Elan Financial Services issues the Fidelity Rewards Visa Signature Card. Any information and clarification of the card should be forwarded to the same.

Salient Points

• No annual fee
• No introductory offer
• No expiry of reward points
• Unlimited 2% cash back
• Two reward points for each $1 spent on eligible purchases
• Zero fraud liability
• Visa Signature® Concierge for 24 hours
• Best rate guarantee for Visa Signature Luxury Hotel Collection
• Regular APR: 13.99% variable. Only spend what you can afford to pay as a variable APR of 13.99% may quickly finish any 2% rewards you have earned.
• Recommended credit score: Excellent (740-850)
• Enabled digital wallet
• Extended warranty – up to double the time of the manufacturer’s warranty for items purchased using the card.
• Lost luggage reimbursement – up to $3,000
• Roadside dispatch
• Travel and emergency assistance services – up to $250,000 life insurance benefit for travels booked or purchased using the card
• Purchase security insurance
• Emergency cash and card replacement
• Signature privileges, such as dining, sporting, entertainment, travel, and shopping
• No predetermined spending limit
• No caps on rewards
• Cash advance fees of 3% of the amount, or $5 minimum, whichever is greater.
• Late penalties of up to $40

Security

When there is suspicion of fraud, Fidelity Rewards will send you automatic security alerts, either as text messages or email. Alerts will also be sent if there is a change in your personal and account information, such as email change, address change, User ID change, and temporary access code generated.

Also, your digital wallet is encrypted, meaning your information is not revealed or shared with anyone else apart from yourself. You are also advised to use strong passwords that cannot be hacked, or at least take long enough such that it alerts Fidelity and the issue is mitigated. Passwords should also be changed frequently.

The contactless payment method also makes purchases at points of sale quick, secure, and seamless. Fidelity also has zero fraud liability.

Maximizing your rewards

The first and most obvious way to increase your reward points is to direct all purchases to your Fidelity Rewards card.

Link your Fidelity Rewards Visa Signature card to your Fidelity account to benefit most from your points.

Pros

You earn 2% cash back on every purchase you make. The cashback will be loaded into your Fidelity account. For instance, if you have spent $5000, you get cashback of $100 deposited into your account, which can be used to make other purchases or be withdrawn. This is a fantastic offer, especially because the card has a zero annual fee. 2% is one of the best cashback offers in the market currently.

There is no annual fee, which is a big plus. Most cards charge an annual maintenance fee, which may be taxing to some individuals. Cardholders do not have to burden themselves with spending to earn rewards to offset yearly membership.

You get Visa Signature benefits when you use the card.

The Fidelity mobile app is available to check what you have spent and the balance left in your account. Also, cardholders with Fidelity accounts get better reward rates than those without. Also, because of linking your card with your Fidelity account, deposits are made automatically.

Cons

Unlike most cards, the Fidelity Rewards Visa Signature Review has no welcome bonus. This card has no one-time offer. Inasmuch as the cashback is high and the annual fee is nonexistent, some clients may feel like having no bonus is too much of a compromise, especially knowing that some cards offer $200 cumulatively on annual bonuses.

It charges a 1% fee for foreign transactions.

There is no 0% APR period.

The excellent credit score requirement may be a bit too high for everyone and therefore lock out a huge percentage of the population.

Your rewards must be deposited into a Fidelity account to obtain maximum benefits from your card. In this case, accounts like Fidelity 401(k) plans will not qualify. The qualifying Fidelity accounts include:

• Roth and Traditional IRAs.
• Charitable giving account
• Brokerage account
• Simplified employee pension IRA
• Rollover IRA
• Cash management account
• Health savings account
• Fidelity Go investment management account
• Fidelity-managed 529 college saving plan accounts

You cannot deposit rewards into a newly opened Fidelity account. The account has to be already existing. Therefore, before taking advantage of the Fidelity Rewards Visa Signature card, you must open a Fidelity account.

Is the Fidelity Rewards Visa Signature Card worth it?

If you are a person who enjoys higher cashback and makes purchases frequently, then this 2% cash back is the one for you. For individuals who require shopping, gas, groceries, travel, and other services daily, and on a higher frequency than the average person, this card is one of your best picks. Its zero annual fees is also a winner.

However, if your credit score is not as impressive as Fidelity would want, or if you do not bank with Fidelity, then it is best to consider other alternatives. Since the Fidelity Rewards card maxes out cash back if you redeem through a Fidelity account, you may be limited to lower cash back amounts just because you don’t do business with Fidelity. Redemptions outside Fidelity can turn your 2% cashback into a meagre 1%.

So, is this card right for you? The answer to that question is personal, but on a general note boils down to this: if you are not a Fidelity client, it is best to look elsewhere, but if you are a Fidelity client, this card may be one of the best rewards cards in the market for you. You should be aware that other cards have the same perks and, even better, that does not require you to open an account with them to reap your rewards’ full benefits.