Fidelity® Rewards Visa Signature® Card Review

The Fidelity® Rewards Visa Signature® Card is a good credit card choice for a very specific consumer. If you’re a Fidelity customer with excellent credit who doesn’t need to use their cash back rewards now, this may be the card for you.

If that isn’t you, a generic cash back credit card or rewards credit card is a better choice. There are many solid credit cards that offer similar rewards rates without a high credit score requirement. Additionally, many cash back cards make it easier to redeem your rewards as statement credit or deposited in your bank account, where you can use them immediately. With the Fidelity® Rewards Visa Signature® Card, your rewards are deposited into your retirement account. You may have to wait 20 years or more to access your rewards without penalty.

• $0 annual fee

  You don’t have to worry about an annual fee eating into your savings with the Fidelity® Rewards Visa Signature® Card, because it doesn’t charge one. Note that this is a fairly standard feature for a cash back credit card, as most come with no annual fees.

  That said, some premium rewards cards do charge an annual fee which may be offset by the higher rewards rate or other perks that it offers.

• High rewards rate

  The Fidelity® Rewards Visa Signature® Card lets you unlimited 2% cash back on everyday purchases. There are no categories with higher earning potential and no categories to opt into. This is one of the highest rates that you can earn on a flat-rate cash back credit card.

  While this rate is nothing to scoff at, do note that there are other cards that offer the same simple, flat-rate rewards. And when it comes to rewards credit cards that offer tiered rewards, some cards have categories that give you up to 8% cash back in certain spending categories.

  A tiered rewards card may net you higher rewards if you maximize the categories that offer elevated rewards. For example, the Blue Cash Preferred^® Card from American Express has an average rewards rate of 2.6 cents per $1 thanks to the higher rewards rate on categories including groceries, gasoline and streaming subscriptions. Four of the six cards below offer the potential to earn more than 2% cash back (or 2 cents per dollar).

  Card	Average rewards earned per $1 spent*
  Blue Cash Preferred® Card from American Express	$0.026
  Capital One SavorOne Cash Rewards Credit Card	$0.022
  Chase Freedom Unlimited®	$0.021
  Citi Custom Cash® Card	$0.021
  Fidelity® Rewards Visa Signature® Card	$0.020
  Citi Double Cash® Card	$0.020

  *Assuming $20,000 annual spend and spending based on U.S. Bureau of Labor statistics. See our methodology for more details.

• No foreign transaction fees

  The Fidelity® Rewards Visa Signature® Card has no foreign transaction fees, so don’t forget to take it with you when traveling abroad. These fees can quickly add up on a trip, so this card has the potential to save you a significant amount of money on foreign transaction fees alone.

  This is one feature that sets it apart from its primary competitors. The Citi Double Cash^® Card and the Wells Fargo Active Cash^® Card both charge foreign transaction fees.

• Earn more with Fidelity Rewards+

  Fidelity Wealth Management Clients can earn up to an additional 1% cash back on purchases by enrolling in the free Rewards+ program. This could make it one of the highest earning cash back cards around, if you’re a high roller with a large enough account to qualify for it.

  You’ll need to have at least $250,000 in eligible assets to begin earning extra rewards, and you only reach the full 3% cash back rate once you have $2 million in assets with Fidelity.

• Must be a Fidelity customer

  The Fidelity® Rewards Visa Signature® Card is only open to Fidelity customers. While it’s not particularly difficult to open an account, it’s a definite drawback for those who aren’t looking to open a brokerage account or are established elsewhere.

  Fortunately, there are other 2% cash back credit cards from which you can choose, if a high earning rate is a top priority. Here’s a look at a few cash back credit cards and how they compare in terms of sign-up bonuses, rewards and redemptions.

  Card	Cash back rate	Application restrictions	Sign-up bonus	Rewards redemption restrictions
  Fidelity® Rewards Visa Signature® Card	2%	Must be Fidelity customer	None	Rewards go into Fidelity account
  Wells Fargo Active Cash® Card	2%	None	Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months	No significant restrictions
  Citi Double Cash® Card	Up to 2%	None	Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.	No significant restrictions

• Rewards go into an eligible Fidelity account

  Your rewards from the Fidelity® Rewards Visa Signature® Card go straight into your Fidelity account.

  Depending on the type of account you have, you may not have access to them for many years or decades. Forced savings can be a good thing since your rewards may grow and compound over time. But if you want the flexibility to redeem your awards as soon as you earn them, this card isn’t for you.

  You’ll find more flexible cash back cards from Chase and Capital One that allow you to redeem any amount of cash back as a statement credit or deposit to your bank account.

• Requires excellent credit

  In addition to being a current Fidelity customer, you need to have excellent credit to have the best chance of being approved for this card. If you are new to credit or working to rebuild your credit history, you can find credit cards for bad credit that allow you to earn rewards.

• No 0% intro period

  Many cards offer a 0% intro APR on new purchases, balance transfers or both, but the Fidelity® Rewards Visa Signature® Card does not. Because of this, you should only use it for purchases that you can pay off within the grace period to avoid paying interest on your purchases.

Fidelity® Rewards Visa Signature® Card vs. Citi Double Cash^® Card

 
The Citi Double Cash^® Card has a similar earning rate, with fewer restrictions and a sign-up bonus to boot. You Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, for a limited time, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24.

Rewards are easily redeemable for statement credit, cash or can be transferred to travel partners. While excellent credit is helpful, applicants with Fair / Good / Excellent credit can apply.

It also offers an intro APR of 0% intro APR for 18 months on Balance Transfers. After that, the APR will be 19.24% - 29.24% (Variable), based on your creditworthiness. Note that you do not earn rewards on balance transfers and there is no intro APR for new purchases.

Fidelity® Rewards Visa Signature® Card vs. Chase Freedom Unlimited^®

 
The Chase Freedom Unlimited^® card comes with a $0 annual fee and a sign-up bonus. It lets you earn at least 1.5% cash back on all purchases, with a higher percentage earned on drugstore purchases and dining at restaurants (including takeout and eligible delivery services) and travel through Chase Travel^SM. There’s no minimum to redeem your rewards and you can get direct deposit or statement credit. You can get more value for your points by transferring them to Chase Sapphire Preferred^® Card and using them to book travel through the Chase Travel^SM portal.

Fidelity® Rewards Visa Signature® Card vs. Blue Cash Preferred^® Card from American Express

 
Although Blue Cash Preferred^® Card from American Express isn’t a simple flat-rate rewards card, and it charges an annual fee ($0 intro annual fee for the first year, then $95.) it’s potentially more valuable than any of the cards above. The welcome offer is easily attainable and is issued as a statement credit.

This card offers one of the highest credit card rewards rates at U.S. supermarkets, plus elevated rewards at U.S. gas stations and for select streaming subscriptions. For those who are able to max out the spending threshold on groceries and use the card as their primary credit card for all spending each year, the card more than pays for itself.

Example earnings:

• 6% of $6,000 at U.S. supermarkets = $360
• 3% of $2,000 at U.S. gas stations = $60
• 1% on $12,000 in other spending = $120
• Total on $20,000 annual spending = $540

The Fidelity® Rewards Visa Signature® Card is not for everyone. If you’re a Fidelity customer and qualify for the card, this is one of the highest-earning cards you’ll find, especially if you qualify for Rewards+. However if you don’t have a Fidelity account, you should look elsewhere because there are plenty of good alternatives.

Consider a cash back credit card like the Citi Double Cash^® Card or Wells Fargo Active Cash^® Card. These cards both offer the same rewards rate with few limitations when it comes to redeeming rewards and there are no restrictions to keep you from applying.