Fidelity® Rewards Visa Signature® Card Review

Dec 05, 2016 | Be First to Comment!

fidelity_rewards_ccThe 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 card benefits of Fidelity Rewards Visa Signature:

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

Main Fidelity Visa Signature Card Highlights

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 14.24% APR on purchases and balance transfers. The variable APR is 24.24% for cash advances. The cash advanced fee is 3% for each amount. There is a $5 minimum to use cash advance.
  • Fidelity Visa Signature's 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 Benefit 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.

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. The 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.


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