know I was a bit hesitant because of the impending doom and everything

birds215 said:   Here to report that I clicked the CLI button on Saturday for 2500 to 4500. And got approved Monday. It said initially I needed to call to interview, but went thru automatically next biz day.

Also noteworthy that I requested 4500 and got it. I didn't want to be upgraded to Signature, and was a bit scared they would take me up to 5000 because I have good a score. But they abided.

Maybe this info will help someone else. I know I was a bit hesitant because of the impending doom and everything


Thanks. What's wrong with signature, BTW?

Visa Signature accounts are considered NPSL (No Preset Spending Limit) accounts and are reported to credit bureaus with no credit limit, resulting in higher utilization figures which in turn will often cause lower credit scores.

SnoopDoug said:   Visa Signature accounts are considered NPSL (No Preset Spending Limit) accounts and are reported to credit bureaus with no credit limit, resulting in higher utilization figures which in turn will often cause lower credit scores.

I don't think that is accurate. My credit reports (Equifax, at least) show my Schwab Visa Signature card with the same credit limit as is displayed on my statement. As I understand it, the NPSL simply means that credit limit is soft and all charges above the limit need to be reviewed (rather instantaneously) before they go through, but yes, there is still a "limit" that is reported to the bureaus. It certainly has not been hurting my utilization ratios or scores.

I think the way these Signature cards report to the bureaus may have changed with the recent legislation.

MisterV said:   SnoopDoug said:   Visa Signature accounts are considered NPSL (No Preset Spending Limit) accounts and are reported to credit bureaus with no credit limit, resulting in higher utilization figures which in turn will often cause lower credit scores.

I don't think that is accurate. My credit reports (Equifax, at least) show my Schwab Visa Signature card with the same credit limit as is displayed on my statement. As I understand it, the NPSL simply means that credit limit is soft and all charges above the limit need to be reviewed (rather instantaneously) before they go through, but yes, there is still a "limit" that is reported to the bureaus. It certainly has not been hurting my utilization ratios or scores.


Well, if your Equifax report shows the credit limit, all I can tell you is that's not normal. None of the three reporting agencies show the credit limit on either of my Signature cards (Schwab and Fidelity), and this has been well-documented by many other people on this and other finance boards.

It presumably impacted the credit scores that were obtained by the lender in my recent refi because one of the negative comments below the scores was "proportion of balances to credit limits is too high on revolving accounts" even though I pay off the cards in full each month and am nowhere near the "limit" on those accounts. (My middle score was still 793 so it didn't impact the rate I got on my refi.)

There have been several recent articles on the subject of NPSL cards. For example:

http://finance.yahoo.com/banking-budgeting/article/111527/when-your-credit-card-hurts-your-credit-score?mod=series-m-article-c

Just checked TransUnion and can confirm SnoopDoug's report of the way NPSL is reported. It shows "Account type: Open" and no credit limit is reported. Non-Signature cards show "Account type: Revolving" and have a line for credit limit. At least the "high balance" is pretty high on most of my NPSL cards, as I have used each card almost exclusively at one point or another (buying a car on one helped as well).

birds215 said:   Here to report that I clicked the CLI button on Saturday for 2500 to 4500. And got approved Monday. It said initially I needed to call to interview, but went thru automatically next biz day.

...

Maybe this info will help someone else. I know I was a bit hesitant because of the impending doom and everything


Another data point: You inspired me to ask for another 4k on my 5k limit card (its my daily driver but it has my lowest CL). Requested the CLI on monday and it said to call -- I did not. Today (Friday) FIA gave me the requested 4k increase, but they took it from one of my other BofA cards. Oh well. At least they simply reallocated rather than wacking my other limits.

YMMV

For those worried about the 2% CashBack disappearing, FIA might be going the other way for select card holders. I just received an email today offering 5% CashBack on travel related charges, the same categories as Discover for this quarter (less restaurants). The offer is only good for this quarter and you have to sign up. I called FIA to verify the email was not phishing and confirmed the offer. There is a unique code in the email so only those receiving the 5% offer can use it.

charlie2nd said:   For those worried about the 2% CashBack disappearing, FIA might be going the other way for select card holders. I just received an email today offering 5% CashBack on travel related charges, the same categories as Discover for this quarter (less restaurants). The offer is only good for this quarter and you have to sign up. I called FIA to verify the email was not phishing and confirmed the offer. There is a unique code in the email so only those receiving the 5% offer can use it.

Nice offer!!!!!!! I didn't receive it, but I use my card extensively.............

charlie2nd said:   ... I just received an email today offering 5% CashBack on travel related charges, ...

I received something similar (3% for travel), by snail mail and email today.

Here are the terms from my email (I am adding bold, and spaces for readabilty...):

FIA Email said: "*To be eligible for this Cash Back offer, your account must be open with charging privileges and you must register for this offer by March 31, 2011.

From the date you register through March 31, 2011, you will earn 3% Cash Back for eligible purchases, up to a total of $25. Eligible purchases exclude any credits, returns and adjustments.

