One of the more popular cash back credit cards in recent years was the Charles Schwab credit card with 2% cash back rewards. Ron Leiber of the New York Times recently reported that Schwab is indeed not accepting any new applications for the 2% Schwab cash back credit card offer.
The Schwab 2% cash back card was popular because it had a simple 2% cash back rewards structure as opposed to other cash back cards that typically offer cash back of anywhere from 1% all the way up to 5% but in different spending categories or even rotating categories. To see what the approximate amount of cash back you could earn based on your monthly spending habits be sure and try out the calculator that analyzes and compares some of the best cash back cards side by side.
The one major downside to the Schwab credit card offer is that even though it has a healthy 2% cash back the entire amount of the cash back must be deposited into a Schwab investment account. If you do not have a Schwab investment account and do not wish to have an investment account at Schwab then the Schwab credit card will of course not be of much use to you.
Existing Schwab credit cardholders will continue to receive 2% cash back but I would venture that this will not last for much longer.
Some of the best Schwab alternative cash back credit cards to consider include:
- The Discover More Card
- The American Express Costco True Earnings Card (my personal favorite card that I use as much as I possibly can)
- The American Express Blue Cash Card
- The Chase Freedom Card
- Chase Sapphire Card
- Chase Freedom Credit Card
- Are there any free online credit cards available?
- Ithaca College Credit Card
- New Chase Freedom Balance Transfer Rate: 0% for up to 12 Months
- Chase Sapphire
- Credit Card Rewards: Great Credit Rewards of 2012
- Credit Card Case Study: Finding the Best Cash Back Rewards Credit Card