An anonymous reader wrote in today with a bit of information on the future of the Schwab Visa cash back credit card. In case you’re not familiar with this card, it offers 2% cash back deposited into your Schwab brokerage account.
Earlier this year, Schwab stopped accepting applications for this card, but existing cardholders were allowed to keep their card as well as the original terms of the rewards program.
However… Starting on October 1, 2010 they will be transitioning this card over to FIA Card Services and (apparently) ending the relationship with Schwab. What does this mean for existing cardholders? It’s hard to say.
While FIA was the issuer of this credit card all along, and they state that there will be no change, it’s hard to believe that they’ll retain such a lucrative rewards program once they part ways with Schwab, who used this card as a tool to increase their customer base.
Here are the details:
CHARLES SCHWAB BANK WILL NO LONGER SPONSOR THE SCHWAB BANK INVEST FIRST VISA CARD OR THE VISA CREDIT CARD WITH WORLDPOINTS REWARDS.
* On October 1, 2010, FIA Card Services, N.A. will become the sole sponsor of the credit cards, and will make all decisions regarding terms, conditions, and reward programs.
* You may continue to use your Schwab Bank Invest First Visa card or the Visa credit card with WorldPoints rewards subject to their contractual terms.
* There are no changes to your current terms, conditions, or reward programs. FIA Card Services will provide you with notice should any changes be made.
* This change does not affect the debit cards offered by Schwab for the Schwab Bank High Yield Investor Checking account, the Schwab Bank High Yield Investor Savings account, and the Schwab One brokerage account.
If you have any further information, please share it in the comments section.