Schwab Bank Invest First Visa Card Now 2.0% Cashback, Sweet!

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Finally, another card that gives you 2% cashback on every purchase, and without limit!

If you haven’t heard of the Schwab Invest First Visa Card from Charles Schwab, the brokerage firm, you probably missed a good deal because with this card, you can get flat 2% rebate on everything. Sound too good to be true when everybody else is cutting back on rewards? Well, it IS true, with only one condition: you won’t get cashback you earned in a check. Instead, the cashback will be deposited into your Charles Schwab brokerage account every month, which you may not have one.

Schwab Bank Invest First Visa Card Review

The Invest First Visa Card is issued and administrated by FIA Card Services, N.A, which also manages the old Fidelity 529 College Rewards MasterCard, another card that gives 2% cashback. However, the new Fidelity 529 Card is issued jointly with American Express with only 1.5% rewards.

Card Benefits

In addition to the generous 2% cashback offer, the Schwad Invest First Visa Card also features:

  • No pre-set spending limit.
  • There’s no limit on the cash back you can earn.
  • No minimum monthly purchase amount.
  • No annual fee or foreign exchange transaction fees.
  • Visa Signature Dining, with Zagat ratings and reviews.
  • Visa Signature Access preferred tickets.

No pre-set spending limit may not be a good thing for your credit score, but no foreign exchange transaction fee sure looks attractive if you travel abroad a lot. That could save you some decent money because it’s quite common for a credit card to charge 3% foreign transaction fee (such as the Chase Travel Rewards Card).

Earn Rewards

As it states, a Schwab One brokerage account is required to earn the 2% rewards. However, if you don’t have a Schwab One account, you can still earn rewards, but only at 1% rate. Basically, you earn 1 point for every dollar you spend. The rewards points earned can then be redeemed for cash. If you do have a Schwab One brokerage account, then, for example, for every 1,000 points, you can redeem $20 and have the rewards automatically transferred to your brokerage account every month. You can link your brokerage account to the credit card during the application process if you have an account already, or do it later if you don’t. The rewards points will expire in 5 years if you don’t redeem them.

Interest Rates

Currently, the card has a variable Annual Percentage Rate (APR) on purchases at 14.99%. It also offers an Introductory 2.99% APR on balance transfer for the first six months after the account is opened. There’s a 3% transaction fee (minimum $10), however, for each balance transfer.

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  • Chitika

6 Comments

  1. HiredGoon
    Posted December 16, 2008 at 6:18 pm | Permalink

    Quicken users should stay away. Its managed by FIA card services which doesn’t let Quicken log in and download transactions.

  2. Jason G.
    Posted December 27, 2008 at 8:35 pm | Permalink

    Actually, the credit card can be downloaded via one step update in quicken. You have to choose the financial institution as “FIA Card Services”. Oh, and you have to have a login at the FIA website, which is quick to enroll for.

  3. Tom T
    Posted January 17, 2009 at 4:02 pm | Permalink

    Jason G. I was able to set up and connect successfully in Quicken by choosing “FIA Card Services” as the financial institution. However, it didn’t download any of my transactions.

    Anyone know why it didn’t download the transactions?

  4. Karen R
    Posted February 15, 2009 at 7:59 pm | Permalink

    I have the same problem – I have successfully set up the account in Quicken, but get no transactions to download.

  5. Jerry
    Posted February 24, 2009 at 10:59 pm | Permalink

    FIA and Bank of America only download transactions at the close of a billing cycle when the monthly statement is available. In the past, MBNA allowed transaction downloads as they were posted. Once BofA took over, that function went away. I called them on it, and was assured it would soon be restored. Of course, it never was. This is a big inconvenience for budgeting and tracking spending, but there does not seem to be any recourse.

    FYI, the American Express card from Costco does support “real time” transaction downloads to Quicken. I plan to use my Schwab card mainly for foreign transactions, for which there are no currency conversion charges, typically 3%.

  6. Fred Havell
    Posted April 14, 2009 at 10:55 am | Permalink

    There may not be any charge by Schwab for foreign transactions, but FIA (which, according to Schwab, sets the exchange rate) charges 2% by my calculations. Of course, with 2% cash back, this is not a burden.

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