New Schwab Brokerage Credit Card offer

disneysteve · #1 (**permalink**) 06-05-2009, 07:05 AM

My Schwab statement came the other day and there was an insert advertising their new credit card. I'm not usually one to promote CC offers but this one sounds pretty good.

No annual fee.
2% cashback on ALL charges deposited into your Scwab brokerage account.
No minimum or maximum on earning rewards.

If you already have a Scwab account, it might be worth looking into.

mommyof4 · #2 (**permalink**) 06-05-2009, 07:13 AM

Quote:

Originally Posted by disneysteve

2% cashback on ALL charges deposited into your Scwab brokerage account.

Not quite sure what you mean by this?

disneysteve · #3 (**permalink**) 06-05-2009, 07:15 AM

Quote:

Originally Posted by mommyof4

Not quite sure what you mean by this?

Rather than getting cashback in the form of a check or account credit, like with Discover or other cashback cards, the 2% would get deposited into your brokerage account. So if you charge $1,000 this month, Schwab would deposit $20 into your account.

mommyof4 · #4 (**permalink**) 06-05-2009, 07:18 AM

Quote:

Originally Posted by disneysteve

Rather than getting cashback in the form of a check or account credit, like with Discover or other cashback cards, the 2% would get deposited into your brokerage account. So if you charge $1,000 this month, Schwab would deposit $20 into your account.

OK, thank you for clarifying.

Broken Arrow · #5 (**permalink**) 06-05-2009, 09:17 AM

I've read about this elsewhere, from someone who is very serious about their cashback/rewards cards. I don't have the link handy, but in his opinion, the Schwab card you mentioned is one of the best deals out there right now.

am_vanquish · #6 (**permalink**) 06-05-2009, 10:03 AM

I got a similar offer from Fidelity a few months back (that's where my IRA is). The reward % may have been different than Schwab, but the premise was the same. However, there was an annual fee for the card, which is the only thing that has kept me from pulling the trigger.

southerndoc · #7 (**permalink**) 06-13-2009, 03:30 AM

I have the Schwab Visa. It's offered through FIA. You get 1 point for every dollar spent, which translates to $2 in rewards. They deposit the rewards into your Schwab One brokerage account at the beginning of each month.

If you spend a lot (like I do - I charge everything on my credit card) and pay off your balance, then it's a great thing. I'm just hoping they never reduce the rewards.

Other things that are good about the card include no FOREX fees.

atomicrc11 · #8 (**permalink**) 06-13-2009, 09:46 AM

Fidelity actually has two cards. I have the old Fidelity Visa which is also through FIA card services. I can redeem 5000 points for $75 into my Fidelity account.

The new Visa card offers 1.5 points per dollar for the first $15000 charged per year and then 2 points per dollar after the first $15000 charges. You can redeem 5000 points for $50.

They also have an American Express Card through FIA services that give 2% rewards. For every 5000 you earn it can be set up so that they automatically deposit $50 into your Fidelity account.

Like I said I still have the old card becuase you cannot convert from one to the other. I would have to close my old one and open the new Visa and I don't want to hurt my credit as it is an older account. Also, I never spend $15k on a card per year so I wouldn't get the extra points on the Visa.

Slug · #9 (**permalink**) 06-13-2009, 07:54 PM

Quote:

Originally Posted by southerndoc

I have the Schwab Visa. It's offered through FIA. You get 1 point for every dollar spent, which translates to $2 in rewards. They deposit the rewards into your Schwab One brokerage account at the beginning of each month.

If you spend a lot (like I do - I charge everything on my credit card) and pay off your balance, then it's a great thing. I'm just hoping they never reduce the rewards.

Other things that are good about the card include no FOREX fees.

I also have this card and use it for everything except Marriott stays where I have a Marriott card and airline purchases and gas where I use the PFCU card (5% back).

In addition to the 2% and no FROEX fees, the customer service has been fantastic. I've been supremely satisfied, and I'm pretty picky.

Broken Arrow · #10 (**permalink**) 06-13-2009, 10:16 PM

Interesting. Thanks for sharing everyone. Would be interested in any more updates on these cards....

southerndoc · #11 (**permalink**) 07-07-2009, 08:39 AM

Still a very happy Schwab Visa user. Their customer service is top notch, no FOREX fees (I travel overseas a lot), and the cash back rewards are automatically deposited like clockwork on the 4th or 5th every month.

I've been so happy with Schwab's brokerage customer service that I opened a checking and savings account with them. I'm about to move all my retirement accounts (SEP-IRA, Rollover IRA, Roth IRA) to Schwab. Their fees are higher than TD Ameritrade ($12.95/trade instead of $9.95/trade), but their customer service is far superior to TD Ameritrade's even with me being an Apex client.

shultice24 · #12 (**permalink**) 07-08-2009, 03:57 PM

Quote:

Originally Posted by southerndoc

I've been so happy with Schwab's brokerage customer service that I opened a checking and savings account with them. I'm about to move all my retirement accounts (SEP-IRA, Rollover IRA, Roth IRA) to Schwab. Their fees are higher than TD Ameritrade ($12.95/trade instead of $9.95/trade), but their customer service is far superior to TD Ameritrade's even with me being an Apex client.

Sorry to drift off topic, but I must ask. Did you have any troubling issues with TD-A customer service, or is Schwab just that much better? I've been pretty happy with TD-A's customer service, but then again maybe I'm just glad they speak fluent English.

southerndoc · #13 (**permalink**) 07-08-2009, 04:59 PM

Quote:

Originally Posted by shultice24

Sorry to drift off topic, but I must ask. Did you have any troubling issues with TD-A customer service, or is Schwab just that much better? I've been pretty happy with TD-A's customer service, but then again maybe I'm just glad they speak fluent English.

No troubling issues, but get the impression that Schwab goes out of their way, they've always been super nice resolving things (and patient with me for some of my questions). Sent an email to the CEO's office and got a phone call the very same day to address an issue. Sent an email to the CEO of TD Ameritrade and never got a response.

shultice24 · #14 (**permalink**) 07-08-2009, 05:37 PM

Quote:

Originally Posted by southerndoc

No troubling issues, but get the impression that Schwab goes out of their way, they've always been super nice resolving things (and patient with me for some of my questions). Sent an email to the CEO's office and got a phone call the very same day to address an issue. Sent an email to the CEO of TD Ameritrade and never got a response.

Nice- that's pretty darn impressive for a "discount" broker.

southerndoc · #15 (**permalink**) 07-08-2009, 08:12 PM

Quote:

Originally Posted by shultice24

Nice- that's pretty darn impressive for a "discount" broker.

Actually it gets better. The executive assistant called twice leaving voicemails. I was working overnights that week and couldn't return his call, so he emailed me. He and I emailed each other a few times. (It was regarding the suggestion to allow external transfers to happen online between external accounts and checking/savings accounts. They are working on it and it should be functional in the next month or two.)

shultice24 · #16 (**permalink**) 07-09-2009, 12:48 PM

Quote:

Originally Posted by southerndoc

Actually it gets better.

Do you get commissions for convincing people to sign up? Because if you don't, you should.

southerndoc · #17 (**permalink**) 07-10-2009, 12:48 PM

Quote:

Originally Posted by shultice24

Do you get commissions for convincing people to sign up? Because if you don't, you should.

Heh, I wish. I've convinced 4 people to sign up (5 if you just signed up).