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2% credit card- Charles Schwab Visa in: Subjects › Personal Finance

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rated:
   posted: Dec. 1, 2008 @ 10:29p
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http://www.schwab.com/public/schwab/banking_lending/credit_card?cmsid=P-990780&lvl1=banking_lending&lvl2=credit_card

I haven't seen this card discussed before, but it looks like it is a straight 2% credited to your Charles Schwab brokerage account every month.

I might have to open up a brokerage with them just to use this card for every day purchases and then the Pen Fed CC for 5% gas.

Anyone have this card care to comment?

Message edited by: gotsmack on 2008-12-01 22:35:05 CST
   posted: Dec. 1, 2008 @ 10:29p

Opening an account: 1 pull for each of the following: credit card, brokerage account ("Schwab One Account") and checking account (3 total pulls if you apply for all 3)

Brokerage account ("One" account) $1000 minimum waived if you have the credit card. Checking account also waives this $1000 minimum.

If you did not get instant approval, call them after a day or two. If you call during the business hours they'll let you talk to credit analyst and get decision right away. This is a good option, since if the analyst is not sure you have a chance to convince him/her to approve your account (by moving CL, or just by saying that you have enough assets to pay off all balances on your credit report)

Check Application Status Thread
Check your status online and if you do not get a decision then call. Call Phone: 800-932-2775 - Select option #3. You will speak to a real rep and they will give you an instant decision through the phone along with your credit line and errrythang.
Already a Schwab Bank WorldPoints Cardholder?

I have an existing Schwab Bank Visa credit card with WorldPoints rewards. What's the difference between this card and the new Schwab Bank Invest First card?
The Schwab Bank WorldPoints card is no longer available to new accounts. With your existing WorldPoints card, you earn one Point for every $1 on net retail purchases and can choose from a variety of WorldPoints rewards including travel, merchandise/gift cards, equity trades, and even 1% Cash Back. The new Schwab Bank Invest First card offers unlimited 2% Cash Back on purchases, automatically deposited into your Schwab One account.

Both cards have no annual fee. However, the variable Annual Percentage Rates (APRs) and benefits are different for each card. For more information about rates, fees, other costs, and benefits associated with the new Schwab Bank Invest First card, please refer to the disclosures accompanying the online credit card application.

Can I switch my WorldPoints card to the new Schwab Bank Invest First card?
No. The new Schwab Bank Invest First card is a separate card with new account terms, so you would need to apply for the new card.

Can I roll over Points from my WorldPoints card to the new Schwab Bank Invest First card?
No. The cards offer different rewards programs, so you can't roll over Points from your existing WorldPoints card to the new Schwab Bank Invest First card.

Do I have to close my WorldPoints card if I open a new Schwab Bank Invest First card?
No. You may choose to keep both credit cards open if you like.

Message edited by: cebow on 2009-01-02 10:59:33 CST
rated:
   posted: Dec. 1, 2008 @ 10:37p
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Wow.

Finally, a card that beats the 1.5% fidelity rewards visa. This is momentous.

rated:
   posted: Dec. 1, 2008 @ 10:51p
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Ugh! I closed my Schwab account about a year ago. Maybe time to reopen.

Message edited by: Clocks on 2008-12-01 22:52:43 CST
rated:
   posted: Dec. 1, 2008 @ 10:59p
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Schwab broker acct has no min fees?

Message edited by: welookgoodcom on 2008-12-01 23:03:29 CST
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   posted: Dec. 1, 2008 @ 11:32p
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"And no annual fee or foreign exchange transaction fees." It is so sweet.

rated:
   posted: Dec. 1, 2008 @ 11:32p
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oopsz said:Wow.

Finally, a card that beats the 1.5% fidelity rewards visa. This is momentous.

This seems like an amazing card. It not only tops the 2% daily spender cards since Cash Back is credited automatically every month without minimum, but it also tops the foreign transaction card with a foreign transaction fee of 0%. Extremely nice for those of us who do a lot of international travel.

rated:
   posted: Dec. 1, 2008 @ 11:33p
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Awesome OP, thanks!

