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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?

******This offer may not last past March 2010****

Card is dead! Fidelity 2% AMEX is still alive, that might be your best bet now.

Member Summary
Most Recent Posts
I had the same problem with BOA/FIA a few months ago. The payment hit on Monday and the late fee was automatically rever... (more)

linglingfool (Sep. 10, 2012 @ 11:45a) |

I too had the same experience, both with the original Schwab 2% Visa, and with the card I replaced it with, the Fidelity... (more)

HughMungus (Sep. 10, 2012 @ 11:58a) |

Thanks for the help, guys. The $15 "late payment" fee was, indeed, reversed last night. Just a programming glitch, I g... (more)

TxJeep (Sep. 11, 2012 @ 9:52a) |

Schwab is no longer accepting applications for this card. Deal is dead if you haven't gotten in already.

Looking for an alternative / replacement card now that the 2% offer is ending? Recently many card holders have been "offered" a Bank Americard with an inferior rewards program as the 2% on everything card is being eliminated. Accordingly, many people are looking for alternative cash rewards cards; particularly a Visa or MasterCard option as AMEX is less frequently accepted. Here is a short list of alternatives to consider (please add to this list FW'ers!):


  1. Sallie Mae Visa - 2% straight CashBack when cashed out at $250, accepted everywhere the Schwab card is, since its a VISA. 3% Foreight Transaction Fee. $100 bonus offer after link.
  2. Chase Freedom- 1% on everything, 5% in quarterly rotating categories, no fee, must request your rewards at $50 intervals. $200 sign up bonus.
  3. Capital One Cash Rewards - 1.5% automatic rewards (1% on everything, plus .5% annually), no fee. ($100 sign up bonus.)
  4. PenFed Platinum- 1% on everything, 5% on gas; must donate $10-20 to good groups, automatic rewards to your account, no fee. Great for people who buy a lot of gas.
  5. Capital One Venture- 2 points on everything. No annual fee for the 1st year, but $59/year after that.
  6. Fidelity Visa- 1.5% on everything up to $15,000, then 2% on everything. No fee. Automatically deposited into your Fidelity account, then you can manually transfer to your normal checking/savings account for free.
  7. Capital One - 2% cash rewards business card - "Business No Hassle Cash Premier" - 2% on everything, automatically send you a check at set times/amounts, $59 annual fee (waiver first year), $100 sign up bonus (and $50 if you authorize another user, i.e., an employee).
  8. FKFCU Visa - 1.25% on all, 5% on gas, via automatic statement credit. $15 membership fee, eligible to become credit union member if join (for free) the "American Consumer Council."
  9. NASA Credit Union - 2% CashBack on everything after $2,000 in annual spending (1% on $1-1,000; 1.25% on $1,001-2,000). No annual fee, join free American Consumer Counsel to qualify for Credit Union membership, no signup bonus, 1% forex, 0% BT. Apparently they pull all three credit score companies and that's an issue for some people (I guess?).
  10. Priceline Rewards Visa - 2%/2 points for every $1 in spending. 5%/5 points per $1 when you name your own price on Priceline.com. No annual fee. $25/2500 point minimum to redeem points for statement credit.


There are AMEX alternatives too, like the Fidelity 2% AmEx, but the frequent "we don't take AMEX" makes these incomplete alternatives to the Schwab 2%.


Looking for an alternative / replacement card with NO or LOW foreign transaction fee?
Out of all the alternative mentioned above, only Capital One credit card offer NO foreign transaction fee. The rest of them have pretty high fee. Fidelity AMEX (not VISA) only has 1% fee but as mentioned, not widely accepted.

-----------------------------------------------------------

You can log in to your Schwab CC acct here LINK

Removed much of the Schwab info as they no longer manager the card and the BoA AmeriCard polices now apply.

"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."[/L][/L]

Wow.

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

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

Schwab broker acct has no min fees?

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

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.

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?

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=...

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)

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

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).

Thanks OP! Great find.


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

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?

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?

magelin said:
any answer to this?

well, yes

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?

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.

Schwab One® 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.

So this is unrelated to the MBNA-based Schwab card that I have that survived after BofA took over? This seems like a much better card!

Wow I already have a Schwab Visa CC that I've never even used. This looks much better, think they'll convert my old card to this one?

***EDIT***

Nevermind, checked the FAQ. You can't switch from the old WorldPoints card to this, but you can apply for this as well and have both open. Which I did

Frolet said: Wow I already have a Schwab Visa CC that I've never even used. This looks much better, think they'll convert my old card to this one?

I don't think so - the old Schwab Visa is a MBNA-BofA product. This seems to be through FIA.

Seems like the best way to go for this card is to sign up for a High Yield Investor Checking (1.5% APY, no fees, no minimum) -
link

They say "free checking comes with a Schwab One® brokerage account", so I'm not sure if you get that brokerage account as part of the signup. Anyway, once you have the brokerage account you can get the 2% from the Visa.

Whoops - FIA is owned by BofA. Didn't know that. So I'm not sure if you can convert, I'd like to know too. I may call and ask.

