Charles Schwab 2% Cash Back Card – No Reward Cap
Charles Schwab has come out with a new, Visa-branded reward credit card that pays 2% rewards with no limit on the amount you can earn and no annual fee. This sounds like a pretty good deal, but… You have to have a Schwab One brokerage account in order to get the rewards. This isn’t a huge stumbling block, but it’s an extra hoop to jump through.
Personally, I still prefer our Amex Blue Cash rewards card which likewise has no annual fee, and pays 5% on “Everyday Purchases” (including groceries, gas, and drugstores) plus 1.5% on everything else. Over the past year we’ve averaged just shy of 2% with this card (1.96% to be exact), and we haven’t had to jump through any hoops to redeem the rewards.
For more info on the Schwab card, click here.
Articles via RSS
I thought Amex Blue gave up to 1.5% on everything else – is it only 1%?
Comment by CF — Dec 9th 2008 @ 1:10 pmBah! Typo. Thanks for catching that. Fixed it. The other number (1.96% net) is correct, though.
Comment by admin — Dec 9th 2008 @ 1:11 pmI was about to jump all over this offer but found the combo investor account a little off putting. Plus, I have a vibe that Schwab could back down to 1% within 6 months to a year. That would make it a hassle.
Comment by Eric N. — Dec 9th 2008 @ 7:15 pmI’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 and Deneen Thompkins in Delaware who said she’d escalate to Vanita Atkins in the same office and resolution would occur not later than 2009-02-17. Nothing. Then submitted an inquiry online that didn’t even beget an automated acknowledgment of receipt. Their latest phone gambit is shuttling me between the Brokerage, where the rebate deposit should be made, and the bank, which administers the credit card. If Schwab sees this & can do something, the account ends in 3002. Jersey address.
Comment by wayne — Feb 22nd 2009 @ 9:47 pmThis card is great – have not had a single issue with receiving the cash back rewards (paid to my brokerage account).
Comment by Brian — May 3rd 2009 @ 7:36 pm