A great credit card is something that everyone needs to have in their wallet because there may come a time when you need to have one. There are a few reasons someone may need a Fidelity credit card in their wallet, like when they need to rent a car or make a hotel reservation. It is also a great way to build up your credit or to repair your credit if you have some poor history. It can also be a blessing if you lose your wallet because you can cancel the card and there is no money lost. Some of them also allow you to earn awesome rewards. One card to consider is the Fidelity Rewards Visa Signature card.
The Fidelity Rewards Visa Signature Card is the new Fidelity credit card
This Fidelity credit card is a valuable card to have in your wallet. They launched The Fidelity Rewards Card to replace the Fidelity Investments Rewards American Express card because Fidelity switched their carrier network. This card comes with no annual fee and 2% cash back rewards on purchases made anywhere and everywhere with the card. These rewards come in the form of points, and Fidelity credits 2 points for every dollar that is spent. They don't award these rewards on balance transfers and cash advances that may be made. When the points are redeemed, the cash back is deposited into the holders Fidelity account.
Features
This card has great features to offer to its holders. The switch to Visa is a good choice because Visa is a more widely accepted card than American Express. This will allow customers to use this card at far more locations than when it was on the American Express network. The Visa network is a lot more sensitive to purchases they believe to be suspicious. This is a characteristic of Visa that some holders find to be good and they do not mind a company that is always watching over their customers. Some may find it to be an inconvenience, but it all depends on the person.
The rewards feature of this card is what allows it to stand out in a sea of a lot of other cards. It offers its holders their 2% cash back rewards as points and 2 points are given for every dollar spent. The points are not limited by restrictive categories, and they are not limited by a maximum number of points they can earn. Also, these points will never expire so they can be used whenever a holder is ready to use them. It requires 5,000 points to be accrued before they can redeem them. This translates into $2,500 in purchases and then $50 can be transferred into your Fidelity account, or they can use them for things such as airfare, hotel stays, or gift cards.
One of the stipulations on the rewards is that they have to be redeemed into an approved Fidelity account. Those approved accounts are the Fidelity IRA accounts, the Charitable Giving account, Fidelity HSA account, and the Fidelity-Managed College Savings account. This can be a great way to have designated money set aside for the things that we need to save for in life.
Because this card is on the Visa Signature platform, it comes with some wonderful secondary benefits for their cardholders. These benefits are applied when a cardholder uses the card for the goods or services that are to be covered or can come to be utilized for being a cardholder. Along with the services listed below, there are some others as well.
The Cost To Carry This Card
This Fidelity credit card also features no annual fee, and the annual percentage rate is on the low side for cards like this. On the flip side to this, there is no sign-up bonus for this card like there are for other cards. It has a variable annual percentage rate of 14.49%. This is a great rate compared to other rewards cards comparable to this one. There are other cards that have lower APRs, but they are not rewarded cards.
How it Compares
Fidelity Rewards Visa Signature
Annual Fee | $0 |
Annual Percentage Rate | 14.49% Variable |
Sign Up Bonus | None |
Rewards | Unlimited 2% |
Pros
Cons
Fidelity® Investment Rewards® American Express®
This card only differs from the other Fidelity credit card in the difference from American Express to Visa. The rewards program is set up in the same ways, and everything else falls in line as well. American Express is not as widely accepted as Visa is domestically and around the world. American Express has a tendency to flag purchases as suspicious less frequently than Visa does. This is probably due to the way they differ in their transaction processing procedures.
Annual Fee | $0 |
Annual Percentage Rate | 14.49% Variable |
Sign Up Bonus | None |
Rewards | Unlimited 2% |
Pros
Cons
Citi® Double Cash Card
This Citi card is another rewards card that is comparable to the Fidelity rewards credit card. This card is ran on the MasterCard network. The major difference between Mastercard and Visa is going to come in the form of the secondary rewards that they offer their customers. This card has no annual fee and no sign-up bonus at the time you are approved for the card. It has an introductory APR of 0% on balance transfers for the first 18 months and then an annual percentage rate of 15.24%-25.24% variable. It also offers great rewards benefits for carrying the card as well.
This card comes with a 2% cash back rewards that are not limited by the amount that can be earned or by restrictive categories that can change monthly or quarterly. These rewards are given as 1% at the time of the purchase and 1% once the purchase is paid off. For those who may carry over a balance, this could mean a loss in rewards. One great feature of this card is that rewards can be redeemed after the holder accrues as little as $25. These rewards can be redeemed as a statement credit, bank account deposit, gift card, or check.
The rewards can be limiting in the accounts that they can go in. The approved accounts are meant for saving and investing, and it predesignates, in a way, what the money can be spent on. When the points are redeemed in other ways, they lose some of their value so the customer will not get as much as they thought they had. It is still money that was given back to you for using your credit card that a cardholder did not have when they started.
Annual Fee | |
Annual Percentage Rate | 15.24%-25.24% |
Sign Up Bonus | None |
Rewards | Unlimited 2% cash back- 1% at time of purchase and 1% when purchase paid off |
Pros
Cons
Chase Freedom®
The Chase Freedom card offers a lot of great features for their holders. There is no annual fee for the card and a 0% introductory annual percentage rate for the first 15 months After that it has an APR of 16.74%-25.49% variable. It also offers a sign-up bonus of $150 if you spend $500 in the first three months that you have the card. Its rewards program is set up so that their customers can receive rewards for a lot of different purchases and redeem them in a variety of ways.
The rewards are set up so that customers get 5% cash back on rotating quarterly categories and 1% on all other purchases. When a cardholder spends the little bit of extra time to look at the quarterly categories, they can really gear their purchases to maximize their rewards. They can be redeemed with no minimum and in a lot of different ways. They can be received as a statement credit or as a bank deposit. They can also be redeemed as a gift card, for travel when it is booked through Chase Ultimate Rewards, and for Amazon purchases.
Annual Fee | $0 |
Annual Percentage Rate | Introductory 0% for 15 months and 16.74%- 25.49% variable |
Sign Up Bonus | $150 if you spend $500 in the first 3 months |
Rewards | 5% on rotating quarterly categories and 1% on everything else |
Pros
Cons
Fidelity Credit Card - The Conclusion
The Fidelity credit card is a great card with the ability to rack up rewards on the everyday things that people buy every day. It's a simple card that doesn't have all the frills and fuss that a lot of other cards come with. It will give you a competitive annual percentage rate for the type of card that it is and rewards will stack up quickly. It is a great card to pair with other cards that are used to rack up travel benefits so that all the bases are covered for the cardholder. It may not have a sign-up bonus, but that can be made up for with the rewards that can be earned. It is a simple card that will earn rewards without having to pay a lot of attention.
Other cards that utilize the rotating categories require the user to pay attention to what is being covered that quarter and to know when you are going to use the card and for what. The Fidelity Credit Card doesn't force the person to do that. It can be a hassle in how the rewards are redeemed, but if you are already a Fidelity account holder, it will not be an issue for you to get your rewards. It is a card that should be considered by most people who are looking into a rewards card.
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