Fidelity Rewards Visa Signature Card – Should You Consider It?

Fidelity® Rewards Visa Signature® Credit Card Review 2019

Share: Rating: 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. Fidelity is one of the largest broker and asset management firms in the world with over 6 trillion in customer assets. The Fidelity Rewards Visa Signature card offers a simple cashback reward program for use of the card. 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®

4.2/5
 Fidelity® Rewards Visa Signature® Credit Card Review

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On Fidelity’s Secure Website

Our Bottom Line

Best For Current Fidelity Customers


Credit Rating Requirements

Good – Excellent Credit

Pros
  • No Annual Fee

  • Cashback on Everyday Purchases

Cons
  • No 0% APR Introductory Rate

  • Lower Point Conversion

Highlights

  • Purchase Security
  • Lost Luggage Reimbursement
  • Travel and Emergency Assistance

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

ProsCons
Cashback Sign-Up Bonus No 0% APR Introductory Rate
Cashback on Everyday Purchases Lower Point Conversion
No Annual FeeHigh Threshold for Redemption
Rewards can be Deposited into a Qualifying Fidelity Account.Must be a Fidelity Customer
Flexible Rewards1% Foreign Transaction Fee
Visa Signature Card

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.

Cashback Sign-Up Bonus

Fidelity Rewards Visa Signature card offers a $100 cash back bonus after you spend $1,000 on your new card within the first 90 days on eligible purchases.

Cashback on Everyday Purchases

Fidelity Rewards Visa Signature card has a flat 2% cashback on all spending or 2 points for every dollar spent. There are no spending categories, rotating categories, or limits regarding the cashback.

No Annual Fee

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

Rewards can be Deposited into a Qualifying Fidelity Account.

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

Flexible Rewards

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.

Visa Signature Card

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:

No 0% APR Introductory Rate

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.

1% Foreign Transaction Fee

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.

Lower Point Conversion

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.

High Threshold for Redemption

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.

Must be a Fidelity Customer

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

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.