Review of the New Fidelity Visa 2% Cash Back Card

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Review of the New Fidelity Visa 2% Cash Back Card

Million Mile SecretsReview of the New Fidelity Visa 2% Cash Back CardMillion Mile Secrets Team

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Big news for folks with an AMEX Fidelity card!

By July 1, 2016, Fidelity will transition all of its customers to new Visa Signature cards issued by US Bank.  And the new Fidelity Visa card still offers unlimited 2% cash back on purchases.

Review Of The New Fidelity Visa 2 Cash Back Card
US Bank Now Issues the Fidelity Card as a Visa, but the 2% Cash Back Perk Will NOT Change. Current Cardholders Can Expect a New Card by July 1, 2016

I’ll explain what this means if you already have the card.  And show you a few new perks you’ll gain!

Emily and I don’t earn a commission on this card, but we always tell you about the best deals!

What’s Going On?

Link:   Fidelity 2% Cash Back Visa Card

Starting today, folks can apply for the new Fidelity Visa Signature card, which offers 2% cash back on purchases, with no limits or caps.  And no category bonuses to think about!

The card also has NO annual fee.  So it’s an excellent card to keep forever to help boost your credit score.

There is NO sign-up bonus for opening this card.

Because it’s a Visa Signature card, it’s widely accepted at lots of merchants.  And you’ll be able to enjoy Visa Signature perks!

However, it does have a 1% foreign transaction fee.  That’s low, but something to consider when overseas.

What If You Already Have the Card?

Fidelity used to offer 2 cash back credit cards, an AMEX and a Visa, through FIA Card Services (which is part of Bank of America).  But now both of those cards will become a Fidelity Visa issued by US Bank.

And folks with 1 of these cards will get a new card by July 1, 2016.

Review Of The New Fidelity Visa 2 Cash Back Card
Folks With the AMEX Fidelity Card Will Receive a New Fidelity Visa Card. They’ll Lose the Ability to Load AMEX Serve, and Use AMEX Offers, but Gain Visa Acceptance (Including at Costco Later This Year)

I wrote about the AMEX version of the Fidelity card.  It’s been a great way to load your AMEX Serve account because you can only add funds online with an American Express credit card.  And until now, folks with the AMEX Fidelity card have been able to earn 2% cash back on up to $1,000 a month.

They’ve also been able to access valuable AMEX Offers.

They can use their card until they receive a new Fidelity Visa.  There’s not a clear timeline for the change, but Fidelity wants to replace all cards by July 1, 2016.  So if you have the AMEX Fidelity card, use it while you can!

If you currently have the Visa version, the new card actually has better rewards.  That’s because the old Visa card offered 1.5% cash back until you reached a $15,000 spending threshold each year, then 2% cash back after that.

But the new Fidelity Visa Signature card offers 2% cash back starting with the 1st purchase.

How Does the Cash Back Work?

You’ll earn 2% cash back on all purchases when you deposit rewards points into your eligible Fidelity account, including:

Review Of The New Fidelity Visa 2 Cash Back Card
It’s Easy to Redeem Your Points for Cash in Your Fidelity Account

The cash back is earned as 2 points per $1 spent.  And each point is worth 1 cent, which adds up to 2% cash back.

And you’ll earn compound interest when you redeem toward investments, which makes any rewards you earn worth more over time.  The longer you let any interest you earn accrue, the more you’ll potentially earn.

You can redeem a minimum of 5,000 Fidelity points for a $50 deposit into 1 of the accounts mentioned above.

That said, you can add money to more than 1 account.  So it’s easy to add cash to the Fidelity Cash Management Account (which works as an online-only bank account), or an investment account.

We don’t know yet if US Bank will add new redemption options.  But I suspect it will still be easy to redeem your Fidelity points for cash in your Fidelity account.

Use the Fidelity Visa at Costco!

Starting in April 2016, Costco stores will only accept cash and Visa cards as payment (although you can still purchase Costco cash cards up to $1,000 on their website with any major credit card).

Review Of The New Fidelity Visa 2 Cash Back Card
Starting in April 2016, Costco Will Only Accept Visa Cards. And Folks Can Use Their New Fidelity Visa Card to Earn Cash Back!

Until March 31, 2016, Costco stores will still accept AMEX cards.  So if you have the AMEX Fidelity card, you can use it at Costco to pay for purchases.  And when you receive your new Fidelity Visa card, you can use it at Costco for cash back beginning in Spring 2016.

