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What Credit Card Should I Get ? FAQ

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166 of 442
-10
dieuwer
2/28/10 4:39 PM
minggang said:

For specific categories, there is almost no reason to keep any cards with 2% rebate or less if you can get a Schwab Visa or Fidelity AMEX, but I did not delete them because someone may not be able to get a 2% all purpose card.



Schwab/Fidelity is useless since these cards only allow you to fund a Schwab or Fidelity account. Additionally, Schwab and Fidelity are known for their high brokerage fees.
+7
rama13
2/28/10 4:52 PM
dieuwer said:


Schwab/Fidelity is useless since these cards only allow you to fund a Schwab or Fidelity account. Additionally, Schwab and Fidelity are known for their high brokerage fees.



I pay nothing for my Schwab brokerage account, and can transfer the cash rewards from the brokerage to any account I want through MoneyLink for free. Pretty damn useful if you ask me.
-7
dieuwer
2/28/10 5:46 PM
Schwab has $1000 minimum.
+1
craig10x
2/28/10 7:03 PM
dieuwer said:

Schwab has $1000 minimum.



Not if a Schwab Credit Card and/or Investor Checking account linked to it....then Schwab One (Regular Account) has no minimum at all...
Even their IRA Account, while requiring an initial $1000 going in...doesn't even need to be maintained...even with that you could transfer $999 out afterwards and they wouldn't care...they are very liberal about their requirements in that regard...Actually, same rule applies normally to Schwab One as well...but with that account the linking of either or both of those other products even exempts you from that...
0
glxpass
2/28/10 7:06 PM
dieuwer said:

Schwab has $1000 minimum.


Not necessarily. From the Schwab Pricing Guide, regarding the Schwab One account and its minimum deposit requirement (I bolded one way to avoid it):

$1,000 per account
The Minimum Deposit
Requirement is waived
if you open a linked
Schwab Bank High Yield
Investor Checking®
account, open a Schwab
Bank Invest First™ Visa
Signature® credit card,
or establish an incoming
monthly transfer of
at least $100 through
direct deposit or Schwab
MoneyLink®
+3
bsod
3/1/10 9:31 AM
At the risk of being flamed like Argyll, I totally support folks going to credit unions and smaller/community banks for checking/savings and credit cards. For me, Schwab/AMEX/Citi/etc don't cut the mustard due to size and/or soundness. More power to all the Schwab-ers here but they're too big and I don't want to open companion accounts to get my rewards.

I'm very interested in getting a decent non-big-institution Cash Back credit card, so the discussion about CU's best offering is a great help. I guess it comes down to PenFed and Fort Knox. I called Fort Knox and they confirmed it's 5% gas/1.25% everything else with auto/travel insurance as the only other features. Plus, there's a $20-$30 (she wasn't sure) inactivity fee after a year of no use. You can become a member if you join the American Consumer Council for free.

Maybe Fort Knox could be added to the front page?
0
minggang
3/1/10 9:39 AM
jxf, good job! I did not add Fort Knox because I did not know that you can get membership by joining American Consumer Council for free. Go ahead and add it to QS.
+1
bsod
3/1/10 10:30 AM
Rats, you are eligible to join Fort Knox CU if you join American Consumer Council (ACC is free) *but* you have to pay for your Fort Knox membership:
"The initial requirement for membership is only $15, of which $5 represents one share in the Credit Union, and the remaining $10 covers your one-time-only membership fee."

Too bad Alliant doesn't have a 1% cash rewards Signature Visa ...
0
Argyll
3/1/10 2:09 PM
Addison Avenue has a 1% monthly CashBack Platinum Visa. You can also opt for rewards points.

Delta has a rewards card that pays a little under 1%, but the equivalent of 1% once you reach 10,000 points.

Redstone has a rewards card of 1% under $10,000 and 2% on annual purchases over $10,000.

Anyone can join these credit unions.


I have the Addison and Delta cards.
+1
kintro
3/1/10 2:51 PM
Argyll said:

Addison Avenue has a 1% monthly Cash Platinum rewards card. You can also opt for a rewards card.

Delta has a rewards card that pays a little under 1%, but the equivalent of 1% once you reach 10,000 points.

Redstone has a rewards card of 1% under $10,000 and 2% on annual purchases over $10,000.


I have the Addison and Delta cards.



Even dealing exclusively with CU's, couldn't you do better with Penfed, Knox, Northrop, LMCU or NASA? I don't know why a 1% CB cc would spark much interest on this forum.
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