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clutchcargo777 said: So, is Schwab committed to pay the full 2% until Sept 30? Would it be a good idea to charge the hell out of this card while we can.
Coins maybe?


Well, there is 5 days left to the 30th. Coins do not ship (which means no charge) within 5 days and you are limited to more or less $1,000 worth every 10 days. You do the math.

swintec said: clutchcargo777 said: So, is Schwab committed to pay the full 2% until Sept 30? Would it be a good idea to charge the hell out of this card while we can.
Coins maybe?


Well, there is 5 days left to the 30th. Coins do not ship (which means no charge) within 5 days and you are limited to more or less $1,000 worth every 10 days. You do the math.


Well, one could pre-pay/over-pay as many utilities and other assorted re-occurring bills with it I suppose.

clutchcargo777 said: So, is Schwab committed to pay the full 2% until Sept 30? Would it be a good idea to charge the hell out of this card while we can.
Coins maybe?
Current info is that 2% will be awarded beyond Sept 30. There's no hard info, so far, to suggest otherwise. If you're paranoid and assume the worst, sure, go ahead and knock yourself out, since there is no "committment", only a promise of business as usual.

mapen said: clutchcargo777 said: So, is Schwab committed to pay the full 2% until Sept 30? Would it be a good idea to charge the hell out of this card while we can.
Coins maybe?
Current info is that 2% will be awarded beyond Sept 30. There's no hard info, so far, to suggest otherwise. If you're paranoid and assume the worst, sure, go ahead and knock yourself out, since there is no "committment", only a promise of business as usual.


Well, since this card is really a 1% card that Schwab doubles once it "sweeps" it, and with the recent post about an FIA CSR saying it would immediately
become a point card and 1 point at that, I don't know if it's paranoia or not to try to maximize rewards while we can.

I take it the confusion is stemming from ufguy's statement that a CSR said the card "will have a 1 point per dollar reward structure which can be redeemed for "Cash Back", airline tickets, etc.".

The card has always earned 1 point per dollar. If you look at your statement, in the "Rewards" section, you will see that you had always earned 1 point per dollar. Schwab gives 2 cents Cash Back per point and it seems that they will continue to do so, for now.

The stuff about airline tickets etc. is referring to whatever program FIA is going to roll out, and does not refer to the 2 cents per point that Schwab is currently awarding.

mapen said: I take it the confusion is stemming from ufguy's statement that a CSR said the card "will have a 1 point per dollar reward structure which can be redeemed for "Cash Back", airline tickets, etc.".

The card has always earned 1 point per dollar. If you look at your statement, in the "Rewards" section, you will see that you had always earned 1 point per dollar. Schwab gives 2 cents Cash Back per point and it seems that they will continue to do so, for now.

The stuff about airline tickets etc. is referring to whatever program FIA is going to roll out, and does not refer to the 2 cents per point that Schwab is currently awarding.


Schwab has said they will have nothing to do with this card come October 1. I don't understand why they would continue to pay 2 cents on anything
they have nothing to do with. FIA will be paying the rewards and a 1% structure is already in place. Switching it to a point card would
be a trivial undertaking. I see the best case scenario would be a continuation of the Cash Back but at the 1% that FIA is currently tooled
for.

clutchcargo777 said: I don't know if it's paranoia or not to try to maximize rewards while we can.

I think the better question is, why WEREN'T you already trying to maximize the rewards ever since it got into your hands? If I didnt get at least a four figure reward amount each month, I felt as though I failed.

swintec said: clutchcargo777 said: I don't know if it's paranoia or not to try to maximize rewards while we can.

I think the better question is, why WEREN'T you already trying to maximize the rewards ever since it got into your hands? If I didnt get at least a four figure reward amount each month, I felt as though I failed.


I guess my original question was will this card continue to pay 2% on charges between now and the 30th. I already have been using it for
everything that didn't earn more then 2% already. I have better cards to switch to if I'm only not getting 2% for charges between now
and the 30th.

clutchcargo777 said: Schwab has said they will have nothing to do with this card come October 1. I don't understand why they would continue to pay 2 cents on anything
they have nothing to do with. FIA will be paying the rewards and a 1% structure is already in place. Switching it to a point card would
be a trivial undertaking. I see the best case scenario would be a continuation of the Cash Back but at the 1% that FIA is currently tooled
for.
I agree with you that the 1 point per dollar system is geared toward a 1% reward, and I agree that they most likely will eventually move toward such a system.