This is an easy way to get an additional 2% rebate when you shop at Costco stores (or anywhere else that accepts Visa cards)!

Should You Sign-Up for The New Fidelity Visa?

This card is a fantastic option for folks who like simplicity.  That’s because you’ll earn a flat 2% cash back everywhere you shop. 

Review Of The New Fidelity Visa 2 Cash Back Card
There Are Lots of Cards That Offer Cash Back on Purchases, but the Fidelity Visa Is Best If You Want to Invest or Save for the Future

That said, there are other cash back cards that don’t require you to have a separate account.  For example, the Citi Double Cash Card earns 1% cash back on your purchases and 1% cash back on your payments.

And you can earn even more with the Discover it® Miles card, you earn 1.5 miles per $1 you spend on all purchases and your miles are matched after the 12th billing cycle.

I prefer earning points with cards like the Chase Sapphire Preferred.  Because you can transfer your points to travel partners like Hyatt and United Airlines for Big Travel.

But the Fidelity Visa card is a good choice if you want:

  • To invest your money for retirement or your children’s college fund
  • An easy cash back card with no category restrictions or limits to think about
  • A Visa card to use when AMEX or Discover isn’t accepted by a merchant

The Fidelity Visa Signature card doesn’t currently have a sign-up bonus.  But if that changes, or if US Bank adds new reward options to the card, I’ll post an update and let you know!

Bottom Line

There’s a new Fidelity cash back card!  Starting today, you can apply for the new Fidelity Visa, issued by US Bank.  Folks who already have the AMEX Fidelity or Fidelity Visa card from Bank of America will receive their new card by July 1, 2016.

If you currently use the AMEX Fidelity card to load your AMEX Serve account or take advantage of AMEX Offers, you can use your card until you receive the new one.

The new Fidelity Visa will earn 2% cash back on purchases, which you can add to your eligible Fidelity accounts.

Instead of cash back, I prefer cards like the Chase Sapphire Preferred for Big Travel!

Emily and I don’t earn a commission on the Fidelity Visa, but we’ll always tell you about the best offers!

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred named "Best Credit Card for Flexible Travel Redemption" - Kiplinger's Personal Finance, June 2018
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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Has any one who got grandfathered in from the old Amex and the old Visa Fidelity cards tried successfully combine the two accounts together by transferring/combining the credit limits together? I tried multiple times (once last year as soon as I received the new cards, and then again in December 2016 and again this week…) and the CSR flatly denied they would combine credit limits together. Looking for datapoints of folks who had more success than me…

Unhappy Customer

We’ve had the Fidelity Visa card for a few years. Fidelity seems to have lots of data breeches and fraud alerts. We’ve had our account locked up several times in the past year because of “suspected fraud.” Even when we give Fidelity Visa the dates & cities in which we’re traveling, the use of the card in unusual locations causes issues. Recently, we had just begun a two-week cruise and Fidelity locked up the account. We could not get them to release the hold on the account and had to spend the next two weeks living on the cash in our pockets. We have college kids in multiple states on the same card. I just spent the past three days trying to get our card unlocked because of multiple transactions in different states that caused suspicion. Each time I called, I was on hold more than twenty minutes before speaking to an agent. The customer service has been terrible.

The cash back is a nice feature, but we’ve learned to not rely solely upon this card. It inevitably gets canceled sooner or later, and at the most inconvenient times. Make sure you have a backup !!!

My husband & I have had the Fidelity AmEx FIA for years. Because of pending foreign travel, I applied for the new Fidelity Signature VISA, after spending $20 to thaw my frozen credit. I added my husband to my application as a 2nd card holder. My application was denied b/c my husband’s credit was frozen. OK, then remove my husband’s name as a 2nd card holder. No can do, Elan Financial Services said, you have to fill out a new application. Which I did. Next I get a denial of credit “due to home phone number being linked to numerous addresses.” We have lived in the same house w/ same home phone number for 8+ years. Actually when I googled our phone number, I DO see it listed w/ a couple other addresses, but we’d on’ get calls for other people. I’m confused.

Well, now you’ll be able to use this card at Costco after Costco switches to Visa in April.

Matt the Coffeeman

Ooops, it’s in the terms and conditions. Once linked, the redemption is automatic on a monthly basis.

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