See our list of best cash rewards credit cards to find another card with great cash back.

I’m busy reevaluating the cash back rewards scene lately. This week, let’s look at the Fidelity Retirement Rewards Card. Like the Schwab card, it offers 2% cash back.

The Fidelity card is our Free Money Friday offer this week.

How to Get Your 2% Cash Back

  1. Open a new Fidelity Retirement Rewards Card and a Fidelity Account*.
  2. Make $2,500 in purchases.
  3. $50 cash back will be credited to your Fidelity account.
  4. Repeat steps 2 & 3.

Fidelity Account Details

Eligible Fidelity Accounts*. You can choose to link your cash back credit card to a variety of Fidelity accounts, including the following:

  • All non-retirement accounts
  • Traditional and Rollover IRAs
  • Roth IRAs
  • SEP IRAs
  • Fidelity–managed 529 Plans

IRS Rules. Be aware that if you select a retirement account, the cash back will count against your yearly contribution limits, so you’ll have to keep careful track.

Credit Card Details

  • No annual fee.
  • 2% cash back on everything, with no cap.
  • Card is an American Express card issued by FIA Card Services.
  • The 2% is tracked in points. You get 2 points for each $1 you spend, and a $50 deposit after you reach 5,000 points.

Action Plan

I’m putting this card on the list of possible cards for my husband. Since I have the old 2% cash back credit card that deposits into our 529 plan, I don’t have a lot of use for this one. But it will be a good back up for my husband when you combine it with the Schwab 2% cash back credit card.

Here are even more cash back credit cards for you to check out.



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Comments to Fidelity 2% Cash Back Credit Card

  1. Does it have a foreign transaction fee? Schwab card, from what I have read, does not.

    Andy

  2. Why are all these cards AMEX? You can’t really use AMEX cards as often as you’d like to.

    PK

  3. Yes, it has the 1% foreign transaction fee.
    Also, with the Investment AMEX you can deposit the rewards into a Fidelity mySmart cash acct and withdrawal money by ATM. They refund all ATM surcharges. Or transfer to another checking acct.
    Fidelity also has a VISA with 1.5% rebate with same benefits. It increases to 2% after $15,000 in purchases.

    Tom

  4. What sort of credit limit did they give you? How long did it take from the time you applied til you had the card in-hand?

    Robert

  5. They gave me $5000 each for the AMEX and VISA. The cards are issued by FIA which is BofA and they look at all open accounts with them. The girl at FIA asked several pointed questions but approved me on the spot. I asked for the AMEX to be Fedex’d and received it 3 days later. The VISA took an extra week.
    The rewards can be transferred between all FIA cards at 2500 points.

    Tom

  6. We have had the Schwab 2% cash back card for over a year. It’s great, but we just got a notice that Schwab is ending its sponsorship. I think we’ll lose the 2% cash back deal. 9/25/10.

    Eric

    • well, it finally happened. Got a letter yesterday that the card is ending soon and will be replaced by a Bank of America card. Looked at B of A’s website and nothing comes close. Will be applying for the Fidelity 2% as a replacement card now I guess.

      julie dykstra

  7. Schwab sold their credit card to FIA Card Services. 2% still works though! 1/13/11

    james

  8. Fidelity Card – 2% return

    I have a Fidelity Mutual Fund and a brokerage account. When Fidelity started advertising their American Express Card at a 2% return to go into Fidelity investments, this sounded like a good deal. Well…, not so fast. I wish I had kept a log but I didn’t think I would have all these issues. So, my memory will have to do.

    I applied, filled in the details, where my rewards were to go, etc. The cards came quickly and were activated. I had a number of items to spend, so the reward amount mounted quickly. I was pleased, every vendor but one accepted the AMEX card.

    Then, the rewards. It turns out that neither Fidelity nor AMEX is handling this card; it is handled through FIA which is part of the Bank of America. The 2% is converted into points, not exact cash, 2 points per $1.00. Of course, there are other things you can now do with your points which makes the process somewhat complex. If you want, you can even convert to cash, but at 1% return. It takes me a while to figure this out. I try to use their web site but gave up after a long time. I really don’t like to have to sit at the computer and just play around with this stuff. I finally called; and, to their credit, got a very helpful person who explained the points and rewards to me. Now I understood, or thought I did, at least how this point system worked.

