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In the event of a switchover, what will show on credit reports. Close + Hard pull on credit for new account? Existing history rolled into new card?

Does the Fidelity VISA credit you only in chunks of $50? Or once you hit the 5000 point mark, do they credit you your complete balance? I liked how the FIA card would just give me $80-90 automatically every month.

Dannychico said:   Does the Fidelity VISA credit you only in chunks of $50? Or once you hit the 5000 point mark, do they credit you your complete balance? I liked how the FIA card would just give me $80-90 automatically every month.
It's the latter. If you have a minimum of 5,000 points ($50) when your statement closes, they will automatically sweep the entire point balance to your linked Fidelity account.

Has anyone tried to have Schwab VISA converted into Fidelity VISA (provided that appropriate Fidelity relationship on the part of the cardholder exists)?

I've decided to take one for the team here and ride it out and see what I'm offered. Credit profile is excellent, and I presume I could accept their crappy card and get a product change after the fact. Will report on findings.

tjguitar85 said:   Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

I've seen this posted a couple times, but what is the source?

Are you just assuming the standard 3% transaction fee minus 2% rewards = 1% fee?


From:

https://www.applyonlinenow.com/USCCapp/Ctl/entry?sc=UABIQI

Fees

Annual Fee None
Transaction Fees

• Purchases Purchases of wire transfers from a non-financial institution:
Either $10 or 4% of the amount of each transaction, whichever is greater.
• Balance Transfers Either $10 or 4% of the amount of each transaction, whichever is greater.
• Cash Advances Either $10 or 4% of the amount of each transaction, whichever is greater.

• Foreign Transactions American Express (1) converts charges made in foreign currencies to U.S. dollars using a rate selected on the business day prior to the day on which the charges are processed by American Express and (2) applies a 1% commission to the converted amount. See the Credit Card Agreement for details.

Penalty Fees
• Late Payment Up to $35
• Returned Payment Up to $25

cyberkost said:   Has anyone tried to have Schwab VISA converted into Fidelity VISA (provided that appropriate Fidelity relationship on the part of the cardholder exists)?

I was also interested in trying this.

welp, if this is the case then I'm going to have to cancel the card. I don't mind going from 2% to 1%, but foreign fees + annual fee kills it.

cyberkost said:   Has anyone tried to have Schwab VISA converted into Fidelity VISA (provided that appropriate Fidelity relationship on the part of the cardholder exists)?

A couple of years back they accidentally converted my Schwab card to a Fidelity WorldPoints card of some kind when they were supposed to just be upgrading me to the signature card. I was pretty pissed about the whole thing and it messed up how the cards appeared when I logged into Schwab for months even after I got them to change it back. So theoretically there is some mechanism through which this can happen, but I don't know if it's normal procedure.

P.S. I didn't even have any existing relationship with Fidelity at the time.

ITAF3Can said:   cyberkost said:   Has anyone tried to have Schwab VISA converted into Fidelity VISA (provided that appropriate Fidelity relationship on the part of the cardholder exists)?

I was also interested in trying this.


I started out as a Fidelity 1.5% Visa card holder, and applied for the Schwab card.

At the time, it was not possible to change to a Schwab card, they did a full hard pull, and issued me a second card. I do see both on the ibsnetaccess site though, and am able to re-allocate credit between the two cards, in addition to my legacy BofA card (which only shows up on bofa's main site.

Given how MBNA structured things going from Fido to Schwab, and how little at least the front end of their website has changed over the last 5 years I would be surprised if it would be any different going from Schwab to Fido.

thinvalet said:   
Bank of America is taking over direct management of the cards

Yikes! Run away!

Or read the financial privacy thread, then run away. Also, BofA will cut 3500 jobs following a recent 8.8 bn in losses- so customer service may not be 100% cheerful.

beethovengirl said:   foomeister said:   FIA certainly hasn't put any investment into its web design to give any indication of looking to the future.
Half the time I go to fiacardservices.com, I get an error message from my web browser saying, "Safari can’t open the page “https://www.ibsnetaccess.com/NASApp/NetAccess/LoginDisplay” because Safari can’t find the server “www.ibsnetaccess.com”."

Does anyone else have this problem too? I don't have this problem with any other websites.

You're not alone.. see the tech. competence wiki on how the various banks do.. you'll see that FIA and BofA both have issues. They're guilty of narrowly supporting mainstream Windows IE users and leaving the rest to struggle with their poor design.

