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Credit cards that allow cardholders to redeem rewards for cash back only are a sliver of today’s market. Many cards now have a menu of redemption options from statement credits to gift cards to travel; others let you use rewards to pay down student loans, save for a down payment on a house or finance a new car.
Then, there are cards that let you funnel rewards into a 529 plan or retirement account, or buy cryptocurrency. Using rewards in this way can certainly supplement a comprehensive investment strategy, but it’s not a replacement for consistent saving toward long-term goals. These credit cards also tend to restrict cardholders to investing in products from a particular financial institution. And investments carry inherent risk, maybe none more so than cryptocurrency.
As long as you’re mindful of these limitations, credit cards with an investment redemption option can help you achieve your savings goals.
» SEE: Best credit cards right now
Bank of America® credit cards
Annual fee: Varies.
Rewards: Varies.
Redemption: Bank of America®’s cash-back credit cards have a range of redemption options, including a deposit into a qualifying 529 plan with Merrill.
Cardholders must have at least $25 to redeem rewards in this way.
🤓 Nerdy Tip
Bank of America® cardholders who keep a good chunk of investment change in a qualifying Merrill account may be eligible for up to a 75% boost in credit card rewards thanks to the bank's BofA Rewards® program. Edward Jones credit cards
Annual fee: $0.
Rewards: Varies.
Redemption: All three Edward Jones credit cards — the Everyday Solutions Triple Rewards card, the Everyday Solutions Flex Balance card, and the Everday Solutions Business card — let cardholders turn rewards into investments with Edward Jones Loyalty Invest. One point is worth 1 cent when redeemed this way. Note that you must be an Edward Jones client to qualify for these credit cards.
Fidelity® Rewards Visa Signature® Card
Annual fee: $0.
Rewards: Unlimited 2% cash back on all purchases. Cardmembers who participate in the Fidelity Rewards+ program earn 3% cash back. A $250,000 asset minimum is required to enroll in Fidelity Rewards+.
Redemption: Cardholders may redeem their rewards into several Fidelity investment vehicles including a traditional IRA, Roth IRA, rollover IRA, SEP IRA, HSA and 529 plan. Rewards are worth 1 cent each when redeemed into an investment account. To redeem rewards, your credit account must be in good standing, and you must have at least 2,500 points.
Gemini Credit Card®
Annual fee: $0 (rates and fees).
Rewards:
- 4% back on gas and EV charging stations, transit, taxis and rideshares (on up to $300 spent per month; then 1% back.)
- 3% back on dining.
- 2% back on groceries.
- 1% back on everything else.
Redemption: Rewards are earned as cryptocurrency; cardholders may choose from over 50 cryptocurrencies including Bitcoin. The Gemini Credit Card® is also one of the few products that lets you automatically use rewards as soon as you earn them rather than making you wait until the end of the billing cycle. Some exclusions apply to instant rewards in which rewards are deposited when the transaction posts.
The Gemini Credit Card® is issued by WebBank.
Robinhood Gold Card
Annual fee: $0. However, to get the card, you must have a Robinhood Gold subscription, which costs $5 a month. If you pay for a yearly subscription, it’s $50.
Rewards:
- 5% cash back on travel booked through the Robinhood travel portal.
- 3% cash back on everything else.
Redemption: Rewards earned with the Robinhood Gold Card may be redeemed as cash that can be deposited into a Robinhood Financial Brokerage Account. One point is worth 1 cent for this redemption option.
Cardholders must have the Robinhood credit card app to redeem rewards.
SoFi Unlimited 2% Credit Card
Annual fee: $0.
Rewards:
- 3% cash back rewards on trips booked through SoFi Travel.
- Unlimited 2% cash back rewards on all other purchases.
Redemption: SoFi credit card rewards are earned as points worth 1 cent each when redeemed into a SoFi Active Invest account. There’s no minimum to redeem rewards, but you can’t fulfill a redemption if you have an overdue balance on your credit card.
Upromise Mastercard
Annual fee: $0.
Rewards:
- Unlimited 1.529% cash back on purchases when your Upromise account is linked to one of the eligible college savings plans on this list.
- Unlimited 1.25% cash back on purchases if your Upromise account isn’t linked to an eligible college savings plan.
Redemption: Rewards redemption is overseen by Upromise, a loyalty program that aims to help people save for big goals like a college education. Upromise makes redemption effortless: Rewards earned with the Upromise Mastercard are automatically deposited into a linked eligible college savings plan. Rewards won’t accrue on accounts that are past due.
Venmo Credit Card
Annual fee: $0.
Rewards:
- Unlimited 3% cash back in your top spending category for the month (from one of eight possible categories, including travel, dining, groceries, entertainment and bills/utilities.
- Unlimited 2% back in your second-highest spending category for the month (from one of the remaining seven possible categories).
- Unlimited 1% back on all other purchases, including any purchase that doesn’t fall into one of the spending categories listed below.
Redemption: If cardholders opt-in to the Cash Back to Crypto program, cash back earned with the Venmo Credit Card is automatically used to purchase one of four cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum or Litecoin. A nominal minimum of $1 is required to purchase cryptocurrency.
