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Schwab ending card sponsorship - says no terms change though

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Zoot
9/15/10 2:56 PM
Starting 10/1/10 Schwab is ending sponsorship of both its credit cards but says "no terms will change", including Cash Back, deposits into Schwab accounts and no ATM fees.

When I login to Schwab.com there is a notice:
Important news about the Invest First and WorldPoints Rewards Visa

Starting October 1, 2010
- Schwab Bank will no longer sponsor these credit cards
- You can continue to use your cards as you normally would
- FIA Card Services will become the sole sponsor of the cards

Not that it matters, but for the curious I do have both the old Schwab card and the new 2% one.


More detail (pasted from site):
- On October 1, 2010, FIA Card Services, N.A. will become the sole sponsor of the credit cards, and will make all decisions regarding terms, conditions, and reward programs.
- You may continue to use your Schwab Bank Invest First Visa card or the Visa credit card with WorldPoints rewards subject to their contractual terms.
- There are no changes to your current terms, conditions, or reward programs. FIA Card Services will provide you with notice should any changes be made.
- This change does not affect the debit cards offered by Schwab for the Schwab Bank High Yield Investor Checking® account, the Schwab Bank High Yield Investor Savings® account, and the Schwab One® brokerage account.

We apologize for the inconvenience. Please review the questions and answers below. If you have any further questions, please call our specially trained service team at 800-785-7816.

Starting September 30, 2010, visit fiacardservices.com to access your account online.


Answers to frequently asked questions regarding the change in credit card sponsorship:

Q: Will my card continue to work?
A: Yes. You can continue to use your card for purchases, provided your account is open and in good standing.

Q: Will my current APR or reward program change?
A: 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, and will explain these changes at a time and in a manner consistent with its commitment to providing clear information to its customers. Schwab will not participate in these changes in any way.

Q: Will my Invest First Cash Back rewards continue to be deposited into my Schwab One brokerage account?
A: 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 and will explain these changes at a time and in a manner consistent with its commitment to providing clear information to its customers. Schwab will not participate in these changes in any way.

Q: Will I still be able to view my credit card account information through Schwab.com?
A: Starting September 30, 2010, Schwab will no longer display information about your credit card account on Schwab.com, and will not have any information related to your credit card account. You’ll be able to access your credit card account information online at fiacardservices.com .
To access your account information, please follow the instructions below:
Go to fiacardservices.com .
If you know your fiacardservices.com login name and password that you set up initially when you were issued your card, then enter it and you will have immediate access to your account.
If you do not recall your login name and/or password, then simply click on the link, “Forgot your Login Name or Password?” and you will be guided through some simple steps to get you on your way to viewing your account information.

Q: What if I have questions about my credit card account?
A: For service-related questions about your credit card account, you can continue to call the customer service phone number on the back of your card or on your statements, which is 866-724-9224. You’ll also be able to access your credit card account information online at fiacardservices.com .
To access your account information, please follow the instructions below:
Go to fiacardservices.com .
If you know your fiacardservices.com login name and password that you set up initially when you were issued your card, then enter it and you will have immediate access to your account.
If you do not recall your login name and/or password, then simply click on the link, “Forgot your Login Name or Password?” and you will be guided through some simple steps to get you on your way to viewing your account information.

Q: Will the way I pay my credit card bill change?
A: No. If you are currently making your credit card payments by mail, online bill pay, or automatic monthly payments, you do not need to update your payment method. If any changes need to be made, FIA Card Services will make that determination and communicate directly with you.

Q: Will there be any changes to my Schwab One brokerage account that is linked to my Invest First credit card?
A: There will be no changes to your Schwab One brokerage account as a result of this sponsorship change. You will continue to enjoy no account balance minimums on your Schwab One brokerage account.

FIA Card Services will provide you with notice if any changes will be made to the reward program, and will explain these changes at a time and in a manner consistent with its commitment to providing clear information to its customers.
Schwab will not participate in these changes in any way.

Q: Will there be any changes to my debit cards?
A: No. This change does not affect the debit cards offered by Schwab for the Schwab Bank High Yield Investor Checking account, the Schwab Bank High Yield Investor Savings account, and the Schwab One brokerage account. Clients will continue to enjoy no ATM fees.
WikiPost
9/15/10 2:57 PM
Starting September 30, 2010, visit fiacardservices.com to access your account online.

Official announcement page: http://www.schwab.com/public/schwab/nn/m/q310/cc.html?cmsid=P-3778947&lvl1=nn&lvl2=m

New York Times article referencing this discussion.
kwest
9/15/10 3:09 PM
Sounds like it's only a matter of time until FIA makes changes.
doveroftke
9/15/10 3:39 PM
Thanks for the heads-up. This is my primary card, so I'm going to keep an eye out for something similar to be ready to replace it.
jameshasty
9/15/10 3:39 PM
This may explain why we all got new cards with new numbers.
thised1
9/15/10 3:59 PM
jameshasty said:

This may explain why we all got new cards with new numbers.


New numbers - makes sense, but the card still says 'charles schwab bank' on it.
Rheeh02
9/15/10 4:09 PM
You guys have any suggestions for a replacement credit card other than the Fidelity credit card?
abacti
9/15/10 4:12 PM
Go for another 2% Cash Back card, either HSBC orchard card or Household card !!
abacti
9/15/10 4:14 PM
Though I am more concern with foreign transaction fee!! Currently there is no fee with Charles Schwab card .
JTFH
9/15/10 4:18 PM
I'm scared... Someone hold me.
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