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New Schwab (FIA) Card - 2% Rewards

Regular Contributor

New Schwab (FIA) Card - 2% Rewards

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.

Message 1 of 16
15 REPLIES
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards

The only thing I dont like about this card is the 14.99% variable rate. But if you were to PIF, then the card would be pretty nice. I honestly like my regular schwab card with the 5.9% rate.
AMEX Gold Premier Rewards | SPG AMEX | Bank of America Power Rewards | Merrill Plus | United Presidential Plus | Saks World Elite
Message 2 of 16
Regular Contributor

Re: New Schwab (FIA) Card - 2% Rewards

I am really tempted to go for this but only have 14 month  clean credit history(no negs just thin). Do you guys think i have a shot?
Message Edited by hayhayday on 12-03-2008 07:51 PM
Message 3 of 16
Established Member

Re: New Schwab (FIA) Card - 2% Rewards

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%.

Message 4 of 16
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards

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.

Message 5 of 16
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards

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.

Message 6 of 16
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards


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.

Message 7 of 16
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards


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.




Yeah, between the features of the checking account (esp the unlimited free ATM usage) and the 2% rewards card, it's hard to see any downside .. except for one thing.

After looking through the fine print, once you open the brokerage account that you're obligated to open if want to have the credit card and/or checking account, technically there isn't anything saying that you have to fulfill any requirements for using the brokerage account.

But I'm assuming that to some degree they've offered such great features to the credit card and checking acc't as incentives to use the brokerage account to make further investments. What if for one reason or another I as a customer open that brokerage account and let it like mostly idle because I was just interested in the checking and credit card services ? Would they kick me out ? penalize me in some way ? remove some of the cc and checking acc't features from me ?
Message Edited by MojaveMoon on 12-06-2008 11:17 AM
Message 8 of 16
Regular Contributor

Re: New Schwab (FIA) Card - 2% Rewards

schwab will pull once for each account: CC, brokerage, checking
Message 9 of 16
Established Contributor

Re: New Schwab (FIA) Card - 2% Rewards

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.

Message 10 of 16