FIA Fidelity Investment Rewards American Express (discontinued)
This product was discontinued in January 2015. A similar product Elan Fidelity Visa Signature has taken its spot on the Top List.
Updated January 7, 2013.
The Facts
The Math
We don’t need much math here since it is basically unlimited 2% cash back without an annual fee if you choose to link it to your Fidelity account.
The Conclusion
We consider the Fidelity Amex as our benchmark for general spending. Only very few cards have potential to beat it in this category. Please check out Amex SPG and Amex PR Gold for comparison.
Updated January 7, 2013.
The Facts
- Annual Fee: None
- Signup Bonus: None
- Rewards: 2x everywhere
- Best Use of WorldPoints: WorldPoints is Bank of America’s rewards program, and Fidelity Amex 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 2% cash back card. BofA used to allow you to transfer your WorldPoints to Air Canada's Aeroplan miles at 1:1 ratio but this feature was cut in January 2013.
- The History: The 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 while keeping the program for existing members, Fidelity did not follow suit and the Fidelity Amex became the only unlimited 2% cash back card you can apply.
- Other Facts: In order to open the Fidelity Amex, 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. Another thing is that even though it is an Amex card, it is not issued by Amex but rather by FIA who uses Amex’s network. Thus you may experience customer service that is different from Amex. There are also two other similar Fidelity Amex cards: they are tied to retirement account and 529 account, respectively.
The Math
We don’t need much math here since it is basically unlimited 2% cash back without an annual fee if you choose to link it to your Fidelity account.
The Conclusion
We consider the Fidelity Amex as our benchmark for general spending. Only very few cards have potential to beat it in this category. Please check out Amex SPG and Amex PR Gold for comparison.