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geo123 said: Those of you considering applying for the Fidelity AMEX card for backup purposes, remember that FIA underwrites that card as well. Hence, by applying for the Fidelity card, you will be jeopardizing your Schwab credit line as well as those associated with all other BOA credit cards. BOA/FIA's credit analysts have been brutal lately and there are NUMEROUS reports of credit line choppage and card closures occurring when people bring attention to their BOA/FIA credit exposure through new credit card applications. Think twice about applying for the Fidelity card, especially if you have fairly generous existing credit lines with BOA/FIA.


+1

Plus, your AMEX credit line may be cut as well if you have generous credit line with your other AMEX cards. After we applied for the Fidelity AMEX card, the credit line of our other AMEX card was dropped by a whopping 80K! You have two credit analysts looking at your application, one from FIA and the other one from AMEX.

So, proceed with care.

mimi6789 said: Plus, your AMEX credit line may be cut as well if you have generous credit line with your other AMEX cards. After we applied for the Fidelity AMEX card, the credit line of our other AMEX card was dropped by a whopping 80K! You have two credit analysts looking at your application, one from FIA and the other one from AMEX.

So, proceed with care.

What does AMEX have to do with the Fidelity AMEX (other than providing the network for processing transactions)?

GamingG said: What does AMEX have to do with the Fidelity AMEX (other than providing the network for processing transactions)?

Because Fidelity/AMEX is a cobranded AMEX credit card administered by FIA (a subsidy of BOA)? Who knows.

Apparently AMEX credit analyst decided even for a tiny 2K Fidelity/AMEX credit line, it is enough for them to go through review and drop my other AMEX credit line. FIA people (from BOA side) keep telling me that there will be no change of my other AMEX credit lines after approving the 2K Fidelity/AMEX. Still, AMEX axed my other credit line (AMEX blue, etc).

mimi6789 said: GamingG said: What does AMEX have to do with the Fidelity AMEX (other than providing the network for processing transactions)?

Because Fidelity/AMEX is a cobranded AMEX credit card administered by FIA (a subsidy of BOA)? Who knows.

Apparently AMEX credit analyst decided even for a tiny 2K Fidelity/AMEX credit line, it is enough for them to go through review and drop my other AMEX credit line. FIA people (from BOA side) keep telling me that there will be no change of my other AMEX credit lines after approving the 2K Fidelity/AMEX. Still, AMEX axed my other credit line (AMEX blue, etc).


FIA and AMEX do not jointly make decisions about the Fidelity AMEX. Its FIA only. AMEX has access to only what is on your credit report, not anything from FIA. AMEX regularly checks the credit report of it's cardholders (sometimes every month) and what likely happened is that they noticed a new tradeline on your account from FIA and took adverse action but FIA and AMEX credit analysts do not band together.

What you're saying would be the equivalent of saying that Bank of America and Visa credit analysts both look at your applications for any Visa card you get. AMEX's processing network (akin to Visa and Mastercard) is entirely seperate and has no involvement in credit card approvals/lines. AMEX (unlike Visa/Mastercard) also issue their own cards in a separate area but none of these cards are cobranded with another BANK.

My god....

This makes much more sense to me.
AMEX is always overcautious.

islandguy84 said: mimi6789 said: GamingG said: What does AMEX have to do with the Fidelity AMEX (other than providing the network for processing transactions)?

Because Fidelity/AMEX is a cobranded AMEX credit card administered by FIA (a subsidy of BOA)? Who knows.

Apparently AMEX credit analyst decided even for a tiny 2K Fidelity/AMEX credit line, it is enough for them to go through review and drop my other AMEX credit line. FIA people (from BOA side) keep telling me that there will be no change of my other AMEX credit lines after approving the 2K Fidelity/AMEX. Still, AMEX axed my other credit line (AMEX blue, etc).


FIA and AMEX do not jointly make decisions about the Fidelity AMEX. Its FIA only. AMEX has access to only what is on your credit report, not anything from FIA. AMEX regularly checks the credit report of it's cardholders (sometimes every month) and what likely happened is that they noticed a new tradeline on your account from FIA and took adverse action but FIA and AMEX credit analysts do not band together.

