BEST CREDIT CARDSBEST CREDIT CARDSFIDELITY REWARDS VISA REVIEW: EARN 2% CASH BACK FOR YOUR NEST EGG

Fidelity Rewards Visa Review: Earn 2% Cash Back for Your Nest Egg

That's a fantastic rate for a $0-annual-fee card, but to earn it you must deposit rewards into an eligible Fidelity account. You'll also need excellent credit to qualify.
Kimberly Palmer Author Avatar
Jul 19, 2024 10:35 a.m. PDT
Edited by
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This page includes information about the Fidelity® Rewards Visa Signature® Card, currently unavailable on NerdWallet. The information about the Fidelity® Rewards Visa Signature® Card has been collected by NerdWallet and has not been provided or reviewed by the card issuer.

The Bottom Line

4.3

NerdWallet rating

This can be a terrific everyday card, as long as you already do business with Fidelity and don't mind socking away your rewards in a qualifying investment account.

Fidelity® Rewards Visa Signature® Card Image
Fidelity® Rewards Visa Signature® Card
Annual Fee
$0
Rewards Rate
2%
Cashback
Intro Offer
$0
Recommended credit score
Intro APR
N/A
Regular APR
19.24% Variable
Recommended credit score
Fidelity® Rewards Visa Signature® Card Image
Fidelity® Rewards Visa Signature® Card
Annual Fee
$0
Rewards Rate
2%
Cashback
Intro Offer
$0
Recommended credit score
Intro APR
N/A
Regular APR
19.24% Variable
Recommended credit score
  • Annual fee

    $0

  • Rewards rate

    2%

  • Bonus offer

    None

  • Intro APR

    N/A

  • Ongoing APR

    APR: 19.24%, Variable

    Cash Advance APR: 29.24%, Variable

  • Balance transfer fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

  • Foreign transaction fee

    1%

  • Get unlimited 2% cash back into an eligible Fidelity account to either spend or invest
  • Every eligible net $1 spent equals 2 Reward Points
  • No limits on total Reward Points and no restrictive categories
  • No annual fee
  • Reward Points will not expire

Pros and Cons

Pros

Cardholders with eligible Fidelity accounts get a high rewards rate

No annual fee

Earns same rewards rate on all purchases

Cons

Rewards must be deposited into Fidelity account to get full value

Requires excellent credit

No 0% APR period

Detailed Review

If saving money for future goals is a priority for you, the rewards that come with the Fidelity® Rewards Visa Signature® Card are hard to beat. As long as you don't need those rewards immediately and instead park them in an eligible Fidelity account, you'll earn 2% cash back on every purchase.

That flat rewards rate is right up there with the best products on the market and can make this card, issued by Elan Financial Services, a top-notch option.

However, if you don't already have or want a Fidelity account and you'd rather spend your rewards as soon as they're earned, you can find other credit cards that offer 2% back on everything. Just keep in mind those options may have their own downsides or hoops to jump through, such as membership requirements, reward caps or annual fees.

Fidelity® Rewards Visa Signature® Card: Basics

Card type: Rewards.

Annual fee: $0.

Sign-up bonus: None.

Ongoing rewards: 2 points for every eligible dollar spent, which equals 2% cash back when deposited into an eligible Fidelity account to which your card is linked. Qualifying Fidelity accounts include:

  • Traditional IRA.

  • Roth IRA.

  • Rollover IRA.

  • Simplified employee pension IRA.

  • Charitable Giving Account.

  • Health savings account.

  • Brokerage account.

  • Cash management account.

  • Fidelity Go investment management account.

  • Fidelity-managed 529 college savings plan accounts.

🤓Nerdy Tip

Note that Fidelity 401(k) plans do not qualify.

APR: The ongoing APR is 19.24% Variable.

Foreign transaction fee: None.

Compare to Other Cards

ANNUAL FEE
$0
INTRO APR
0% intro APR on Balance Transfers for 18 months
REGULAR APR
19.24%-29.24% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
INTRO APR
0% intro APR for 15 months on purchases and balance transfers
REGULAR APR
18.24%-28.24% Variable APR
RECOMMENDED CREDIT SCORE
ANNUAL FEE
$0
INTRO APR
0% intro APR on purchases and Balance Transfers for 15 months
REGULAR APR
20.49%-29.24% Variable APR
RECOMMENDED CREDIT SCORE
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Benefits and Perks

Generous rewards rate

Earning 2% back on every purchase is hard to beat among no-annual-fee flat-rate cards. And with the Fidelity® Rewards Visa Signature® Card — unlike cards with rotating or tiered rewards — you don’t have to spend time "opting in" to bonus categories, keeping track of a quarterly calendar or remembering what purchases earn the most back.

