Schwab Bank Visa Credit Card: Unlimited 2% Cash Back
Wow. It looks like a new gold standard for cash back credit cards is being set. The Schwab Bank Invest First™ Visa Signature Credit Card offers a full 2% cash back on all purchases with no tiers, no limits to the cash back you can earn, and no annual fee. As if that wasn’t enough, the card also does not charge any foreign exchange transaction fees.
To earn your 2%, it does require that you own a Schwab One brokerage account and link it with your Schwab credit card. Once you have linked your accounts, the cash back you earn is automatically deposited every month into your Schwab brokerage account.
Unfortunately, existing Schwab Bank WorldPoints Visa credit card holders will be disappointed to learn that they cannot automatically switch to the Invest First card. Since it is a completely different program with different terms, you would have to apply for a new card.
If you’d like to apply, you can either apply online or by phone by calling 866-724-9223 and mentioning code FACYR4.