Members have reported receiving the credit card one week after getting approval.
Opening an account: 1 pull for each of the following: credit card, brokerage account ("Schwab One Account") and checking account (3 total pulls if you apply for all 3)
Brokerage account ("One" account) $1000 minimum waived if you have the credit card. Checking account also waives this $1000 minimum.
If you did not get instant approval, call them after a day or two. If you call during the business hours they'll let you talk to credit analyst and get decision right away. This is a good option, since if the analyst is not sure you have a chance to convince him/her to approve your account (by moving CL, or just by saying that you have enough assets to pay off all balances on your credit report)
I have an existing Schwab Bank Visa credit card with WorldPoints rewards. What's the difference between this card and the new Schwab Bank Invest First card? The Schwab Bank WorldPoints card is no longer available to new accounts. With your existing WorldPoints card, you earn one Point for every $1 on net retail purchases and can choose from a variety of WorldPoints rewards including travel, merchandise/gift cards, equity trades, and even 1% Cash Back. The new Schwab Bank Invest First card offers unlimited 2% Cash Back on purchases, automatically deposited into your Schwab One account.
Both cards have no annual fee. However, the variable Annual Percentage Rates (APRs) and benefits are different for each card. For more information about rates, fees, other costs, and benefits associated with the new Schwab Bank Invest First card, please refer to the disclosures accompanying the online credit card application.
Can I switch my WorldPoints card to the new Schwab Bank Invest First card? No. The new Schwab Bank Invest First card is a separate card with new account terms, so you would need to apply for the new card.
Can I roll over Points from my WorldPoints card to the new Schwab Bank Invest First card? No. The cards offer different rewards programs, so you can't roll over Points from your existing WorldPoints card to the new Schwab Bank Invest First card.
Do I have to close my WorldPoints card if I open a new Schwab Bank Invest First card? No. You may choose to keep both credit cards open if you like.
* Earn 1.00% variable APY%u2014 that%u2019s 2 times the national average.1 * No ATM fees. We reimburse any ATM fee you are charged%u2014 worldwide.2 * Enjoy free standard checks, free online bill pay and a Visa® Platinum Check Card. * Get full-featured FDIC-insured checking for up to $250,000.3
Do I need to do anything before I travel internationally? It%u2019s always a good idea to contact us if you intend to use your Visa Check Card in another country or will be out of town for an extended period of time. To protect against fraud, transactions in certain countries may result in your Visa Check Card being inactivated.
If you intend to travel, please call and let us know which country you will be in and how best to reach you while you are away. For instance, if you will be checking your email regularly, you can request an email to inform you of any unusual check card activity. If your card is blocked and you have questions, call the number on the back of your card.
It comes with a Schwab One® brokerage account that lets you:
* Invest in mutual funds, single portfolio solutions, stocks, bonds, CDs, options, exchange-traded funds and more. * Manage both your Schwab Bank checking account and your brokerage account on Schwab.com with a single login. * Easily transfer funds online between your accounts for free.
How to waive the $1,000 account minimum for the Schwab One brokerage account: * Automatic $100 monthly deposit into your brokerage account. Once you open an account, arrange to deposit $100 or more per month. Just visit the Transfers and Payments tab after logging in or call 866-232-9890 to set up this automatic transfer. * Open a Schwab Bank Investor Checking account linked to your brokerage account Learn More. * Open a Schwab Bank Invest FirstTM Visa Signature® Credit Card
Q: How do I get my cash rewards? A: Your points will be automatically redeemed at the close of each month and your cash rewards will be deposited into your Schwab One account that is linked to your Schwab Bank Invest First card 5-10 business days after the close of each month. If you provided your Schwab One account number when you applied for your card, we will link that brokerage account to your credit card. If you applied for a Schwab One brokerage account at the same time you applied for the Schwab Bank Invest First card online or by phone, these accounts will be linked. If you opened a Schwab One account separately from your credit card, you will need to link the two accounts. To add, change, or confirm your linked Schwab One account, please log in to schwab.com/creditcard and access your Schwab Bank Invest First account.
You can pay your card in full each month. To do so, call the number on the back of your card and ask them to mail you the auto-pay form. The paper form, unlike the online options, gives you the choice of paying your balance in full.