Automated savings

For consumers already saving for retirement, college or other goals through Fidelity accounts, the Fidelity® Rewards Visa Signature® Card offers an easy way to contribute consistently without having to think about it. There's also a variety of funding options within the Fidelity ecosystem. You'll be able to deposit your rewards into one eligible Fidelity account or divide them up among several (up to five qualifying accounts). You can also use your rewards to fund a loved one's account.

No annual fee

Since the annual fee is $0, you don’t have to worry about whether you're earning enough rewards to offset the yearly cost of card ownership.

Drawbacks and Considerations

You must be a Fidelity customer to get the most value

To earn 2% back on everything with the Fidelity® Rewards Visa Signature® Card, you must deposit rewards into an eligible Fidelity account. You can opt for other redemptions, including travel and statement credits, but points are worth less when you choose those options.

Other cards offer similar rewards rates without such a requirement. The $0-annual-fee Wells Fargo Active Cash® Card, for example, earns 2% back on all purchases. You don't need an existing relationship with Wells Fargo, and you can use that money for whatever you like. Better yet, this card has a generous welcome offer: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

You can't spend rewards as they're earned

Socking away your rewards in an investment account may make financial sense for you. But many people look to credit card rewards to help defray the costs of everyday purchases like groceries or gas. If that's you, you might be happier with a card that pays higher rewards on those kinds of purchases and allows you to take your rewards as a statement credit, such as the Blue Cash Everyday® Card from American Express. It earns 3% cash back on up to $6,000 a year in spending in each of three categories: U.S. supermarkets, U.S. gas stations and U.S. online retail purchases. Other purchases earn 1%. Terms apply (see rates and fees).

Requires excellent credit

The Fidelity® Rewards Visa Signature® Card is marketed to people with excellent credit — meaning FICO scores of 720 and up. If your credit is good but not excellent, you'll need to build a stronger credit history before you apply. Or you could consider the $0-annual-fee Citi Double Cash® Card, which is available for a wider range of applicants. It earns 2% back on all purchases: 1% back when you buy, and 1% back when you pay it off.

How To Decide If It's Right For You

If you already have a Fidelity account that you’re using to save for retirement or college, then augmenting those savings with a Fidelity® Rewards Visa Signature® Card could be a smart move. That’s especially the case if you enjoy straightforward rewards that don’t require much thought or management.

But if you're not a Fidelity customer and you prefer to have essentially immediate access to your rewards, you’re better off looking elsewhere.

To find out how this card stacks up to the competition, see NerdWallet's list of best credit cards.

To view rates and fees of the Blue Cash Everyday® Card from American Express, see this page.

Alternate Pick: 2% back, plus flexibility
No Citi account required

This card earns 2% back on all purchases: 1% back when you buy, and 1% back when you pay it off. You don't need a relationship with Citi and can spend your rewards as you earn them. The annual fee is $0.


Methodology

NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.

Frequently asked questions

The Fidelity® Rewards Visa Signature® Card requires excellent credit, generally defined as a credit score of 720 or above. Credit scores alone don't guarantee approval, though. Credit card issuers will also look at your income and other information.

Rewards on this card are earned as points, and the value of a point varies depending on how you use it. If you redeem directly into a linked Fidelity account, you get a rewards rate of 2% on everything you purchase. You can also redeem them for travel, merchandise, gift cards or statement credits, but points used that way aren’t worth as much. You need a minimum of 2,500 points to redeem rewards.

Yes. Rewards can be deposited directly into a Fidelity-managed 529 college savings plan, and the 2% cash back rate applies.

Yes. Rewards can be deposited directly into eligible Fidelity retirement accounts, including a traditional IRA, Roth IRA and rollover IRA. However, Fidelity 401(k) plans don’t qualify to receive the rewards.

If you want to cash in your rewards rather than put them in an investment account, you can redeem them for travel, merchandise, gift cards or statement credits, but the redemption value is lower. Consider a different 2% cash back card if you don’t want to redeem into an investment account.

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