The vast majority of customers will be switched into the new BankAmericard Cash Rewards card with no annual fee. It earns 3% cash back on gas, 2% on groceries and 1% on everything else. When you redeem your rebate into a Bank of America checking or savings account, you’ll also earn a 10% cash bonus. Alternatively, customers can choose to be switched into the BankAmericard Privileges credit card. It earns 1 point per $1 on all purchases with 3x points in rotating categories that change on a quarterly basis. It also earns a 50% cash bonus when points are redeemed into a Bank of America or Merrill Lynch account. The Privileges card carries a $75 annual fee which is waived for the first year.

There are also reports that a lucky few have received a special targeted offer for a Cash Premier Visa card that offers a 2.5% cash rebate on all purchases when deposited into a Bank of America account for an annual fee of $25.

What’s the next best thing?
Needless to say, while the Bank of America Cash Premier Visa sounds like a great opportunity for those who are offered it, the “3-2-1″ and Privileges card are underwhelming. Schwab refugees looking for an alternative should consider one from our list of the best cash back credit cards. Options such as the Fidelity Amex or Visa are strong contenders if you have a Fidelity account.

Another possibility is to use this opportunity to switch to a points-related travel card. The SPG Amex and Chase Sapphire Preferred card remain popular choices in that category.

At any rate, it was a great run while it lasted. And one can always hold out hope that something similar (or better!) will resurface in the future.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Farewell Sweet Schwab Card

• $50 in statement credit for spending $250
• 3-5% cash back on airfare , hotels, travel, car rentals and cruises
• 3-5% cash back on gas, drug stores, grocery stores, and restaurants
• 5% cash back on cable, satellite, phone, internet, and insurance
• $25 after spending $1,500

Reported offers were limited to a max of $25-$50 of statement credit earned. Despite having never seen any mail mentioning it, I checked my 2% credit-card-formerly-known-as-Schwab and found the 5% on cable, satellite, phone and internet offer.

All current promos appear to run through March 31, 2011, though the earlier you register your card, the longer you have to take advantage of any promo you may be offered.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Have an FIA Credit Card? See if Your Card Has a Targeted Offer

Schwab has long since stopped marketing the credit card as it evaluates its profitability, so this news does not come as a great surprise. While existing cardholders are not supposed to be affected by this change, when a program stops accepting new customers, it’s not usually a good sign for its long-term viability.

It would sad news indeed if this marks the beginning of the end. With a flat 2% cash back on all purchases and no foreign exchange fees, the Schwab Visa has been my primary cash back card for a while now.

As the report indicates Schwab is no longer accepting online applications, new customers can apply by phone, by calling 866-724-9223.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Schwab Visa to Stop Accepting New Applications?

In addition, the Fidelity Investment Rewards Visa Signature Card has now become a tiered card. The first $15,000 of your annual spend earns a 1.5% rebate, while all spending above $15,000 earns a 2% rebate.

The rest of the features appear to remain the same. You can find full details for the Amex cards here and the Visa card here.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Fidelity Sweetens Its Credit Card Offers

This new offering joins a couple of existing Fidelity credit cards: the Fidelity Investments Rewards Visa Signature Card which currently earns a 1.5% rebate that can be deposited into a non-retirement Fidelity account, and the Fidelity Investments 529 College Rewards Amex which earns 1.5% to be deposited into a Fidelity 529 plan.

According to the WSJ, Fidelity also plans on increasing rebates on its other credit cards to 2% in early 2009. Assuming that Fidelity follows through with these plans, the Fidelity Investments Rewards Visa Signature Card becomes the most attractive of the trio, since deposits to a non-retirement account are the most generally accessible.

To apply for the new Fidelity Retirement Rewards Card, you can visit
www.fidelity.com/retirementrewards or call 1-800-FIDELITY(9).

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Fidelity Retirement Rewards Amex: Earn 2% Rebate on Purchases

• 3 miles per dollar spent on Virgin Atlantic purchases
• 1.5 miles per dollar spent on other purchases
• 20,000 bonus miles after your first purchase
• Up to 15,000 bonus miles every anniversary, depending upon your spending
• Up to 5,000 bonus miles when you add additional Cardmembers to your account*
• Earn credit towards Flying Club Gold elite status with one tier point for every $2,500 in purchases and additional tier points when flying Virgin Atlantic
• 10 percent off published Virgin Atlantic Premium Economy fares through December 31, 2008

Cardmembers are also eligible for for bonus redemption opportunities: When you spend at least $25,000 in a year and redeem miles for an Economy reward ticket, you can get a second reward ticket for half the miles.

In addition, through the end of January 2009, cardmembers will earn an entry into a sweepstakes for a trip into space on Virgin Galactic for every $10,000 spent.

