The One Card EVERYONE Should Get – Including Me
You may be thinking this is going to be a credit card pumping post. Or here comes the sign up for the Chase Sapphire Preferred rehashed garbage. Well you would be wrong. I am talking about a debit card that everyone should get, including me. That card would be the Schwab Bank High Yield Investor Checking Account debit card. I will tell you why you (and I) should both have this card, if you don’t already.
I know this card and account have been covered ad nauseam but I will go over the quick bullet points for people who have not heard of it:
- The account comes with a $100 welcome offer when you sign up for an account via a referral (we do not receive anything for the referral).
- There is a hard pull for opening the account because you also open an investment account at the same time. The $100 bonus is not worth the hard pull but I will tell you why the account is in a minute.
- The account is fee free including ATM fees and foreign transaction fees.
Why This Account/Card Matters
The $100 bonus is just a sweetener, there are two reasons I think everyone should have this card.
The first perk of having the Charles Schwab investor checking account is that it opens up access to the Charles Schwab American Express Platinum card (another non affiliate link).
The Charles Schwab Platinum is considered a different product from the other American Express Platinum cards (at least for the time being). Because of that you can get another welcome offer worth 60,000 Membership Rewards points. But the real perk of this version of Platinum is that it allows you to cash out your MR points at 1.25 cents a piece. When you cash them out they are deposited directly into your Schwab account. That is below most valuations for MR points, but cash is king. If you pair it with the American Express Blue Business Plus you are getting back 2.5% cash back on every purchase (for the first $50,000 each year). That puts the combo right up there near the top of the market.
Gaining access to the Platinum card is nice but the real value of this card is that they refund ANY ATM transaction fee. When I say any I do mean any. This card reimburses the ATM fees anywhere, including Foreign ATMs. The foreign transaction fees are also waived in these transactions. The card also reimburses really high fees like the $12-$15 ones at Las Vegas casinos etc.
I recently asked my buddy to test the limits of this reimbursement. So when he found an ATM that charges a 10% fee to take out money, yes I was shocked this existed too, he gave it a try. He pulled out $300 with a $30 fee and waited to see if it was reimbursed. At the end of the month, when his credits usually post, this is what he saw:
This is the one card that I can say, without a doubt, every traveler should have. I myself have been lazy and have put off signing up for it, not any longer!
Having no foreign transaction fees or ATM fees on every international withdrawal is amazing. You can avoid the high fees at currency exchange windows. It will also save you from the growing fees at local ATMs too, even if it is $30!