    The next thing I find is that the points just sit there, not converted to Fidelity investments, just sit there. I try to figure that out; but, like the other issue, after wandering around the web site, have to call for information. I find that you have to have a number of points before you can convert. So, you can have points just sitting there not accumulating gain (or loss). I find also, that the helpful person had to set up where my points are to go. It didn’t seem my original application information was accessed nor could I do this without her, even though I admit I may have been a little short of web browsing patience at this point.

    Finally, the helpful person got it worked out where my points are to go and also was able to set up the conversion to be automatic, once a month at the end of a month. In the meantime, I had emailed Fidelity about these issues, saying I wanted a Fidelity card that converted. They were helpful, saying they checked and I was now having my points converted. Of course, I knew this at this point, the communication overlapping.

    Not there yet, though. I kept checking my Fidelity brokerage account (which you have to have to get a card, anyway) and the money did not appear. The points (money) were gone from FIA but not into my account. With electronic transfers being what they are these days, I assumed it would be a day or so. The helpful person at FIA, again, tells me it will take a while. Try 10 to 20 days before the money is added to the account, quite a lag time.

    Now, I’m there, right? The money is in my brokerage account into my mutual fund to start earning. No, that is not automatic. You now have to go through this complicated procedure to move the money into the mutual fund. I have the email from Fidelity but haven’t had the stamina to do the seven steps they outline.

    Maybe I’ll just use another card.

    Frank

  9. This is not a 2% cash back card guys, they are duping you. It’s calculated in points, 2 points for every $1 you spend, so it is a 1% cash back card, don’t be fooled!

    Gar

    • This is a 2% cash back….

      You get 2 points per dollar. At 5,000 points you get $50. 5,000 points = $2,500 spent.

      $2,500*2%= $50.

      A 2% cash back return.

      Bill

  10. Worst website Ever. I got the Fidelity Investment Rewards card and was very excited about the rewards. Unfortunately, they have the WORST credit card website – it would constantly log-out and is not user friendly (as though they did not want you to pay your balance!). The 2% cashback is not even what they list – it’s a 1% and a lot of yellow tape to get it to your fidelity account.

    After just one month, I had it with this credit card. I called FIA Card Services to pay my final balance and close my account. It wasn’t until two months later I received a letter in the mail to say I still had a balance. WHAT IS GOING ON?! I called their customer service line, to find out that they never paid my final balance – I had half remaining. I asked why I was never informed the account was still active, I never received any statements in the mail, I never received any emails – NOTHING. I was told I had insufficient funds in my checking account to pay the final balance (which is not true). I asked to see previous statements for the two months my account was left open and told me that I couldn’t view them online because “typically when a call is placed to close the account they stop showing statements online.” I don’t see how it’s possible for them to tell me my account is closed, make half a payment, leave my account open, and not send me any notification.

    Go with a more established credit card company – this fidelity one is terrible!

    Angie

    • Angie… I hear you. Holy crap. Never dealt with a worse website in my life… I give up.

      Brosif909

  11. thanks for the warning! i’ll leave the fidelity card alone! i thought the 2% was too good to be true!

    alb

  12. I love the Fidelity AMEX card. Don’t know why you had so many problems. THe rewards get deposited automatically each month, no hassle.

    Warren

    • My wife and I have both the Fidelity Amex 2% and the Visa 1.5%. We don’t put it into our retirement, it goes to our brokerage account and we pay our student loans with it. Its great. over $700 in rewards for doing what we would have done anyway. If you don’t have this card get one.

      Luke

  13. OK people. Read the following:

    Why I LOVE the Fidelity Rewards Amex. Yes it is 2% cash back. It is earned in the form of Worldpoints and you can elect automatic redemption to most Fidelity accounts including the Cash Management Account (formerly called MySmart Cash) checking account. Sorry that others had hassles to find this option, but I’ve had this card for a few years without issues.

    But unlike many cards that only allow redemption at set intervals, this card will redeem your full available rewards automatically each month you have over 2,500 points available.

    So if you spent $1,000 in January, no rewards. Spend $2,000 in February, then the next month 3,000 points are redeemed and deposited into your selected account not 2,500. I expected to only get $50 in rewards at a time, but found larger credits on my statements.

    There is a one percent foreign currency conversion charge which is better than many Visas and MasterCards that charge for foreign transactions even if performed in US$ (like Legoland online ticket purchases!). The fee is not disclosed on individual transactions, but included in the displayed currency rate on your statement. I have found it to be about 1% from the xe.com rate and in line with other cards I have used while traveling.

    askmrlee


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