What you're saying would be the equivalent of saying that Bank of America and Visa credit analysts both look at your applications for any Visa card you get. AMEX's processing network (akin to Visa and Mastercard) is entirely seperate and has no involvement in credit card approvals/lines. AMEX (unlike Visa/Mastercard) also issue their own cards in a separate area but none of these cards are cobranded with another BANK.

I just received the letter of doom from Charles Schwab in US Mail today, dated September 10, 2010. It was sent from "Harland Clarke's" presorted US Postage license, so who knows if Schwab or FIA is behind the letter. The letterhead is Schwab's. It looks like the "Questions?" 800 number was setup just for this occasion.

The highlight is "FIA Card Services is making no changes to your current terms, conditions, or reward programs. FIA Card Services will provide you with notice if any changes should be made...."

* I expect that notice to arrive as soon as FIA can print up the materials in October.


The answer to the online FAQ "Will my Invest First cash-back rewards continue to be deposited into my Schwab One brokerage account?" is a repetitive non-answer: "FIA Card Services is making no changes..."

Excuse me, but if Schwab will no longer be affiliated with the card, and the card won't even be accessible from a link on Schwab's website, how is the rewards deposit to Schwab going to work? Answer: Probably not very well. See note * above.

As I said earlier in this thread, I called FIA (you can too) and they have stated that starting October 1st, the rewards can be deposited into ANY account that you choose. I assume that if you choose not to change the deposit to a non-Schwab account that FIA will just do an ACH/Direct Deposit to Schwab using your current account info the same way they can/will do to any other bank.

I wonder if you have to keep depositing to Schwab to keep Schwab One minimum balance waived (for those who don't have the checking account, like me...)

NEDeals said: Excuse me, but if Schwab will no longer be affiliated with the card, and the card won't even be accessible from a link on Schwab's website, how is the rewards deposit to Schwab going to work? Answer: Probably not very well. See note * above.My guess is that it will work quite well, actually. FIA has the option of depositing your CashBack into ANY account, including that of Schwab.

It does seem quite likely that FIA will end up quickly lowering the CashBack percentage on the card, but, as others have pointed out above, it's not like we have any control over it or adopt any risk mitigation strategies at this time.

Oh my...although nothing is confirmed, this is still bad news. But all good things do come to an end. Outside of the Fidelity 2% AMEX, the Starwood AMEX, and the CapitalOne Venture, does any know of any good cards that may be able to replace the schwab Visa? AMEX isn't widely accepted, and I really don't want to get a CRAPitalOne card.

Also, people have been talking about this targeted 2%-2.5% BofA card. What are the conditions of the Cash Back and how were you notified of the offer?

Thoughts? I'm going to purchase a new DSLR at the end of October (it is when the camera is going to be released). I've pre-ordered through Amazon, but my credit card (the ending-soon Schwab 2% card) won't be charged until the order ships. Does anyone see any downsides if I were to purchase an Amazon gift certifcate today for the purchase price of the camera, and use that (instead of the credit card) to purchase the camera? Seems to me that I could capture the 2% Cash Back today for the purchase that I'm going to be making, and that way I could hedge against the threat of FIA adversely changing the rewards program. I don't see much of a downside, but thoughts anyone?

My thoughts are that you are overthinking the issue, and that you can get 3% CashBack from Amazon using the Amazon Visa anyway.

Got mine today, as well. Can't say that I didn't see this coming, but it doesn't make it feel any better. Anybody that thinks that FIA is going to maintain that rewards program as it is, I've got a bridge that you might be interested in. This card was always intended by Schwab as a loss leader to get people into their brokerage business and it didn't work out that way. Just a matter of time before they pulled the plug. The only thing that I didn't anticipate was that they would abandon the card entirely.

I am planning to apply Capital one No foreign transaction fees card.
http://www.capitalone.com/creditcards/products/details/?sol=1141...

