Are the rumors true? Is the Schwab 2% Cash Back Credit Card ending it’s run in my wallet?
Earlier this week, rumors surfaced that service reps began leaking the details of the end of the Schwab 2% card. If it’s true, the Schwab card will convert to a 1% cash back card with a $75 annual fee and we should get a letter this week detailing the change on October 15.
Boo. This is my favorite card to fall back on when the rotating categories don’t match up with my spending or I don’t feel in the mood to jump through hoops for a $5 purchase. We’re heading out for vacation later today, so I won’t be able to read the letter until I get back.
Possible Schwab Replacement Cards
Once I do get a chance to read the letter, here are some of the options I’m considering for replacing the Schwab card in my wallet:
Convert to the Fidelity card. There’s still the Fidelity 2% Cash Back Credit Card. We have one, but it currently has a 0% balance transfer on it, so I don’t want to add purchases to it. I might call FIA and ask if they’d switch the Schwab card to another Fidelity card.
Go back to the 529 card. Remember the old 529 card from years ago? I still have it and I could dust it off. However, I don’t have plans to add more to their college funds right now, so it might not be the way I want to spend our cash back.
Go full steam on the 6% American Express card. I’ve started buying a gift card everytime I’m at the grocery store to take advantage of the American Express 6 % Cash Back card. However, now maybe it’s time to take this to the next level and convert all of our spending that was previously on the Schwab card to the new gift cards.
Did you get a letter about your Schwab card? What are you planning to replace it with?
By the Numbers
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Say it isn’t so!!!! No. No. No. Well, it was a good run. I’ll end up with about $2k in cashback rewards in that account. Time to dig that Fidelity card out of the drawer I guess.
Love that 6% AMEX too. Well worth the fee.
It was a good run! I’ll have to look back and see how much we made overall.
And yes, isn’t the 6% amex great?!
I’ll wait to see if I get the letter. Earlier this year my parents’ Schwab card was replaced with an FIA card services branded card while mine continued to be Schwab branded. What if they aren’t targeting those with assets in their brokerage account?
Interesting thought about the brokerage account link. We’ll have to gather some data points and see who gets what.
I have more than a handful of cards that were grandfathered when other people lost theirs… so I’m hoping you get to keep your Schwab card!
Just as I thought, the letter was waiting for me in my mailbox when we got home.
However, it doesn’t detail any different rewards yet, only stating that I will receive more details about the replacement card soon.