Charles Schwab Debit Card Review: No ATM Fee Worldwide (2019.9 Update: $100~$500 Bonus)

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Charles Schwab Visa Platinum Debit Card (Charles Schwab ATM Card, Schwab Bank High Yield Investor Checking Account) Review

2019.9 Update: The offer generated from referral links are now $100~$500: deposit $1,000 and earn $100, deposit more and get more (see the table below for details), up to $500. The previous offer is $100 offer without deposit requirement.

2019.5 Update: Many people complained that since late March, you will see an offer expired error if you simply click the referral link. In this case, you can try to use my referral code: REFER4U7MQ8R6 in “Add an offer/referral code”. Please report data points whether you can get the $100 bonus this way, thanks!


Many people need to travel abroad frequently, and they usually ask the question: what is the best debit card to withdraw cash from ATM abroad? We all know that in some countries, credit cards are not as broadly accepted so you often need cash. However, most debit cards have exorbitant fees when withdrawing from privately owned ATMs or those of different banks, not to mention foreign transaction fees. Charles Schwab is a magical bank, the Charles Schwab debit card has NO ATM fees worldwide!

Application Link

  • Charles Schwab Debit Card. You can use my referral code: REFER4U7MQ8R6 in “Add an offer/referral code”. You should choose “Schwab Bank Checking Account from Schwab Bank Linked to a Schwab One® brokerage account” to open.

Benefits

  1. $100~$500 sign-up bonus: deposit some amount within 45 days and earn some bonus, see the table below for deposit requirement. This offer is not valid to who currently have any Schwab product. You need to keep the amount for at least one year, or Schwab will charge the bonus amount back. You need to use a referral link (the above link is our referral link). (You can also ask your friend to give you a referral code, just be aware that your friend won’t get any referral bonus from this bank.)
  2. NO ATM fees worldwide! Sometimes the ATM side will charge you a fee, but Charles Schwab will reimburse these fees in the end of the month, this guarantees that no fees will be charged in the end!!!
  3. When you withdraw cash abroad, you can get local currency automatically, according to the exchange rate on the day, which is very convenient!
  4. $0 monthly fee, no minimum deposit requirements.
  5. This debit card is a Visa card, so you can withdraw cash from almost every corner in the world.

Disadvantages

  1. Applying for this Debit Card will result in a Hard Pull (HP) on Equifax (EQ).
  2. Daily ATM withdrawal limit: $1000.
  3. The checking account is associated with an brokerage account, and in order to get the debit card, you must also open the brokerage account. But it is totally free of charge, so it’s fine.

Points for Attention

  1. You must be a U.S. Person to apply for this card online. If not, the application will not be processed online and you have to go to a local branch.

Summary

This debit card is a must-have if you need to travel abroad! Though they are better known for their investment products, their debit card is really fantastic. It is similar to the Fidelity Check Card, you can compare these two and choose one of them. The main difference is that the Fidelity Check Card has a 1% Foreign Transaction Fee (FTF), while the Charles Schwab Debit Card doesn’t. Also, applying for the Fidelity Check Card does not result in a Hard Pull and the ATM withdrawal limit is $500, as opposed to $1000 for the Charles Schwab.

Application Link

  • Charles Schwab Debit Card. You can use my referral code: REFER4U7MQ8R6 in “Add an offer/referral code”. You should choose “Schwab Bank Checking Account from Schwab Bank Linked to a Schwab One® brokerage account” to open.

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Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.