After using the Fidelity Reward Visa card for over a year, it has become one of my go-to credit cards for many reasons. But first, let’s break down what it has to offer:
Annual Fee: $0
Cashback Rate: 2% unlimited
Foreign Transaction Fee: 0%
Redemption Options: Fidelity Individual account, statement, Merchandise, eGift Cards and Travel
I don’t believe in paying annual fees for benefits I might not even use. That’s why I’m drawn to credit cards with no annual fees. With a flat 2% cashback on every purchase, it’s easy to make this my primary card.
In contrast, the Discover It Cash Back card offers up to 5% cashback in rotating categories, but only if you activate them and spend within those categories. If a purchase doesn’t fall into the bonus category, or if you forget to check, the default 1% cashback isn’t as appealing.
In those cases, earning a consistent 2% is the better deal. Peace of mind.
The Fidelity Visa Signature Rewards Card is ideal for investors and those who prefer flat-rate cashback, like I do. If you choose to transfer your rewards to a Fidelity account, you’ll need to open one first. Otherwise, the cashback is applied to your monthly statement.
Mostly on the first of each month (or the next business day), your cashback is deposited into your Fidelity account. You can withdraw it immediately or, even better, reinvest it, potentially into a Roth IRA or another qualified account.
I’ve never had to contact customer service for any issues with the Fidelity Visa card. However, based on my past experiences with Fidelity’s customer service, they’ve always been helpful.
Choose Fidelity Reward Visa if:
- You want to keep it simple, like the unlimited 2% on everything.
- If you already have an account with them or plan to invest, this card can be a great way to grow your wealth by turning cashback into investments.
If you’re comfortable with 5% cashback on rotating categories or 1% on everything outside that month’s categories, the Discover It Cash Back card is worth considering.
Photo credit: RDNE
