Great-Looking New Schwab No-Foreign-Exchange-Fee Visa

We’ve mentioned in the past that the Schwab checking account is one of our favorite travel tools. It offers an ATM card that rebates all ATM fees, worldwide.

Now, it looks like Schwab has introduced a brand new Signature Visa card that should make a great foreign-travel credit card. In the simplest terms, the Schwab Bank Invest First Visa Credit Card (whew, that’s a mouthful) claims to offer 2% cash back on all purchases, and 0% foreign exchange fees.

The cash rebate goes directly into a Schwab One brokerage account (no fees, no minimums to open), the same as you needed to link to for the checking account.

This Visa is very new, so we don’t have too many details yet. All we can say is, “Watch out Capital One” – their 0% forex fees just got some competition. And the Schwab 2% cash rebate with the new card is better than Capital One’s points/miles/cash-back schemes.

We’ll be applying for the card and will report our results after we’ve had a chance to use and evaluate it.