As part of its financial services, Fidelity offers the Fidelity Rewards Visa Signature card, which includes a host of benefits, including cash back. Find out if this Fidelity card is the best credit card for your spending style.
Fidelity Credit Card Review
Fidelity’s Rewards Visa Signature card is issued by Elan Financial Services; anyone who is at least 18 years old and a U.S. citizen can apply. Fidelity account holders can apply for the Fidelity rewards card, and once approved, direct their rewards to their open and funded Fidelity account. Although you don’t need a Fidelity account to apply for a Fidelity rewards credit card, you won’t be eligible for the full range of rewards if you don’t have one.
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Benefits and Rewards
As a cardholder, you can earn two reward points for every dollar spent on eligible net purchases — total purchases minus credits and returns. And when you redeem those rewards points as deposits in up to five open and funded eligible Fidelity accounts, you’ll earn an additional 2 percent cash back as a deposit — so for every $2,500 in eligible net purchases, you can earn a $50 deposit into your Fidelity account. Or you can forgo the 2 percent cash back and redeem your points toward travel, merchandise, gift cards and statement credits.
The Fidelity Visa card carries no annual fee, and your ability to earn rewards points is unlimited. Additionally, your earned points never expire.
Here are some additional benefits of this Fidelity cash-back credit card:
- 24/7 cardholder support
- Visa Signature concierge service
- Special offers and savings on travel, dining and shopping
- Vehicle rental collision damage waiver
- Emergency cash and card replacement
- Travel and emergency services provisions
- Lost baggage reimbursements
Fees and Limitations
The Fidelity Visa Rewards card carries a 15.24 percent annual percentage rate for purchases and balance transfers and a 25.24% APR for cash advances. All rates are based on the prime rate and will fluctuate with the market. A penalty APR does not apply to this card.
Balance transfer advance fees, convenience check advance fees and financial institution cash advance fees are the greater of $5 or 3 percent of the transfer or advance amount.
Here are the other fees that apply to the card:
- Cash equivalent advance fees: The greater of $10 or 3 percent of the advance amount
- Cash advance overdraft protection fee: $10
- Cash advance ATM fee: The greater of $5 or 3 percent of the advance amount
- Foreign transaction fee: Up to 3 percent of each foreign transaction amount
- Late fee: Up to $38
- Return payment fee: Up to $35
Pros and Cons of the Fidelity Rewards Visa Signature
Before applying for a Fidelity Rewards Visa Signature card, you’ll need to review the pros and cons:
- Mobile purchasing available via Apple Pay, Samsung Pay, Google Pay and Microsoft Wallet
- Purchase security, zero fraud liability and EMV chip technology
- Warranty manager service
- No annual fee
- No penalty APR
- Ability to earn unlimited rewards with no expiration
- Variable 15.24% APR for purchases and balance transfers
- Variable 25.24% APR for cash advances
- Late fee of up to $38; return payment fee of up to $35
- No cash-back credit card rewards if you don’t have at least one open and fully funded Fidelity account linked to your card
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Is the Fidelity Rewards Visa Signature Card Right for You?
The chance to earn unlimited rewards — two points for every $1 spent — plus the option to earn cash back might make being a cardholder of this Fidelity credit card worth it. How much money you spend each month and whether you have an eligible Fidelity account will determine whether you will qualify for the best cash-back credit card rewards this card has to offer.
On the other hand, the card carries a considerable, variable APR of 15.25 percent for purchases and balance transfers, which could quickly add up unless you can pay off your balance each month before interest charges apply. The higher APR plus the restrictions on cash-back rewards if you don’t have an eligible Fidelity account might mean that this card isn’t the right fit for you.
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