To qualify for this Cash Back offer, the transaction must be assigned one of the following specified merchant category codes: Airfare (3000-3299, 4511), Hotels (3501-3999, 7011), Travel Agencies (4416, 4417, 4722), Car Rentals (3351-3441, 4121, 7512), and Cruises (4411) (each an "eligible purchase" for this offer).

Purchases made at a merchant that does not process transactions under these codes, balance transfers, cash advances, including purchases of cash equivalents, fees, interest charges and unauthorized or fraudulent transactions will not qualify.

You will receive your Cash Back reward in the form of a statement credit to your account. Allow up to 10-12 weeks from the end of the promotion for the statement credit to appear on your credit card billing statement or online statement. Receipt of a statement credit does not affect your responsibility to pay your Total Minimum Payment shown on your monthly billing statement. We reserve the right to verify eligibility of all transactions."


So - in my case it's not a great deal, since it appears to be limited to $25 back (@3%, that's less than $1k spending) and since I don't do much traveling (and nothing planned for the immediate future).

I wonder what the point of this is though? It worries me a little that you have to "sign up" for it. Why would you need to sign up for a bonus? I wonder what they're actually trying to get you to sign up for, and if maybe it's a sneaky way to try to transition people to some rotating-percentage program (ie. where they offer a higher rate for certain categories which change quarterly).

I'm not nearly as awesome as some of you guys here with working the programs, the Schwab card was really my first/only rewards card, and I love the hassle-free 2% back... so I'm hoping they keep that around for awhile!

I wonder what the point of this is though?
For me it seemed kind of obvious. They may have noticed a "suck out" in the charges I was making that correlated with the Discover categories for that quarter. A little data mining and they would have known Discover was siphoning off charges that for three other quarters were showing up on my FIA card. By making this offer, they stop charges from going over to Discover from my FIA card.

charlie2nd said:   For those worried about the 2% CashBack disappearing, FIA might be going the other way for select card holders. I just received an email today offering 5% CashBack on travel related charges, the same categories as Discover for this quarter (less restaurants). The offer is only good for this quarter and you have to sign up. I called FIA to verify the email was not phishing and confirmed the offer. There is a unique code in the email so only those receiving the 5% offer can use it.

Got a similar email this morning, but mine's 5% on Gas, Grocery, Drugstore and Dining. I signed right up. System told me there was a limit of $25 in rebates (thus $500 of spending), but since some of the categories overlap with 5% offers on other cards (Grocery and Drug on Freedom and Dining on Discover), I probably won't approach the limit anyway. I'll use this card for Gas and for Dining where Discover isn't accepted (which is a few places I go). May get a few foreign Grocery and Drugstore charges in when we're out of the country in February. That part's kind of nice; nice CashBack on those categories with no foreign transaction fee.

I thought it was interesting that the confirmation screen read "This offer was described in a communication that was sent to you on 12/21/2010." But I have no record of such prior communication. Anyone else see that same message?

Chris.

Quite honestly I don't think these promotions are good thing. It seems like FIA is testing the waters with a scheme similar to Chase and Discover's quarterly categories. FIA may well switch to this kind of system permanently as its customers become acclimated (accustomed) to this scheme, under the 'due to overwhelming demand and popularity from our customers' guise. This does not look good to me, just my .02

For those of us who have Freedom, Discover AND this card they will have to do something different to lure our spending to them. Simply matching % and catagories doesn't make all that much sense. If it leads to some competition (say 6%, higher caps) then I'm good with it.

charlie2nd said:   I wonder what the point of this is though?
For me it seemed kind of obvious. They may have noticed a "suck out" in the charges I was making that correlated with the Discover categories for that quarter. A little data mining and they would have known Discover was siphoning off charges that for three other quarters were showing up on my FIA card. By making this offer, they stop charges from going over to Discover from my FIA card.


If they noticed that, they probably would be savvy enough to realize they're losing money on you anyway, and they'd lower your rewards.

chaster86 said:   Quite honestly I don't think these promotions are good thing. It seems like FIA is testing the waters with a scheme similar to Chase and Discover's quarterly categories. FIA may well switch to this kind of system permanently as its customers become acclimated (accustomed) to this scheme, under the 'due to overwhelming demand and popularity from our customers' guise. This does not look good to me, just my .02I tend to agree with this. It looks exactly like most of the other major reward card programs out there. Maybe a little worse in terms of reward limits. I hope I'm wrong, but Schwab didn't take the financial hit to pull the plug on their sponsorship of this card early for no reason. I'm betting it's a money loser and they'll be looking for ways to change that. I won't stick around if they do, of course.

The offer I received was for a $25 statement credit after spending $1500 in travel related charges in 3 months on my card. No thanks.

My offer was for $25 CB on bills & utilities. I share others' concerns about FIA moving towards rotating categories. I hate that setup, too much work keeping track of the categories and signing up. Also, it's almost always capped, rendering it fairly useless.

If they do this on a permanent basis, I might switch to AMEX Blue Cash.

so are all the perks like no wrldwide ATM/transaction fees gone? Any reason not to switch to the closest equivalent like fidelity AMEX 2% Cash Back?

