Schwab Visa to Stop Accepting New Applications?
According to a poster on CB, Schwab will stop accepting new applications for its Schwab Invest First Visa card after March 31.
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 relationship between Schwab and FIA is ending on Sept. 30th, 2010. You will not be able to access the credit card account online through Schwab’s website anymore.
The letter says that FIA is not making any changes to the reward program yet.
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