Originally Posted by
unavaca
...M+ earns 1% while Schwab earns 2%. ...
Not always:
1) Merrill+ points can be converted in blocks of 5,000 to British Airways miles, and I value a BA mile at more than $0.02 because I redeem for business and first class transatlantic tickets.
2) If you don't like BA miles you can redeem 25,000 Merrill+ points for a $500 airline ticket on AA, BA, CO or DL, which is also 2%.
https://cards.ml.com/MLRewardsCenter...Travel-Air.htm
However, it may not matter if you do not already have this card because I do not see an application link.