Schwab Credit Card is an American Express card, provided by the Charles Schwab Bank. The Bank initially started its business in 2003. The Charles Schwab Corporation is the parent organization of the Schwab Bank. Significantly, Schwab is an investing platform in the United States. In addition to that, they are offering savings accounts and online checking.
The headquarters located in San Francisco. Comparatively, the 14th largest banking institution in the United States is Schwab. Currently, they own US$3.3 trillion assets. The Charles Schwab Trust Company, the Raymond James Housing Opportunities Fund 50 L.L.C., and the Crea Castroville State Schwab Fund, LP are the subsidiaries of Charles Schwab Bank
Rates and fees of the Schwab Credit Card
- The Annual Fee for the card is zero.
- The Annual Percentage Rate for purchases is zero for the first six months, after that it will change into 13.99%-16.99%. Moreover, the rate depends on the market conditions and the prime rate.
- The Balance Transfer Annual Percentage Rate is also zero for the first six months. Then it will change from 13.99% to 16.99%.
- The Balance Transfer Fee is $5 or 3% of the transfer amount, whichever is greater.
- The Cash Advance Fee would be $10 or 5% of the advance amount, the largest amount will take into accounts.
- The applicable Cash Advance Rate is 25.24% (variable).
- The Penalty Annual Percentage Rate is 29.24% and also can vary due to market conditions.
- In addition to that, there is a foreign transaction fee. It is 2.7% of the transaction amount.
- 25 days of an interest-free period is available.
- The late payment fee will be applicable up to $40.
- The same rate is applicable for the Returned Payment fee as the Late Payment Fee.
Requirements
- Most importantly, the applicant should be a citizen in the United States.
- The age should be at least 18 years.
- Should possess a Social Security Number
- The applicant must have a valid government ID.
- The required Credit Score is 670.
Advantages of the Schwab Investor Card
In relevance to the Charles Schwab credit card review, the below points are on the positive side.
- A sign-up bonus is available for the new cardholders. The cardholder should spend $2,000 within the three months after account opening. Consequently, you will be eligible for the bonus.
- There is a 1.5% unlimited cash back option for all your purchases. Make sure to create an account under Schwab. Because all these Cash-Backs will be deposited to the previously mentioned account.
- You do not waste your money on the Annual Fee.
- Besides, you will have an intro APR period.
Disadvantages
- The first thing to remember is the applicant should have an account at Schwab. Without the account, he /she cannot apply for a card.
- If you need to use the Intro APR period for balance transfers, you must process the transaction within the first two months. Furthermore, the amount must be lower than $7,500 or 75% of your credit limit.
- The incapability of meeting the minimum payment within the sixty days, the penalty charges will be applicable.
- 2.7% of the Foreign Transaction Fee will discourage international payments.
How to Apply?
The bank has given the advantage to apply online from your account under Schwab. In addition to that, you can settle your payments and balance transfers through the account. you can easily log in to your Schwab Credit Card online web portal.
Customer Service
800-297-8017. This is the credit card customer service number of Schwab Bank. Besides, there is an online chat portal for your support.
How to Cancel?
You can cancel your card at any time you want. Most importantly, make sure that you have settled all the outstanding amounts before canceling the card. Recommended American express credit card meriwest credit card