Fidelity® Rewards Visa Signature® Card Review

The Fidelity® Rewards Visa Signature® Card is a powerful tool for anyone who already has a Fidelity account or is looking to start investing their rewards. With a flat 2% cash back rate on all purchases, this card stands out among its peers. However, to fully benefit from this card, you need to be willing to deposit your rewards into an eligible Fidelity account.

Key Features

Annual Fee: $0
Rewards Rate: 2% cash back on all purchases when rewards are deposited into an eligible Fidelity account.
Intro Offer: None
APR: 19.24% Variable
Recommended Credit Score: 720-850 (Excellent)

Eligible Fidelity Accounts for Reward Deposits:

Traditional IRA
Roth IRA
Rollover IRA
Simplified Employee Pension IRA
Charitable Giving Account
Health Savings Account
Brokerage Account
Cash Management Account
Fidelity Go Investment Management Account
Fidelity-managed 529 College Savings Plan Accounts

Pros and Cons

Pros

Cardholders with eligible Fidelity accounts get a high rewards rate: Earning 2% cash back on all purchases without any annual fee is a rare benefit in the credit card market.

No annual fee: There’s no cost to carry this card, making it easier to maximize your rewards.

Earns the same rewards rate on all purchases: Unlike many cards that offer higher rates only in specific categories, this card provides a straightforward and generous 2% on everything.

Cons

Rewards must be deposited into a Fidelity account to get full value: If you don’t have a Fidelity account, or prefer to spend your rewards immediately, this card might not be the best fit.

Requires excellent credit: You’ll need a FICO score of 720 or above to qualify for this card.

No 0% APR period: This card doesn’t offer an introductory 0% APR for purchases or balance transfers, which might be a downside for those looking to finance larger purchases.

Benefits and Perks

Generous Rewards Rate

The Fidelity® Rewards Visa Signature® Card offers a straightforward 2% cash back on all purchases, which is deposited into your Fidelity account. This is hard to beat among no-annual-fee, flat-rate cards.

Automated Savings

For those already saving through Fidelity accounts, this card provides an effortless way to boost your savings. You can even split your rewards across multiple eligible Fidelity accounts or fund a loved one’s account.

No Annual Fee

With no annual fee, you don’t have to worry about whether you’re earning enough rewards to cover the cost of the card.

No Foreign Transaction Fees

For frequent travelers, the absence of foreign transaction fees makes this card an excellent companion for international purchases.

Additional Benefits

Travel and Emergency Assistance: Provides peace of mind during travels.
Zero Fraud Liability: Protects you from unauthorized transactions.
24/7 Customer Service: Always available to assist with any inquiries or issues.

Drawbacks and Considerations

Fidelity Account Requirement

To get the full 2% cash back value, rewards must be deposited into an eligible Fidelity account. While this is great for those already using Fidelity for their investments, it might be less appealing to others.

Immediate Rewards Access

If you need to access your rewards as soon as they are earned for everyday expenses like groceries or gas, this card may not be the best fit. Other cards, such as the Blue Cash Everyday® Card from American Express, offer higher rewards rates on specific categories and immediate reward redemption options.

High Credit Score Requirement

This card is targeted at individuals with excellent credit scores. If your credit score is below 720, you may need to look for other options or work on improving your credit before applying.

How It Compares to Other Cards

Citi Double Cash® Card

Annual Fee: $0
Rewards Rate: 2% cash back (1% when you buy, 1% when you pay off the purchase)
Intro Offer: 0% intro APR on Balance Transfers for 18 months
Regular APR: 19.24%-29.24% Variable APR
Credit Score Requirement: 630-850 (Fair to Excellent)

Discover it® Cash Back

Annual Fee: $0
Rewards Rate: 5% cash back on rotating categories (up to quarterly maximum, then 1%), 1% on all other purchases
Intro Offer: 0% intro APR for 15 months on purchases and balance transfers
Regular APR: 18.24%-28.24% Variable APR
Credit Score Requirement: 690-850 (Good to Excellent)

Chase Freedom Unlimited®

Annual Fee: $0
Rewards Rate: 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, 1.5% on all other purchases
Intro Offer: 0% intro APR on purchases and Balance Transfers for 15 months
Regular APR: 20.49%-29.24% Variable APR
Credit Score Requirement: 690-850 (Good to Excellent)

Frequently Asked Questions (FAQs)

Is the Fidelity® Rewards Visa Signature® Card worth it?

Yes, especially if you are a Fidelity customer or plan to become one. The 2% cash back rate with no annual fee is very competitive.

Can I use the rewards immediately?

No, to get the full 2% cash back value, you need to deposit the rewards into an eligible Fidelity account. If you need immediate access to rewards, other cards might be better suited for your needs.

What credit score do I need to qualify for this card?

You’ll need an excellent credit score, generally 720 or above, to qualify for the Fidelity® Rewards Visa Signature® Card.

Are there any foreign transaction fees?

No, this card does not charge any foreign transaction fees, making it a good option for international travel.

How do I redeem my rewards?

You can link your Fidelity account to your card and set up automatic redemption of your rewards once you reach the threshold of 2,500 points. You can manage this process through the Fidelity website or by contacting customer service.

The Bottom Line

The Fidelity® Rewards Visa Signature® Card is a fantastic option for those who are looking to maximize their cash-back rewards and are willing to deposit those rewards into a Fidelity account. With no annual fee and a straightforward 2% cash back on all purchases, it stands out as a powerful tool for savers and investors.

However, if you don’t have or plan to open a Fidelity account, or if you need immediate access to your rewards, there might be better options available. Always consider your financial habits and needs before choosing the right credit card for you.

For more detailed comparisons and expert advice, check out our list of the best credit cards available today.

Key Card Comparison Table

Card	Annual Fee	Rewards Rate	Intro Offer	Recommended Credit Score
Fidelity® Rewards Visa	$0	2% cash back on all purchases	None	720-850 (Excellent)
Citi Double Cash®	$0	2% cash back (1% on purchase, 1% on payment)	0% APR on Balance Transfers for 18 months	630-850 (Fair-Excellent)
Discover it® Cash Back	$0	5% on rotating categories, 1% on others	0% APR for 15 months on purchases and transfers	690-850 (Good-Excellent)
Chase Freedom Unlimited®	$0	5% on travel, 3% on dining/drugstores, 1.5% on others	0% APR on purchases and transfers for 15 months	690-850 (Good-Excellent)

Thank you for reading this comprehensive review of the Fidelity® Rewards Visa Signature® Card. We hope this detailed analysis helps you make an informed decision about your next credit card.