craig10x said:do you have a link to the cash management page olegos...i can't seem to locate it....
You can get to it only after you login, so a link doesn't work. After you login into the brokerage account, click on "Products" in the top navigation bar ("Accounts * Trade * Research * Products * Guidance * Service"), which will bring up second navigation bar right below, with "Cash Management" in there.

Billywillyphant said:One of the ways to avoid the Schwab $1K brokerage minimum is to open the Investor Checking w/the brokerage account (Schwab One account).
From the QS: Brokerage account ("One" account) $1000 minimum waived if you have the credit card. Checking account also waives this $1000 minimum.

Thanks olegos...

I just finished a chat with a friendly Schwab bank representative (call was to transfer money to the savings account since immediate transfers still cannot not be done on line). He claimed no knowledge of plans to discontinue or change the card.

He did confirm they were not promoting it. More interestingly, he said his instructions were not to mention it even for a customer who indicated he was in the market for a credit card (contrast that with how a CITI or Chase banker is supposed to react if you mention you are in the market for a credit card). However, if you ask specifically about this card (somehow having leaned of it, perhaps through a rumored web site that discusses such things <g> he is to give their usual good customer service, and tell you about it. His impression was that they had had a better response to this card than they expected (in economics, we teach that having a good product at a low price is likely to attract many customers).

Of course,it is anybody's guess as to what will happen in the future.

I could even imagine a bank (say FIA or BOA) knowing it would eventually cut rewards as its competitors were doing, deciding to delay making the cuts long enough to pick up new business at the expense of its competitors. When it finally followed the competition, it would have many new card holders. It might expect to keep these customers when it cut benefits to industry standard, since there would be no reason for customers to go through the trouble of getting a competitor's card if that card had no real advantage over what they already had.

Of course, a hazard of being the only one lending when others are not is that you end up with the customers who cannot credit elsewhere and are probably high risk. The obvious solution is to be conservative in issuing new cards and setting credit lines. The final outcome could be that you pick up and retain new profitable customers (possibly the better off ones who need and have a brokerage account).

My conclusion is that if you lack this card and have decent credit, you probably should try to get it now and hope that they do not change benefits. (Years ago, when what is now FIA stopped issuing 2% Fidelity 529 cards (replacing them with a 1.5% card), those that already had the 2% card did not have their benefits cut.

ProfessorEd said:I could even imagine a bank (say FIA or BOA) knowing it would eventually cut rewards as its competitors were doing, deciding to delay making the cuts long enough to pick up new business at the expense of its competitors. When it finally followed the competition, it would have many new card holders. It might expect to keep these customers when it cut benefits to industry standard, since there would be no reason for customers to go through the trouble of getting a competitor's card if that card had no real advantage over what they already had.Yeah, I could imagine that without even breaking a sweat

ProfessorEd said:My conclusion is that if you lack this card and have decent credit, you probably should try to get it now and hope that do not change benefits. (Years ago, when what is now FIA stopped issuing 2% Fidelity 529 cards (replacing them with a 1.5% card), those that already had the 2% card did not have their benefits cut.I hope that you're right about that. If I'm these guys, I'm tossing out the 2% card as a loss leader to try and bring more clients in on the brokerage side. After the requisite trial period if I see that, gee, the vast majority of the takers are just doing what's necessary to get the card and not using my nifty fee generating brokerage business at all, I start the cutting bait maneuver. Step one is the cease all new sign ups, step two is to reduce the card benefit package to something more like "industry standard" and send out a letter to my customers telling them that they're being "upgraded." Hope I'm wrong, though.

ProfessorEd said:However, if you ask specifically about this card (somehow having leaned of it, perhaps through a rumored web site that discusses such things <g> he is to give their usual good customer service, and tell you about it. His impression was that they had had a better response to this card than they expected

This card (and the Fidelity 2% card) were recommended in the print version of Consumer Reports that I received the week before it disappeared off the website, so I guess that could be more than enough promotion for them.

Look at Schwab's Complete Pricing Guide. On Page 3, it describes the minimum deposit requirement for a Schwab One Account as:
$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®

So, you don't have to open the checking account or set up DD to waive the balance - having the CC is enough.

ThePessimist said:Look at Schwab's Complete Pricing Guide. On Page 3, it describes the minimum deposit requirement for a Schwab One Account as:
$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®

So, you don't have to open the checking account or set up DD to waive the balance - having the CC is enough.

My bad. I missed that page.

One inquiry for brokerage and one for CC.

bankdealsrule said:Now with the new Schwab Complete Pricing Guide dated November 2009, what order do you have to open accounts if you open up a Schwab One Account? (if you want the credit card and brokerage only). Their online process does not allow you to apply for the Schwab Bank Invest First Visa Signature card together with the Schwab One Account brokerage account. Is it best to just apply in-person for both products (do they offer applications for credit card at brokerage in-house?) or apply on-line first? What order? How many credit report pulls are expected... 2 or 3 for cc and brokerage?The online process does allow you to apply for them together; apply to the credit card first and then it will ask if you want to open the brokerage. It doesn't work the opposite way especially now that they are no longer advertising the credit card.

You can apply for the credit card at a brokerage branch, but you will still receive the card and details via physical mail. I personally applied online but my parents applied for the trio in person. They don't regularly monitor their credit reports so I'm not sure how many inquiries that method will result in.

You will have at most 2 inquiries for cc and brokerage, 1 for each account. I personally received only 1 inquiry when I applied online by first applying for the credit card and then opening a brokerage account when prompted.