What's also sad in my situation is that the credit inquiries I took to get this card will actually last longer than the card itself (Approved in Feb. 2010, inquiries will drop off probably March 2012). Also Schwab pulled all three credit agency reports when then they opened the brokerage account/credit card.

MidnightLight said:   Dannychico said:   Does the Fidelity VISA credit you only in chunks of $50? Or once you hit the 5000 point mark, do they credit you your complete balance? I liked how the FIA card would just give me $80-90 automatically every month.
It's the latter. If you have a minimum of 5,000 points ($50) when your statement closes, they will automatically sweep the entire point balance to your linked Fidelity account.


Is this only for the Visa, because this definitely isn't the case for the AMEX.


fidelity amex sweep
Disclaimer
tjguitar85 said:   MidnightLight said:   Dannychico said:   Does the Fidelity VISA credit you only in chunks of $50? Or once you hit the 5000 point mark, do they credit you your complete balance? I liked how the FIA card would just give me $80-90 automatically every month.
It's the latter. If you have a minimum of 5,000 points ($50) when your statement closes, they will automatically sweep the entire point balance to your linked Fidelity account.


Is this only for the Visa, because this definitely isn't the case for the AMEX.


You are definitely wrong.
I have the Fidelity AMEX card and MidnightLight is indeed correct (see attached image for proof).

Interesting. It seems you have to enable this by changing 0% to 100% in the "Manage my Distributions" field. Thanks for the heads up!

Also, for those interseted in another 2% card,

There is the Household Bank card, but who knows how long it will last. http://www.householdbank.com/ecare/cards?docId=Cards_Tab_data_ca...

cageRatlr said:   You're not alone.. see the tech. competence wiki on how the various banks do.. you'll see that FIA and BofA both have issues. They're guilty of narrowly supporting mainstream Windows IE users and leaving the rest to struggle with their poor design.

I've never had any problems with the website using Firefox.

tjguitar85 said:   Interesting. It seems you have to enable this by changing 0% to 100% in the "Manage my Distributions" field. Thanks for the heads up!

Also, for those interseted in another 2% card,

There is the Household Bank card, but who knows how long it will last. http://www.householdbank.com/ecare/cards?docId=Cards_Tab_data_ca...


The hsbc is aimed at people new to credit cards. You will get a limit less than $1000 even with 750+ credit scores. For most people it is probably not worth it.

dpid said:   FYI, if you have the Schwab debit card (for the schwab checking account), I'm pretty sure that they waive forex fees if you pull out cash from foreign atms. That might be an option too.
I don't recall if the no forex fee covers credit purchases as well, or just ATM withdrawals?

tulsastorm said:   
I've never had any problems with the website using Firefox.
Nor would you, if you're running Firefox on Windows.

Firefox is a very mainstream tool (particularly the Windows implementation of it), as is the Adobe implementation of a flash player that you're probably using. Try going slightly off the narrow beaten path and run gnash with firefox - then you can expect problems (according to the wiki). If you follow the link from that wiki page, it leads to someone who has problems with a Mac implementation of firefox, but not with a windows implementation of firefox.

It's always a poor design choice when a bank tries to get flashy and require clients to install proprietary software to access their web page. Banking clients want banks, not casinos.

So when is this Schwab card going to end? Too bad, love the 2%. I guess I will use my fidelity AMEX 2% from now on.

Seriously.

I am in the highest tax bracket with perfect credit score.

They gave me a credit line of $300.

JorgeBurrito said:   tjguitar85 said:   Interesting. It seems you have to enable this by changing 0% to 100% in the "Manage my Distributions" field. Thanks for the heads up!

Also, for those interseted in another 2% card,

There is the Household Bank card, but who knows how long it will last. http://www.householdbank.com/ecare/cards?docId=Cards_Tab_data_ca...


The hsbc is aimed at people new to credit cards. You will get a limit less than $1000 even with 750+ credit scores. For most people it is probably not worth it.

spacecadet610 said:   Seriously.

I am in the highest tax bracket with perfect credit score.

They gave me a credit line of $300.

JorgeBurrito said:   tjguitar85 said:   Interesting. It seems you have to enable this by changing 0% to 100% in the "Manage my Distributions" field. Thanks for the heads up!

