Fidelity Investment Rewards Visa Siganture Credit Card

credit-cardThe Fidelity Investment Rewards Visa Signature Credit Card is a little different than most rewards credit cards. Sure, it has the same $1 = 1 point structure of other credit cards. But, what makes it so interesting is its other reward offer.

Cash Back Rewards & Points Rewards

With the Fidelity Investment Rewards card, you can also redeem 5,000 points for a $75 deposit into an eligible Fidelity Account. That rate breaks down to $1.50 cash back for every $100 spent or a 1.5% return on your spending. The standard rate of return for cash or statement credits is $1.00 for every $100 spent, so this is a 50% improvement over those other cards. Eligible accounts are basically the standard individual or joint account, and traditional IRA and Roth IRA. Any rewards made to IRA accounts count toward your annual contribution limit, and of course, you must be eligible for those accounts according to IRS rules.

An eligible Fidelity account can include a regular brokerage account which can have both check writing and debit card access attached, which means that this card is just like any other cash back card with easy access to your rewarded cash. As an added bonus, the 5,000 reward point level is half the normal 10,000 point minimum reward level meaning you can get your cash back even sooner using the Fidelity Investment Rewards Card.

Interest Rate & Fees

The offer I examined has a 14.99% APR. That certainly doesn’t qualify for the super-low category, but is close to average. The grace period is at least 20 days from statement closing date. Most importantly, there is no annual fee. The card allows for unlimited points to be earned, which has become a critical feature among cash back cards that tend to limit the amount of points or cash that can be earned on an annual basis.

For traditional point rewards, the Fidelity card uses the WorldPoints rewards system. Points expire after 5 years, but since they can be redeemed for cash at any time, the only way you’ll lose out is if you aren’t paying attention as the 5 year limit approaches.

Also availible is free access to “MyConcierge” service, although I have no information on that.

The card is issued through FIA Card Services.

Fidelity Investment Rewards Credit Card Review

All and all, I’d have to give this card a Thumbs Up rating. With a 1.5% cash back schedule and no big gotchas, I can’t see the downside. In fact, I’ll be signing up for this card here very soon and then monitor my credit score with a free trial offer over the next 60 to 90 days to make sure it doesn’t affect my credit score number.

3 thoughts on “Fidelity Investment Rewards Visa Siganture Credit Card”

  1. Worst website Ever. I got the Fidelity Investment Rewards card and was very excited about the rewards. Unfortunately, they have the WORST credit card website – it would constantly log-out and is not user friendly (as though they did not want you to pay your balance!). The 2% cashback is not even what they list – it’s a 1% and a lot of yellow tape to get it to your fidelity account.

    After just one month, I had it with this credit card. I called FIA Card Services to pay my final balance and close my account. It wasn’t until two months later I received a letter in the mail to say I still had a balance. WHAT IS GOING ON?! I called their customer service line, to find out that they never paid my final balance – I had half remaining. I asked why I was never informed the account was still active, I never received any statements in the mail, I never received any emails – NOTHING. I was told I had insufficient funds in my checking account to pay the final balance (which is not true). I asked to see previous statements for the two months my account was left open and told me that I couldn’t view them online because “typically when a call is placed to close the account they stop showing statements online.” I don’t see how it’s possible for them to tell me my account is closed, make half a payment, leave my account open, and not send me any notification.

    Go with a more established credit card company – this fidelity one is terrible!

    1. Yeesh! That sounds like a pretty bad experience with the card. I’ve heard lots of good things as well.

      As always, the only thing you can do is watch your credit cards and credit reports like a hawk and swoop in when things go bad, because they will sooner or later.

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