Best Fidelity Credit Cards: NerdWallet’s Picks

Best for versatile rewards: the Fidelity Investment American Express

The Fidelity AmEx stands out for its flat rewards rate of 2% on all purchases. The card offers 0% interest on balance transfers for the first 7 months, far from stellar, but perhaps a small added bonus for some people. Perhaps best of all, it has no annual fee.
The Fidelity Investment Rewards card is unusual in that the rewards you accrue are deposited directly into a Fidelity account. So while you’re spending that hard-earned paycheck, you’re also depositing money back into an investment account–2% to be exact. Choose any of your Fidelity accounts to deposit your rewards into, then sit back and watch your college or retirement savings grow.
A word of caution: make sure you understand how much money you’re allowed to deposit into the account per year. Depositing more than your limit into a 529 or IRA will subject you to excise taxes, so be careful.

Best retirement rewards: the Fidelity Retirement Rewards American Express

Like the Investment Rewards, the Fidelity Retirement Rewards American Express offers a 2% rewards rate on all purchases. $2,500 in purchases earns you $50 deposited into your Fidelity IRA as a current year contribution. This card shares the same balance transfer offer as that of the Investment Rewards card.

Best college rewards: the Fidelity Investments 529 College Rewards

The 529 College Rewards card offers the same great 2% rewards rate. Rewards can be deposited into your 529 college savings plan, and family members can sign up to deposit their rewards into the same account. This is great for grandparents and other extended family members who want to find ways to chip in to your child’s college savings.

Like both of the accounts already discussed, the College Rewards card can actually be set up to deposit rewards into other eligible Fidelity accounts, making the distinctions between these cards a bit hazy. Other than the name, this card shares the same features as those discussed above.

Best acceptance rate: the Fidelity Rewards Visa

The Fidelity Rewards Visa comes in below the rest of the pack in terms of reward rates. The card gives 1.5% on the first $15,000 spent per year. Beyond that, it earns the full 2% rewards rate. The Rewards Visa shares the same balance transfer deal of the Fidelity cards already mentioned.
While its rewards rate may leave something to be desired, the Rewards Visa has one simple trick up its sleeve: it’s a Visa. Fewer retailers accept American Express cards due to their unusually high merchant fees. Visa cards, on the other hand, can be used just about anywhere.

The two other 2% rewards credit cards are the Discover Escape and Capital One Venture Rewards. Here’s a head-to-head comparison:

Capital One® Venture℠ Rewards Credit Card	Escape by Discover® Card
Signing Promo
10,000 Capital One No Hassle Miles Bonus after spending $1,000 - in the first 90 days	25,000 Discover Miles Bonus - 1,000 extra miles a month for first 25 months.
Intro APR Promo
Purchase: None Bal Trans: None	Purchase: 0% for 6 mos Bal Trans: 0% for 6 mos
Annual fee
$0 intro for first year; $59 after that	$60
Details
2 miles per dollar on every purchase, every day Money(R) Magazine's "Most Rewarding Card if you crave free airline flights" - Money Magazine, May 2011 Earn 10,000 bonus miles when you spend $1,000 within the first 3 months, equal to $100 in travel Redeem your miles for any travel expense No limit on the miles you can earn and miles won't expire Fly free on any airline, any time with no blackout dates No foreign transaction fees $0 intro annual fee for the first year; $59 after that	Earn up to $250 in travel rewards--1,000 Bonus miles every month you make a purchase for the first 25 months Double Miles on every $1 you spend 0% intro APR on purchases and balance transfers for 6 months, then the variable purchase APR of 10.99% - 16.99% No restrictions on travel--fly on any airline, book any hotel or car, with no blackout dates Flexible redemption options like travel credits, merchandise, gift cards or cash Travel Insurance benefits, including primary car rental, lost or damaged luggage, travel delay, and trip cancellation when you book with your Escape by Discover card Discover is ranked #1 in customer loyalty--16 years in a row! (2012 Brand Keys Customer Loyalty Engagement Index report) *Click apply to view rates, fees, rewards, limitations and other important information

As you can see, both the Escape and the Capital One Venture have an annual fee, so if you’re going to put less than $3k on the card a year, you should lean towards the Fidelity AmEx. Plus, if you’re not a big traveler, you won’t get much value out of Discover Miles or Capital One No Hassle Miles, as they’re both intended for redemption as travel credits. The downside is that American Express isn’t accepted as widely as Visa, so you might find a few places where the merchant takes the Venture but not the Fidelity. Also, the Venture waives its foreign transaction fee, but the Fidelity does not.

In the end, if you like no-fee cards and hate travel, go with the Fidelity AmEx. If you don’t mind an annual fee and travel extensively (particularly internationally), then the Venture’s the card for you.