You don't have to open a brokerage account to get the cash rewards. FIA (which administers the card) will keep your rewards points until you open a brokerage account. You can take up to five years to open the account and then claim your rewards. If you haven't claimed them within five years, they will start expiring. Of course, anything now may not apply in the future with the credit card industry undergoing a lot of regulation.
You can still keep your USAA funds at whatever brokerage you are using now. Mutual funds in traditional investment accounts can be pretty tax intensive, but if you wanted to invest in mutual funds through Schwab, you can use Schwab's mutual funds without any commissions. If you purchase other mutual funds through Schwab, you'll pay a $49 per trade commission.
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