In my last credit card change update, I told how Bank of America was already making things difficult for me -- and I didn't even have a card with them yet. Well a few things have transpired since then, so I thought I'd give you an update. Here's the status:
- I did get approved finally for the Citi card that offers 2% cash back on all purchases for the first year (then goes to 1%). It also has 5% bonus levels, but they aren't in great categories. Since the card is my third-tier card in my current strategy, I really just need it for the 2% cash back as a back-up anyway.
- Once I got the card above, I changed my auto-pay accounts (again for the second time in a couple months since my credit card number was stolen).
- At that point, I called FIA Services to cancel the 2% "Schwab" card I had with them as well as cancel getting the new Bank of America card that was replacing it. The rude person who answered the phone informed me that he could not do anything with the Bank of America card -- that I would need to talk to Bank of America. I told him the last person I had talked to (when I called in a month ago) said they could help me, but he said they couldn't (and he was quite blunt about it.)
- In addition, he said that if I canceled the FIA Services card that I would forfeit my current rewards due. What???? Since I have a $3,000 balance with them at 2%, this meant that I'd lose $60 by trying to cancel a card that's going to expire anyway. So I figured I'd just keep the FIA card and let it expire on its own. Not sure why I wanted to cancel it anyway at this point since it's about ready to self-destruct.
- He told me the Bank of America card has already been issued (how he knew that and yet couldn't help me cancel the account is anyone's guess), so I'll simply cancel it when I get it (supposedly) any day now.
Is it just me or are some companies making it as hard as possible to do business with them?
Well it sort of seems like a rule, the bigger the corporation, the worse the customer service.
Posted by: Ron | November 09, 2011 at 04:48 PM
I have the FIA/"Schwab" card as well. I have not received the BoA card that is to replace it and can still use the FIA card but yesterday I wanted to check my balance and I am not able to under the FIA web site. I do not recall any word from BoA on online access. When I have the time to deal with the phone calls this will necessiate I will deal with it. Let's just say there is a lack of warm fuzzies towards BoA on my part.
Posted by: Mary Kay | November 09, 2011 at 05:56 PM
I noticed over the weekend that FIA had cut off online access to the Schwab Visa. So I can no longer check balances, download statements, view virtual account numbers or check reward status. I had hoped to be able to view these even though the account was inactive.
I consider this as a warning for anyone who gives up paper statements...if the account is closed, for whatever reason, the access will not be there...so either download the statements in a timely manner, or go without. Luckily, I was up to date through the last statement, but won't see the online statements for activity thereafter.
When I called FIA to inquire (i.e. to complain), the rep was more than willing to give me some of that info over the phone, but I don't think that's enough. He really didn't have a clue as to how much, if any, of the old information would be transfered to the new BofA account. He thought, but wasn't sure, that the transactions since the last statement would be available on the BofA website. The rep sounded pretty weary, as he said there were many unhappy customers calling.
I still haven't received the BofA card. but I won't use it when it arrives. However, I probably won't cancel it either as I will take a wait and see attitude.
I'm just glad this is not my only credit card. I'd be really p*'d right now it I didn't have backup cards.
Posted by: KaseyD | November 09, 2011 at 06:00 PM
I think the Schwab Visa has some issues w/card info being stolen. I think I have been issued three new cards over the last two years for this.
Posted by: Paul | November 09, 2011 at 07:26 PM
Almost a rookie mistake there FMF!
Anytime you go to cancel a service or card with rewards connected to it cash out those rewards before you initiate the cancellation. Most of the rewards programs have that little caveat that account cancellation leads to rewards forfeiture.
Posted by: MattC | November 09, 2011 at 07:40 PM
I have both a Fidelity Investment Rewards MasterCard and a Fidelity Retirement Rewards AMEX card and FIA Card Services is the intermediary that handle all of the paperwork and online and telephone contact for both. I also wouldn't have a clue who else to contact if I wanted to cancel either of them and have been given no other websites or phone numbers.
On the other hand for our COSTCO/AMEX card we deal directly with AMEX. Likewise I use an Amazon/Chase VISA card for purchases at Amazon and with it we would deal directly with Chase.
