I love cash back credit cards. If you pay in full every month, it’s a great reward. I’ve been shopping credit cars lately, and found the Schwab Bank Invest First card is a very appealing cash back card. It offers 2% cash back on everything. It’s our Free Money Friday deal of the week!
How to Get Your 2% Cash Back
- Open a new Schwab Bank Invest First card and a Schwab One Brokerage Account.
- Once approved for both accounts, link them together. You can call or go online to link them.
- Cash back will be credited to your brokerage account monthly.
- Invest the proceeds, or access your cash back by check or debit card.
Credit Card Details
- No annual fee.
- 2% cash back on everything, with no cap.
- Card is issued by FIA, which is part of Bank of America.
Brokerage Account Details
Brokerage Minimum. When you open the Schwab credit card (or a high yield investor checking), there is no minimum on the brokerage account. Otherwise the minimum is $1,000.
Fees. There are no monthly fees for the brokerage account.
Accessing Cash. According to Schwab, you can “Access your money easily with fee-free checking, a Visa check card, online bill pay and fund transfers.” I plan to move my money directly to our checking account with Schwab, which is our primary checking account.
Even though we have an old 2% cash back credit card that deposits into our 529 plan, I’m planning to apply for this card. It’s always good to have a back up with the rapidly changing credit card environment.
In addition, it’ll be a nice way to transfer money since we already have our checking account at Schwab, and a portion of my Roth IRA since they announced the lower expense ratios.
This is an article from My Dollar Plan.
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