2% credit card- Charles Schwab Visa ** Card is dead**

I have a $5,000 credit limit on the 2% back card. I recently purchased $4,500 worth of US mint coins on this card, but accidentally wrote an incorrect zip code. The order was cancelled (by the mint) but unfortunately the "Temporary hold on funds" (for almost my entire credit limit) is still in place, and will apparently remain in place for 30 days. Should I call Schwab and explain the situation? Any advice on getting the temporary hold taken off?

THANKS

Call Schwab? I already called the US mint, and they said they canceled the purchase and cannot do anything else. Why would Schwab think that this is fraudulent?

HappyGuy said: ThePessimist said: For the people jealous of ProfessorEd's wife's $50K limit: the limit doesn't matter all that much for a Visa Signature card. It doesn't show on your credit report, and you can go over it without any over-the-limit fees.

Of course, I'm still curious how she did it, in case I can use the same approach on a different (non-NPSL) card.

It matters a great deal to me and others.
Why? I'm genuinely curious. If it doesn't limit how much you can charge, and doesn't affect what shows up on your credit report, why does it matter a great deal? I assume it's not so that you can carry a larger balance...

I suppose it would make a big difference if FIA later let you consolidate the line with another card that had a 0% offer, but if they started doing that then they'd probably start offering CLIs too.

I can give little insight as to how FIA/BOA decided on my wife' credit limit.

She did have a long history with them, good credit, similar (but not quite as large) lines with other firms, etc. All the obvious things that you would look at before lending someone money. The application was filled in, and there was no discussion with a credit analyst etc. Perhaps they jumped to the conclusion (incorrect) that since I had taken her off of my cards with them that we were splitting and that she would end up with some of my money <g>. I really don't know.

Over the past weekend, I applied for this card on the phone. The rep said that they would take upto 30 days to notify us of the decision.
Today, I got a voicemail from "Card Services" asking me to call them back at 1-888-231-6262 & verify additional information. Does anyone know if this phone number is legit? anyone else got a similar call?

You can't apply on line. The only way to apply is over the phone. It takes at least 1/2 hour and the representative reads you all sorts of disclosures. I got fed up when she said we were "finished" and then she was to transfer me to another person in "credit". I canceled my application.

If you do start the application, be prepared to spend almost an hour on the phone. It does sound like a good deal. I'd love to hear from those who have the card to know whether it's really worth the trouble. Also if you want the money in a high yield savings, you need to phone customer service - no transfers online.

ThePessimist said: kaiserben said: Just curious, but do you actually believe that someone with a $5k limit on this card could charge $100k and have it go through?
No, I'm sure that wouldn't fly. On the other hand, I didn't get the impression that FIA being stingy with the limits meant that they were offering 5% of a person's typical CL. When my wife applied last week, she got instant approval for $20K - not exceptional, but not a tiny fraction of what she expected either.

I've gone far over the limit on NPSL cards before. I don't have experience with FIA, but other banks have been very nice about it, especially if I call to warn them in advance of any really big over-the-limit purchases.

No, IME, they give you about 2/3 your average limit. OTOH, for those of us taking advantage of the dollar coin deal, the higher the limit, the better.

I really don't want to try to charge $25k on a $7k limit, something tells me the AA would be swift and without mercy.

I did a quick pay this last month because I was getting close to my limit. Now today my auto-pay decided to kick in so I've payed my bill 2x this month.

Note to others:
Apparently, the FIA system wasn't smart enough to take my first payment into account. Most other systems that similar situations have taken place recognize this scenario. Be careful

Is there an easy way to get that money back? I can let it sit if I need to, but it'll be about 3 months of activity. I assume that if I did a cash advance I'd still get penalized? any other options or do I just have to suck it up?

I'm afraid to call and ask because I don't want any AA. It sounds like the CL gets cut all the time and I've read that CC companies don't like it when you carry over a positive balance.

ThePessimist said: kaiserben said: No, IME, they give you about 2/3 your average limit.
I'm not sure I understand that. Since this is my first FIA card, I'd appreciate it if you'd clarify. Do you mean that FIA will usually let you go about 66% over your stated limit, or that they'll let you go about 66% over your average balance, or something else?

