That was the bad news. The good news was that cardholders continued receiving 2% cash back on all purchases as they transitioned the card over to FIA Card Services. In actuality, FIA had been servicing the card all along, but it was co-branded with Schwab.
Fast forward to now… I’ve heard from several readers (and seen elsewhere) that FIA has been notifying cardholders that this card will soon be re-branded (again) as a Bank of America rewards credit card. Details beyond that are scarce, but many are concerned that this will mean an end of the 2% rewards.
While that may well be true, it’s worth noting that FIA and BofA are essentially one and the same. Moreover, I’ve heard internet rumors of people having talked to FIA phone reps and being told that that 2% rewards would remain.
For now, I guess the best strategy is to wait and see. But if you have this card, be aware that changes are afoot.