Got my letter today...along with 3 new Citi/AAdvantage Visas (2 for my wife, only one for me for some reason) with 75K bonus miles after we spend $1500 in the first 6 months. I don't believe in coincidences.

So, along with my Chase Freedom 5% supermarket bonus starting October 1 (we cook a lot, so that's a top category), we're set 'til the end of 2010.

brolic said: Thoughts? I'm going to purchase a new DSLR at the end of October (it is when the camera is going to be released). I've pre-ordered through Amazon, but my credit card (the ending-soon Schwab 2% card) won't be charged until the order ships. Does anyone see any downsides if I were to purchase an Amazon gift certifcate today for the purchase price of the camera, and use that (instead of the credit card) to purchase the camera? Seems to me that I could capture the 2% Cash Back today for the purchase that I'm going to be making, and that way I could hedge against the threat of FIA adversely changing the rewards program. I don't see much of a downside, but thoughts anyone?

Obvious risk is that you lose flexibility if you buy an Amazon gift card. Possibly it will be on sale at another firm. Possibly there will be a hurricane and you will have more urgent needs for cash (I got hit by Katrina). Possibly you will die and your heirs not know to look for an Amazon gift card or a credit balance with them.

If I were to buy an Amazon credit card, I would use a BOA card at CVS after signing up for their program that gives 10% back as discussed in a separate thread. I have done this and it appears to have been fouled up both by BOA not recording my sign up, and the gift cards bough not being properly activated.

My personal guess is that it will take them a while to make any changes in the Cash Back. I believe they are supposed to give you 45 days notice of changes in terms (may be wrong) and a big company like BOA takes a while to decide on changes, write letters, vet with lawyers, have them mailed, etc. I suspect you have at least one other card with rewards, so you loss is perhaps only 1% even if they make the change.

irobot said: Got mine today, as well. Can't say that I didn't see this coming, but it doesn't make it feel any better. Anybody that thinks that FIA is going to maintain that rewards program as it is, I've got a bridge that you might be interested in. This card was always intended by Schwab as a loss leader to get people into their brokerage business and it didn't work out that way. Just a matter of time before they pulled the plug. The only thing that I didn't anticipate was that they would abandon the card entirely.

Can I pay with for that bridge with my Schwab card? Do you accept returns a few months after purchase (when the returns might push my card into negative points)?

I just applied for the Fidelity 2% AMEX. Applied... got deferred but they posted a phone number to get an "instant decision".

My Schwab card had a 40k limit. Spoke to the credit ninja who was very nice. She saw the 22k balance I had on a US Bank Linux Card. Told her it was a 0% card that I intended on paying off. Gave her the usual info. 150k HHI. Told her I can show 200k in bank assets so the CC balance wasn't really a big deal. My TU FAKO is around 760 even with the balance.

She first offered to split my 40k limit between the Schwab and Fidelity. Then she said she would make the Fidelity 25k since she said "it was a nice number". LOL Then after I was talking to her further, she said "well why not we just make both cards 25k". LOL So I gained 10k of CL.

Not bad. I plan on applying in the wife's name tomorrow. Sucks about Schwab though. We'll see what happens.

islandguy84 said: FIA and AMEX do not jointly make decisions about the Fidelity AMEX. Its FIA only. AMEX has access to only what is on your credit report, not anything from FIA. AMEX regularly checks the credit report of it's cardholders (sometimes every month) and what likely happened is that they noticed a new tradeline on your account from FIA and took adverse action but FIA and AMEX credit analysts do not band together. What you're saying would be the equivalent of saying that Bank of America and Visa credit analysts both look at your applications for any Visa card you get. AMEX's processing network (akin to Visa and Mastercard) is entirely seperate and has no involvement in credit card approvals/lines. AMEX (unlike Visa/Mastercard) also issue their own cards in a separate area but none of these cards are cobranded with another BANK.