No, they will give you a credit "limit" of roughly 2/3 your average across other lines. I reallocated from two BoA cards to get ~125% of my average across other lines, but they were unwilling to do any sort of CLI. I have only gone slightly over the stated limit (~5%), so I don't have much data there.

uutxs said: bcotton said: Over the past weekend, I applied for this card on the phone. The rep said that they would take upto 30 days to notify us of the decision.
Today, I got a voicemail from "Card Services" asking me to call them back at 1-888-231-6262 & verify additional information. Does anyone know if this phone number is legit? anyone else got a similar call?
Did they give you a reference no. and/or identify themselves as from BoA or FIA card services? In any case, when in doubt, call the usual toll-free number for CC applications, and have them transfer you to a credit analyst. You can also have them confirm the 888 number.

They did give a reference number & idenitified themselves just as "card services".

bcotton said: They did give a reference number & idenitified themselves just as "card services".
Why even risk it in case it's a scam? Call the regular application status number (866-724-9223) and see what it tells you.

One advantage to having FIA bill pay is that you can easily change payment accounts.

If you had cash in one account by accident (as described), you can change to make your other payments come out of that account rather quickly. Much easier than having to call for a refund.

I have several times had credit balances in FIA accounts and been able to draw them back down by just directing bill pays to come out of that account. I think credit balances only raise red flags when you ask them for a check.

Got approval today for $5K. I applied on Saturday and have been checking the online app status page.
I have 3 BOA cards, 2 of which are FIA cards. Both CLs were cut to 5k. One was 18.5K. I never use it because it has no rewards, but it is my oldest card (1989). The other one, a World Points Visa, was slashed from 17K.

peteypablo said: In this situation, I think calling will raise no red flags. I would just ask for a refund of the credit balance because you paid twice.

You're right. Nothing to fear. I called and they'll push back the payment today. I should see it tomorrow or so.

If you use the web to get information on your card, you can tell from the web site which it is.

However, if it is branded BOA and is almost certainly BOA. When MBNA was taken over they converted some card to BOA and others to FIA. The FIA ones were typically from firms that did not want it to be obvious their cards were BOA managed such as Schwab, Fidelity, and probably others (competitors of BOA for banking business).

jdmetz said: I applied yesterday and got a delayed decision. Today the status check page says I was approved for a $5k limit. The limit on my other BofA CC was reduced from $9.5k to $5k.

What link have you used for status check? the one from QS? Curiously enough, the link "schwab.com/creditcard" from their delayed decision page seems to be non-functional ("In 3-7 days, you can check the status of your application at schwab.com/creditcard or call us at 866-724-9223. You'll also receive a written response in the mail within 30 days").

I was just approved on my income of $21600 living with family, not paying rent, HHI $150000. They only gave me a $2000 limit, but at least I was approved.

I removed my wife as an AU from my account, then she applied separately and was approved for $10k. Pretty stingy I'd say, considering her TU score 780, HHI in high 100's and no inqs in the last 12 months.

cyberkost said: I have an issue with adding One Brokerage and Investor Checking accounts to Yodlee. I have both, but adding Schwab makes only Investor Checking account show. It shown like this:
Charles Schwab - Banking - Investor Checking Accounts One Brokerage is missing, although it shows on the Schwab website under the same login.
DW doesn't have Investor Checking, only One Brokerage, and it does show for her as:
Charles Schwab - Schwab One
Has anyone seen this, or, better yet, dealt with this successfully?I can't remember quite what happened when I set it up, but I think I had to do it twice. My Yodlee now looks like this:

Charles Schwab - Banking - Investor Checking Accounts
Charles Schwab - Charles Schwab Account
Charles Schwab Bank Credit Card - Charles Schwab Bank Signature Visa ending in XXXX

The middle one is the brokerage account.

It seems that quite a few people are having their other FIA/BOA limits cut to $5000 after applying for the Schwab Visa. I also had my limits cut, but not down to $5k. A few days after applying online, I went on (ahem) a bit of a spending spree on my other FIA cards. My limits were still cut, but just to the nearest $1k or $5k over my balance. I paid the balance down and my limits still haven't been cut further. Soon afterward, I received a $5k limit on my new Schwab Visa card.

Not sure if this was related but around this time I got an unsolicited 0% CAPPED FEE BT offer on my largest FIA card.