The 2% cashback Charles Schwab Invest First Visa Card has been around for awhile. It’s getting pretty popular, and they have been taking down the old links. Make sure to apply for it before it’s too late. The 2% cash back card is good on all purchases. Get this while it’s available, and there is no annual fee at all. No limit on the cash back you earn. However, you must open a Charles Schwab brokerage account to get unlimited 2% cash back. The cash back will automatically deposited into your Schwab One account.
Good Info from Fatwallet:
Members have reported receiving the credit card one week after getting approval.
Opening an account: 1 pull for each of the following: credit card, brokerage account (“Schwab One Account”) and checking account (3 total pulls if you apply for all 3)
Brokerage account (“One” account) $1000 minimum waived if you have the credit card. Checking account also waives this $1000 minimum.
If you did not get instant approval, call them after a day or two. If you call during the business hours they’ll let you talk to credit analyst and get decision right away. This is a good option, since if the analyst is not sure you have a chance to convince him/her to approve your account (by moving CL, or just by saying that you have enough assets to pay off all balances on your credit report)
To Check Application Status:
Already a Schwab Bank WorldPoints Cardholder?
I have an existing Schwab Bank Visa credit card with WorldPoints rewards. What’s the difference between this card and the new Schwab Bank Invest First card?
The Schwab Bank WorldPoints card is no longer available to new accounts. With your existing WorldPoints card, you earn one Point for every $1 on net retail purchases and can choose from a variety of WorldPoints rewards including travel, merchandise/gift cards, equity trades, and even 1% Cash Back. The new Schwab Bank Invest First card offers unlimited 2% Cash Back on purchases, automatically deposited into your Schwab One account.
Both cards have no annual fee. However, the variable Annual Percentage Rates (APRs) and benefits are different for each card. For more information about rates, fees, other costs, and benefits associated with the new Schwab Bank Invest First card, please refer to the disclosures accompanying the online credit card application.
Can I switch my WorldPoints card to the new Schwab Bank Invest First card?
No. The new Schwab Bank Invest First card is a separate card with new account terms, so you would need to apply for the new card.
Can I roll over Points from my WorldPoints card to the new Schwab Bank Invest First card?
No. The cards offer different rewards programs, so you can’t roll over Points from your existing WorldPoints card to the new Schwab Bank Invest First card.
Do I have to close my WorldPoints card if I open a new Schwab Bank Invest First card?
No. You may choose to keep both credit cards open if you like.
You can log in to your Schwab CC acct here LINK
About the Schwab Bank High Yield Investor Checking%u2122 account:
* Earn 1.00% variable APY%u2014 that%u2019s 2 times the national average.1
* No ATM fees. We reimburse any ATM fee you are charged%u2014 worldwide.2
* Enjoy free standard checks, free online bill pay and a Visa® Platinum Check Card.
* Get full-featured FDIC-insured checking for up to $250,000.3
Do I need to do anything before I travel internationally?
It%u2019s always a good idea to contact us if you intend to use your Visa Check Card in another country or will be out of town for an extended period of time. To protect against fraud, transactions in certain countries may result in your Visa Check Card being inactivated.
If you intend to travel, please call and let us know which country you will be in and how best to reach you while you are away. For instance, if you will be checking your email regularly, you can request an email to inform you of any unusual check card activity. If your card is blocked and you have questions, call the number on the back of your card.
It comes with a Schwab One® brokerage account that lets you:
* Invest in mutual funds, single portfolio solutions, stocks, bonds, CDs, options, exchange-traded funds and more.
* Manage both your Schwab Bank checking account and your brokerage account on Schwab.com with a single login.
* Easily transfer funds online between your accounts for free.
How to waive the $1,000 account minimum for the Schwab One brokerage account:
* Automatic $100 monthly deposit into your brokerage account. Once you open an account, arrange to deposit $100 or more per month. Just visit the Transfers and Payments tab after logging in or call 866-232-9890 to set up this automatic transfer.
* Open a Schwab Bank Investor Checking account linked to your brokerage account Learn More.
* Open a Schwab Bank Invest FirstTM Visa Signature® Credit Card
Q: How do I get my cash rewards?
A: Your points will be automatically redeemed at the close of each month and your cash rewards will be deposited into your Schwab One account that is linked to your Schwab Bank Invest First card 5-10 business days after the close of each month. If you provided your Schwab One account number when you applied for your card, we will link that brokerage account to your credit card. If you applied for a Schwab One brokerage account at the same time you applied for the Schwab Bank Invest First card online or by phone, these accounts will be linked. If you opened a Schwab One account separately from your credit card, you will need to link the two accounts. To add, change, or confirm your linked Schwab One account, please log in to schwab.com/creditcard and access your Schwab Bank Invest First account.
You can pay your card in full each month. To do so, call the number on the back of your card and ask them to mail you the auto-pay form. The paper form, unlike the online options, gives you the choice of paying your balance in full.
How to link your account(s) for the Cash.back:
Enroll your account and Log into the Schwab management site, go to the management section for the Schwab card, and then select the “Rewards” tab in that section. There, click on the link “Enroll or verify your Schwab One to receive cash rewards” and link your account from there.
This card has some additional benefits that have some real value. (And others that don’t
Surprisingly there seems to be no discussion of the other benefits of this card
Schwab Bank Invest First Visa Credit Card
– Purchase Replacement for damaged lost or stolen items within 90 days
– Price Protection coverage 60 days
– Auto Rental Collision Damage Waiver 15 days US, 31 days international
– Warranty Manager Doubles the warranty up to 1 year
– Lost luggage reimbursement $3000 per trip maximum
– Common Traveler Accident Insurance $1M (accidental loss of life/limb)
– Concierge Services Locate tickets, flowers, etc
– Identity Theft Protection Contacts the credit bureaus for you
– Travel and Emergency Assistance Assistance reboooking flights, getting meds, etc
– Roadside Dispatch Calls tow truck, lock smith, etc
– Visa Signature Dining Zagat ratings access, access to special Fine Wine and Food events
The first four seem to be the really valuable ones
“Opt out” of “direct marketing” and “information sharing” – it takes less than 3 minutes. Directions:
(1) Call 1-866-325-8310
(2) Listen for the opt-out option – press #1
(3) They give you more information then ask you whether you want to opt-out again, again, press #1.
(4) Press #0 to be connected with customer service rep who can remove you from direct marketing sharing, tell him/her: “I was directed here when asking to opt out of information and direct marketing, please help me opt out of those.”