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Does anyone have experience with this card?
http://www.schwab.com/public/schwab/banking_lending/credit_card?cmsid=P-990780&lvl1=banking_lending&lvl2=credit_card
It's issued by FIA and is different from the old Schwab card. It's straight 2% cash back, credited monthly and no foreign transaction fees.
I noticed that this card has Signature benefits. My experience with FIA Signature cards is they do not report your Credit Limit to the CRAs. That would definitely not make me happy if that is true for this card.
I do have a regular Schwab (FIA) Visa that does report CLs with a current rate of 5.9% with BTs at 1.9%.
Thanks for posting! I've had Fidelity for awhile now and even have the FIA Fidelity Rewards Signature Visa. I've been looking to switch brokerage firms due to some issues I've had with them, and I checked out Schwabs website and they looked great.
Also applied for the card to-boot. I'll let you know how it goes.
Couldn't wait to get my application decision in the mail, so I called in, was transferred to a credit analyst and was approved for a $7,500 CL with Visa Signature benefits.
Not only does the card have no AF, but it also gives the 2% cash back automatically, no minimums on spending, to your brokerage account in cash. ALSO, there are no overseas transaction fees.
I took a closer look at their website and their Investor Checking account has an interest rate of 1.5% with no minimums and ATM fees are reimbursed for ANY transaction, no catch. In addition, when I called them and asked a few questions, all of the reps were knowledgeable and friendly.
I hate to say, but I think I'm transferring my deposit accounts over to Schwab. Still keeping my share certificates and loans at Navy Federal for the great rates, but Schwab's cash back credit card and ATM refunds are just impossible to beat.
@jaybird201 wrote:I hate to say, but I think I'm transferring my deposit accounts over to Schwab. Still keeping my share certificates and loans at Navy Federal for the great rates, but Schwab's cash back credit card and ATM refunds are just impossible to beat.
Wow, nice rates. For the rest of us, Schwab has a cool CD section. They draw on a lot of banks to offer decent rates and flexibility.. 1 month+ terms. On the downside, you're forced out at the end of the term so you have to find a new cd every year or whatever. FYI for anyone opening Schwab accounts anyway.
@jaybird201 wrote:I hate to say, but I think I'm transferring my deposit accounts over to Schwab. Still keeping my share certificates and loans at Navy Federal for the great rates, but Schwab's cash back credit card and ATM refunds are just impossible to beat.
I don't see how they could penalize you. However, it'd be a major PITA to set-up a brokerage, link it to a checking account, apply for the card, and then each month transfer your rewards to your primary bank/credit union.
I think the vast majority of the people taking advantage of the offer are looking to simplify their finances, and by offering a great, easy-to-use cash back credit card in combination with checking, savings and brokerage accounts, I think Schwab is going to dominate that market.