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For those who are getting the 48-72 hour decision window:

Applied. Got the 48-72 hour pending statement. Decided to call to check up/amend my application because I put 0 for number of years in current residence and current employer (I switched jobs and moved within the last 6 months). Eventually got to a credit analyst who made an immediate approval for 15k.

I hate talking to people but can see that it could be useful to get the card. I don't REALLY want to open a schawb brokerage account as it will only encourage me to buy mutual funds which I always always regret doing.

Applied online and it says check back for the status in the next 15 minutes. Went back to the link schwab.com/creditcard that was given after application and it is the same credit card application page. No emails either. What's going on?

right hand side of the application page has a link for checking status of application.

I called they said the application is in and if they need any further information they will be in touch (in response to my question of whether I could provide any further information to move things along). A 2% spending card would be very nice. I hope its not a pain to get the money out of a schwab one account... I assume ACH will work to get it out.

Schwab ONE says
"open the account that lets you:
- Invest easily in stocks, bonds, CDs, options and thousands of no-load, no-transaction-fee mutual funds— or select a single portfolio solution.
- Get stock trade commissions as low as $8.95....
"
so it seems I can invest my Cash Back into bonds for free? and there are fees only for trading stocks?



I don't see the $25 transfer of all assets out fee. can someone confirm?

"Once my cash rewards are deposited into my Schwab One account, can I access the cash?
Yes. You may withdraw the cash at any time or invest it."

According to the rep I spoke with, there is no fee to ACH funds out, and they will provide an ATM card/checks for no fee (yes, this is the brokerage account, not checking account) at no fee.

EDIT - I have not been able to verify the part about the ATM card/checks on their site yet - I'm hoping the rep didn't just "not mention" you need a checking account.

Thanks guys instant approval 16K

48 to 72 hours...looks to be pretty sweet. Guess the Chase Freedom at 1.25 is going by the wayside for the nonbonus categories

Ahhhh sweet timing for this since I just launched my wife's AOR today. I want to apply for a card for her. But quick question.

If she gets approved, can I then add myself as an AU and get my own card? I have 80k in personal debt from AOR, but wife currently has zero.

Chances of my wife being approved for this card can't be any higher. But I want a card for myself. Should I just do a joint application? Or should I get her card first then add me later?

Bleh... I just decided to apply under her name and I added myself as an AU in the application since it didn't ask for my SSN. My Experian is frozen anyways so they won't be seeing any of my current debt if they decide to pull an EX anyways.

Deferred response so i'll check back later. I already applied for a BOA credit card in my wife's name and got a 15k instant approval today so maybe I am at max.

Thanks gotsmack,

I already have a Schwab brokerage account, but I wasn't aware of this card for some reason. It's far better than the Schwab card I already have and don't use.

A few clicks and they pre-filled the form, gave me an instant approval for 13k and as soon as the card arrives I'm all set to go.

It couldn't have been any easier.

DjPiLL said: Ahhhh sweet timing for this since I just launched my wife's AOR today. I want to apply for a card for her. But quick question.

If she gets approved, can I then add myself as an AU and get my own card? I have 80k in personal debt from AOR, but wife currently has zero.

Chances of my wife being approved for this card can't be any higher. But I want a card for myself. Should I just do a joint application? Or should I get her card first then add me later?
Apply as AU, AU's credit reports are not pulled. (hence them not taking your social).

Since the money is going into a brokerage account, how is it counted for tax purposes?

BLTLSOH said: Since the money is going into a brokerage account, how is it counted for tax purposes?The same as it going anywhere else - as a rebate reducing the price of the items bought/paid for with the card.

Wheeee instant approval for 16k CL, painless brokerage account opening - thanks FW! this is my new favorite, for sure.

Called and talked to analyst. Was able to get my old Schwab card cl transferred to this one.

Any promotion for signing up a Schwab One account?

I guess it's better to apply the card and the brokerage account at the same time since they will pull the credit in both cases.

Glitch99 said: BLTLSOH said: Since the money is going into a brokerage account, how is it counted for tax purposes?The same as it going anywhere else - as a rebate reducing the price of the items bought/paid for with the card.

Clear answer! I was about to ask this question, too. Thanks!

just FYI: the original Fidelity college savings FIA card is 2%

(with the market the way it has been --- my 2% is now 1% lol!)

A relay of my experience. I just applied and got an instant approval but it was only $4,800 which surprised me because I figured I had good credit and a personal income/HHI of $80,000/$120,000. I was so surprised I paid for a FICO score from myFICO which came back as 803. Needless to say I'm not sure what kept me out of the >$5,000 CL bracket.

Ask for more when you activate. Nah. Don't ask. DEMAND.

I see one big difference with Fidelity account(s). Their ATM Debit card reimburse all ATM fees (unlimited worldwide) and charge no foreign transaction fee when used as a signature based transaction (like a credit card) overseas (except the 1% charged by Visa, which will be charged in Schwab's card as well). So, if you link your "real" checking account with Fidelity and frequenly use nearest ATMs (as needed for small withdrawals) and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of Schwab (as we know Fidelity Visa Card is 1.5% CashBack).

