47 COMMENTS

    • Jason – excellent I will have to check this out for sure. Have you had the chance to charge any large ATM fees to it? I wonder if there is a cut off at all? Looks awesome at first glance though.

    • From SoFi’s website: SoFi doesn’t charge any ATM fees and will reimburse third-party ATM fees on accounts that meet one of the following monthly activity criteria: 1) direct deposits totaling $3,000 or more; OR, 2) qualifying debit card purchases totaling $500 or more.

      Schwab doesn’t have any such requirements.

  1. There are plenty of banks who refund any and all ATM fees, First Republic for one (though it does require you to maintain a minimum balance in your checking account – $5k). I believe Chase offers a fee-free ATM account as well.

  2. I am a happy Schwab account holder for 12+ years now. No complaints and no regrets. I have always preached the same story at my every work place that I had been and I made sure my co-workers go for that.
    I was able to convince 90% of the people with whom I spoke about Schwab.
    I just love to be a schwab customer.

  3. The no limit fee refund for ATMs is ripe for abuse. Any small store owner could set one up with a 10% (or enev higher) fee and print themselves some money.

  4. Can you have a “normal” Platinum card and a Schwab Platinum card at the same time? Or do you need to close the normal Platinum before opening the Schwab? Thanks in advance!

    • People have carried 2 platinums before but I wouldn’t recommend it solely because they have the same perks but the Schwab has the 1.25 cent MR redemption which makes it a little better imo.

  5. So basically, this isn’t bad for two signups to get a 60k bonus. Maybe I should consider it an alternative to my MB AMEX Platinum (with the MB part going away).
    Also, getting a new card would give me a refresher on AMEX offers. I’ve not been getting much lately.

    • That is a good option as well. I like that this opens up the Schwab Platinum option though so I would give it the slight edge because of that even though it comes with the hard pull (and $100 bonus).

  6. I opened this account earlier in the day with out the $100 promo and when I called Schwab they said I need a unique referral code. What can I provide them ?

  7. Huh? I’m missing the mental connection on how this works.
    “If you pair it with the American Express Blue Business Plus you are getting back 2.5% cash back on every purchase…”

    • Blue Biz Plus earns 2X MR per dollar – if you use the Schwab Plat to cash out those MR points at 1.25 cents a piece that is like get 2.5% cash back on every purchase you make with the BB+

  8. Nailed it, Mark! I couldn’t live w/o my Schwab debit card. I live in Thailand and access my US funds this way. I once asked them why they are so generous with ATM fee refunds and they explained that it is cheaper to refund the fees than to opening branches. ATM fees are steep here (more than $6) and I don’t want to shoot the golden goose so I try to keep their costs low by only withdrawing the maximum. In other words, less frequently. I couldn’t care less about the platinum card. It was just dead weight in my wallet. But try to take my Schwab debit card and you’ll lose you hand.

    • That does make sense – cheaper to use other people’s networks that are already set up. It is a pretty amazing feature.

  9. I use Radius Bank which gives reimbursement for all ATM fees. I’ve used in several countries and it has always been reimbursed. Radius Bank does not give a hard pull, requires only $100 to open, no minimum balance, transaction or deposit requirements to earn the ATM refund feature. Also you can initially fund the account, up to $1,000, via Visa or MasterCard 🙂

    • That is weird – maybe someone can post their referral link here in the comments then? They both still work for me but maybe it is tracking my IP address or something.

  10. The focus on only earning rates of the AMEX Platinum and AMEX Blue Business Plus cards without consideration of the annual fee and the ability to use the airline incidental, Uber, and Saks Fifth Avenue credits designed for maximum breakage is misleading. A disciplined annual spend analysis would likely show that a no annual fee 2% cash back card would put more money in your pocket as the analysis showed me.

    • Jim that is true but that also doesn’t take into account the other MR earning cards or what kind of MR balance you have. If you are holding a regular Platinum card anyway then this is a better option imo vs that.

  11. Mark’s “friend” did atm research at a gentlemen’s club. That’s the only place I’ve ever seen a 10% atm fee. $20 minimum, too.

  12. I guess I should have been paying more attention to this. Say, for example, I withdraw $300from an atm at a foreign airport. Any idea of what I would usually pay in fees? We’ve been using a Capitol one debit card, I guess they are charging us?

    • Most banks you would get hit with the ATM transaction fee and then a lot of them will change a foreign exchange fee of around 3%. Not all of them do though.

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