Temporary promotion boosting the sign-up bonus on Schwab AMEX cards.
Bonus: $300
Requirements:
- Apply before 1/8.
- Have a Schwab brokerage account.
- Spend $1000 in purchases on the card in the first three months.
- Have good enough credit to be approved for the card.
The card itself is not fantastic. It is a no-annual-fee 1.5% cashback card - most banks/card vendors have a card like this or better, and it has no special features that make it stand out.
If you do this, it is probably to harvest the bonus and cancel.
There is also a boosted bonus of 125,000 membership rewards points on their platinum card, but it has a HUGE annual fee. I don't think the platinum card is a slick deal at all.
https://www.schwab.com/credit-cards
9 Comments
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- Yes, there will be a hard credit card inquiry, but in my opinion, the effect of those are generally overstated.
- Credit card bonuses are not taxable and Schwab should not send a 1099 for the bonus. This makes them more valuable than banking bonuses, which are taxable.
- Yes, there will be a hard credit card inquiry, but in my opinion, the effect of those are generally overstated.
But, for those who like to churn credit cards, this would take up one of their valuable 5 slots subject to the Chase 5/24 rule.
https://thepointsguy.co
But, for those who like to churn credit cards, this would take up one of their valuable 5 slots subject to the Chase 5/24 rule.
https://thepointsguy.com/credit-c...5-24-rule/ [thepointsguy.com]
However, this deal is not subject to Chase's 5/24 rule, so it may be a good choice if you already hit your five.
Is it a business card?? If so, than yes, it would not count towards Chase's 5/24 rule.
If it is a personal card, it most definitely will count towards Chase's 5/24 rule.
It would take up one of your 5 inquiries that Chase keys in on, in the last 24 months...so it will definitely impact obtaining a much more lucrative Chase Card.
Is it a business card?? If so, than yes, it would not count towards Chase's 5/24 rule.
If it is a personal card, it most definitely will count towards Chase's 5/24 rule.
It would take up one of your 5 inquiries that Chase keys in on, in the last 24 months...so it will definitely impact obtaining a much more lucrative Chase Card.
Those are two different things.
I did say it may count toward the 5/24.
I would also argue that Chase deals are not always more lucrative. Their best deals tend to be points/travel deals, which I personally don't like - I do not travel at all. I prefer cash deals, and Chase is a little stingier with those. I know points can become cash, but that's an extra step and adds complexity.
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Shame there aren't any great benefits with the card otherwise I would keep it long term but I'm just going to have to churn it