• Julia

Charles Schwab High Yield Investor Checking Account® (Debit Card) and Why You NEED It!

My beautiful travel friends and family. Some of ya'll are out here going to TRAVELEX (the devil of the travel community) or to your BANK to exchange money like some godless travel heathens! Not after today, because I'm gonna help ya'll out because I love ya'll and I only want what's best for you.


Today, I am going to change your life with this beautiful little debit card. It's not even a credit card guys, so you won't go into debt and its your OWN money! This magical little debit card is the Charles Schwab High Yield Investor Checking Account (Debit Card).


This beautiful debit card, is my favorite debit card to have in my travel arsenal, for one reason and ONE reason only:

THEY REIMBURSE ALL ATM FEES AT THE END OF THE MONTH

Now mind you this debit card has a slew of other features such as:

  • $0 Monthly fee

  • 0.35% Interest rate (I know not high, but higher than other banks!)

  • $0 Minimum Balance Required (They won't charge you for having ziltch in your account)

  • UNLIMITED ATM REBATES

  • $0 FOREIGN TRANSACTION FEES

  • Includes High Yield Investor Checking Account (Brokerage Account - we are gonna talk about this one in a hot moment!)

  • FDIC Insured up to $250,000

  • Can link to ApplePay, Google Pay, Microsoft Wallet, and Samsung Pay


Guys did ya'll see that they REIMBURSE ALL ATM FEES and have ZERO TRANSACTION FEES? Do you see why I am upset that, you all as my travel family, aren't using this debit card?


It's super simple to start up, and I'm gonna fake walk you through it:


Firstly go to Charles Schwab's website or you can click directly on this link and it will take you to the main page.


So what you are gonna do is click Open a Checking Account.

Then you're going to click on either Yes, I have a login ID or No, I'm new to Schwab. If you have a log in ID, then just log in, but if not you will have to create an account similar to when you sign up for a new credit card. (Side note: I believe you have to be 18 to sign up, so if you're under 18 ask ya parents!)


Then they'll ask if you want an individual (by yourself) or a joint account (yourself and someone else)

When I joined, I did an individual account.


You'll then be taken to this page:

I couldn't go on because you have to input a Social Security Number, but it is very similar to applying for a credit card. You have to fill out some financial related questions to ensure this is what you want to do since you are opening up both a checking account and brokerage account.


You have to fill out the following pages:

Because you are opening this checking account, you are also opening a brokerage account with Charles Schwab which means you'll be able to do investments and all the nine with it, if you choose to. You don't have to use it.


This worked for me, because I was looking to invest some money for retirement and I needed a debit card that had all the wonderful features that this card has! Plus Charles Schwab has great customer service! When I went to Canada, I forgot to tell them and they locked my card (as they should) I called them right up, and within 5 minutes I was blowing Canadian dollars like it was nobody's business!


Once you have completely signed up, you're good to go! I called them to make sure I was all good and to send my debit card as soon as possible since I was leaving for a cruise in a few weeks.


You can either set up direct deposit and have your paychecks go there, or you can connect another bank. I connected my Capital One debit card to it, so when I want to transfer money it comes straight from my checking account. *It does take 4-5 business day for transfers between banks. For example, usually if I transfer money from my Capital One debit card to my Schwab card on a Monday, I will see it Friday, so make sure you transfer money at least a week in advance to avoid any delays!*


*I definitely recommend speaking with someone on the Schwab team to see if this card is best for you! I don't provide financial advice ya'll!*


This card is really beneficial if you prefer to use your own cash when traveling, and not necessarily your credit card all the time. I use a combination of both credit card and withdrawing cash to keep myself more accountable while spending.


Here are some examples of the ATM fees I've received back:






So in conclusion, get this card if you love not wasting money on TRAVELEX and Bank fees out the wazzoo!

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Just a 24-year millennial living their best life and gallivanting around the world one vacation day at a time! 

 

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