Also, for those interseted in another 2% card,

There is the Household Bank card, but who knows how long it will last. http://www.householdbank.com/ecare/cards?docId=Cards_Tab_data_ca...


The hsbc is aimed at people new to credit cards. You will get a limit less than $1000 even with 750+ credit scores. For most people it is probably not worth it.
How else do you expect them to maintain a 2% reward structure? The more you are able to spend and the better you are able to avoid paying interest, the more expensive it is to give you the benefit. So they hogtie you with the low credit limit figuring you can't really be an expensive customer if your rewards are so limited. But since you are FW savy, we know you will simply use the card every day and pay the balance every day, so that you will barely notice the low credit limit!

Everything is rumor and speculation at this point, so here's another bit of anecdotal evidence, use with caution...

I called FIA to let them know I would be traveling outside the US. I asked the CSR repeatedly about possible changes to the reward structure/forex fees, and the most she would say is that IF there were any changes to my account they would give me 45 days notice.

I got the impression that changes, if any, would be selective and targeted to certain accounts. For example, she asked, did you get a letter? The implication being that not everyone is getting a letter.

As for why FIA or anyone else would want customers like us (maximize rewards, always pay balance in full, etc), don't banks bundle these accounts into CDOs? They need a certain percentage of us to boost the rating and lower the risk of the CDOs. One way or another, they will make money because of us.

We need to recruit a good number of "moderate" deadbeats* for the Schwab card to keep it alive. Anyone interested? Anyone?

*moderate deadbeats do pay their bills but near minimum payments on 10-20+% interest cards.

UncaMikey said:   Everything is rumor and speculation at this point, so here's another bit of anecdotal evidence, use with caution...

I called FIA to let them know I would be traveling outside the US. I asked the CSR repeatedly about possible changes to the reward structure/forex fees, and the most she would say is that IF there were any changes to my account they would give me 45 days notice.

I got the impression that changes, if any, would be selective and targeted to certain accounts. For example, she asked, did you get a letter? The implication being that not everyone is getting a letter.

As for why FIA or anyone else would want customers like us (maximize rewards, always pay balance in full, etc), don't banks bundle these accounts into CDOs? They need a certain percentage of us to boost the rating and lower the risk of the CDOs. One way or another, they will make money because of us.


I too called to give a travel notification and the CSR told me she didn't see any changes for my account and didn't give any more indication than usual that there might be. Here's hoping mine will stick around for a bit longer!

UncaMikey said:   I got the impression that changes, if any, would be selective and targeted to certain accounts. For example, she asked, did you get a letter? The implication being that not everyone is getting a letter.

I'm not reading too much into this. They deal with a lot of different cards, each with different terms, and I'm sure there's some segment of their customer base getting letters about changes to the terms at any given time.

BTW, let's not all call and ask FIA about what's going to happen to this card. Nothing good can come of that.

markb1024 said:   BTW, let's not all call and ask FIA about what's going to happen to this card. Nothing good can come of that.++++++

craig10x said:   Signature credit cards all come with the benefits like warranty extension, theft or damage coverage, auto rental collision waiver coverage, travel insurance, lost luggage insurance, etc.....Visa supplies them automatically to that level of card.....
Schwab even includes those things on the Platinum Visa Check Card that comes with the Investor Checking


Greetings craig10X,
Did I just get some bad info. from a Schwab customer service representative? Because I telephoned Schwab Bank earlier today and they said the Visa Debit Card that comes with their High yield Investor Checking account DID NOT include that benefit. I believe their website does identify the card for that account as a Platinum Visa.

donotdrinkPBR said:   markb1024 said:   BTW, let's not all call and ask FIA about what's going to happen to this card. Nothing good can come of that.++++++

FTW!

I recently took $10k on my $20k credit limit for the 0% deal on a 3% fee for 10 months. That's a 3.6% annual interest cost. I did this so I could buy $10k worth of IBonds for 2011 at 4.6% interest. I am beating the 3.6% so I thought it was free money. If Ibonds drop next year, I sell and pay back the FIA 0% BT with that money, or if IBonds stay high, I pay off the $10k with income from my job next year, and keep the IBonds going.

Now that FIA may be canceling the card, what happens to my BT? Can they say "sorry dude, pay us the $10k now. We don't care that we charged you a $300 fee. Account is being closed so fork over the $10k within 30 days or be delinquent."

