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Schwab Bank Visa Credit Card: Unlimited 2% Cash Back
Monday, December 1st, 2008Wow. 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.
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December 9th, 2008 at 7:49 am
[...] close on the heels of Schwab’s introduction of its 2% cash back card, Fidelity Investments announced the Fidelity Retirement Rewards American Express Card. The new card [...]
January 19th, 2009 at 6:57 pm
For your information, I signed up for a Charles Schwab card in order to get the 2% rebate and just got my first statement online today. You might want to warn your readers that the 2% does not apply to contributions made to charities. I gave $300 to 3 different charities [Red Cross, CARE, Americares], and none of this money counted toward the 2% rebate. I called customer service and was told that the rebate is given only on retail purchases, so the charities did not count.
I’ve used a variety of cash rebate credit cards to make contributions to charities, and this is the first time that the contributions did not count towards the cash rebate.
January 19th, 2009 at 8:35 pm
Bill,
Wow, thanks for letting us know. That’s not something I would have expected.
February 22nd, 2009 at 12:42 pm
I’ve had the Schwab 2% rebate card since December 2008. They have yet to issue a rebate. Each call to customer service begets a different story, the rep essentially guessing as to when it might be credited and trying hard to attach some plausible explanation to his/her speculation. I’ve now spoken with Nick Miller in the Cleveland office [2009-02-11], Diane Hilton in Denver [2009-02-17] and submitted an inquiry online that didn’t even beget an automated acknowledgement of receipt.
February 22nd, 2009 at 12:57 pm
Wayne,
Sorry to hear about your troubles. FWIW, I also applied and started using the card in late December. I received my first rebate deposited to my brokerage account early this month. Hopefully they’re able to sort out the problem with your account soon.
February 23rd, 2009 at 8:26 pm
I need a credit card with 2% cash back on all purchases please. Thanks!
October 13th, 2009 at 4:14 pm
[...] the foreign transaction fee increased, there are still other options for no fee forex cards, the Schwab Visa being chief among them. And with its 5% gas, 2% supermarket and 1.25% rebate on everything else, [...]
March 24th, 2010 at 2:07 pm
[...] to a poster on CB, Schwab will stop accepting new applications for its Schwab Invest First Visa card after March [...]