Fidelity® Rewards Visa Signature® Card Review [2023]: Earn Cash Back Toward Life Goals

CREDIT CARDS - CASHBACK CREDIT CARDS
Let’s look at how you can increase your retirement or college savings with cashback rewards.
Updated Sept. 10, 2023

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Cashback credit cards are a great option, but earning rewards can be complicated. Some programs have caps on how much you can earn, while others have confusing spending category systems that make you feel like you need an advanced degree to understand them.

But the Fidelity® Rewards Visa Signature® Card changes all that. It offers a new, easy-to-understand cashback program — one that’s especially rewarding if you already have a qualifying Fidelity account.

Easy cash back rewards

Fidelity® Rewards Visa Signature® Card

Fidelity® Rewards Visa Signature® Card

Current Offer

Deposit rewards into one Fidelity account or divide them among several

Annual Fee

$0

Rewards Rate

2% cash back per dollar spent on eligible purchases

Benefits and Drawbacks
Card Details

Who should get this card?

Existing Fidelity customers looking to add a cashback card to their wallet should take a hard look at the Fidelity Rewards Visa Signature Card. You can earn 2% cash back per dollar spent on eligible purchases. If you deposit those rewards into a linked Fidelity account, you’ll get a 2% cashback redemption rate.

If you already have a Fidelity account or are looking to open one, it might make sense to apply for this card, since you can earn rewards that will grow your retirement or college fund. Very few credit cards can make that claim. You can also split up the rewards between several different Fidelity accounts.

Card basics

Card Type Cash Back
Annual Fee $0
Recommended Credit Score Excellent
Foreign Transaction Fee 0%

Top card benefits

  • Easy-to-understand rewards structure: Earning rewards is simple. You’ll get 2% cash back per dollar spent on eligible purchases. If you deposit those points into an eligible Fidelity account, you’ll get a 2% cashback redemption. You can also redeem points for travel, merchandise, and statement credits, though those may have a different redemption value.
  • $0 annual fee: Enjoy earning rewards with the Fidelity Rewards Visa Signature card without paying an annual fee. This doesn’t make up for the lack of a welcome bonus, but it helps.
  • No rewards caps and points don’t expire: This card’s rewards points aren’t capped, which means all your spending will earn rewards, no matter how much you pay. Points never expire, which is a major plus.
  • Travel and rental car insurance: While this isn’t a travel rewards card, it has a few travel perks. Use this card for travel purchases to get auto rental collision damage coverage (secondary coverage), travel and emergency assistance services, travel accident insurance, and lost luggage reimbursement.
  • Visa Signature Concierge: Cardholders have access 24/7 to exclusive concierge services through the Fidelity Rewards Visa Signature card. Get help finding concert and sporting event tickets as well as booking travel.

Earning & redeeming

Cardholders earn points with every eligible purchase. All spending categories earn at the same rate, which is 2% cash back per dollar spent. There are no revolving categories with higher rates or earning charts to memorize with Fidelity’s credit card.

When redeeming rewards points, cardholders can earn 2% cash back — with a catch. To get the 2% cash back, cardholders must redeem points into a qualifying Fidelity account. You can open a Fidelity account if you don’t have any already. Qualifying accounts include:

  • Fidelity Cash Management Account
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • SEP (Simplified Employee Pension) IRA
  • Fidelity Charitable Giving Account
  • Fidelity HSA
  • Fidelity-managed 529 College Savings plan

When redeeming points, you can designate them to go to any of your Fidelity accounts, up to five total. There is a minimum of 5,000 points required to redeem for a cash deposit into a Fidelity account. Every $2,500 you spend could be worth $50 when deposited into a Fidelity account.

Best ways to earn

If you’re going to get the Fidelity Rewards Visa Signature card, you’ll want to use this card for most of your spending. It earns points at the same rate, no matter what you’re using it for.

To max out the number of points you earn, consider using this card for your everyday spending along with larger purchases that can be paid with a credit card. Since there’s no cap on how many points you can earn, take full advantage of the card by using it for all your eligible spending.

Maximizing your redemptions

The best way to maximize your redemptions is likely the 2% cashback option. While there are other redemption options, the redemption value may be lower. To make it simpler, you can also choose to automatically deposit your rewards into a Fidelity account at the end of each month that you meet the 5,000-point minimum.

Fidelity
Source: Fidelity

While earning $50 for every 2,500 points may not seem like much, the above redemption calculation shows just how much regular deposits into your Fidelity account can grow. It’s the reward redemption that keeps on giving.

If you aren’t interested in putting your cashback rewards into some type of investment account, however, you could earn more suitable rewards with other cashback or travel credit cards.

Common questions

What are the benefits of Signature Visa cards?

Having a Signature Visa card gives cardholders access to extra perks, such as an exclusive concierge service, travel benefits, purchase protections, dining privileges, and more.

What are Fidelity Rewards points worth?

The value of Fidelity Rewards points varies based on the redemption. The cashback option has a value equal to 2%. The value of other redemptions, like gift cards, travel, and merchandise, depends on the specific redemption.

How can I redeem Fidelity Rewards points?

Fidelity Rewards points are redeemed at Fidelity’s Rewards website.

Is there a preset spending limit on the Fidelity Rewards Visa Signature Card?

There’s no preset spending limit with this card, but that doesn’t mean you have access to unlimited funds. The card’s issuer will consider factors like your credit record and account history to determine how much you can spend.


Other cards to consider

If you like cashback rewards but would prefer not having to deposit them into a specific account, check out the Citi® Double Cash Card. It has a $0 annual fee and also allows you to earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.

The U.S. Bank Cash+® Visa Signature® Card is another excellent cashback card choice. Cardholders can earn 5% cash back on two categories you choose (up to $2,000 in combined eligible purchases each quarter) and on prepaid air, hotel and car reservations booked directly in the Rewards Center; 2% cash back on one everyday category, like gas stations/EV charging stations, grocery stores, or restaurants; and 1% cash back on all other eligible purchases. You’ll also earn a $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening.

Easy cash back rewards

Fidelity® Rewards Visa Signature® Card

Fidelity® Rewards Visa Signature® Card

Why We Like It

Deposit rewards into one Fidelity account or divide them among several

See how these cards compare:

Citi® Double Cash Card
Citi® Double Cash Card
  • Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases
  • 0% intro APR on balance transfers for 18 months, then 19.24% - 29.24% (Variable) APR
  • No annual fee
  • Rates and fees
U.S. Bank Cash+® Visa Signature® Card
U.S. Bank Cash+® Visa Signature® Card
  • Earn a $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening
  • No annual fee
  • Intro APR on purchases and balance transfers
  • Up to 5% cash back on eligible purchases

Author Details

Kevin Payne Kevin Payne is a freelance writer specializing in student loans, credit cards, personal finance, and travel. He is a regular contributor to Club Thrifty, Millennial Money, and Student Loan Planner. As the budget and family travel expert behind FamilyMoneyAdventure.com, Kevin recently turned his writing side hustle into his full-time career. He lives in Cleveland, Ohio, with his wife and four kids.