• by Aaron Baar , December 12, 2008

Forget airline miles, hotel stays or even gasoline; the newest selling proposition for credit cards may very well be savings. Last week, Fidelity Investments and Charles Schwab began offering credit cards that offer users cash back deposits into investment accounts or retirement plans.

"I would imagine some of the other brokerage firms may be following suit," Ben Woolsey, director of marketing and consumer research at CreditCards.com, tells Marketing Daily. "It seems to be a microtrend in terms of differentiation."

In issuing the cards, both Schwab and Fidelity cited the economy as one of the key reasons to offer them now.

"We understand that Americans have multiple financial obligations, but saving for retirement has to remain a priority," Fidelity representative Michael Shamrell says. "This card gives them another way to save for retirement during this uncertain financial environment."

The Fidelity Retirement Rewards American Express Card offers 2% cash back on purchases, which is applied to a Fidelity IRA. Fidelity currently offers other cards that contribute to investment or "529" college savings plans as well. Schwab's Invest First Visa card automatically deposits 2% of purchases into a Schwab One Brokerage account.

"In a time when people across the country are trying more than ever to save money for the future, we're unveiling a unique credit card that makes it easier for clients to save and invest," said Richard Musci, vice president of Charles Schwab Bank, in a statement. "Consumers are looking for the best way make the most out of their short-term credit needs while still focusing on their long-term goals, and this is our simple and transparent answer to help address their needs."

In today's current bear market, consumers may be concerned about their retirement and investment portfolios. Offering cards that shore up those accounts--particularly retirement accounts--are "capitalizing on the mood" of saving, Woolsey says. "For most of these brokerage cards, the reward currency was a discount on trading fees. It's interesting to see an actual savings component being pushed."

And although brokerage-tied accounts are still a "niche-market" for credit cards, Woolsey says he would not be surprised to see the major banks issuing them tied to their own savings accounts in the future. "For companies that have savings accounts built into their structure, it makes sense that they would tie their rewards to that," he says.