Schwab Launching Bank Invest First Visa Signature credit card with 2% Cash Back

Schwab is launching a new credit card called the Bank Invest First Visa Signature Card that rebates 2% back on purchases. That's one of the highest rebates percentages I've seen.

According to the Wall Street Journal, features include:

• The card rebates 2% on all purchases.
• No cap on the rebate amount you can earn each year.
• No foreign exchange fees if the card is used overseas.
• No annual fee or preset spending limits.

To get the card you must first open a Schwab brokerage account. Customers earh 1 point for every dollar spend. At the end of each month, the points are converted to cash at the 2% rate and then deposited into the brokerage account. Brokerage accounts are free and there are no minimums. From there, you can trade or withdraw the money.

• Compare rewards credit cards.