Update: This card is no longer available. Here’s a current list of the best cash back credit cards.
The name of the card has clearly too many symbols and arguably too many syllables, but when the daily financial news is consistently dire, I should just be happy to see something that is this innovative and attractive.
It’s a credit card that gives you free money for investing.
Of course, we at Consumerism Commentary always recommend against carrying a balance on a credit card from month to month (incidentally, so does Dave Ramsey, who proves it by not accepting them on his Web site), but if you’re put together enough to literally take advantage of a credit card’s bonus features, check this out:
- Unlimited 2% “cash” back on purchases
- the cash is actually a deposit made into a Charles Schwab brokerage account
- no minimum purchase or annual fee
See more details at MarketWatch.
I’m not a Charles Schwab customer, so I don’t know what kind of investment options you get when you sign up for the card. For example, maybe you’re limited to mutual funds with front-end load fees. Hopefully someone can help out in the comments below.
Anti-disclaimer: This is not an advertisement. I honestly found this when looking at the news and thought it was compelling enough to write about.
Updated October 14, 2016 and originally published December 9, 2008.