As most cardholders of the Charles Schwab Credit card are aware, the card was sold to Bank of America. As a result, cardholders have been unable to access their account online via www.schwabbankcreditcard.com. However, I was able to access my account by calling in the number on my Schwab credit card.
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?
I have been using the Charles Schwab Credit card for the past two years. I enjoyed earning a 2% cash back on purchases. The cash was automatically deposited in my Schwab Brokerage account, with no hassle.
Last year however, Schwab sold the credit card accounts to FIA. Until recently, cardholders were able to see their statements and account balances online at www.schwabbankcreditcard.com. Unfortunately, since this Monday, November 7, the credit card account holders have been sold to Bank of America. As a result, all of their online records are inaccessible. When I log into the website i mentioned before, I do not see my account there. For many cardholders, who are used to online banking, this is a very strange transition. Frankly speaking, Bank of America should have ensured a smooth transition for its new “customers”. But lately, this big bank has been in one customer relationship fiasco after another.
The major issue for many cardholders is that they would not be able to schedule payments to pay their balances due. The burden to pay the balance on time is on the cardholder, even if the website is down. Luckily, I had scheduled a payment, before my account “dissapeared” from the website. It went through yesterday, and I noticed that the payment was marked as “Bank of America Online PMT”. In addition, since I have an outstanding balance, I was able to call the number listed on the back of my credit card to see my balance and amount I owe.
I followed the directions and was ultimately able to schedule payment for a set date. The system asked me for my bank routing and checking account numbers. After that I set the payment amount, the date I want to pay off my balance and I was done.
I hope this little description helps all cardholders, who are left in the dark.