Mawashi said:   so are all the perks like no wrldwide ATM/transaction fees gone? Any reason not to switch to the closest equivalent like fidelity AMEX 2% Cash Back?

Still no int'l transaction fees. Still my go-to card.

defjukie said:   Mawashi said:   so are all the perks like no wrldwide ATM/transaction fees gone? Any reason not to switch to the closest equivalent like fidelity AMEX 2% Cash Back?

Still no int'l transaction fees. Still my go-to card.


I agree entirely. This is still a great card. Any program, including the AMEX/Fidelity program, can end at any time. So I say, while the Schwab/FIA card is still offering 2% on everything, there's no reason not to ride it.

I don't agree with the general pessimism that the quarterly offers that FIA is making on this card portend some sort of imminent doom to the 2% program. I see these deals no different than any of the other enticements I've gotten on cards from other issuers: get a 3% statement credit on all clothing purchases in December, get double CashBack on all online purchases during a specific period, get an extra $10 in bonus points for each purchase over $500 in Q4, etc. I just interpret it as an effort to get cardholders to use that single credit card for all purchases. I imagine it works overall, or the card issuers wouldn't do it. It doesn't work for me; I don't mind carrying four, five, or six credit cards at once, and for each purchase using whatever card gives the best CashBack for that purchase.

Chris.

cpaynter said:   I see these deals no different than any of the other enticements I've gotten on cards from other issuers: get a 3% statement credit on all clothing purchases in December, get double CashBack on all online purchases during a specific period, get an extra $10 in bonus points for each purchase over $500 in Q4, etc. I just interpret it as an effort to get cardholders to use that single credit card for all purchases. I imagine it works overall, or the card issuers wouldn't do it. It doesn't work for me; I don't mind carrying four, five, or six credit cards at once, and for each purchase using whatever card gives the best CashBack for that purchase.

Agreed. Also why I thought it was pretty clever for American Express to offer 5 free itunes songs if you use their card to buy them, because this required you to add that card to itunes, which means it's the one that will continue to get used for whatever purchases you make there in the future. Sure, you could change it back, but most people won't care enough to do so. Sure, itunes purchases aren't like gas or groceries in terms of aggregate amount, but I'm sure American Express welcomes every penny.

Make sense keeping it them, thx!

On a related topic, Is the Penfed Travel Rewards AMEX still the best (as per the creditcardtuneup.com in my case)to maximize travel points?

Anyone else get a partial credit for the quarterly promotion?

In January I signed up for the promo which promised a 5% statement credit (up to $25) on Grocery, Gas, Drug and Dining purchases between 1/1/11 and 3/31/11.

I got a credit of $11.50 on 3/14 with the description "PROMOTION STATEMENT CR - DIT," which I assumed was for the quarterly promotion, but I can't make sense of the date or amount. First of all, the promotion doesn't end until 3/31, and this is the first credit I've seen. I would expect to see either:
1) A credit at the end of each billing period, for the amount earned that billing period.
2) A credit after the promotion period is over for the amount earned for the entire quarter.
3) A credit once the promo limit is reached for the stated $25 maximum credit.

For me, this credit comes in the middle of the third billing period of the four which would include the promotion period dates. By my calculations, I've spent about $516.26 eligible for the promo, so I've maxed out the promo. If they were going to credit me because I'd hit the maximum, then I'd expect the full $25 credit (or, if you believe that it will only be a 3% credit because we're already getting 2% back, then it still should be $15), not $11.50. Or if my assumptions are wrong and some of the places I thought qualified for the bonus don't, then I haven't met the maximum yet, and I'd expect them to wait until either I'd met the maximum or after the end of the quarter.

Maybe I'm just not clever enough, but I can't seem to come up with any subset of my transactions that work out to $11.50, either at 5% or 3%. Or maybe this credit is for something else entirely?

Chris.

cpaynter:

Based on my experience in a Q4 promotion from last year and a Q1 promotion currently, you'll receive first of the statement credits around the middle of the last month DURING the promotion period and the next one around the middle of the month AFTER the promotion period. Whether there would be a third, I couldn't tell you because I maxed out pretty early in Q4 last year.

Whatever % they promised you is the % you'll be getting as statement credit irregardless of whatever regular Cash Back you get from you card. So you should get 5% of eligible purchases in statement credit.

I don't have my calculation handy but I think the first statement credit should be based on either the eligible purchases in the first statement closed during the promotion period or the eligible purchases during the first month of the promotion period. Sorry this is purely based on memory but should be close enough.

Since you got $11.50, so that's 5% of $230. Now if you go back to your January statement or January charges, you should be able to get to that $230 in eligible purchases.

Hope that helps...

There was a Q4 promotion last year with this card ? I was not aware, must have missed the posts.

A friend of mine that has this card got an unsolicited Black Visa to replace his Schwab Visa. New number, same rewards. Anyone else?

A friend of mine that has this card got an unsolicited Black Visa to replace his Schwab Visa. New number, same rewards. Anyone else?



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