Fidelity Rewards Visa Signature Card – Should You Consider It?

Rating:
4.2/5
4.2 stars out of 5

The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.

Fidelity Rewards Visa Signature Card is a cashback card through Fidelity. The card is issued by Elan Financial Services, a subsidiary of U.S. Bank. Fidelity is a large financial services company that focuses on investment and wealth management.

The Fidelity Rewards Visa Signature card offers a simple cashback reward program for use of the card – unlimited 2% cash back on every eligible net purchase, with no annual fee. Every eligible net $1 spent equals 2 reward points.

There are no rotating categories or limits on this cashback card. The cashback is deposited into your Fidelity account to use for investing or spending on fees

The card is a Visa card and is widely accepted

Fidelity® Rewards Signature®

Fidelity® Rewards Visa Signature® card review

On Fidelity’s Secure Website

Our Bottom Line

Credit Rating Requirements

PROS

CONS

Highlights

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Benefits

Let’s take a look at the benefits of the Fidelity Rewards card and see if it’s the right one for your wallet or not.

Fidelity Rewards Visa Signature card has a flat 2% cashback on all spending or 2 points for every dollar spent.

The Fidelity Rewards Visa SignatureCard has no reward points caps, expirations, or restrictive categories.

There are no spending categories, rotating categories, or limits regarding the cashback.

Fidelity Rewards Visa Signature card does not have an annual fee. There is no spending threshold just to own the card

The Fidelity Rewards Visa Signature card points can be converted to cash and deposited into a Fidelity account. You can use the funds to invest or to pay fees. Below is a list of qualifying accounts:

  • Roth IRA
  • Traditional IRA
  • SEP IRA
  • Rollover IRA
  • HSA
  • 529 College Savings Plan
  • Cash Managed Account
  • Brokerage Account

The Fidelity Rewards Visa Signature card points can also be used for other things like paying down your balance, gift cards, or merchandise. But keep in mind the conversion on this equals 1% cash back.

This card is a Visa Signature card and as such if offers many perks and protections though VIsa. These include:

  • Purchase Security
  • Auto Rental Collision Damage Waiver
  • Lost Luggage Reimbursement
  • Travel and Emergency Assistance
  • Extended Warranty
  • Roadside Assistance

Drawbacks

Here are the most important cons you should consider before apply to the Fidelity Rewards Visa Signature card:

Fidelity Rewards Visa Signature card does not offer an introductory rate like many cards in the market. If you need an introductory rate, you will have to look at other offerings.

Fidelity Rewards Visa Signature card does not offer an sign up bonus, which is very popular among other cards in the market.

This fee is a little lower than many of the cards in the market that are not travel rewards. If you want to avoid the fee, leave this card at a home for one that does not have a fee.

If you want to use the points from your Fidelity Rewards Visa Signature card on other rewards rather than depositing the points into your Fidelity account, the point conversion goes from 2% to 1%. 

The 1% cash back is average in the market and you should avoid using the points for anything but depositing them into your account.

Before you can redeem the points from your Fidelity Rewards Visa Signature card, you need to earn a minimum of 5,000 points. 

This means you will need to spend $2,500 to get $50 in benefits. Many cards do not have thresholds for redemption and the rewards can be used anytime.

To be approved for the Fidelity Rewards Visa Signature card you will need to have open accounts with Fidelity.

Alternatives to Discover It Cash Back

Several other credit cards offer similar and even more benefits in terms of cash back rewards, low fees, and lengthy 0% intro APR periods. 

Let’s look at them next and see if one is better suited for you than the Fidelity card:

Wells Fargo Cash Wise Visa Card is a straightforward cashback card. This card offers a simple 1.5% back on all purchases with no limit or special categories. If you are looking to save money on interest, the Wells Fargo Cash Wise Visa Card offers a 0% introductory rate for 15 months on balance transfers. 

This card offers many benefits to those wanting a simple straightforward card. It does not come with an annual fee and has a decent sign-up bonus  of $150 cash rewards bonus when you spend $500 in purchases in the first 3 months. 

The APR for the Wells Fargo Cash Wise Visa Card is a 13.99% to 25.99% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. Also, There is  %3-5 balance transfer fee required if you want to take advantage of the introductory 0% APR rate.

Bank of America Cash Rewards is a cashback rewards card that allows card holders to pick their own bonus category for the 3% cashback rewards. It also offer 2% back on groceries and 1% back on all other spending.

Bank of America Cash Rewards does not have an annual fee and you’ll get $200 cashback bonus after you spend $1,000 on your new card within the first 90 days on eligible purchases. If you are looking to save money on interest, the Bank of America Cash Rewards offers a 0% introductory rate for 15 months on balance transfers. However, there is a 3% balance transfer fee required if you want to take advantage of the introductory 0% APR rate. 

The APR for the Bank of America Cash Reward is a 13.99%-23.99% variable rate.

The Quicklsilver cash rewards card’s earns 1.5% rewards on every dollar spent everywhere. While that’s generally lower than the SavorOne, the Capital One Quicksilver Cash Rewards Credit Card makes up for it with exciting perks. 

In addition to the aforementioned intro 0% APR periods on both balance transfers and purchases, this card offers a sign-up bonus of $150 once you spend $500 in the first three months, as well as a lower variable APR range between 15.49% and 25.49% after the intro period. The Quicksilver cash rewards card does not come with an annual fee.

However, there is 3% fee on the amounts transferred within the first 15 months.

Is the Fidelity Rewards Card Right for You?

Fidelity Rewards Visa Signature card Is best for current Fidelity customers who have eligible accounts for maximum cashback rewards. The 2% cash back is not really cash back, but a point system. 

The points are best spent when using them to deposit funds into your Fidelity account. This card is great for customers who are looking to build wealth through the rewards program. 

The major drawback to this card is that you must be a Fidelity customer in order to get the card and receive the 2% cash back.

 The card does not have an introductory rate like many other cards in the market but it does have a low-interest rate. Consumers looking for reward cards for travel or less limiting cashback rewards may want to look at other cards.