Have the app itch, but nothing to apply for...

[athensguy]

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@Anonymous wrote:

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@brother7 wrote:

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@Anonymous wrote:
Keep in mind that, in order to make use of the rewards of the Schwab card, you need to have a brokerage account with them, which will incur its own costs.

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From Schwab.com, "There is no fee to open and maintain an account at Schwab." See this page.

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No, but there are minimum balance requirements (except for retirement accounts), additional account requirements (depending on what account you choose) and potential other fees connected to this (I guess you want to do something with your required balance). It's not a bad card, if you actually want to use Schwab's main services.

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There is no minimum balance requirement if you open a Schwab Invest First Visa.

[brother7]

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@Anonymous wrote:

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@brother7 wrote:

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@Anonymous wrote:
Keep in mind that, in order to make use of the rewards of the Schwab card, you need to have a brokerage account with them, which will incur its own costs.

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From Schwab.com, "There is no fee to open and maintain an account at Schwab." See this page.

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No, but there are minimum balance requirements (except for retirement accounts), additional account requirements (depending on what account you choose) and potential other fees connected to this (I guess you want to do something with your required balance). It's not a bad card, if you actually want to use Schwab's main services.

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If you only have a Schwab One Brokerage account, there's a $1000 minimum balance requirement. However, from Schwab.com, "The minimum is waived if you open a Schwab One brokerage account with Schwab Bank Investor Checking™"

[athensguy]

From Schwab.

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 Learn More

[Anonymous]

OK, so that gets waived. Good to know. But what do you actually do with the money in your brokerage account? That's where your rewards go, right?

[brother7]

Schwab rewards get credited to the brokerage account, thus the name "Invest First".  You can either:

1. keep it in the brokerage account and invest it,
2. transfer to the Investor Checking account and earn 1.00%,or
3. transfer to an Investor Savings account and earn 2.00%

[Anonymous]

Sounds good enough. I wonder if they just close your stuff in case you just draw your money out of the accounts or don't use them after a while. It would be nice to hear some long term experience with this.

[xelda]

I recommend NOT going for the Schwab card because they are part of FIA.  The OP already has two BoA accounts, which are also FIA.  It would be better to diversify by acquiring accounts from other banks.

[Anonymous]

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@xelda wrote:

I recommend NOT going for the Schwab card because they are part of FIA.  The OP already has two BoA accounts, which are also FIA.  It would be better to diversify by acquiring accounts from other banks.

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Very good call! Never would have put together that Schwab is part of FIA. Duh! Thanks so much!

[athensguy]

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@xelda wrote:

I recommend NOT going for the Schwab card because they are part of FIA.  The OP already has two BoA accounts, which are also FIA.  It would be better to diversify by acquiring accounts from other banks.

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It's pretty much the best rewards you can get from an FIA account (Tied with the 2% Fidelity Cards).

It would be worth giving up another FIA card if necessary.