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Fidelity Rewards Visa Signature Review

Fidelity Rewards Visa Signature Card

The card with a flat-rate cash back and a variety of options considering the ways to use your rewards.

Like the majority of credit cards with rewards available at the market this card wants you to have lots of options to save your money. For example, you may be offered to open an account to accumulate money for your retirement. You also can open a brokerage account or a savings account that comes with a college savings plan for your son or daughter.

Fidelity Rewards Visa Signature Card

The Fidelity® Rewards Visa Signature® Card’s aim is to become one of your favorite cards to use. There is no fee that you’re expected to pay each year, but there is a rather high cash back rate. Fidelity has partnered with American Express. This resulted in the card being accepted more widely than before. However, the benefits stayed the same.

The only thing to remember is that you need to credit your rewards to your Fidelity account if you want to get the highest possible value for them.

In case you’re doubting whether or not to get the card, you’re recommended to read through the information about the features and benefits of the card provided below.

Flat-rate rewards rate: no need to worry about any bonus category to be activated

There are lots of people who prefer using a different card for some specific purchases to make. They do it with the view of getting maximal rewards possible. At the same time, there are those who find having multiple credit cards quite bothersome and inconvenient.

If you believe the same, then your ideal choice will be a card with a flat-rate cash back on any purchase you make. The Fidelity® Rewards Visa Signature® Card is one of such like cards. It offers you a cash back of 2% while having no limits or any kind of restrictions.

You may already know that there are quite many credit cards out there that offer the same rewards rate. The thing that make this card different from all of them is that you don’t have to put a lot of effort in winning the rewards. Below you’ll find a short description of other cards with a flat rate rewards rate. On the basis of the information you’ll be able to clearly see the benefit of the Fidelity® Rewards Visa Signature® Card.

Citi® Double Cash Card – 18 month BT offer. As you can see from the name of the card, it comes with a double cash back. The card rewards you 1% cash back when you buy anything with it and an additional 1% when you pay your purchases off. The card is a bit more advantageous than the Fidelity® Rewards Visa Signature® Card since it allows you to redeem the rewards earned as cash. In other words, there is no need to deposit the rewards on a certain account.

Capital One® Venture® Rewards Credit Card. With this card, you’ll get 2 miles for each dollar you spend. You can get the most value for the miles earned only under the condition that you use them to book your trips.

Barclaycard Arrival Plus® World Elite Mastercard®. The card is very much like the Capital One in terms of the value you can get for your rewards. You’ll also earn 2 bonuses for each dollar you spend.

As we already said, the Fidelity® Rewards Visa Signature® Card allows you to earn 2% cash back only under the condition that you credit your rewards to your Fidelity account. This may be a huge drawback for some people. You have an opportunity to redeem your rewards as a statement credit or a gift card, but you’ll get only 1% cash back if you decide to do it.

This credit cards comes with a variety of options for you to build wealth.

Many of financial industry expert claim that the rewards promised by credit cards in no way will contribute to a person getting richer. Well, we believe that these cards certainly help you save some money so that you can spend it on something else. The Fidelity® Rewards Visa Signature® Card, in comparison with its competitors, is advantageous in terms of you having a chance to save your rewards for some goals you have in mind. In order to save your rewards for a particular goal, you need to open an account. Actually, you can open up to 5 accounts. Below, the options to save your rewards are pointed out:

  • Fidelity allows you to credit your reward to into a traditional IRA, Roth IRA, rollover IRA or SEP IRA. Mind that even though you have an opportunity to open 401(k) accounts with Fidelity, there is no way you can deposit your rewards on them.
  • College savings. Fidelity allows you to open state sponsored 529 college savings accounts. The accounts are available to be open by residents from different states.
  • Brokerage account. In case you don’t have an IRA or a 529 account, you can deposit the rewards you earn with the card on a Fidelity brokerage account.

The reasons for you to consider applying for the card

The card comes with a number of benefits that may contribute to your decision of applying for it. There are the following benefits you’ll have:

  • Your purchases are secured. The feature is also called purchase protection. It applies to all the things for which you pay with the card. In case of theft or damage, you’ll get a refund.
  • Warranty manager service. The service doesn’t only ensure that the warranty on the things you buy will be prolonged, but also that you’ll be able to keep track on all the warranties for the things bought.
  • Collision coverage for the cars you rent. The card allows you to not pay the collision coverage for the cars you rent. This is only possible if you use the card to rent cars.
  • Assistance while travelling. You’ll be able to easily find any local emergency services.
  • You get refund in case your baggage is lost. The maximal sum of the refund you can get amounts to $3,000.
  • Travel accident insurance. In case you get injured while travelling, you’ll get up to $250,000 in coverage.
  • Roadside dispatch. You’ll have to pay some money in case you happen to need the service. It allows you to get towing, lockout service and any other assistance you require in case of an emergency.
  • You’ll get access to concierge services. You’ll also be able to get a discount on visiting museums and enjoying any other kinds of cultural entertainment.

Is the Fidelity® Rewards Visa Signature® Card ideal for you?

Of course, the facts that the card offers a flat-rate cash back of 2% and comes with no annual fee to pay sound good enough to apply for it. However, there are some other things to remember about it of you want to get the most out of using it.

Below you’ll see some things concerning the card that will allow you to get the best value possible while using it. If it so happens that neither of them is about you, you, probably, need to consider applying for a different card.

  • The card is great for those who have a Fidelity Investments account. Actually, it’s impossible to open a new Fidelity account to deposit the rewards you earn with the card on it. You need to already have an account with Fidelity. It means that before applying for the card you need to open a Fidelity account first.
  • Those who have an excellent credit score qualify for the card. The card is meant or those whose FICO score is at least 720. In other words, you won’t get the card with a good credit score. If you wish to be approved for it, focus on building your credit score.
  • There is no need to have an additional travel card to earn rewards or travel a lot to do it. There are lots of opinions concerning the benefits of travel cards and cash back credit cards that are meant to be used daily. However, the main thing to remember about travel rewards cards is that they allow their cardholders to get some perks while travelling. For example, priority boarding or access to airport lounges. You can combine a travel rewards card with the Fidelity® Rewards Visa Signature® Card if you wish to get more rewards.
  • The card is great for those who prefer saving their rewards rather than spending them. As a rule, people need an average cash back credit card to be able to earn rewards that then can be used to buy additional groceries or any other things. If you are one of those people, you’ll find a card with a flat-rate cash back and an opportunity to redeem the rewards as a statement credit more beneficial. Saving your rewards on an investment account makes sense only under the condition that you can’t get better value for them anywhere else.
  • The card is very beneficial for you in case you can’t get higher rewards anywhere else. There are quite many credit cards available that offer higher rewards rates. This is especially true if you are fine with using a different card for each specific purchase. Even if you’re one of those people you may still be interested in applying for the Fidelity® Rewards Visa Signature® Card. The thing is that the card allows you to get bonuses for the purchases in the categories that are not offered by your other cards.

If you see that some of the points mentioned are true for you, it means that the card really meets your needs.

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Comments: 2
  1. GaryUS

    I’ve been using the card when travelling for years. I like that there is no fee to pay for the Fidelity account and an opportunity to transfer the funds from Fidelity to my other bank accounts. The cash back of 2% seems quite good for me. The only problem I had was that the card got tied with AMEX some time ago. Since AMEX cards are not accepted all over the world, it caused some inconvenience. However, they’ve switched with VISA and it’s great.

  2. Iamthewinner

    The worst card out of those available at the market currently. The need to have a Fidelity account to be able to redeem rewards seems unfair to me.

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