Get 2% Deposited Into Your Schwab Investment Account

December 4, 2008

I don’t usually write much about credit cards here but this is something kind of interesting.

Charles Schwab is offering an unlimited 2% cash back on their Invest First Visa Credit Card*. The 2% reward gets deposited directly into your Schwab One brokerage account. If you can charge most of what you spend on a monthly basis, this could add up to a decent chunk of change.

My wife and I currently use a Wells Fargo cash-back Visa but it is capped at $500 per year. At a 2% reward, that’s $25,000 per year in spending. If you spend more than that, the Schwab card may not be a bad idea. Just don’t carry a balance!

* NOT an affiliate link.

6 responses to Get 2% Deposited Into Your Schwab Investment Account

  1. Aren’t there additional requirements like opening a brokerage account and maintaining a minimum? Someone was telling me about this but I didn’t pick up the specifics.

  2. Thanks for the tip, JLP. We already use Schwab, so this is great, given that we’re traveling to Spain for Xmas. Didn’t want to get dinged by 1-3% foreign transaction fees, and apparently this card doesn’t carry any.

  3. Yeah, you have to have a Schwab One brokerage account.

  4. you can avoid the $1k minimum in the schwab one brokerage acct if you also open up a schwab investor checking acct, which also doesn’t require a minimum. or you can avoid the $1k min if you transfer or direct deposit $100/mo into the schwab one brokerage acct.

  5. From Schwab’s FAQ: http://www.schwab.com/public/schwab/banking_lending/credit_card/credit_card_faq.html

    What if I don’t have a Schwab One brokerage account? Do I need to open a Schwab One account to have this card?
    Opening a Schwab One account is not a prerequisite to apply for a Schwab Bank Invest First card. However, to receive your 2% cash back rewards, you must link an eligible Schwab One account to your card. If you do not have a Schwab One brokerage account, apply for the Invest First card today. Once approved, open a Schwab One brokerage account to receive your 2% cash back.

    How do I get my cash rewards?
    Your cash rewards are automatically deposited into your Schwab One account that is linked to your Schwab Bank Invest First card at the end of each month.

    Do I have to pay for a Schwab One account?
    There are no monthly account service fees and no minimum balance requirements for the Schwab One account when it is linked to your Schwab Bank Invest First card.

  6. From Schwab’s FAQ: http://www.schwab.com/public/schwab/banking_lending/credit_card/credit_card_faq.html

    Q: What if I don’t have a Schwab One brokerage account? Do I need to open a Schwab One account to have this card?
    A: Opening a Schwab One account is not a prerequisite to apply for a Schwab Bank Invest First card. However, to receive your 2% cash back rewards, you must link an eligible Schwab One account to your card. If you do not have a Schwab One brokerage account, apply for the Invest First card today. Once approved, open a Schwab One brokerage account to receive your 2% cash back.

    Q: How do I get my cash rewards?
    A: Your cash rewards are automatically deposited into your Schwab One account that is linked to your Schwab Bank Invest First card at the end of each month.

    Q: Do I have to pay for a Schwab One account?
    A: There are no monthly account service fees and no minimum balance requirements for the Schwab One account when it is linked to your Schwab Bank Invest First card.