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Reward program terms:
How to Get Unlimited 2% Cash Back Rewards
How does the cash rewards program work?
You’ll earn 1 Point per dollar on every purchase, including payment of services or automatic payments you make with your Schwab Bank Invest First card. Points will be automatically redeemed for cash rewards and deposited into your designated Schwab One brokerage account equal to 2% of the amount of your total eligible Points balance. For example:
MONTHLY PURCHASES POINTS CASH BACK
$1,000 1,000 $20
$1,500 1,500 $30
$2,000 2,000 $40
$2,500 2,500 $50
$3,000 3,000 $60
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. 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.
What is a Schwab One account?
A Schwab One account is a brokerage account offered by Charles Schwab & Co., Inc. You can trade stocks, bonds, mutual funds, and other securities online, quickly and easily, with a Schwab One account. If you need help, please call a Schwab investment professional 24/7 at 800-435-4000 or use our online tools and services to help guide you.
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. Standard pricing for equity trade commission rates starts as low as $8.95, and transaction fees may apply. Refer to the Charles Schwab Pricing Guide for more information.
What types of accounts are eligible to receive cash rewards?
Individual, joint, or trust (living and revocable) Schwab One accounts are eligible to be linked to your Schwab Bank Invest First card to receive cash rewards. Ineligible accounts include: Schwab One organization accounts for corporations, limited liability corporations, non-incorporated associations, partnerships, investment clubs, DBA operations, nonprofits and charities, as well as general brokerage accounts, IRAs, and other retirement accounts.
How do I know if I have a Schwab One account?
To confirm that the brokerage account you currently have is a Schwab One account, please refer to the top of your monthly statement or call us at 800-435-4000.
My brokerage account is not a Schwab One account. Can I switch it to a Schwab One account?
If your Schwab brokerage account isn’t a Schwab One account, you can convert it to a Schwab One account or open a new Schwab One account. To convert your account, please call 800-435-4000. Your credit card account will continue to accrue cash rewards; once your brokerage account is converted to a Schwab One account and you designate it to receive the cash rewards, then your cash rewards will automatically be deposited into that account at the end of every month.
Once my cash rewards are deposited into my Schwab One account, can I access the cash?
Yes. You may withdraw the cash at any time or invest it. If you need help, please call a Schwab investment professional 24/7 at 800-435-4000 or use our online tools and services to help guide you.
What happens if I don’t link my Schwab One account to my Schwab Bank Invest First card?
Your credit card account will continue to accrue 2% cash back rewards on purchases, and we will hold your cash-back rewards for up to five years. Cash rewards that are not redeemed will expire after 5 years. Once you link your Schwab One account to your credit card account, your cash rewards will automatically be deposited into the account at the end of every month.
How is my Schwab One account linked to my credit card?
Your Schwab One account is only linked to the credit card in order to receive the cash rewards deposit each month. It will not be used as an overdraft line or to cover the amount owed on the credit card.
Can my cash rewards be deposited to an account other than my Schwab One account?
No. Your cash rewards may only be deposited into your Schwab One brokerage account. The primary cardholder on the credit card account must also be an owner on the Schwab One account. You can direct cash rewards to a joint Schwab One account, as long as the primary account holder is on the joint account.
Can my cash rewards be deposited into more than one Schwab One account?
No. Your cash rewards must be deposited into a single Schwab One account each month. If you have more than one Schwab One account, you can change the account where your cash rewards are deposited. To change your linked Schwab One account, please log in to schwab.com/creditcard and access your Schwab Bank Invest First account or call 866-724-9224.
Do all transactions earn cash rewards?
You earn 2% cash back on all retail purchases, including purchases for services and recurring payments. This excludes transactions relating to refunds, returns or unauthorized transactions, balance transfers, cash advance transactions (including the purchase of money orders or other cash equivalents), out-of-network payments made through FIA Card Services' Bill Pay Choice® service, purchases made by or for a business or for a business purpose, fees, finance charges and unauthorized/fraudulent transactions.
When will I get my cash rewards?
Your cash rewards will be automatically deposited once a month into your Schwab One account, during the last business day of each month. After you open your account, it may take one statement cycle before you start receiving your cash rewards.
Is there a maximum amount of cash rewards that I can earn?
No. Unlike many cash back cards, the Schwab Bank Invest First card has no annual or monthly cap on the amount of cash back you can earn. You get unlimited 2% cash back on all retail purchases. In addition, there are no cash back tiers, merchant categories, or minimum purchase balance requirements.
How much do I have to earn before I receive my cash rewards deposit?
There is no minimum monthly purchase amount. All cash rewards accrued during the month will be automatically deposited into your Schwab One account at the end of each month.
Do I still earn cash rewards if my account is past due?
Your credit card account must be open with charging privileges to earn cash rewards. If your account is past due two statement cycles or more, cash rewards will not be awarded.
Where can I find information on my monthly cash redemption amount?
Your monthly Schwab Bank Invest First card statement will show the amount of Points earned for each billing period and year-to-date. The cash reward is equivalent to 2% of the Points earned. Your monthly Schwab One statement will show any cash rewards deposited into that account and be displayed as "Schwab Cash Back Rewards". You can also go online to view your cash rewards deposited on schwab.com: Log in to your Schwab One brokerage account and view the Account tab.
If my cash rewards are not deposited into my linked Schwab One Account, what should I do?
You can verify, add, or change the linked Schwab One account by accessing your credit card account on schwab.com/creditcard. To confirm that the Schwab One account linked to your credit card account is an eligible Schwab One account, please call us at 800-435-4000.
If I close my credit card account, what happens to my cash rewards?
If you close your Schwab Bank Invest First card account before any pending cash rewards are deposited into your Schwab One account, the cash rewards may be forfeited. You may want to wait until your cash rewards are deposited into your Schwab One account before closing your credit card account.