A CSR I spoke to today repeated what somebody else said earlier in this thread, that we will have the option to deposit the reward to any checking/savings account of our choice. I surmise from this that FIA will be the one's actually depositing your 2 cents per point reward into your Schwab account (for now), which fits with your concern that Schwab is no longer involved, and that FIA is paying the rewards.

The current credit card rewards/credit lines are not unlike quantum mechanics.

Calling to find out whether you can retain rewards/increase credit lines actually destroys the rewards/CL.

Lay low, peeps, lay low.

Does that include decimal points?

A four figure reward (i.e., $1000 or more) would mean $50,000 or more per month.

I admire your cash flow.

One thing I notice in the rewards section now is you are able to specify your own outside account (ie..not a Schwab brokerage account). It also has a picture of what i assume is the new card design, black with a swirl type thing that simply says "Cash Rewards" on it. They really arent wasting any time are they. I am tempted to swap over the deposit account, but may wait until after the upcoming disbursement.

swintec said: One thing I notice in the rewards section now is you are able to specify your own outside account (ie..not a Schwab brokerage account). It also has a picture of what i assume is the new card design, black with a swirl type thing that simply says "Cash Rewards" on it. They really arent wasting any time are they. I am tempted to swap over the deposit account, but may wait until after the upcoming disbursement.
Good catch! I doubt I would have bothered to click on the Rewards tab if you had not posted.

I went ahead and changed the the account for depositing the rewards (Fidelity! Ironic, huh?) and noticed another interesting feature: once you set up multiple accounts to receive the cash reward, you can split it by percentage, i.e., 25% to one account, 50% to another, and 25% to a third.

It will be interesting to see if this lasts even 30 days.

swintec said: One thing I notice in the rewards section now is you are able to specify your own outside account (ie..not a Schwab brokerage account). It also has a picture of what i assume is the new card design, black with a swirl type thing that simply says "Cash Rewards" on it. They really arent wasting any time are they. I am tempted to swap over the deposit account, but may wait until after the upcoming disbursement.

I added an external account to this just today. I wonder if I will now get fee zapped for having a brokerage with schwab or... I think it will still be linked up until they terminate thier repationshiop. Guess I will have to call them to see if they are going to start charging for the checking and brokerage - then cancel.

Looks like it is 2% for the time being, as indicated by the updated 2% Cash Back picture:

https://wwwa.managerewardsonline.fiacardservices.com/rewards/dcbrwd/SiteObjects/published/565711890000D1D5011132AB4CDDB19A/565711890000071F011D6295A7623B85/file/Schwab2_Zone5Welcome.jpg

swintec thank you for a great content oriented post. Great news - an improvement to the card, and a pleasant change from the endless speculation and whining posts that have consumed this thread


New design
Disclaimer
As swintec and miketheman88 mentioned, FIA has updated the Rewards section of the website with these new images that show a new card design and a statement of the benefits that we know and love.

mapen said: As swintec and miketheman88 mentioned, FIA has updated the Rewards section of the website with these new images that show a new card design and a statement of the benefits that we know and love.

does that mean we will get a new card like this?

The decline of FWF - we now focus on what a card looks like

I'm more concerned by the lack of a mention of maintaining the no forex fees.

Is the new FIA card taking new applications?

I recently called FIA on other business and they volunteered that the rewards would continue to be deposited into the Schwab account.

islandguy84 said: I'm more concerned by the lack of a mention of maintaining the no forex fees.

+1. That's a big one for me too.

NEDeals said: It doesn't sound like direct deposit to other institutions will be available, at least for now.
??? swintec alerted us to the link for changing the account for depositing rewards, and some of us have already done so. Mine is set up to go to Fidelity, we'll know for sure in a few days.

UncaMikey said:
??? swintec alerted us to the link for changing the account for depositing rewards, and some of us have already done so. Mine is set up to go to Fidelity, we'll know for sure in a few days.


