Updated January 29, 2026.

The Facts

• Annual Fee: None

• Signup Bonus: $100 after you spend at least $1,000 within the first 3 months of account opening. Historical Best Bonus of this card: $100 in 2016 and 2021.

• Application Landing Page

• Rewards: 2x Fidelity Rewards points everywhere; no annual cap on points earning; points never expire.

• Best Use of Fidelity Rewards points: The best use of these points is to deposit them at 1 cent per point to a linked eligible Fidelity account, thus this card is essentially a 2% cashback card. You will need a minimum 5,000 points to use this option. You may also redeem points for travel, merchandise, gift cards, and statement credit, but the value is mostly less than a cent per point, and the rewards start at 2,500 points.

• Other Benefits: waived foreign transaction fees.

• Other Facts: You don't need a Fidelity account to open the card. However, you do need to have one of the following eligible Fidelity accounts to deposit your rewards to achieve 2% cashback: brokerage account (you don't need to do investment if you don't want to - you may simply link your bank account to cash out rewards), cash management account (working like a checking account - great features), retirement account, or 529 college savings account.

• The History: The discontinued Fidelity Amex is Fidelity’s response to its arch rival Charles Schwab’s highly popular 2% cash back Visa which was introduced in 2008. After Charles Schwab discontinued accepting new applications, Fidelity did not follow suit and the Fidelity Amex became the only non-annual-fee 2% cash back card you could apply for several years. In January 2015, Fidelity discontinued the partnership with FIA Card Services, a BofA subsidiary, and Amex who provided the payment network, and switched over to Elan Financial Services, a US Bank subsidiary, and Visa network. The previous Fidelity Visa, which was issued by FIA and earned 1.5% cash back, was also discontinued. Existing customers will continued to be serviced by FIA. So while it may be very confusing, just remember the new Fidelity Visa is a 2% cash back card and is issued by Elan. In late 2023, waived foreign transaction fees finally became a feature.

The Math
Elan Fidelity Visa vs. other no-annual-fee 2% cashback cards: Citi Double Cash doesn't require any banking relationship to apply or to redeem, but has a $25 minimum before you may redeem; Double Cash also earns 2x ThankYou points which might represent better value (see below). Elan Fidelity Visa requires a linked Fidelity account (brokerage, cash management, retirement, or 529 account) and a $50 minimum to redeem for 2% cashback. Synchrony PayPal MasterCard requires that you have a PayPal account to apply and to keep the card open, but has no minimum redemption requirement.

Elan Fidelity Visa vs. Citi Double Cash (2% cashback or 2x ThankYou points with no annual fees): on the cashback side, they are mostly equal, with Fidelity having a slight edge due to the waived foreign transaction fees. However, if you have a premier ThankYou card such as Citi Strata Premier, you might be able to elevate Double Cash's rewards if you know how to leverage the frequent flyer/guest miles/points transfer feature.

The Conclusion
We consider the Fidelity Visa, along with other no-annual-fee 2% cashback cards, as our benchmark for general spending. Only very few cards have potential to beat it in this category.