Today, I received my Bank of America "Bank Americard" in the mail. After activating it, which took 3 - 4 minutes, I was able to set up my online account with the institution. I was relieved to find that my historical statements going as far back as June 2010 were imported automatically. I have been a cardholder since 2009.
The rewards are worse than the 2% cash back I was used with the Schwab credit card. I will be able to earn a 1% cash back on everyday purchases, 2% on groceries and 3% on gasoline purchases. The issue is that rewards can only be redeemed when you accumulate $25. However, according to the Bank of America information I received along with the card, I could either request the rewards to be paid to me manually or automatically. When I selected the "Rewards" link in my credit card website, I found out that I had already been enrolled to automatically have 100% of my rewards deposited into my Schwab brokerage account, as soon as the amount reaches or exceeds $25. Unfortunately, I am nowhere close to reaching $25 in rewards. I would probably be able to reach that amount in 3-4 months or so.
What has your experience with the transition from Schwab Credit Card to Bank of America Credit Card been?
Relevant Articles:
- Charles Schwab Credit Card - How can I pay my balance?
1 comments:
My experience is that my old Schwab accounts (2 cards) went offline over a week ago and I have had no access for viewing or downloading since. In addition I found that my Schwab cards were shut off. When I called they said not to worry because new BofA cards were on the way soon. Fortunately I already got new Capital One cards with 2% on all purchases and no foreign transaction fee.
Today (after 10 days)I finally got the new cards but I still couldn't access my accounts on line because my Bank account BofA has my middle initial and my account at Schwab does not??
So, I have missing data that I may never get (one is a business card).
I was on the phone for over 3 hours the last two days. I have never seen a more screwed up transition plan and execution. This is confirmed by the people I have had on the line who sincerely tried to help.
The bottom line is I will receive paper statements??
I will also transfer my brick and mortar banking business to Wells Fargo.
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