I set mine to go to my savings account as well. I hope it works, and keeps working I didn't challenge the phone rep and was just repeating what he told me. I figured it is better to wait and see what happens then ask CS a bunch of questions at this point.

NEDeals said: I recently called FIA on other business and they volunteered that the rewards would continue to be deposited into the Schwab account. It doesn't sound like direct deposit to other institutions will be available, at least for now.

We'll see. When I added my BofA checking for direct deposit of my rewards, I deleted the Schwab account from the list.

Is anyone else having trouble accessing their Schwab card through Yodlee?

ScreamingDaisy said: Is anyone else having trouble accessing their Schwab card through Yodlee?

I had trouble with Fidelity FullView (which I think uses Yodlee on the back end) about 3 weeks-a month ago. Right around the time that FIA had me choose a security picture & new security questions. I deleted the account and added it again (both were to FIA's login, not Schwab's), and it works fine now.

How about financial institutions debit transactions like Discover current, etc? FIA might change it to cash advances.

FIA just added some new security questions this week, so if you are having problems accessing account info from Yodlee or Mint, that may be why. You'll have to revise the account log-in credentials.

UncaMikey said: NEDeals said: It doesn't sound like direct deposit to other institutions will be available, at least for now.
??? swintec alerted us to the link for changing the account for depositing rewards, and some of us have already done so. Mine is set up to go to Fidelity, we'll know for sure in a few days.


Same here.... will close out my Schwab account within the next two weeks.

dwt79 said: FIA just added some new security questions this week, so if you are having problems accessing account info from Yodlee or Mint, that may be why. You'll have to revise the account log-in credentials.

Hmm, I went through the new security picture/questions sign up and added the account as 'FIA Card Services' instead of 'Charles Schwab Bank Credit Card'. Now the FIA entry is working fine, but the Schwab labeled entry is still giving me problems. Kind of annoying because a few transactions are duplicated showing up on both accounts.

pgrey98 said: UncaMikey said: NEDeals said: It doesn't sound like direct deposit to other institutions will be available, at least for now.
??? swintec alerted us to the link for changing the account for depositing rewards, and some of us have already done so. Mine is set up to go to Fidelity, we'll know for sure in a few days.


Same here.... will close out my Schwab account within the next two weeks.


Why, you have something else that's better than 2% on everything?

learningtime said:
Why, you have something else that's better than 2% on everything?

I think he meant close the Schwab brokerage/checking account.

I am trying to decide whether to keep my Schwab checking account open. Assuming they do not require a minimum balance or a certain amount of activity, it may be worthwhile to use for traveling -- no forex fee, rebate of ATM fees, etc.

UncaMikey said: learningtime said:
Why, you have something else that's better than 2% on everything?

I think he meant close the Schwab brokerage/checking account.

I am trying to decide whether to keep my Schwab checking account open. Assuming they do not require a minimum balance or a certain amount of activity, it may be worthwhile to use for traveling -- no forex fee, rebate of ATM fees, etc.
Or you could just get USAA

ScreamingDaisy said: Is anyone else having trouble accessing their Schwab card through Yodlee?

I deleted my existing account and re-added it back in (add it as "Charles Schwab Bank - Credit Card") and it prompted me to answer one of the security questions that I had previously set up outside of Yodlee.

It works and updates now.

okwiater said: Or you could just get USAA
I've been with USAA for 40+ yrs, actually, and with their bank since they started it. Their debit card charges a 1% forex fee and caps the amount of monthly ATM fee rebates. The few times I've used their ATM or credit card outside the U.S., the exchange rate was not as favorable as that used by Fidelity and Schwab (which have been identical, in my experience).

Why is everybody getting out of Schwab brokerage accounts? Schwab still has great ERs on their ETFs.

kmith said: Why is everybody getting out of Schwab brokerage accounts? Schwab still has great ERs on their ETFs.

Many FWFers would argue that Vanguard is a better deal for a number of reasons.

kmith said: Why is everybody getting out of Schwab brokerage accounts? Schwab still has great ERs on their ETFs.
Spite?

More seriously, I guess many people already had a preferred broker and only opened the Schwab account in order to get their CashBack.



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