FIA Fidelity Investment Rewards Visa Signature Review (discontinued)
The Facts
The Math
Compared to 2% Fidelity Amex, this card is essentially a 2% Visa with a $75 annual fee since the 1st $15K only earns 1.5% (assuming you spend more than $15K). Also Capital One Venture and Discover Escape offer 2% cashback with $59 and $60 annual fees respectively.
The Conclusion
Fidelity Visa, even with the revamped feature adding 2% after $15K, is always overshadowed by its cousin Fidelity Amex.
Last updated 9/10/2011.
- Annual Fee: None
- Signup Bonus: None
- Rewards: 1.5x everything before $15K annual spending and 2x everything thereafter
- Best Use of WorldPoints: WorldPoints is Bank of America’s rewards program, and Fidelity Visa is issued by FIA Card Services, a subsidiary of BofA. However, in addition to regular redemption options of WorldPoints, the unique feature of the Fidelity card is that you can turn points into cash at 1 cent per point if you link your credit card to a Fidelity account thus this card becomes a 1.5%~2% cashback card. Another interesting option (although it is not unique to the Fidelity card) is to transfer your WorldPoints into Aeroplan miles at 1:1 ratio thus this card actually earn 1.5~2 miles per dollar spent. Aeroplan is the frequent flyer program of Air Canada, a member of Star Alliance.
- The History: The Fidelity 1.5% cashback Visa was very popular before Charles Schwab introduced its 2% Visa. Fidelity responded by introducing its 2% Amex and overhauled its Visa by adding 2% after $15K annual spending.
- Other Facts: In order to open the Fidelity Visa, you need to have a Fidelity brokerage account first. However, you don’t need to do investment with Fidelity if you don’t want to.
The Math
Compared to 2% Fidelity Amex, this card is essentially a 2% Visa with a $75 annual fee since the 1st $15K only earns 1.5% (assuming you spend more than $15K). Also Capital One Venture and Discover Escape offer 2% cashback with $59 and $60 annual fees respectively.
The Conclusion
Fidelity Visa, even with the revamped feature adding 2% after $15K, is always overshadowed by its cousin Fidelity Amex.
Last updated 9/10/2011.
