Schwab brokerage is offering a new credit card that gives you 2% cash back on all purchases. The only catch is that the rewards can only be redeemed into a SchwabOne brokerage account. When linked to the Schwab card, the SchwabOne account has no minimum balance requirement or monthly service charges.
With no annual fee and no cashback limit, this is a very competitive card. I just hope it sticks around – many, many 2% cashback on everything cards have come and gone, from Farm Bureau to Countrywide, as that level of rewards make the issuer’s cut very slim. I’m sure they are counting on fees from the SchwabOne brokerage account to make up for the difference. Fidelity has a similar 2% back American Express card.
By Jonathan Ping | Credit Cards | 12/4/08, 8:57am