I would like to know the answer too. Anyone here know what is the answer. I'll do some investigation and get back to you if I discover an useful answer. You should email the people at Discover Card as they probably could assist you..

Then it is a.

DEBIT CARD.

That sucks money out of a deposit account..

I have this linked to my tax free MM account. It's a delayed debit card. You charge purchases during the month and then they're all settled on the statement date. Cash advances are debited immediately. The return use to be pretty decent but lately it's minimal so I don't keep much there any longer. The card doesn't report anywhere.

I have had accounts with them for years...

Couldn't find anything about Franklin Templeton on there website......

BUT:.

UBS has a Discover Card Card that works the way you are describing....the money in your Resource Management Account is your credit limit. The transactions are processed all month long and then debited in one big debit at the end of the month. I would note the card is NOT a debit card (although it acts like one) For starters it does not say DEBIT anywhere on it, and I have tried to use it as a debit card for instance to purchase a money order...declined "wrong card type"....i can use it to get cash at an atm and UBS even refunds the atm fee's....also for instance at wal-mart when you scan a debit card it recognizes it as a debit card and asks you to enter your pin, you have to click cancel to run it as a "mastercard", not with the UBS card it is recognized as a credit card. This means you can use this "debit" card at places that won't usually let you "car rentals, etc." The rewards are 1 point per $1; 1,000 points = $10 cash back or you can pick "merchandise, etc" from there catalog..

The Franklin Templeton card operates the same as the UBS card. Think of it as a secured Net30 card. It is treated as a Discover card at the terminal and transactions are guaranteed by your funds on deposit. Another card similar to this one is the Merrill Lynch Visa Signature which is linked to your ML brokerage account. To the best of my knowledge none of them report but if you have a lot of loose change lying around you could set this type of account up for your $1 million+ available line of credit. Another benefit is that you have no fear of rate jacking, balance chasing, or credit limit decrease...

UBS doesn't require that large of a deposit to open a RMA.

This post has been edited by.

Firefighter 161.

: 03 January 2010 - 09:19 PM..

How large? When I first started managing my own investments, UBS told me to pound sand, and they didn't want my worthless money ($50k at the time). I have been with Vanguard ever since..

Unless your portfolio takes a 40% hit.

This post has been edited by.

Greywolf.

: 03 January 2010 - 09:43 PM..

Sounds like you had a bad Financial Adviser....10K is minimum opening....$75 per year annual fee if you have less than 25K in assets.

This post has been edited by.

Firefighter 161.

: 03 January 2010 - 09:46 PM..

Yeh, he was fee-ing me to death. Buying me in/out of funds almost monthly to make his 1% per transaction fee. This was 15 years ago, and I have been managing my own money since then..

Sounds interesting, don't suppose they report anything?..

Report nothing...unless you get there signature visa (issued by Barclays) the Amex card is also issued by Barclays though there is no pull to get it..

Have you looked into a co-branded card from UMB?.

Also there are some cards that only report to one CRA (e.g., partnersfirst bank)...

Sorry that I need to ask but what does UMB stand for?.

The Manx..