Elan Fidelity Rewards Visa Signature Review
Updated September 29, 2023.
The Facts
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. Alliant Visa Platinum requires that you join Alliant Credit Union before you may apply (technically any person in U.S. can join) and a $20 minimum before you may redeem. 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 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.
Elan Fidelity Visa vs. Alliant Visa Signature (2.5% cashback with a $99 annual fee): if your annual spending is larger than $20,000, you may want to consider Alliant Visa Signature.
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. Please check out Alliant Visa Signature when your annual spending exceeds $20k, or Amex EveryDay Preferred if you prefer miles/points over cashback.
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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. Alliant Visa Platinum requires that you join Alliant Credit Union before you may apply (technically any person in U.S. can join) and a $20 minimum before you may redeem. 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 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.
Elan Fidelity Visa vs. Alliant Visa Signature (2.5% cashback with a $99 annual fee): if your annual spending is larger than $20,000, you may want to consider Alliant Visa Signature.
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. Please check out Alliant Visa Signature when your annual spending exceeds $20k, or Amex EveryDay Preferred if you prefer miles/points over cashback.
© 2011-2023 DrCreditCard.net All rights reserved.