Obviously, I assume that Schwab's ATM card does not offer the same perks as Fidelity's ATM card.

Any thought?

The big question is: Is Fidelity going to match it? I guess, it will go other way round. Schwab will drop the CashBack to a lower level in near future. They are probably trying to raise quick capital in the current credit crunched economy (don't forget $1000 to open the brokarage account).

Anyone called Fidelity?

Tintin

bandyopa said: I see one big difference with Fidelity account(s). Their ATM Debit card reimburse all ATM fees (unlimited worldwide) and charge no foreign transaction fee when used as a signature based transaction (like a credit card) overseas (except the 1% charged by Visa, which will be charged in Schwab's card as well). So, if you link your "real" checking account with Fidelity and frequenly use nearest ATMs (as needed for small withdrawals) and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of Schwab (as we know Fidelity Visa Card is 1.5% CashBack).

Obviously, I assume that Schwab's ATM card does not offer the same perks as Fidelity's ATM card.

Any thought?

The big question is: Is Fidelity going to match it? I guess, it will go other way round. Schwab will drop the CashBack to a lower level in near future. They are probably trying to raise quick capital in the current credit crunched economy (don't forget $1000 to open the brokarage account).

Anyone called Fidelity?

Tintin
Schwab rebates ATM fees as well, only they do it as a lump sum at the end of each month rather than at the time of each transaction.

bandyopa said: I see one big difference with Fidelity account(s). Their ATM Debit card reimburse all ATM fees (unlimited worldwide) and charge no foreign transaction fee when used as a signature based transaction (like a credit card) overseas (except the 1% charged by Visa, which will be charged in Schwab's card as well). So, if you link your "real" checking account with Fidelity and frequenly use nearest ATMs (as needed for small withdrawals) and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of Schwab (as we know Fidelity Visa Card is 1.5% CashBack).

Obviously, I assume that Schwab's ATM card does not offer the same perks as Fidelity's ATM card.

Any thought?

The big question is: Is Fidelity going to match it? I guess, it will go other way round. Schwab will drop the CashBack to a lower level in near future. They are probably trying to raise quick capital in the current credit crunched economy (don't forget $1000 to open the brokarage account).

Anyone called Fidelity?

Tintin


Schwab also has a pretty good ATM card with refunded ATM fees world-wide, but I'm not sure if it is a good as Fidelity. I've never used my card outside the U.S. From the Schwab.com website "2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than for an ATM cash withdrawal from your Schwab Bank account."

AmericaRocks said:
Schwab also has a pretty good ATM card with refunded ATM fees world-wide, but I'm not sure if it is a good as Fidelity. I've never used my card outside the U.S. From the Schwab.com website "2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than for an ATM cash withdrawal from your Schwab Bank account."


I am always wondering if there is any "fees imposed by merchants for POS transactions". In other words, this is the fee charged by using the ATM machine. If that's the case, it is not really free, isn't it? The simple question is, if I simply withdraw cash from another bank's ATM, will I need to pay a fee?

WSJ has an article on this CC:
http://online.wsj.com/article/SB122834640257277379.html

The article claims that the card has no forex fees.

If I didn't have to suffer 2 hard pulls for this card, I might consider it but my husband and I already have the 2% Cash Back Orchard CC.

fatweah said: I am always wondering if there is any "fees imposed by merchants for POS transactions". In other words, this is the fee charged by using the ATM machine. If that's the case, it is not really free, isn't it? The simple question is, if I simply withdraw cash from another bank's ATM, will I need to pay a fee?

No. You will be charged the fee, but Schwab will refund the fees monthly. I used my Schwab ATM card all over the place and all my fees have been refunded.

just when I get into a stable relationship with a credit card... along comes a hotter card to lure me away.

first it was me and my Chase Freedom... then came my Fidelity Signature VISA... now this.

what is a guy to do!?!?

bandyopa said: I see one big difference with Fidelity account(s). Their ATM Debit card reimburse all ATM fees (unlimited worldwide) and charge no foreign transaction fee when used as a signature based transaction (like a credit card) overseas (except the 1% charged by Visa, which will be charged in Schwab's card as well). So, if you link your "real" checking account with Fidelity and frequenly use nearest ATMs (as needed for small withdrawals) and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of Schwab (as we know Fidelity Visa Card is 1.5% CashBack).

Obviously, I assume that Schwab's ATM card does not offer the same perks as Fidelity's ATM card.

Any thought?

The big question is: Is Fidelity going to match it? I guess, it will go other way round. Schwab will drop the CashBack to a lower level in near future. They are probably trying to raise quick capital in the current credit crunched economy (don't forget $1000 to open the brokarage account).

Anyone called Fidelity?

