Charles Schwab Credit Card is now BankAmericard

As most cardholders of the Charles Schwab Credit card are aware, the card was sold to Bank of America. As a result, cardholders have been unable to access their account online via www.schwabbankcreditcard.com. However, I was able to access my account by calling in the number on my Schwab credit card.

Today, I received my Bank of America “Bank Americard” in the mail. After activating it, which took 3 – 4 minutes, I was able to set up my online account with the institution. I was relieved to find that my historical statements going as far back as June 2010 were imported automatically. I have been a cardholder since 2009.

The rewards are worse than the 2% cash back I was used with the Schwab credit card. I will be able to earn a 1% cash back on everyday purchases, 2% on groceries and 3% on gasoline purchases. The issue is that rewards can only be redeemed when you accumulate $25. However, according to the Bank of America information I received along with the card, I could either request the rewards to be paid to me manually or automatically. When I selected the “Rewards” link in my credit card website, I found out that I had already been enrolled to automatically have 100% of my rewards deposited into my Schwab brokerage account, as soon as the amount reaches or exceeds $25. Unfortunately, I am nowhere close to reaching $25 in rewards. I would probably be able to reach that amount in 3-4 months or so.

What has your experience with the transition from Schwab Credit Card to Bank of America Credit Card been?