Credit cards and investments might seem like an odd pairing, but they have plenty in common. When used correctly, a rewards credit card can help you save money, earn rewards, and pile those rewards into lucrative savings, investment, retirement, or another wealth-management account. Want to learn more about the best investing credit cards? Here are five of our favorite credit cards for investors – or those considering getting involved in the investment game:
The Five Best Credit Cards for Investing
Here are our top five credit cards for investing of 2020:
American Express Platinum Card® for Schwab
The Platinum Card for Schwab is an ultra-premium travel card with special Charles Schwab-oriented perks. The card is like the regular Platinum Card, but with specific redemption options for Schwab investment and wealth customers.
The Platinum Card for Schwab comes with a lucrative signup bonus of 60,000 Amex Membership Rewards points after spending $5,000 on purchases within the first three months. Those 60,000 points equate to $750 worth of investments when deposited into a Schwab account – making the 60,000 points worth approximately 15% in cash back – not a bad value for money.
The Platinum Card for Schwab also features additional statement credits when associated Schwab investment accounts reach specific levels:
- $100 statement credit if qualifying Schwab holdings are equal to or greater than $250,000
- $200 statement credit if qualifying Schwab holdings are equal to or greater than $1,000,000
BB&T Vantage® Visa Signature® Credit Card
The BB&T Vantage Visa Signature Card is a versatile cash back rewards card that waives the annual fee for select consumers. The Vantage typically features a $125 annual fee, but BB&T waives that charge for existing BB&T Wealth investment customers.
The Vantage Visa Signature earns an unlimited 1.5% cash back on all eligible purchases. Those rewards apply to statement credits, travel booked through the BB&T portal, or other typical award options. Cash back can also be pumped into existing investment accounts. This is an excellent option for redeeming rewards for BB&T Wealth customers, as it also applies towards existing securities, annuities or funds, or as a cash fund towards future investments.
Other notable features of the BB&T Vantage Visa Signature Card include trip cancellation and interruption insurance, no foreign transaction fees, no balance transfer fees, and no cash advance fees.
Fidelity® Rewards Visa Signature® Card
The Fidelity® Rewards Visa Signature® Card is a cash back credit card aimed at those with existing Fidelity® brokerage accounts. Cardholders earn a flat rate of 2% cash back on every eligible net purchase. The 2% back makes the card an excellent everyday-use card, as it doesn’t confine spending bonuses to specific categories. This is 0.5% more than what you find with the BB&T Vantage, the TD Ameritrade Card (no longer available to new applicants), and Schwab’s other credit card, the Schwab Investor Card from American Express.
Cash back is applicable for deposits into existing Fidelity® investment accounts. There are seven options for funds to apply rewards to, including:
- 529 College Savings plans
- Brokerage accounts
- Cash management accounts
- Charitable Giving accounts
- Fidelity® Go accounts
- Fidelity® HAS accounts
- Retirement accounts
Other ways to redeem rewards include gift cards and merchandise from leading brands and merchants, plus travel (airfare, hotels, and rental cars).
Bank of America® Premium Rewards® Card
The Bank of America Premium Rewards Card is a versatile, all-around rewards card that frequently features on many “best of” lists. The card isn’t an investing card in the truest sense of the word. Rather, it offers the option of redeeming rewards points towards Merrill® (formerly Merrill Lynch) accounts, including 529 accounts.
The card earns an impressive 2X points per dollar on dining and travel, and 1.5X points on all other purchases. New accounts can also earn 50,000 bonus points after spending $3,000 in purchases within the first 90 days of opening an account. That signup bonus has a cash back equivalent of 6% back, which is exceptional value – especially if those rewards are deposited into an eligible Merrill investment account.
Other card features include:
- No foreign transaction fees
- TSA Pre✓ ® or Global Entry Application statement credits every four years
- $100 Airline Incidental statement credit each year
Schwab Investor Card® from American Express
The Schwab Investor Card® from American Express is a no-fuss cash back rewards card with some nice perks. The card earns a flat-rate 1.5% cashback on all purchases.
New account holders also benefit from a $100 statement credit should they use their card to make at least $1,000 in purchases within the first 90 days of opening an account.
Other perks include a 0% introductory APR for six months on purchases and balance transfers, access to Amex’s 24/7 dining and events assistance, and comprehensive security, fraud, and travel protections – all for no annual fee.
Photo by M. B. M. on Unsplash
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