Schwab Account

[batzelda1]

So i am planning on opening a schwab account to take advantage of the 2% CB card and the no transaction/financing fees for when I am in Israel for 6 months.

Anyone know of any offers where I can pickup some miles for opening an account?

I've seen plenty of TD Ameritrade, Fidelity and E*trade accounts, but never a Schwab.

[Dan]

Is the schwab offer even still around?

[batzelda1]

yes, you just need to call up for it

They were getting so many applicants that they decided to pull it from website

[Dan]

yes, you just need to call up for it

They were getting so many applicants that they decided to pull it from website

Last I read was from a rep saying they were putting it on hold.
I would hurry up if you want it.

[gozalim]

the link doesn't work?

[batzelda1]

I got approved for it immediately on the phone today. Took only 10 minutes to do it

[moish]

is there more info on this card?

[Yordai Dooma]

I got approved for it immediately on the phone today. Took only 10 minutes to do it

What number did you call?

[Dan]

I wonder how long it will be before the 2% is killed?
6 months over/under.

[batzelda1]

I called 1-866-855-9102 and they took my application over the phone.

The broker didn't make it sound that the program was getting canceled (despite articles I read).  He explained the issue was they had so many inquiries but did not staff up accordingly so the customer service was not that great.  They decided to remove it from the website until they could beef up the staff. 

The reality is Schwab just put its name on the card but doesnt have too much to do with changing the T&C.  Im hoping it survives until after I get back.  Otherwise, its a no fee card, so not a biggie

The biggest draw to the card is the no fees on foreign transactions or ATM withdrawals, in addition to the 2% CB.  You only get the 2% in your account after you spend $2,500

[Mikeoracle]

Can the CB be taken out right away or does it have to sit in the brokerage account?

[Yordai Dooma]

I called 1-866-855-9102 and they took my application over the phone.

The broker didn't make it sound that the program was getting canceled (despite articles I read).  He explained the issue was they had so many inquiries but did not staff up accordingly so the customer service was not that great.  They decided to remove it from the website until they could beef up the staff. 

The reality is Schwab just put its name on the card but doesnt have too much to do with changing the T&C.  Im hoping it survives until after I get back.  Otherwise, its a no fee card, so not a biggie

The biggest draw to the card is the no fees on foreign transactions or ATM withdrawals, in addition to the 2% CB.  You only get the 2% in your account after you spend $2,500

I'm slightly confused...is this a credit card or bank card? I looked around a bit and it seems to get the cashback on the card you need to open a bank account with them as well? Is that accurate?
If so, when you say ATM withdrawals, do you plan to use that card to withdraw money in Israel and wont pay any fees whatsoever?

[gozalim]

  You only get the 2% in your account after you spend $2,500

where do you see that?
(on the online T&C i see nothing. "at the end of each month points are deposited in brokerage account")

[Dan]

The broker didn't make it sound that the program was getting canceled (despite articles I read).  He explained the issue was they had so many inquiries but did not staff up accordingly so the customer service was not that great.  They decided to remove it from the website until they could beef up the staff.

"While the company has only been offering the card for just over a year, it recently stopped promoting it on its Web site, which is never a good sign. Indeed, Matt Hurwitz, a company spokesman, said in an e-mail that Schwab is “evaluating the program going forward.”"

Doesn't sound too promising to me...

[Daniel]

I'm glad he wrote this as well:

"Mr. Hurwitz would not comment on my theories but did add that the company had no plans to change the benefits for current cardholders. What that would suggest is that if and when the company reduces the rebate, people who already have the card will be grandfathered in at the old earn rate of 2 percent."

I've had the card for at least 6 months and it is awesome. No fees whatsoever in Israel. ATM card also has no fees and gives great exchange rates.

The only bad thing is their credit card website (run by 3rd party- FIA Card Services) which is not so intuitive.

[Yordai Dooma]

I'm glad he wrote this as well:

"Mr. Hurwitz would not comment on my theories but did add that the company had no plans to change the benefits for current cardholders. What that would suggest is that if and when the company reduces the rebate, people who already have the card will be grandfathered in at the old earn rate of 2 percent."

I've had the card for at least 6 months and it is awesome. No fees whatsoever in Israel. ATM card also has no fees and gives great exchange rates.

The only bad thing is their credit card website (run by 3rd party- FIA Card Services) which is not so intuitive.

So do i open a bank account with them as well on the phone?

Also, do you wire money into the account? Direct deposit? paypal? how do you fund it?

[Dan]

I'm glad he wrote this as well:

"Mr. Hurwitz would not comment on my theories but did add that the company had no plans to change the benefits for current cardholders. What that would suggest is that if and when the company reduces the rebate, people who already have the card will be grandfathered in at the old earn rate of 2 percent."

I've had the card for at least 6 months and it is awesome. No fees whatsoever in Israel. ATM card also has no fees and gives great exchange rates.

The only bad thing is their credit card website (run by 3rd party- FIA Card Services) which is not so intuitive.

Usually they grandfather initially and then later kill it for everyone.
When AMEX lowered gas rebates from 5% to 3% people grandfathered got to keep it for a while longer, but then it was killed for all.

[Daniel]

I'm more concerned about the foreign transaction fees. Do you think they will change that? I guess if they do, I can always use Capital One, like everyone else in Israel.

[Mikeoracle]

I found that when i used my Amex card in Israel even with the foreign exchange fee (2 or 3%?) I ended up getting an even or better exchange rate than the moneychangers were giving. i.e. i think the going rate on the street back then was about 3.90-3.95 USD-NIS and on my cc bill they gave me aprx 4.00 exchange rate.

[Daniel]

I found that when i used my Amex card in Israel even with the foreign exchange fee (2 or 3%?) I ended up getting an even or better exchange rate than the moneychangers were giving. i.e. i think the going rate on the street back then was about 3.90-3.95 USD-NIS and on my cc bill they gave me aprx 4.00 exchange rate.

I find this hard to believe, anyone else agree with this?