edit
Help/Support

Forums ›
Finance

2% credit card- Charles Schwab Visa in: Subjects › Discussion

  • filter:
  • Tell A Friend
  • Text Only
  • Search this Topic »
  • Classic
rated:
   posted: Dec. 1, 2008 @ 10:29p
alert mods    

http://www.schwab.com/public/schwab/banking_lending/credit_card?cmsid=P-990780&lvl1=banking_lending&lvl2=credit_card

I haven't seen this card discussed before, but it looks like it is a straight 2% credited to your Charles Schwab brokerage account every month.

I might have to open up a brokerage with them just to use this card for every day purchases and then the Pen Fed CC for 5% gas.

Anyone have this card care to comment?

Message edited by: gotsmack on 2008-12-01 22:35:05 CST
   posted: Dec. 1, 2008 @ 10:29p

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)

Check Application Status Thread
Check your status online and if you do not get a decision then call. Call Phone: 800-932-2775 - Select option #3. You will speak to a real rep and they will give you an instant decision through the phone along with your credit line and errrythang.
Already a Schwab Bank WorldPoints Cardholder?

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.


You can log in to your Schwab CC acct here LINK

About the Schwab Bank High Yield Investor Checking%u2122 account:

* 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 VisaŽ 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 OneŽ 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 SignatureŽ 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

Message edited by: walletfart on 2009-06-21 10:03:43 CDT

rated:
   posted: Dec. 1, 2008 @ 10:37p
alert mods    

Wow.

Finally, a card that beats the 1.5% fidelity rewards visa. This is momentous.


rated:
   posted: Dec. 1, 2008 @ 10:51p
alert mods    

Ugh! I closed my Schwab account about a year ago. Maybe time to reopen.

Message edited by: Clocks on 2008-12-01 22:52:43 CST
rated:
   posted: Dec. 1, 2008 @ 10:59p
alert mods    

Schwab broker acct has no min fees?

Message edited by: welookgoodcom on 2008-12-01 23:03:29 CST
rated:
   posted: Dec. 1, 2008 @ 11:32p
alert mods    

"And no annual fee or foreign exchange transaction fees." It is so sweet.


rated:
   posted: Dec. 1, 2008 @ 11:32p
alert mods    

oopsz said:Wow.

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.


rated:
   posted: Dec. 1, 2008 @ 11:33p
alert mods    

Awesome OP, thanks!

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
rated:
   posted: Dec. 1, 2008 @ 11:36p
alert mods    

Here's a $50 bonus that expired last year. Maybe there's a current one to make the deal HOTTER

https://promo.schwab.com/AD046/AD046Home.asp?campaign=ccop06&mp=...


rated:
   posted: Dec. 1, 2008 @ 11:42p
alert mods    

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)


rated:
   posted: Dec. 2, 2008 @ 12:17a
alert mods    

it is a FIA issued card. Only pulls Experian on me. Real pain in the butt.


rated:
   posted: Dec. 2, 2008 @ 12:21a
alert mods    

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).


rated:
   posted: Dec. 2, 2008 @ 12:26a
alert mods    

Thanks OP! Great find.


rated:
   posted: Dec. 2, 2008 @ 12:45a
alert mods    

Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.


rated:
   posted: Dec. 2, 2008 @ 12:56a
alert mods    

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?


rated:
   posted: Dec. 2, 2008 @ 1:01a
alert mods    

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)


any answer to this?


rated:
   posted: Dec. 2, 2008 @ 1:05a
alert mods    

magelin said:
any answer to this?
well, yes


rated:
   posted: Dec. 2, 2008 @ 2:07a
alert mods    

Stin said:Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.

How about the ability to convert a Fido into a Schwab?


rated:
   posted: Dec. 2, 2008 @ 2:46a
alert mods    

Stin said:Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.

The Invest First Credit Card FAQ claims you can't do it.


rated:
   posted: Dec. 2, 2008 @ 8:00a
alert mods    

Schwab OneŽ Brokerage Account Facts

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
 Close

Sign Me In
Nickname: 
Password: 
Remember My Login Information:

Forget your login information?

Not Already A Member?
Sign Up Now!


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.


Sign up for free today, because you don't want to miss out on any more cash back than you already have! There are currently 1,209,571 people just like you registered to earn Cash Back From FatWallet. Be the next! Sign up to join the discussion & earn Cash Back from FatWallet:
close