To learn more about these cards, see these links:

• Virgin Atlantic American Express® Card – Black
• Virgin Atlantic American Express® Card – White

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Virgin Atlantic Amex: Up to 40,000 Bonus Flying Club Miles and Access to Perks that are Literally Out of this World

Green Credit Cards
Here’s a rundown:

• The Brighter Planet Visa
  Every $1,000 spent in purchases with the card earns 1,000 points that will fund an estimated 1 ton of carbon offsets. In addition, you’ll earn 1,000 bonus points with your first transaction and another 1,000 points for using paperless statements. Also, until December 2008, Bank of America will match each two base points earned with the contribution of another point, equivalent to a 50% bonus.
• World Asssets Visa Signature Card
  For every purchase made on the card, 10 cents will be donated to nonprofit groups like the Ocean Conservancy and Global Fund for Children. In addition, the card earns WorldPoints which can be used towards cash rewards, travel rewards and more.
• Salmon Nation Visa
  A percentage of the income derived from the Salmon Nation Visa program goes directly to Ecotrust, a conservation organization aiming to strengthen communities and the environment from Alaska to California.
• GE Earth Rewards Credit Card
  This card from GE Money allows you two rewards options: 1) You can choose to contribute either a full 1% of your net purchases to emission reduction projects or 2) 0.5% towards emission offsets and 0.5% cash back for yourself. On Earth Day each year you’ll receive a statement that shows how your reward was spent to help reduce greenhouse gas emissions.
• World Wildlife Fund Card
  1% of each purchase will go towards the World Wildlife Fund, an organization with a mission to save endangered species and protect endangered habitats. In addition, Chase will donate $50 for each new account opened online.
• GreenPay MasterCard
  For each net $1 spent on gasoline and household utilities, the GreenPay Rewards program will provide 10 pounds of carbon offsets. For each $1 spent on everything else, the program will provide 5 pounds of carbon offsets. In addition, 10,000 pounds of CO2 will be removed as a first purchase bonus.
• Nature Conservancy Visa
  0.65% of your net purchases will go to the Nature Conservancy, a leading conservation organization committed to protecting ecologically important lands and waters. In addition, new card members will receive a complimentary 1 year membership and subscription to Nature Conservancy magazine.
• Bass Pro Shops Outdoor Rewards Platinum Plus Visa Card
  With each card purchase, Bass Pro Shops and the National Fish and Wildlife Foundation will make a contribution to help conservation efforts, with a guaranteed yearly contribution as high as $1.5 million, at no additional cost to you. You’ll also receive a $25 gift card after your first use.

Green Rewards Programs
Credit card issuers have expanded your rewards options recently, so that even general-use credit cards can earn green rewards. Here’s a sampling:

• Wells Fargo Enhanced Rewards
  Wells Fargo credit card users can enroll in an optional rewards program where the points that they earn can be used towards various green rewards, such as a solar charger or a garden composter. You can also choose to redeem reward points to support renewable energy projects and receive certificates for your donations. Enrolling in the rewards program costs $19 (or 2,000 points) a year for your credit card only, or $29 a year to enroll both your credit card and Check Card.
• Bank of America WorldPoints
  Bank of America offers any of its credit card holders who earn WorldPoints to redeem them for a wide range of eco-friendly products and projects. Any Bank of America credit card that earns WorldPoints is eligible to earn these rewards at no additional cost.
• Citi Thank You Network
  As part of its Thank You rewards network, Citi also offers a range of environmentally-responsible rewards. For instance, your Thank You points can be redeemed in exchange for having trees planted or for energy-saving CFL light bulbs.

Another Green Alternative
There’s also another option to consider when going green: instead of selecting a credit card specifically because it is green, you can always choose the best cash back card available and donate the cash rewards to your favorite environmental cause. It is slightly less convenient, but there at least three obvious benefits: 1) any donations will be tax-deductible, 2) you should be able to earn more rewards for your charity, and 3) you’ll have more choice as to exactly how your money is spent.

Regardless of the card you choose, chances are your issuer allows and even encourages your use of electronic-only statements. That’s one sure-fire way to get greener, and save both trees and gas.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Green Credit Cards: An In-Depth List

25000 miles is enough for a round-trip ticket within the continental United States and Canada. They can alternatively be redeemed for award travel between the continental U.S. or Canada and the Carribbean during the “Off-Peak” season.

As usual, the card offers 0% APR on purchases and balance transfers for 6 months with no balance transfer fee. There is a $90 annual fee for Visa Signature and Platinum Plus accounts, and a $50 annual fee for Preferred accounts.

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US Airways Signature Visa: 25,000 Bonus Dividend Miles

Note: Be sure to check the latest balance transfer offers from all credit card issuers by using the offers database at this link. You can also browse the directory of card deals here.

This post is from Credit Card Watcher, where you'll always find the best credit card deals.

Bank of America No Fee Balance Transfer Offers

Existing cardholders will be able to keep their accounts and continue earning 2%, but the card with those terms is no longer available on Fidelity’s credit card page. The new 529 card offer can be found here. Thanks to CardRatings for pointing this out.

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Say Goodbye to Fidelity’s 2% 529 College Rewards Card