Comments on: Schwab Bank Visa 2% Cash Back Credit Card

By: Nick

Nick — Thu, 23 Sep 2010 01:50:02 +0000

I’m in the same boat. If they drop the 2% cashback or make it difficult to get the funds, I’ll simply drop the card as I’m sure lots of other folks will. It’s a real shame.

CreditCards.com has a few other cashback card options, but none of them are as good as this sweet deal.

By: Zeb

Zeb — Wed, 22 Sep 2010 16:18:09 +0000

I got the letter also. I agree with Reto that, at least, the cashback transfer process will be different (and not better).

I’m hoping they maintain the 2% – if they don’t this won’t be my “go to” card anymore … I’ll go back to my “old” Chase Freedom (with the “top 3 categories” contrasted with the “new” Chase Freedom which uses 3 rotating categories).

There are many excellent reward program AmEx or Discovery cards … but they’re so rarely accepted that I find I need a Visa or Mastercard rewards card for most purchases, so:

WHAT IS THE NEXT BEST VISA (OR MASTERCARD) CASHBACK CARD CURRENTLY AVAILABLE?

By: Reto

Reto — Wed, 22 Sep 2010 16:02:04 +0000

It’s a shame. I am sure they end the 2% cashback in some ways. How will they give you the cashback for starters? With CS it was very easy to have it deposited in the trading account.

By: Cap

Cap — Mon, 20 Sep 2010 20:01:35 +0000

Manoj: Wow I still haven’t gotten that letter yet. If true, that is truly a shame as I really really like this card. Will be hard-pressed to find an equivalent that I like (the Fidelity one is okay but has slightly less benefit).

This might be the reason why Schwab/FIA recently changed the design/numbering of the Invest First Credit Card. I was thinking they may eventually end the card program completely (for old customers) as its probably not a very profitable program.

I believe I’ve charged a good few thousands in foreign transaction charges on this card, all without those pesky 2-3% foreign transaction fee.

By: Manoj

Manoj — Mon, 20 Sep 2010 19:08:39 +0000

This relationship between Schwab and FIA is ending on Sept. 30th, 2010. You will not be able to access the credit card account online through Schwab’s website anymore.

The letter says that FIA is not making any changes to the reward program yet.

By: Karen

Karen — Sun, 29 Aug 2010 15:04:56 +0000

Where on schwab.com do you find the application for the Schwab Bank Visa Credit 2% back card?

By: Matthew Quinlan

Matthew Quinlan — Thu, 24 Jun 2010 16:07:28 +0000

I’ve had this card (signature) for 6 months and it simply rocks. I spend about $3-5K / month on it and pay it off at the end of each month and get about $80 each month cash back deposited in my Schwab brokerage account. I just login each month to my brokerage account and have them send me a check for the ~$80 each month (it’s free to do so) which I deposit in my checking account. I have a zero balance in my Schwab brokerage account almost 100% of the time and I’ve never had any fees.

It’s a bit of logistical gymnastics to get the money moved each month, but for 2% cashback with no gotchas… it’s easily worth the 5 minutes / month.

-Quin’

By: Richard

Richard — Fri, 30 Apr 2010 14:43:51 +0000

No problem with Quicken 2009

By: Corey

Corey — Sun, 11 Apr 2010 12:10:00 +0000

Thanks for the warning about FIA and incompatibility with Quicken. That IS a deal breaker for me. I have been trying to decide between this card and Fidelity and guess my decision now is to go with Fidelity.

By: Matthew L

Matthew L — Sat, 13 Mar 2010 02:11:09 +0000

This card may sound like gold, but watch out – FIA Card Services is not a particularly pleasant company to deal with. I recently lost almost $2000 in a credit card dispute. FIA dropped it because the merchant claimed (falsely) that when I returned the goods to them they received them in damaged condition. They then tried to claim that they had actually lost the dispute, but were unable to provide any proof that the dispute ever went into arbitration.

Caveat emptor.

By: Yep

Yep — Tue, 09 Mar 2010 01:47:01 +0000

The card is still available. You have to call them up to apply. Apparently it is being changed, but they couldn’t say how.

By: Brian S

Brian S — Sat, 30 Jan 2010 17:26:05 +0000

Matthew,
I have Quicken 2006 R2 and I can’t seem to download the monthly statements (“Quicken is currently unable to verify financial institution” error whether I save the download or run the download). I do this successfully with 3 different credit cards.
thoughts??

By: Cap

Cap — Wed, 20 Jan 2010 12:50:05 +0000

Judy: Thanks for that, I’m searching around Schwab’s site and I still don’t see the application to the credit card, but I suppose it may be a limited offer presented to certain customers.

Glad the card is still available to people as compared to many other cards, it has pretty great benefits.

My credit limit was lowered a couple of months ago during FIA’s binge of closing unused accounts and readjusting credit limits of their customers… beyond that particular annoyance and some minor online account functionality (as mentioned by others above), I’ve had no qualms with this credit card.

By: Judy

Judy — Wed, 20 Jan 2010 09:28:44 +0000

Just to let people know, as of 1/13/10 the card was still available. I applied online and got an instant approval.

I’ve had a regular Schwab Brokerage account for years, but it’s not a Schwab One. I guess I’ll find out what the difference is and maybe convert the one I have, rather then open a new account. This is definitely a great deal.

By: Bob Fry

Bob Fry — Thu, 17 Dec 2009 06:22:12 +0000

No, it’s still available, I just got it a couple of weeks ago. Don’t recall the website. Bit of a disappointment about the poor Quicken support, but that’s probably Q, not Schwab. Quicken is always messed up.

By: Anirban Sen

Anirban Sen — Fri, 11 Dec 2009 00:24:30 +0000

Have had this card for 4 months now. Since I had a BoA card, they reduced the limit on that to approve this card (Total limit on BoA + Schwab remains unchanged; both are managed by FIA).
I don’t see a limit being on my credit report although its been reported to all 3 bureaus.

I don’t have any other account – all the cash is accumulating. If I remember reading the FAQs correctly, they’ll hold it for me upto 5 years. This means I have 5 years to open my Schwab One account and get the cash.

By: Cap

Cap — Fri, 04 Dec 2009 01:00:48 +0000

grab: as with any cards serviced by FIA Card Services, it should be reporting to the CRA every month. Also, minimum credit score should be good/excellent. (700+)

By: grab

grab — Thu, 03 Dec 2009 22:41:01 +0000

And forgot, asking those who got the card, what is the minimum credit score should be for this Excellent/good/average?

By: grab

grab — Thu, 03 Dec 2009 22:39:11 +0000

Will it report to Credit reporting agencies at the end of every month or not?

By: Buzzer

Buzzer — Fri, 20 Nov 2009 22:38:48 +0000

Looks like this was too good to be true – I don’t see this offer anywhere online anymore. Guess they pulled it.