Consumer Payment Card News

Schwab VISA

Charles Schwab Bank and MBNA have teamed to offer a new VISA credit card that will have the ability to redeem points for equity trades, starting in mid-November. The new “Charles Schwab Bank VISA” will offer MBNA’s “WorldPoints Rewards” program, rewarding cardholders with the typical one point for each dollar charged. Charles Schwab says it plans to provide more points when the new card is used for qualifying Schwab brokerage charges, such as portfolio consultations. The “WorldPoints” program offers about 100 redemption options, including air travel rewards, companion airline tickets, 1% cash rewards, gift cards, merchandise from a wide range of retailers, and the concierge service featuring VIP event ticket access, and dining and entertainment reservations. The card carries no annual fee and a prime +1.74% interest rate for purchases, cash advances, and balance transfers. Nevada-based Charles Schwab Bank NA was set up last year to offer general retail banking services, including ATM access, but not bank credit card issuance. For more information visit: “”:

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