Schwab Bank Announces New Credit Card That Makes It Easy to Save and Invest

Unlimited 2% Cash Back on Purchases, no Annual Fees, no Foreign Exchange Fees, or Minimum Purchase Requirements

Monday, December 8, 2008 5:45 am PST

Dateline:

SAN FRANCISCO

Public Company Information:

NASDAQ:
SCHW

SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Bank today announced the Schwab Bank Invest FirstTM Visa Signature® credit card, with unlimited 2% cash back on purchases automatically deposited into a Schwab One brokerage account each month. Unlike some competing cards, there is no limit to the cash back cardholders can earn, no tiers, no minimum monthly purchase amount to receive cash rewards, no restrictions on place of purchase, and no annual fee. There are also no foreign exchange transaction fees, making this card a great choice for international travelers.1 The card offers a competitive variable Annual Percentage Rate.1

The cash back is automatically deposited into a Schwab One Brokerage account. Clients can choose to invest their accumulated deposits at a time of their choosing by selecting from the full range of investments Schwab offers. If clients need investment help, they are encouraged to call a Schwab financial professional 24/7 at 800-435-4000. The Schwab One brokerage account has no minimum balance requirements or monthly service charges, and gives clients 24/7 access to Schwab financial professionals.1

“In a time when people across the country are trying more than ever to save money for the future, we're unveiling a unique credit card that makes it easier for clients to save and invest,” said Richard Musci, vice president of Charles Schwab Bank. “Consumers are looking for the best way make the most out of their short-term credit needs while still focusing on their long-term goals, and this is our simple and transparent answer to help address their needs.”

In addition to the benefits mentioned, credit card clients also receive complimentary 24-hour personal assistance with MyConciergeSM services, common carrier travel accident insurance up to $1,000,0002, and zero fraud liability. For clients who qualify for a credit line of $5,000 or more, the Schwab Bank Invest First credit card offers additional complimentary premium benefits including: Visa Signature Dining with Zagat® ratings and reviews, Visa Signature Access to exclusive events, and no preset spending limit.3

“This offering brings value to the market at a time when many consumers don’t feel like they’re getting a great deal,” added Musci. “Whether you are a younger investor just starting out or are ten years from your retirement, we believe everyone should have access to products and services that work for them.”

For additional information on the Schwab Bank Invest FirstTM Visa Signature® credit card, visit www.schwab.com/creditcard.

About Charles Schwab

The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.3 million corporate retirement plan participants, 427,000 banking accounts, and $1.2 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org) and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors. Charles Schwab Bank provides banking and mortgage services and products. More information is available at www.schwab.com. (1208-2908)

1 For information about rates, fees, other costs and benefits associated with the use of this credit card, please visit www.schwab.com/creditcard.

2 Certain restrictions apply to these and other benefits described here and in your Guide to Coverage.

3 The no preset spending limit feature only applies to Visa Signature accounts and does not mean that all transactions will be approved. All transactions will be considered on an individual basis, including those exceeding your revolving line.

Clients with a Schwab Bank Invest First Visa® credit card are automatically enrolled in the Schwab Bank Invest First cash rewards program at no additional cost. Establishment or ownership of a Charles Schwab & Co. ("Schwab") or Charles Schwab Bank ("Schwab Bank") account (or other relationship with Schwab Bank or Schwab) is not required to obtain a Card or to be eligible to accumulate Points; however, a Schwab One brokerage account is required to redeem Points in order to obtain the cash rewards offered under the Program.

This credit card program is issued and administered by FIA Card Services, N.A. Schwab Bank and Invest First are trademarks or registered trademarks of Charles Schwab & Co., Inc., used by Charles Schwab Bank with permission. Visa and Visa Signature are registered trademarks of Visa International Service Association, and are used by the issuer pursuant to license from Visa U.S.A. Inc.

Charles Schwab & Co., Inc. and Charles Schwab Bank are separate but affiliated companies and subsidiaries of The Schwab Corporation. Brokerage products and services, including the Schwab One brokerage account, are offered by Charles Schwab & Co. Inc. (Member SIPC), are not insured by the FDIC, are not deposits or obligations of Charles Schwab Bank, and are subject to investment risk, including the possible loss of principal invested. Deposit and lending products and services are offered by Schwab Bank, Member FDIC, and an Equal Housing Lender.

Contact:

Charles Schwab
Matt Hurwitz, 415-636-3700

Corporate Public Relations
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888-767-5432

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