They likely also underestimated the extent to which this card would draw folks from FT and other sites like Fat Wallet, many of whom sign-up only to strip the offer of its benefits. The card was no doubt introduced to draw new customers to Schwab, but cardholders who don't move real business there are just a cost burden to Schwab, FIA or both.

Since Fidelity has a 2% card, I think Schwab will keep the card, perhaps only for customers with account balances at a certain level. If they don't, I'll add to my Fidelity accounts and get one of their cards.