Fidelity ® Rewards Visa Signature ® Credit Card Review

(4 out of 5) MyBankTracker Editor's Rating

The Fidelity ® Rewards Visa Signature ® Card offers high amounts of cash back throughout the year.

The most distinguishable feature is its 2% cash back on all purchases. There are no limits and no annual fee with this card.

Fidelity’s card is chip-enabled and works with Apple, Android, and Samsung Pay. The card also includes Visa Signature ® benefits, like 24-hour Concierge service and more like this.

But there's a catch: the card has to be linked to a Fidelity account. This could be a brokerage, a cash management, a retirement, or a Fidelity-managed 529 account.

Fidelity’s cash management account is a free checking account to collect your earnings.

Fidelity ® Rewards Visa Signature ® Card is best for existing Fidelity customers. The cash back may help fund retirement and other accounts.

The card is also suitable for someone who wants to establish such an account. Fidelity's cash back card also is advantageous for someone who wishes to use a single card to earn cash back on purchases.

Main Fidelity ® Rewards Visa Signature ® Card Highlights

Fidelity ® Rewards Visa Signature ® Card Pros & Cons

Pros Cons
  • Good for people who want to earn high cash back for every day purchases
  • No annual fee
  • Can use points for cash back and travel rewards
  • Card could help fund retirement accounts established with Fidelity
  • Card must be linked to an existing Fidelity account
  • No intro bonus rewards

Main card benefits of Fidelity ® Rewards Visa Signature ® Card:

  • Earn unlimited 2% cash back with no expiration on rewards
  • EMV chip technology
  • Visa Signature benefits
  • $0 annual fee
  • Virtual Wallet

All purchases are eligible for 2% cash back. That is as long as funds are made to one or split across multiple accounts.

You can also direct rewards to someone else’s account, like a grandchild’s college fund to help save for college.

Rewards

You can set up the account to automatically deposit the rewards monthly. This is the best way. Once 5,000 points are met (a $50 value) you can transfer to the specified account(s). This is the minimum to cash in.

There are other options. You can choose to receive statement credit, travel, merchandise or gift cards. This would take the place of an account deposit. You need 2,500 points to cash in for these options.

The earned value will be less than the 2%, so it would not be the wisest financial move for you.

Card Perks

Visa Signature ® is a major advantage for this card. You can swipe the card wherever Visa is accepted. There's also a concierge service feature. This can assist with business, restaurant, and travel reservations and plans.

Visa Signature holders have access to features like complimentary hotel and transportation discounts and $25 food and beverage credit.

You must book through the Visa Signature Luxury Hotel Collection to find deals. All details can be found online.

If you are someone who likes the ease of making payments through your phone, then you'll like the Digital Wallet feature. This card feature works with Apple, Samsung, or Android Pay.

APR

  • Fidelity ® Rewards Visa Signature ® offers a variable APR on purchases, balance transfers, and cash advances. The cash advance fee is 3% of each amount. There is a $5 minimum to use a cash advance.
  • Fidelity ® Rewards Visa Signature ® variable APR on purchases and balances is relatively good. The national average is higher than 15%. Those with excellent credit scores will get the most competitive rates.
  • The foreign transaction fee is 1% of each foreign purchase transaction or ATM advance in U.S. dollars and foreign currency.
  • The foreign transaction fee is low. The average is 3%. This card would be a good option when traveling outside the U.S. for this reason. Savings could really stack up, depending on how much you spend.

Card Protections

The Fidelity ® Rewards Visa Signature ® Card includes protective features also. This includes against fraud, unauthorized purchases, and more.

The card's EMV chip technology will protect your in-store purchases from fraud when used at chip-activated terminals. There's also zero liability for transactions not made by you.

Some of the other protective benefits that come with the card include:

Purchase security

Cardholders may be reimbursed for items purchased within the first 90 days from purchase date. Reasons may be for theft or vandalism. There’s a $500 limit per claim.

Warranty manager service

Take advantage of this feature. Doing so may extend the warranty. Simply use your Fidelity ® Rewards Visa Signature ® Card for the purchase.

You don’t have to register with the warranty manager service feature. It can make repairs or replacements easier for you, should they come up.

Auto rental collision damage waiver

Pay for a car rental with your Visa Signature card and you'll have free insurance coverage.  You can receive reimbursement for theft or damage up to the actual value of the rental vehicle.

Travel and emergency assistance services

If an emergency arises, the Benefits Administrator can connect you with local emergency assistance 24 hours a day.

Lost luggage reimbursement

Pay with your card and your checked bags are eligible for reimbursements if lost or stolen.

Boost Your Investments with the Help of Rewards

How much cash do you think you spend each year on things like groceries, gas, entertainment, and travel?

Wouldn’t it be great if you could use all of that spending to actually grow your money?