Thank you for submitting an application for a Schwab Bank Invest First™ Visa® credit card. Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You can check the status of your credit card application on schwab.com/credticard. Please give us 15 minutes to review your application before checking the status.

All credit card applicants will receive a written response within the next 30 days.

Next Steps. If you do not have a Schwab One® brokerage account, please apply for your brokerage accoung after you receive your credit card decision. Call us at 877-713-8381 or go online to open a Schwab One brokerage account to receive your cash rewards.

If you would like to continue opening your Schwab One acount at this time, apply now.

The Schwab One brokerage account has no monthly service fees, no minimum balance requirements, low-cost trading, plus 24/7 online and customer support.

Eta: Just go back to the original application page and use the right hand pane's "Application Status" link, as the web page they direct you to above, does not exist. They told me to check back in 48-72 hours (I have credit problems with so many inquiries).

I want to sign up for the card, and the checking, and the brokerage. Anyone know if signing up for the checking automatically gets me a brokerage account, as that statement I quoted above implies? Or do I have to apply for both? Just asking for anyone's previous experience.

I guess this answers my own question. For anyone who wants to sign up for the brokerage + checking, this link has the info:
link

This looks like a great card to go along with my other 10 Schwab accounts. Anyone know how good the Quicken downloads will be with this card?

Thanks OP for a great deal! I am a longtime Fidelity customer and will continue to use their products/services, but we travel outside the US a lot and this was too good to pass up!

I applied online and was approved in about two minutes, w/ a very good CL. There's a Schwab office a couple blocks away, I might stop by there to set up the brokerage/checking accts.

DavidScubadiver said: Thank you for submitting an application for a Schwab Bank Invest First™ Visa® credit card. Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You can check the status of your credit card application on schwab.com/credticard. Please give us 15 minutes to review your application before checking the status.

All credit card applicants will receive a written response within the next 30 days.

Next Steps. If you do not have a Schwab One® brokerage account, please apply for your brokerage accoung after you receive your credit card decision. Call us at 877-713-8381 or go online to open a Schwab One brokerage account to receive your cash rewards.

If you would like to continue opening your Schwab One acount at this time, apply now.

The Schwab One brokerage account has no monthly service fees, no minimum balance requirements, low-cost trading, plus 24/7 online and customer support.

Eta: Just go back to the original application page and use the right hand pane's "Application Status" link, as the web page they direct you to above, does not exist. They told me to check back in 48-72 hours (I have credit problems with so many inquiries).

I'm pretty much in the same boat. I'm really hoping I can get this card as I'm worried my Countrywide Visa 2% will end any time. If not I'll apply through the wife but she doesn't always enjoy me applying for cards for her all the time (AORs, etc).

I already have a Checking and Brokerage account (the checking account is great, I've been using it for close to a year).

bobopig1 said: "And no annual fee or foreign exchange transaction fees."IIRC, they do pass along MC or VISA's 1% FOREX fee.

DavidScubadiver said: Thank you for submitting an application for a Schwab Bank Invest First™ Visa® credit card. Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You can check the status of your credit card application on schwab.com/credticard. Please give us 15 minutes to review your application before checking the status.

All credit card applicants will receive a written response within the next 30 days.

Next Steps. If you do not have a Schwab One® brokerage account, please apply for your brokerage accoung after you receive your credit card decision. Call us at 877-713-8381 or go online to open a Schwab One brokerage account to receive your cash rewards.

If you would like to continue opening your Schwab One acount at this time, apply now.

The Schwab One brokerage account has no monthly service fees, no minimum balance requirements, low-cost trading, plus 24/7 online and customer support.

Eta: Just go back to the original application page and use the right hand pane's "Application Status" link, as the web page they direct you to above, does not exist. They told me to check back in 48-72 hours (I have credit problems with so many inquiries).


Do you have AOR money? How much? Since when?
i am in the same predicament

welookgoodcom said: Here's a $50 bonus that expired last year.
https://promo.schwab.com/AD046/AD046Home.asp?campaign=ccop06&mp=...
DO NOT USE THIS. It is a different card.

Any current bonuses for opening a Schwab brokerage account ??

Does anyone know if this has MBNA (FIA) billpay?

Pyro, while I do not do the AOR bit, I do collect 0% money. It fluctuates between 150 and 200k.

Thanks OP. Been looking for another good daily use CC.

oopsz said: Wow.

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


chase has had the countrywide visa for a year now with flat 2% CashBack also.

Applied - waiting on decision

Also: the application status link works fine for me

Wow, I am impressed that this does beat the Fidelity 1.5% Visa Signature card. I wonder if Fidelity will attempt to match this percent credit.

Skipping 5073 Messages...
Thanks for the help, guys. The $15 "late payment" fee was, indeed, reversed last night. Just a programming glitch, I guess. Out of curiosity, more than anything else, yesterday I used the on-line chat function and the guy I spoke with was sharp and assured me that I would automatically be credited in a day or two. The two customer reps I spoke to by phone were clueless. "You'll have to call back after you pay your bill and we can reverse the charge because you've never been late before."

BOA = bad training.
BOA = bad programming.
BOA = institutional arrogance.

Once again, thanks friends.
Jeep

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