Comments on: Today In Reward Cards http://www.askmrcreditcard.com/creditcardblog/today-in-reward-cards/ Latest Credit Card News, Reviews and Information Sat, 20 Mar 2010 00:36:14 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Mike http://www.askmrcreditcard.com/creditcardblog/today-in-reward-cards/comment-page-1/#comment-101756 Mike Sun, 22 Mar 2009 01:33:39 +0000 http://www.askmrcreditcard.com/creditcardblog/?p=2400#comment-101756 To clear things up about the Schwab 2% back credit card: 1) The reward money gets posted to your Schwab brokerage account sweep funds choice. This is NOT part of Schwab Bank, it under your brokerage account, and covered by SIPC, not FDIC insurance. 2) People are correct when they say Charles Schwab Bank is FDIC insured. That is a separate entity then Charles Schwab & Co., Inc. which is the brokerage company, which posts the reward. 3) The good news is, you can tie the two together through Schwab Bank high yield checking, so you can transfer money back and forth with no fees. So if you do little or no stock investing, you can just leave as little as possible in the Schwab sweep account. The credit card has one more feature I like then other cards I've had. The internet account summary page shows you temporary authorizations also, with the authorization amount. I am also skeptical that this deal will remain the same for a very long time, but as it is set up now, it's great. This one will be hard to beat. To clear things up about the Schwab 2% back credit card:
1) The reward money gets posted to your Schwab brokerage account sweep funds choice. This is NOT part of Schwab Bank, it under your brokerage account, and covered by SIPC, not FDIC insurance.
2) People are correct when they say Charles Schwab Bank is FDIC insured. That is a separate entity then Charles Schwab & Co., Inc. which is the brokerage company, which posts the reward.
3) The good news is, you can tie the two together through Schwab Bank high yield checking, so you can transfer money back and forth with no fees. So if you do little or no stock investing, you can just leave as little as possible in the Schwab sweep account.
The credit card has one more feature I like then other cards I’ve had. The internet account summary page shows you temporary authorizations also, with the authorization amount.

I am also skeptical that this deal will remain the same for a very long time, but as it is set up now, it’s great. This one will be hard to beat.

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