Look at it this way: if you were to put $1600 worth of your monthly spending on your Fidelity ® Rewards Visa Signature ® Card, you would earn $400 per year in rewards. Multiply that by 30 years and a 7% rate of return, and your rewards alone will have earned you an extra $40,000.

That’s $40,000 just for the spending you already do every month.

How’s that for an easy boost to your investments?

How Much You Can Earn

The Fidelity ® Rewards Visa Signature ® Card features a simple cash-back rewards structure.

Every $1 spent in net purchases earns 2 reward points - points that are converted to cash when you deposit them into your Fidelity brokerage account. There’s no limit to how much you can earn and, as long as your accounts stay open, your points never expire.

Let’s take a more detailed look at the example above to see how much you could earn with the Fidelity ® Rewards Visa Signature ® Card:

If you were to apply the following spending to your Fidelity ® Rewards Visa Signature ® Card annually...

  • $6,000 on groceries
  • $5,000 on travel
  • $4,000 on gas
  • $3,000 on entertainment
  • $2,000 on dining out

...then that would amount to $20,000 in purchases on your card. Since your card gives you 2 rewards points for every dollar spent, you’d end up with 40,000 points. Worth one penny each, these points would convert to $400.

Following our example, let’s now take a look at how $400 per year can grow in your Fidelity investment account:

Fidelity Brokerage growth table

Investment Term Cash Rewards Contributions Total Investment Value
1 Year $400 $428
5 Years $400 $2,461
10 Years $400 $5,913
20 Years $400 $17,544
30 Years $400 $40,425

**These examples assume a 7% annualized rate of return, monthly credit card spending of $1667, and an annual rewards rate of 40,000 points.

In short, that simple $400 in annual rewards could grow to a substantial $40,000 by the time you retire - and that’s on top of your regular investments. And the more of your spending you put on your Fidelity ® Rewards Visa Signature ® Card, the faster those investments can grow.

A potential $400 in rewards and $40,000 in investment growth - all just for switching your spending to the Fidelity ® Rewards Visa Signature ® Card. It doesn’t get much simpler than that.

Final Verdict

Fidelity’s Rewards Visa Signature card’s 2% cash back is hard to beat. You’ll earn the 2% that is currently offered on all purchases as long as reward deposits are made into a Fidelity account.

If you’re someone who likes the rotating category for cash back and perhaps makes a game of it, then this is not for you.

You’ll do better with other cash-back cards. There is also no welcome sign up bonus if that's of importance to have with your card.

Know your intentions with the card before applying. This card is a suitable option if you already have an established Fidelity account.

This card is good for someone who would like to use the card as a way to save for retirement or a child’s education.

Or, if you want consistent 2% cash back on all purchases, you can simply signup for the cash management account. You can then withdraw the funds and use the money however you please.

Related Articles

Southwest Airlines Rapid Rewards ® Plus Credit Card Review
Chase Freedom ® Vs. Citi ® Double Cash, or Discover it ® Credit Card: Which is Better?
Compare United Airlines Rewards Credit Cards: The MileagePlus Explorer vs. Club
Southwest Credit Cards Review: Which Card Is Best For You?
Comparing Chase Freedom ® vs. Discover It ® Cash Back ™ Credit Cards
Delta Airline Credit Cards Review

Ask a Question

disqus_5xYLRTi958
Friday, 18 May 2018 8:19 PM
<p>Gee, this is a CASH BACK card, not a GIFT CARD card! USE THE CASH, forget the gift/merchant card baloney!</p>
Friday, 21 Apr 2017 3:10 AM
<p>I like this card because I already have accounts with Fidelity. I am more interested in investing the cash back and (hopefully) watch the reward money grow even larger. I did receive sign up bonus points. Not sure why several websites state one is not offered?</p>
Monday, 12 Dec 2016 6:52 AM
<p>December 12, 2016 at 12:45 am</p><p>The switch from Amex to Visa has completely changed the redemption experience of the Fidelity Card. You should AVOID this card, if you are used to getting the 2% full value of the redemption, in a way other than into a Fidelity account!!!!!!<br>Having been a huge advocate for the 2% on everything rate on this card….I could have been the spokesperson for this card, prior when the AMEX card redemption experience was through world points. Worlds points was a top shelf servicer of the Fidelity Amex card. Great options tiered to incent you to wait and redeem at the 25,000 point level.<br>Now that this card is with VISA, the redemption experience is terrible!!!!<br>I’ve had the Fidelity Amex card in may wallet for 6-7 years, and always waited to get to the 25,000 point threshold to redeem for the max value at $250 worth of a large array of gas cards, or amazon gift cards.<br>The first time I log into the Fidelity VISA version, and you notice the new version of this credit card halves your redemption value. My 25,000 points are worth $125 !!!<br>I feel like someone stole $125 bucks from me !!!<br>DO NOT GET THIS CARD.<br>So many better options out there!!!<br>This card is now garbage!!!!!</p>