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Charles Schwab 2% Cash Back Card – No Reward Cap

Written by admin - 7 Comments

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 Blue Cash Everyday® Card from American Express which likewise has no annual fee, and has a robust cash back rewards program for everyday purchases. Cash back is earned on eligible purchases and is received in the form of Reward Dollars that can be redeemed as a statement credit. Over the past year we haven’t had to jump through any hoops to redeem the rewards. Terms and restrictions apply.

For more info on the Schwab card, click here.

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Comments (scroll down to add your own):

  1. I thought Amex Blue gave up to 1.5% on everything else – is it only 1%?

    Comment by CF — Dec 9th 2008 @ 1:10 pm
  2. Bah! Typo. Thanks for catching that. Fixed it. The other number (1.96% net) is correct, though.

    Comment by admin — Dec 9th 2008 @ 1:11 pm
  3. I 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 pm
  4. 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 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 pm
  5. This 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
  6. This card is great! 2% cash back into my Schwab brokerage acct. is automatic every month. Can transfer to external bank accounts online with no fee. Also….NO foreign transaction fee! This is huge if you travel. If you open a Schwab high yield checking acct (currently 0.6% interest, no minimum, no fees) you get free online bill pay and ATM fees from other banks get refunded. Win Win Win…..now with online commissions a flat $8.95 per trade, Schwab has a very compelling offering.

    Comment by Bill — Mar 28th 2010 @ 7:10 pm
  7. could you please send me a phone number of the credit card rewards phone number. thank youl.

    Comment by Jerry Archer — Jun 3rd 2011 @ 6:38 am

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