Annual Fee
$0
Foreign Txn Fee
2.7%
Credit Needed
Good to Excellent; requires an eligible Schwab brokerage, IRA, or general account
APR
19.49%–28.49% variable
Rewards Categories
1.5x (1.5%) Unlimited cash back on all purchases, deposited into linked Schwab account
Benefits
$0 annual fee
Cash back automatically deposited into your linked Schwab account — no redemption steps
Car rental loss and damage insurance (secondary, up to $50,000)
Purchase protection up to $1,000 per item, $50,000 per year
Extended warranty adds 1 year to eligible warranties of 5 years or less
Access to Amex Offers for extra savings at select merchants
Welcome Bonus
$300 statement credit after spending $1,000 in first 3 months
Pros & Cons
Pros
No annual fee with a simple flat 1.5% cash back
Rewards auto-invest into your Schwab account — useful for hands-off investors
Solid purchase protection and warranty benefits for a no-fee card
Cons
1.5% flat rate is below the 2% offered by several no-fee competitors
Requires an eligible Schwab account to apply and maintain
2.7% foreign transaction fee
Best For / Worst For
Best For
Schwab investors who want a simple way to grow their account through everyday spending
Worst For
Anyone wanting a higher flat cash-back rate or without a Schwab account
Reward Valuation
Cash back deposits directly into your Schwab account at face value — 1.5 cents per dollar spent, no transfer step needed.
Insurance Benefits
Car Rental Loss & Damage
Secondary coverage up to $50,000 for accidental damage or theft
Purchase Protection
Up to $1,000/item, $50,000/year against damage or theft within 90 days
Extended Warranty
Adds 1 year to eligible U.S. manufacturer warranties of 5 years or less
Banking Relationship Benefits
Investment Account Perks
Schwab automatically deposits this card's 1.5% cash back into your linked Schwab brokerage, IRA, or general account every statement cycle.
Relationship Bonus
Schwab requires an eligible Schwab account just to hold this card, making it a direct extension of your existing investing relationship.
Approval Odds
Requires an eligible Schwab One, General Brokerage, or IRA account in addition to standard creditworthiness review.
Historical Welcome Offers
June 2026
High Offer$300 statement credit after $1,000 spend in 3 months
2025
$200 statement credit after $1,000 spend in 3 months
User Reviews
April 2026
Simple and effective
I don't have to think about it — cash back just shows up in my brokerage account every month.
— C.N.
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Last verified June 2026