How to link your account(s) for the Cash.back: Enroll your account and Log into the Schwab management site, go to the management section for the Schwab card, and then select the "Rewards" tab in that section. There, click on the link "Enroll or verify your Schwab One to receive cash rewards" and link your account from there.
This card has some additional benefits that have some real value. (And others that don't Surprisingly there seems to be no discussion of the other benefits of this card
Schwab Bank Invest First Visa Credit Card
- Purchase Replacement for damaged lost or stolen items within 90 days
- Price Protection coverage 60 days
- Auto Rental Collision Damage Waiver 15 days US, 31 days international
- Warranty Manager Doubles the warranty up to 1 year
- Lost luggage reimbursement $3000 per trip maximum
- Common Traveler Accident Insurance $1M (accidental loss of life/limb)
- Concierge Services Locate tickets, flowers, etc
- Identity Theft Protection Contacts the credit bureaus for you
- Travel and Emergency Assistance Assistance reboooking flights, getting meds, etc
- Roadside Dispatch Calls tow truck, lock smith, etc
- Visa Signature Dining Zagat ratings access, access to special Fine Wine and Food events
The first four seem to be the really valuable ones
"Opt out" of "direct marketing" and "information sharing" - it takes less than 3 minutes. Directions: (1) Call 1-866-325-8310 (2) Listen for the opt-out option - press #1 (3) They give you more information then ask you whether you want to opt-out again, again, press #1. (4) Press #0 to be connected with customer service rep who can remove you from direct marketing sharing, tell him/her: "I was directed here when asking to opt out of information and direct marketing, please help me opt out of those."
Message edited by: serval on 2009-10-28 17:13:42 CDT
Finally, a card that beats the 1.5% fidelity rewards visa. This is momentous.
This seems like an amazing card. It not only tops the 2% daily spender cards since Cash Back is credited automatically every month without minimum, but it also tops the foreign transaction card with a foreign transaction fee of 0%. Extremely nice for those of us who do a lot of international travel.
If this card comes with a credit line, can someone explain to me how it is you might go about spending a more than that credit line on a purchase? What is the procedure for spending over your CL when there is no set spending limit?
Message edited by: MikeR397 on 2008-12-02 00:01:48 CST
Enjoy premium Visa Signature benefits if you qualify. If you qualify for a credit line of $5,000 or more, you’ll enjoy complimentary premium benefits including:
Visa Signature Dining, with Z@gat ratings and reviews. Visa Signature Access preferred tickets. No preset spending limit
Does it mean that they report your ending balance as the credit limit to the CRA which would make CRAs to view it as 100% utilization ? ( like C@pital one does)
There's a thread about the pro and con's of not having a preset spending limit: http://www.fatwallet.com/forums/finance/832642/ One-line summary: They probably won't report a credit limit, which may or may not affect your credit score. There's no penalty for going over the credit limit ('no spending limit'), but the entire balance above the credit limit will be due after the statement (i.e. will be added to the minimum payment).
fwbargain said:Enjoy premium Visa Signature benefits if you qualify. If you qualify for a credit line of $5,000 or more, you’ll enjoy complimentary premium benefits including:
Visa Signature Dining, with Z@gat ratings and reviews. Visa Signature Access preferred tickets. No preset spending limit
Does it mean that they report your ending balance as the credit limit to the CRA which would make CRAs to view it as 100% utilization ? ( like C@pital one does)
Open an account with $1,000, or $0 if you set up an automatic monthly transfer of at least $100.
There are no minimum balance requirements, minimum balance charges, or minimum trade requirements in order to open or maintain the Schwab One brokerage account WHEN you also open a linked High Yield Investor Checking account.
____________________ Looks very good especially for those wanting to establish a new total financial "relationship" with brokerage, credit card, checking, bill pay, ATM, etc.
For those wanting just the credit card, I couldn't find if there are other specific charges, even from the fee schedule. By implication, WITHOUT a linked high yield Checking Account, there might be some fees. (I would suggest asking Schwab to explain the $25 transfer of all assets OUT fee. Not sure what that is.) Overall, this looks like a good deal.
Thanks OP. I also like this because maybe Fidelity and others will match.
Message edited by: bamadad on 2008-12-02 08:26:52 CST
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