Or could FIA say "No problem. Keep the $10k on the card, but it's being converted to a $75 annual fee card. Just pay the annual fee and it's fine."

Even worse they could say "It's being converted to a $75 annual fee card. And the 0% BT doesn't apply anymore. So now you owe $10k at 20% Interest on your new $75/year annual fee card. Congrats!"

I'm worried about this $10k that I literally took one week ago to buy IBonds and I don't want to call just in case I can squeeze by. What normally happens with 0% BT deals when the CC company closes the card or changes it?

earlyretire said:   I recently took $10k on my $20k credit limit for the 0% deal on a 3% fee for 10 months. That's a 3.6% annual interest cost. I did this so I could buy $10k worth of IBonds for 2011 at 4.6% interest. I am beating the 3.6% so I thought it was free money. If Ibonds drop next year, I sell and pay back the FIA 0% BT with that money, or if IBonds stay high, I pay off the $10k with income from my job next year, and keep the IBonds going.

Now that FIA may be canceling the card, what happens to my BT? Can they say "sorry dude, pay us the $10k now. We don't care that we charged you a $300 fee. Account is being closed so fork over the $10k within 30 days or be delinquent."

Or could FIA say "No problem. Keep the $10k on the card, but it's being converted to a $75 annual fee card. Just pay the annual fee and it's fine."

Even worse they could say "It's being converted to a $75 annual fee card. And the 0% BT doesn't apply anymore. So now you owe $10k at 20% Interest on your new $75/year annual fee card. Congrats!"

I'm worried about this $10k that I literally took one week ago to buy IBonds and I don't want to call just in case I can squeeze by. What normally happens with 0% BT deals when the CC company closes the card or changes it?


Most likely, FIA/BofA will convert the Schwab card to another type of card...it could be a pre-existing one or a completely brand new one. I've had several defunct rewards cards, and this is the way it is usually done. If you received a balance transfer offer of 0% for 10 months, then FIA is obligated to not charge interest until after 10 months on that money regardless what happens to the credit card. Unless there is something in the fine print (which I've never seen), I don't think they can change the terms of the balance transfer after you've initiated the balance transfer. If you don't like the terms of the new card (annual fee or whatever), by law, you can tell FIA you don't agree to the new terms. Your account will essentially be closed and no new charges will be allowed. The account balance is still due under the old terms, so you can continue making the minimum payments with the old interest rate in effect until the balance is paid off. In other words, you've got up to 10 months to pay back the balance transfer with no interest. After that, your current variable interest rate will be applied to the remaining balance, if any.

earlyretire said:   I recently took $10k on my $20k credit limit for the 0% deal on a 3% fee for 10 months. That's a 3.6% annual interest cost. I did this so I could buy $10k worth of IBonds for 2011 at 4.6% interest. I am beating the 3.6% so I thought it was free money. If Ibonds drop next year, I sell and pay back the FIA 0% BT with that money, or if IBonds stay high, I pay off the $10k with income from my job next year, and keep the IBonds going.

Now that FIA may be canceling the card, what happens to my BT? Can they say "sorry dude, pay us the $10k now. We don't care that we charged you a $300 fee. Account is being closed so fork over the $10k within 30 days or be delinquent."

Or could FIA say "No problem. Keep the $10k on the card, but it's being converted to a $75 annual fee card. Just pay the annual fee and it's fine."

Even worse they could say "It's being converted to a $75 annual fee card. And the 0% BT doesn't apply anymore. So now you owe $10k at 20% Interest on your new $75/year annual fee card. Congrats!"

I'm worried about this $10k that I literally took one week ago to buy IBonds and I don't want to call just in case I can squeeze by. What normally happens with 0% BT deals when the CC company closes the card or changes it?

In essence, they loaned you money with agreed upon terms, and unless you commit a violation (i.e make a late payment), they cannot unilaterally change those terms on you.

Hi aptvictoria... i believe that csr would be wrong....mine certainly has it and it IS a platinum visa check card that comes with Investor Checking....unless they made some recent change i am not aware of....
but i would assume that if they had dropped it then it would have been dropped for all members and i have never been notified anything was changing and in fact recently received my renewal card and it was the same card again...

Try e-mailing them with that question...you will probably get a different answer...

dpid said:   FYI, if you have the Schwab debit card (for the schwab checking account), I'm pretty sure that they waive forex fees if you pull out cash from foreign atms. That might be an option too.