Posted by: Old Limey | November 09, 2011 at 09:08 PM
Like KaseyD, I also found the "Schwab" card access unavailable on the FIA website, so I called the number on the back of the card last night. The auto-robot will tell you your 99 most recent transactions if you key in the card number. The human who then took my call told me the BOA replacement card was "ordered yesterday" and should arrive in 5-7 days.
I'm not chasing after any of the other VISA cards paying 2% across-the-board as many of my transactions are getting back at least that much using other cards. I'm especially fond of the 6% Amex Blue grocery deal and, contrary to my initial reaction, am making good use of gift cards bought at the grocery store for everything from hotel stays to home improvement purchases.
It's only a matter of time before the few remaining 2% programs are down to 1%. When does that happen? I'd say about a year after they're bombarded with (former Schwab) freeloaders who jump onboard only for the rebate and don't generate the type of "real" business the card sponsor needs to cover the cost of the extra rebate.
I'll suck it up and gladly take 1% when I have to, it's just not worth the effort to switch only to have my rebate heart broken again.
Posted by: MelMoitzen | November 10, 2011 at 12:24 AM
Yeah, given my "Schwab" card payment is due on the 17th, I'd *really* like to be able to go online somewhere and pay it.
Posted by: Josh Stein | November 10, 2011 at 10:48 AM
They shut off access 1 day after the statement date. I was lucky got my statement online, paid it and was done with them. I used the phone system to make sure it was paid and the ballance was 0 and then I had a rep close the card. They paid all outstanding rewards on Nov 1. (I checked and I got it all). When the BofA card shows up I will cancel it and be done with BofA/FIA.
Using Amex Blue Cash and the Chase Freedom now.
Posted by: Tim | November 10, 2011 at 11:17 AM
FMF - this is part of the pain of jumping from card to card to card to chase after a marginally better reward each time. I don't think it's worth the time investment.
Posted by: Bad_Brad | November 10, 2011 at 07:28 PM
Brad --
I didn't jump anywhere -- they canceled the card (that I had used for years and would have kept using) and replaced it with one I didn't want.
Posted by: FMF | November 11, 2011 at 07:39 AM
Some of you sound like "occupy Wallstreet crowd". Yep, cancel those 2% cash back cards. That will teach those big corporations. Then let me know how much luck you have finding another card that pays 2% on every purchase. And please don't borer us with the 3 & 5% rates for groceries or gas.
Posted by: Too tall | November 13, 2011 at 10:05 AM
I called FIA and was told they mailed out the BoA cards on Thursday Nov 10. They said it should arrive this upcoming week. Hopefully it does because I have to pay the bill!
Posted by: Eric | November 13, 2011 at 05:02 PM
FMF - I was going by the first words of the blog entry: "In my last credit card change update ..."
Had you been with Citi all along, you wouldn't have had to worry about FIA Services and BofA messing with you like it sounds like they have.
I guess the broader point is, with respect to credit card companies, the broader net you cast, the more likely you are to find one that does stuff like this.
Posted by: Bad_Brad | November 14, 2011 at 01:12 PM
UPDATE
I just got my BoA replacement card in the mail today. Be on the lookout for yours everyone!
Posted by: Eric | November 15, 2011 at 07:49 PM
Thank you for that information Eric! I will look for it.
I was able to call FIA and pay it through their online format.
Posted by: Josh Stein | November 15, 2011 at 10:11 PM
Eric --
Thanks for the heads-up! I'll look for mine.
Posted by: FMF | November 16, 2011 at 07:35 AM
ill probably be switching to the capitol one card... its 1% back, then at the end of the year you get 50% of that.i guess 1.5% is pretty close to 2% ( plus they have a $100 bonus going right now).
on the new boa card i noticed its 2% on groceries.... but buried in the fine print is that its only at "certain stores"... so being a synic ill assume they change the acceptable stores every so often....
but i did find out the card only covers groceries at mcc codes 5411, 5422,5441, 5451, 5462, 5499) and my store publix in florida is one. for gas it covers mcc codes 5541 and 5542... which includes shell, sunoco, exxon where i primarily get gas.. so maybe ill try it for awhile and see how it goes.
Posted by: rm | December 03, 2011 at 10:06 AM
That is what I am searching for!! Where do I find which grocery stores and gas stations are included?? Thanks --Janice
Posted by: Janice | December 04, 2012 at 10:24 AM