I never said that FIA and AMEX jointly make joint decisions about the Fidelity AMEX application, and I don't believe that is the case. Instead, I said that two analysts, one from FIA, another from AMEX, will look at your application. What I meant was that the analyst from FIA will decide on the Fidelity AMEX application. The AMEX analyst will also look at your profile and decide whether to ax your other AMEX credit line because you are applying an AMEX card. I think you word it much better than mine.

I got the letter in the mail this afternoon and felt like crying. My letter was dated September 10... no wonder it's called snail mail.

I know the letter says there are no changes to the terms/conditions/rewards, but it also clearly states next that "FIA Card Services will provide you with notice should any changes be made." The last part should be changed to "when changes are made," because you know in your gut it's going to end sooner or later. I always felt in the back of my mind that the program was too good to be true, so I was actually pleasantly surprised it lasted as long as it did.

I know other rewards cards exist, but which is the best one that's left that allows use of Orbiscom's temporary credit card numbers? I hate Citi and only put up with FIA/BofA because of Schwab. I know Fidelity has a very similar "sponsorship" agreement with FIA, but Schwab opened the door for Fidelity to follow suit.

i use to have a credit card with Bank of America...as you know, FIA is the credit department of BOA....The card i had was one of the AMEX cards with them...Out of curiousity i called them and asked them if AMEX actually had anything to do with the card...The answer was: NO...except for that fact that the transactions are processed through the AMEX network and that of course, AMEX gets some kind of fee for acting as the "interchange" for it....Other than that, AMEX has NO INVOLVEMENT in any FIA issued credit card...whether issued by BOA, Fidelity, Schwab or anyone else...it is simply a co-branding...Your credit line and decisions regarding it are strictly in the hands of FIA...AMEX plays no part in it at all...in fact, they don't even review it in any way...

I also called AMEX about it once when applying for one of their cards, and they told me the exact same thing....that those FIA cards are simply co-branded with the AMEX interchange for transactions...they don't even sponsor the features such as Extended Warranty, Lost/Stolen property coverage, etc...that is all provided through FIA's affiliates....

One could have an FIA AMEX card and NEVER get approved for an actual AMEX issued card and vice versa of course....
In fact, while FIA readily issued me an AMEX branded card...AMEX themselves refused to give me a card....

Just wanted to mention this...in case anyone is still confused how that works...

Do others think that this card will eventually become that Bankamericard 2% that BOA has recently offered to select customers?

To the other cardholders, what are you going to do with the card once it becomes totally unfavorable with you?

I may keep it open just to help the AAoA barring they keep it with no annual fee, but closing it would be an option too.

duplicate post...disregard....

I know that some people are getting to a point that they want THE ANSWERS NOW to many of their questions.

I would recommend not to call, not to draw attention, unless really necessary. Just lay low and enjoy the Cash Back while you can. It may last. It may vanish. It may take some time to get Cash Back into your other bank account. It may..... Who knows what is next. Calling is not going change the reality, whatever that would be. Complaints may only irritate whoever is in charge of the changes. Whining will make you feel better, but will not change what is in progress.

Some of us are still enjoying the grandfathered Chase card. If you know what I am referring to...

Cheers,

RiseAgain said: Do others think that this card will eventually become that Bankamericard 2% that BOA has recently offered to select customers?

To the other cardholders, what are you going to do with the card once it becomes totally unfavorable with you?

I may keep it open just to help the AAoA barring they keep it with no annual fee, but closing it would be an option too.


Is there a link (if available) about this Bankamericard 2% from BOA? This is the first I've heard of it and I'm curious as to what it has/offers.

Received the said letter in today's mail as well.

onedollarinmywallet said:

Is there a link (if available) about this Bankamericard 2% from BOA? This is the first I've heard of it and I'm curious as to what it has/offers.

Received the said letter in today's mail as well.


I think the 2% rate was offered to selected BOA customers, how they determined who got the offer, I do not know. Normally I think it is only a 1% card, which is offered on their website for all to apply. There is a thread about it here, you should go there to see the details.