Tintin


You don't need $1,000 to open a brokerage account if you open it with the investor checking account: Schwab Bank High Yield Investor Checking

I think this really is a move to just make them more competitive with Fidelity and other companies. If they had a higher yielding MM I could use for the brokerage sweep and less hassles setting up ACH links, I might consider moving over from Fidelity completely.

oversky0 said: Can someone kindly explain the differences between a brokerage account and a normal bank account to me? Is there anything I should know before apply?

from what i know, basically a brokerage account allows you to buy stocks, mutual funds, and other securities a portfolio and hold cash while your bank account is mainly for savings/checkings. i have a brokerage account with schwab right now and it's great! they have an investors checking account which is easily managed online and you can transfer money straight to your brokerage account.

beethovengirl said: WSJ has an article on this CC:
http://online.wsj.com/article/SB122834640257277379.html

The article claims that the card has no forex fees.

If I didn't have to suffer 2 hard pulls for this card, I might consider it but my husband and I already have the 2% Cash Back Orchard CC.


That is a nice card but the maximum you can earn is $400 or $20,000 in charges.

i3ighead said: beethovengirl said: If I didn't have to suffer 2 hard pulls for this card, I might consider it but my husband and I already have the 2% Cash Back Orchard CC.
That is a nice card but the maximum you can earn is $400 or $20,000 in charges.

Well, I use a plethora of cards... 3% Cash Back at restaurants, 5% for gas, groceries, and drugstores, 3.75% for utilities, Citi PremierPass for flights, etc.

I use my Orchard card at a small number of places like Target, Amazon, etc, so the $20,000 limit is enough for me.

beethovengirl said: I use my Orchard card at a small number of places like Target, Amazon, etc, so the $20,000 limit is enough for me.
The point is...it's not about the credit limit on the card. It's about 2% Cash Back with no limits and no restrictions.

If you want to juggle 35 credit cards, knock yourself out But alot of us see merit in a Cash Back card with no restrictions whatsoever that pays to a decent interest yielding brokerage sweep account.

Stin said: Called and talked to analyst. Was able to get my old Schwab card cl transferred to this one.

They actually called me, are going to transfer my old unused schwab cc limit, and a portion of an older cc as well.

i3ighead said: beethovengirl said: WSJ has an article on this CC:
http://online.wsj.com/article/SB122834640257277379.html

The article claims that the card has no forex fees.

If I didn't have to suffer 2 hard pulls for this card, I might consider it but my husband and I already have the 2% Cash Back Orchard CC.


That is a nice card but the maximum you can earn is $400 or $20,000 in charges.


Where did that max $400 earnings or $20,000 in charges come from? I assume it's one individual's max earnings based on
their credit card limit? (I thought there was no limit if your credit limit was unlimited). And, if so, aren't the credit limits a monthly limit? If so, that 's plenty enough for me.

Were are you seeing the $20,000 limit? The FAQ says it is unlimited...
"Is there a maximum amount of cash rewards that I can earn?
No. Unlike many Cash Back cards, the Schwab Bank Invest First card has no annual or monthly cap on the amount of Cash Back you can earn. You get unlimited 2% Cash Back on all retail purchases. In addition, there are no Cash Back tiers, merchant categories, or minimum purchase balance requirements."

bandyopa said: So, if you link your "real" checking account with Fidelity and frequenly use nearest ATMs (as needed for small withdrawals) and use the debit card as a credit card in overseas, then, you will easily beat the extra 0.5% CashBack of Schwab (as we know Fidelity Visa Card is 1.5% CashBack).

I am not sure I understand what you mean. I've never known the Fidelity VISA debit card to give cashbcak of any percentage. What did I miss?

The only time I've ever used the Fidelity debit card as a cc overseas was when the place would take VISA (the Fidelity ATM card) but not MasterCard (my Fidelity cc). I would always much rather use cc rather than debit card, everywhere.

The big limitation of the Fidelity debit card is the max withdrawal limit: $500 per account per day. I've begged and pleaded, but they will not change that, even temporarily. There have been times when I needed a big chunk of euros or whatever (to rent an apartment for example) and I've had to set up mulitiple debit cards (all with higher fees/costs). I am hoping that the Schwab debit does not have this limitation.

Another big advantage for me is that Schwab has an office about 3 blocks away. Sometimes I get tired of spending hours researching financial products online, it's nice to go in and just ask somebody.

I got the 36-48 hour thing as well, I'm at the very end of an AOR so I was worried it wouldn't go through, called in and they moved some of the credit line from a BoA card I have that is fully paid off. Those waiting approval may want to try this route as someone else stated in the thread. This worked for me. Sounds like a great card, I'll move from using my Chase Countrywide to this as I think this has much more potential to be around longer than that card will be.

It says the APR is like 15.99, but doesn't give any tiers like "premium apr," "super awesome credit APR," etc. Do you think this means you can't get any lower than the 15.99. The APR is the only thing that is making me not want to get this card, since I have a Chase Freedom right now and average below 2% Cash Back.

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