Hi, A friend of mine just opened a Wells Fargo checking PMA (Porfolio managment account). He has NO credit history, but as part of the account got a platinum visa card (only $5000 limit though). It also has a free rewards program. Only catch is you need to have $25,000 in your combined accounts (checking, savings, stocks, etc.). This is a pretty sweet deal if u have the $$$ (free everything, including interest checking, checks, bill pay etc.) Anyone have any experience with this type of account?
Its not a secured card! They didn't take a security deposit, he can do whatever he wants with his money. anna, why the harsh reaction? Is there anything I should know about?
I know this is an old post, but I've just got to put something in the record regarding the PMA account with Wells Fargo Bank. There is a PMA Platinum Visa that's "included" with the PMA account ($25k+ on deposit), however, you MUST apply for it and still go through the approval process - it isn't just "handed out" as this thread may have sounded. I just hoped to clear this up for future reference.
