Schwab Offering AMX Reward Credit Cards

BenWP

Schwab is returning to offering credit cards that deposit rewards directly into a brokerage account. There is a no-fee card with 1.5% reward on all purchases and a premium card, $550 per annum, with many bells and whistles. I haven't read all the fine print, but the come-ons for signing up don't all apply unless you have more than 250K in your account. Maybe I'm over analyzing, but it seems to me that the credit card companies are back to tripping over themselves in search of new accounts much as they were prior to 2007-8. In the event, I've never had an AMX card and I'm getting 1.5% on all purchases with Capital One. Maybe ex-Costco or current AMX cardholders can tell me what I might be missing. BTW, I pay up every month.

[Deleted User]

The user and all related content has been deleted.

Mark

Amex - superb customer service from my experiences with the one I held through Costco. Only downside was that it was not accepted in as many places but that may have to do with the higher fees they charged the merchants.

This story changes all the time but I did not have to go through the hassles of card swapping/new account#/new login procedures due to data breeches that I've had to do with my Visa and MC accounts. YMMV.

[Deleted User]

The user and all related content has been deleted.

johnN

BOA platinum preferred visa 1.75% monthly return but need at least 100k in all accounts [checkings/savings/investments/401K combination]. if > 50K 1.5% return. been very happy w/ BOA. no fees.

If you can roll over some money. I think they do offer ? 500 dollars in investment accounts if you roll over a large amount to their firm

Mark

Likewise Mo, but Fidelity, or the issuing financial institution (Elan etc.) led me to believe the the problem was systemic and not just on my account alone. One of the primary reasons I don't want my accounts to be strictly online, that and a computer failure or some such.

msf

BenWP said:

Schwab is returning to offering credit cards that deposit rewards directly into a brokerage account. There is a no-fee card with 1.5% reward on all purchases and a premium card, $550 per annum, with many bells and whistles. I haven't read all the fine print, but the come-ons for signing up don't all apply unless you have more than 250K in your account. Maybe I'm over analyzing, but it seems to me that the credit card companies are back to tripping over themselves in search of new accounts much as they were prior to 2007-8. In the event, I've never had an AMX card and I'm getting 1.5% on all purchases with Capital One. Maybe ex-Costco or current AMX cardholders can tell me what I might be missing. BTW, I pay up every month.

You may be overanalyzing. A few years after Schwab dropped its 2% Visa card (which transformed into a BofA Cash Rewards card, similar to what johnN is describing), Schwab started promising to offer some credit card. A bit over a year ago, Schwab introduced the cards described here.

It looks like the only thing new is that Schwab is pushing the cards now. (I got its email also.)

All the credit card brands are slightly different. As Mark noted, Amex's service is superb, including replacing lost/stolen cards abroad. Amex cards also offer (for a reasonable fee) primary insurance coverage on car rentals. The only other cards I know of offering this are ones with significant annual fees. None of this may be of value to you, but these are some of the features that you asked about.

[Deleted User]

The user and all related content has been deleted.

Ted

@MFO Members: As long as we are way, way, way off topic, this is why I use MasterCard !
Regards,
Ted :

hank

@Ted I could do without the videos. But do as you will. Maybe something with big Ford trucks?

Re: Elan - I deal directly with them. If there's a more reliable customer friendly outfit out there, please let me know. I'm not into FF miles or % off purchases. Just want a dependable friendly company to meet my occasional credit card needs (mostly travel-related large-ticket items).

Mark

Really Ted, if you and others are that upset by "Off Topic" posts take it up with management. In the meantime stop reading them, stop looking at them, stop posting your own off topic discussions. It's really that simple. Ignore them like you would any other conversation, written or spoken.

I like the occasional off topic post (they are the lowest discussion category by the numbers in case you didn't know) especially if they are somewhat related to financial topics. I like them because after many years on this board I have somewhat of a feel for the contributors and I have a greater trust in their opinions than I do on some other random discussion board out there populated by folks who I haven't a clue about. Granted I might need to get out more but for now that's how it is.

In the meantime we pretty much all have credit cards, IRA accounts, questions about how certain largely held stocks might affect the market as a whole and even some of ways political positions/opinions affect us. I don't care for the personal bickering/sniping but I guess it comes with the territory. I'd hate to see that go away because of your crusade.

Anna

@Ted - You'll be my number 1 if all your videos feature strange but endearing animal-human relationships.