If this card comes with a credit line, can someone explain to me how it is you might go about spending a more than that credit line on a purchase? What is the procedure for spending over your CL when there is no set spending limit?

Message edited by: MikeR397 on 2008-12-02 00:01:48 CST
rated:
   posted: Dec. 1, 2008 @ 11:36p
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Here's a $50 bonus that expired last year. Maybe there's a current one to make the deal HOTTER

https://promo.schwab.com/AD046/AD046Home.asp?campaign=ccop06&mp=...

rated:
   posted: Dec. 1, 2008 @ 11:42p
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Enjoy premium Visa Signature benefits if you qualify.
If you qualify for a credit line of $5,000 or more, you’ll enjoy complimentary premium benefits including:


Visa Signature Dining, with Z@gat ratings and reviews.
Visa Signature Access preferred tickets.
No preset spending limit

Does it mean that they report your ending balance as the credit limit to the CRA which would make CRAs to view it as 100% utilization ? ( like C@pital one does)

rated:
   posted: Dec. 2, 2008 @ 12:17a
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it is a FIA issued card. Only pulls Experian on me. Real pain in the butt.

rated:
   posted: Dec. 2, 2008 @ 12:21a
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There's a thread about the pro and con's of not having a preset spending limit: http://www.fatwallet.com/forums/finance/832642/
One-line summary: They probably won't report a credit limit, which may or may not affect your credit score. There's no penalty for going over the credit limit ('no spending limit'), but the entire balance above the credit limit will be due after the statement (i.e. will be added to the minimum payment).

rated:
   posted: Dec. 2, 2008 @ 12:26a
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Thanks OP! Great find.

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   posted: Dec. 2, 2008 @ 12:45a
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Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.

rated:
   posted: Dec. 2, 2008 @ 12:56a
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Can someone kindly explain the differences between a brokerage account and a normal bank account to me? Is there anything I should know before apply?

rated:
   posted: Dec. 2, 2008 @ 1:01a
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fwbargain said:Enjoy premium Visa Signature benefits if you qualify.
If you qualify for a credit line of $5,000 or more, you’ll enjoy complimentary premium benefits including:


Visa Signature Dining, with Z@gat ratings and reviews.
Visa Signature Access preferred tickets.
No preset spending limit

Does it mean that they report your ending balance as the credit limit to the CRA which would make CRAs to view it as 100% utilization ? ( like C@pital one does)


any answer to this?

rated:
   posted: Dec. 2, 2008 @ 1:05a
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magelin said:
any answer to this?
well, yes

rated:
   posted: Dec. 2, 2008 @ 2:07a
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Stin said:Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.

How about the ability to convert a Fido into a Schwab?

rated:
   posted: Dec. 2, 2008 @ 2:46a
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Stin said:Think they will let me convert my schwab 1% worldpoints card to this? I'll call tomorrow.

The Invest First Credit Card FAQ claims you can't do it.

rated:
   posted: Dec. 2, 2008 @ 8:00a
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Schwab One® Brokerage Account Facts

Open an account with $1,000, or $0 if you set up an automatic monthly transfer of at least $100.

There are no minimum balance requirements, minimum balance charges, or minimum trade requirements in order to open or maintain the Schwab One brokerage account WHEN you also open a linked High Yield Investor Checking account.

____________________
Looks very good especially for those wanting to establish a new total financial "relationship" with brokerage, credit card, checking, bill pay, ATM, etc.

For those wanting just the credit card, I couldn't find if there are other specific charges, even from the fee schedule. By implication, WITHOUT a linked high yield Checking Account, there might be some fees. (I would suggest asking Schwab to explain the $25 transfer of all assets OUT fee. Not sure what that is.) Overall, this looks like a good deal.

Thanks OP. I also like this because maybe Fidelity and others will match.

Message edited by: bamadad on 2008-12-02 08:26:52 CST
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