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| Welcome to Schwab | Investment Products | Research & Strategies | Advice & Retirement | Active Trading | Banking & Lending |
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Frequently Asked QuestionsApplying for the Schwab Bank Invest First card Who can apply for a card? How do I know if I'm approved for the card? What is the difference between the Schwab Bank Invest First Visa Signature® and Platinum Plus® Visa® cards? What is FIA Card Services, N.A.? About the cash rewards How does the cash rewards program work? Where can I get information on my monthly cash back rewards deposits? Do all transactions earn cash rewards? Is there a maximum amount of cash rewards that I can earn? What happens to my cash rewards if my Schwab One® brokerage account is not linked to my Schwab Bank Invest First card? If my cash rewards are not deposited into my linked Schwab One account, what should I do? If I close my credit card account, what happens to my cash rewards? About the Schwab One brokerage account What if I don't have a Schwab One brokerage account? Do I need to open a Schwab One account to have this card? What types of Schwab One accounts are eligible to receive cash rewards? How do I know if I have a Schwab One account? My brokerage account is not a Schwab One account. Can I switch it to a Schwab One account? How is my Schwab One account linked to my credit card? Are my cash back rewards automatically invested for me? Existing Schwab Bank WorldPoints Cardholders 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? Can I switch my WorldPoints card to the new Schwab Bank Invest First card? Can I roll over Points from my WorldPoints card to the new Schwab Bank Invest First card? Account Services Can I access my account information online? How do I link my Invest First card and my Schwab One account? What are my options for making my credit card payment? If I need help with my accounts, what number should I call? Applying for the Schwab Bank Invest First card Who can apply for a card? Applicants must reside in the U.S. and must be at least 18 years old, or 21 years of age if a permanent resident of Puerto Rico. This credit card is not available to minors, corporations, partnerships or other business entities. How do I know if I'm approved for the card? If you apply online or by phone, in some cases an instant decision is provided. If an instant decision is not available, a decision will be mailed to you, typically within seven to 10 days. You can also check the status of your application online at www.schwab.com/creditcard. Please note that Schwab Bank is not involved with any credit card qualification decisions and cannot guarantee eligibility of any applicant for the card. What is the difference between the Schwab Bank Invest First Visa Signature® and Platinum Plus® Visa® cards? The Visa Signature card has additional benefits such as no preset spending limit,1 Visa Signature Dining and Visa Signature Access. To receive a Schwab Bank Invest First Visa Signature card, you must qualify for a credit line of $5,000 or more. If you are approved for a credit line less than $5,000, you will automatically be offered the Schwab Bank Invest First Platinum Plus Visa card. Like the Visa Signature card, the Platinum Plus Visa card gives you unlimited 2% cash back on purchases, automatically deposited into your Schwab One account, and has no annual fee or foreign transaction fees. The Platinum Plus Visa card does not include the Visa Signature benefits mentioned above. What is FIA Card Services, N.A.? FIA Card Services, N.A. is the issuer and administrator of the credit card program. Return to top About the cash 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 at the beginning of each month into your designated Schwab One account equal to 2% of the amount of your total eligible Points balance. For example:
Where can I get information on my monthly cash back rewards deposits? Your Schwab Bank Invest First card statement will show the amount of Points earned for each billing period. Your cash rewards is equivalent to 2% of the Points earned. Your 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 account and view the Account tab. 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 or returns, 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, unauthorized/fraudulent transactions and other charges. 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. In addition, there are no cash back tiers, merchant categories, or minimum purchase amount to receive cash back rewards. What happens to my cash rewards if my Schwab One® brokerage account is not linked 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 beginning of the following month. 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 www.schwab.com/creditcard or call 866-724-9224. To confirm if the Schwab One account you want linked to your credit card account is eligible to receive cash back, 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. Return to top About the Schwab One Brokerage account What if I don't have a Schwab One brokerage account? Do I need to open a Schwab One account to have this card? Opening a Schwab One account is not a prerequisite to apply for a Schwab Bank Invest First card. However, to receive your 2% cash back rewards your card must be linked to an eligible Schwab One account. For more information on the Schwab One account, please call 877-713-8381 or go to schwab.com/schwabone. What types of Schwab One accounts are eligible to receive cash rewards? Individual, joint, or trust (living and revocable) Schwab One brokerage accounts are eligible to be linked to your Schwab Bank Invest First card to receive cash rewards. Also, 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. 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, you can 1) refer to the top of your monthly statement, 2) log in at schwab.com, select the Service tab and click on Account Settings, or 3) 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. 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. If you provided your Schwab One account number or applied for a new Schwab One account when you applied for your card, we will link that brokerage account to your credit card. If you opened a Schwab One account separately from your credit card, you will need to link the two accounts. To link your account, call us at 866-724-9224. Are my cash back rewards automatically invested for me? No. Your 2% cash back is not automatically invested for you. The cash is deposited into your Schwab One brokerage account. You can use the cash in your Schwab One account to purchase investments of any kind: mutual funds, stocks, fixed income, CDs, etc. If you need investment help, please call a Schwab investment professional 24/7 at 800-435-4000. If you don’t invest it, this cash will automatically be placed into the sweep or interest feature of your Schwab One account that pays interest on your uninvested cash. (Please see schwab.com/sweep for rates.) You may also withdraw the cash at any time. Return to top Existing Schwab Bank WorldPoints Cardholders 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. Return to top Account Services Can I access my account information online? You can access both your credit card and brokerage accounts with a single login to www.schwab.com/creditcard. If you are a new Schwab Bank cardholder, you must first complete a one-time registration. If you have an existing credit card, you must first add the Invest First card to the servicing site before detailed account information is available. How do I link my Invest First card and my Schwab One account? Log in to the card servicing site and click on the Rewards tab, then the Go To Cash Rewards button. Next, follow the instructions to link your Schwab One account to receive cash rewards. You may also call us at 866-724-9224 to link your account. What are my options for making my credit card payment? Make your credit card payment with any of the options below: Mail: FIA Card Services, P.O. Box 15019, Wilmington, DE 19850-5019 Phone: 1-866-867-7288 (A service fee may apply when using this payment option.) Online: Log in to the card servicing site and click on the Pay Bills tab and follow the instructions. If I need help with my accounts, what number should I call? For service-related questions about your credit card account, such as balance inquiry, updating account information, or to report a lost or stolen card, please call Schwab Bank Card Services at 866-724-9224. If you have any questions about your existing Schwab One account, please call 800-435-4000. Return to top 1. The no-preset-limit feature applies only to Visa Signature accounts and does not mean that all transactions will be approved. All transactions will be considered on an individual basis, including those exceeding your revolving line. Charles Schwab Bank and Charles Schwab & Co., Inc. are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products, including the Schwab One brokerage account, offered by Charles Schwab & Co., Inc., Member SIPC, are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Deposit and lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender. This credit card program is issued and administered by FIA Card Services, N.A. Platinum Plus, Bill Pay Choice and WorldPoints are registered trademarks of FIA Card Services, N.A. Schwab Bank and Invest First are trademarks or registered trademarks of Charles Schwab & Co., Inc., used by Charles Schwab Bank with permission. Visa and Visa Signature are registered trademarks of Visa International Services Association, and are used by the issuer pursuant to licenses from Visa U.S.A. Inc. (0409-8551) |
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