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Regular Contributor
ma_fico
Posts: 137
Registered: ‎05-14-2007

Re: AMEX - Making the Card Work for YOU...?

LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

 

do you actually have to trade or invest?

 

how do you get your cashback out?

 

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

 

Thanks!

Frequent Contributor
JMN
Posts: 314
Registered: ‎10-25-2009

Re: AMEX - Making the Card Work for YOU...?

I do the same thing with ALL of my cards. Between my personal expenses, business expenses, as well as family-issued cards, I charge 4-5k a month through my cards, and pay them off every two weeks or so.

 

I wouldn't worry about it. The credit card companies make money off the interchange fees, so they're not losing out entirely.

 

:smileywink: 

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.
New Contributor
LustForTheMoment
Posts: 65
Registered: ‎03-24-2007

Re: AMEX - Making the Card Work for YOU...?


ma_fico wrote:

LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

 

do you actually have to trade or invest?

 

how do you get your cashback out?

 

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

 

Thanks!


You do NOT have to trade or invest, and there's no requirement to place even a cent in the brokerage account. As your rebates accrue, you can have them mailed or electronically sent.
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EQ FICO...816
Regular Contributor
ma_fico
Posts: 137
Registered: ‎05-14-2007

Re: AMEX - Making the Card Work for YOU...?


LustForTheMoment wrote:

ma_fico wrote:

LFTM - for Schwab - you have to open a brokerage acct and the money goes in there, right?

 

do you actually have to trade or invest?

 

how do you get your cashback out?

 

This whole Schwab (and Fidelity/etc) functioning has been eluding me for a long time.

 

Thanks!


You do NOT have to trade or invest, and there's no requirement to place even a cent in the brokerage account. As your rebates accrue, you can have them mailed or electronically sent.

 

This is REALLY helpful!

 

Thanks so much!

Contributor
LaserBlue
Posts: 88
Registered: ‎04-05-2008

Re: AMEX - Making the Card Work for YOU...?

This is exactly what I do with my Amex.  I've used it for everything from Big Macs to strip clubs, and Amex has never batted an eye.  I actually bought $1 worth of cat food with it once. Hey, a point is a point. :smileyhappy:
Scores on4/8/10: TU 731 EQ 731
Unapologetic Amex fan

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