Confirmed that this is the case. You're best bet is to call Schwab and have them raise your daily withdrawal limit.

For those seeing a new number in the FIA online; my guess is that you are getting a new card # after a fraud alert - we got new cards today with a letter referring to a potential breach at an unnamed merchant. The letter also said that the old account would be deactivated within 7 days of mailing (no indication of when that was). I have a pending order of touchpads with HP SMB, I'm going to be pissed if this hoses that order. I'm delaying my new card activation in the hopes that my order ships first.
Nothing in the mailing today indicating any change in the card otherwise.

earlyretire said:   I recently took $10k on my $20k credit limit for the 0% deal on a 3% fee for 10 months. That's a 3.6% annual interest cost. I did this so I could buy $10k worth of IBonds for 2011 at 4.6% interest. I am beating the 3.6% so I thought it was free money. If Ibonds drop next year, I sell and pay back the FIA 0% BT with that money, or if IBonds stay high, I pay off the $10k with income from my job next year, and keep the IBonds going.

That's a lot of work for 1%. so basically, you paid $300 to get 10 months at 4.6% (best case scenario. most likely will be lower for the last 4 months).. so you make $383 which will be taxed at your normal rate (since you can afford to pay off the $10k from your job, I would assume that it's >15%). If it's 15%, you pay $58 in taxes.. If taxed at 25%, you go negative..

All that work for a whopping $25 (best case.. with 4.6% being continued for another 4 months and being taxed at 15%). Good job!

ajkghemee said:   earlyretire said:   I recently took $10k on my $20k credit limit for the 0% deal on a 3% fee for 10 months. That's a 3.6% annual interest cost. I did this so I could buy $10k worth of IBonds for 2011 at 4.6% interest. I am beating the 3.6% so I thought it was free money. If Ibonds drop next year, I sell and pay back the FIA 0% BT with that money, or if IBonds stay high, I pay off the $10k with income from my job next year, and keep the IBonds going.

That's a lot of work for 1%. so basically, you paid $300 to get 10 months at 4.6% (best case scenario. most likely will be lower for the last 4 months).. so you make $383 which will be taxed at your normal rate (since you can afford to pay off the $10k from your job, I would assume that it's >15%). If it's 15%, you pay $58 in taxes.. If taxed at 25%, you go negative..

All that work for a whopping $25 (best case.. with 4.6% being continued for another 4 months and being taxed at 15%). Good job!


Not to mention the i-bonds will almost certainly be at a lower rate for the second 6 months (not to mention the 3 month interest penalty), so that was a bad move all around. You do understand that the 4.6% rate was only guaranteed for 6 months and you can't redeem ibonds for 12 months minimum, right? You will likely lose money on this "deal". Worst case the ibonds go to 0% and you get an effective yield of just 2.3%, meaning you lost $104 including taxes. Best case, you make $90. But that best case is extremely unlikely. Actually, all that math was based on 12 months, not 10, so it's even more dire than I wrote.

I took a similar deal with a 1% fee (different card), but know my risk is quite a bit lower since I have the money in a reward checking account paying 3%.

i recenty got my card replaced becuase bofa perceived fraud. The card i received has a very different look, is not called schwab, its a fia cash rewards and it still has 2% Cash Back as my statement closed 2 days ago after some additional purchases with the new card, so not sure if another change is coming, but i still get 2% on my fia cash rewards card.

on a seperate note. I dont see anything about platinum level on BOFA site, does anyone have a link to the page

wbc1228 said:   tjguitar85 said:   MidnightLight said:   Dannychico said:   Does the Fidelity VISA credit you only in chunks of $50? Or once you hit the 5000 point mark, do they credit you your complete balance? I liked how the FIA card would just give me $80-90 automatically every month.
It's the latter. If you have a minimum of 5,000 points ($50) when your statement closes, they will automatically sweep the entire point balance to your linked Fidelity account.


Is this only for the Visa, because this definitely isn't the case for the AMEX.


You are definitely wrong.
I have the Fidelity AMEX card and MidnightLight is indeed correct (see attached image for proof).


How do you get to that page? I don't see anything like that for my Fidelity AMEX.

Just got my letter today from BofA, and all it said was that "Your credit card and all account benefits are still active" -- tho on reflection, I see it makes no promise for the _future_ .

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