I got this card on the $200 sign up promo (x2 included wife)

they have collected exactly 0 interest from me and minimal purchases --- my CL ended up about 20k where it sits now

I don't have any Schwab accounts

I am one of the reasons for them to opt out of this product


...

germanpope said: I got this card on the $200 sign up promo (x2 included wife)

they have collected exactly 0 interest from me and minimal purchases --- my CL ended up about 20k where it sits now

I don't have any Schwab accounts

I am one of the reasons for them to opt out of this product


...


congratulations?

You did not get a $200 sign-up promo for this card, you're getting it confused.

Jone said: This makes much more sense to me.
AMEX is always overcautious.

islandguy84 said: mimi6789 said: GamingG said: What does AMEX have to do with the Fidelity AMEX (other than providing the network for processing transactions)?

Because Fidelity/AMEX is a cobranded AMEX credit card administered by FIA (a subsidy of BOA)? Who knows.

Apparently AMEX credit analyst decided even for a tiny 2K Fidelity/AMEX credit line, it is enough for them to go through review and drop my other AMEX credit line. FIA people (from BOA side) keep telling me that there will be no change of my other AMEX credit lines after approving the 2K Fidelity/AMEX. Still, AMEX axed my other credit line (AMEX blue, etc).


FIA and AMEX do not jointly make decisions about the Fidelity AMEX. Its FIA only. AMEX has access to only what is on your credit report, not anything from FIA. AMEX regularly checks the credit report of it's cardholders (sometimes every month) and what likely happened is that they noticed a new tradeline on your account from FIA and took adverse action but FIA and AMEX credit analysts do not band together.

What you're saying would be the equivalent of saying that Bank of America and Visa credit analysts both look at your applications for any Visa card you get. AMEX's processing network (akin to Visa and Mastercard) is entirely seperate and has no involvement in credit card approvals/lines. AMEX (unlike Visa/Mastercard) also issue their own cards in a separate area but none of these cards are cobranded with another BANK.


Holy AMEX hyperlinking, Batman!

GeniusHabit said: I got the letter in the mail this afternoon and felt like crying. My letter was dated September 10... no wonder it's called snail mail.Unless it was postmarked 9/10 (and there is no postmark) you really have no idea when it was actually mailed.

My Letter says you now have to login under fiacardservices.com. That's a change.

GeniusHabit said: I got the letter in the mail this afternoon and felt like crying. My letter was dated September 10... no wonder it's called snail mail.



I work for a commercial printer. Believe me...the letter's date is not the day the mailing house took it to the post office.

i give it till the end of the x-mas shopping season before FIA changes it to 0% Cash Back.

they need everyone to rack up as many charges as they can and pay the APR fee for installments.

Sucks if they change the terms on us soon...

Unrelated, Anyone have the 800 number from the back of the card handy and can pm me it? Needa paymennt have the card t tonight and dont have the card here.. Went to a BOA location and they couldnt find my account and take a check(???)

Bend3r said: Sucks if they change the terms on us soon...

Unrelated, Anyone have the 800 number from the back of the card handy and can pm me it? Needa paymennt have the card t tonight and dont have the card here.. Went to a BOA location and they couldnt find my account and take a check(???)

1-866-724-9224.

Schwab isn't BoA. You won't see your Schwab card online at BoA, either. If you have a local Schwab brokerage office, perhaps you could have made an in-person payment there, although I'd call first.

Thx!
FIA=BOA
Theyve said over the phone that I could go to a BOA branch

Received the doomsday letter today.

Tintin

Not good losing the backer. Schwab card has better customer service rep that the regular BOFA card.

I imagine somehow Schwab has managed to keep the wolfs at the bay for quite awhile. Now the wolfs are coming.

defjukie said: germanpope said: I got this card on the $200 sign up promo (x2 included wife)

they have collected exactly 0 interest from me and minimal purchases --- my CL ended up about 20k where it sits now

I don't have any Schwab accounts

I am one of the reasons for them to opt out of this product


...


congratulations?

You did not get a $200 sign-up promo for this card, you're getting it confused.



actually, I got two of them or $400

sorry you missed out on the deal



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