Invest Your Rewards With the Fidelity Rewards AMEX Card

By Jason Steele. Last updated 23 October 2015. 6 comments

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Do you want to earn the most credit card rewards possible, but are tired of trying to figure out which purchases are eligible to earn a bonus? Most reward credit cards offer 1% cash back on most purchases and a higher percent on select bonus categories. Others offer a fixed percentage on all purchases, usually 1% to 1.5%. And in most cases, the best reward cards require the payment of an annual fee.

However, there is one exception. The Fidelity Investments American Express Rewards card offers class leading 2% cash back when you direct your deposit into your eligible Fidelity account, but with no annual fee.

Why We Like This Card

  • High cash back rewards rate on all purchases
  • Great investment tool

How These Cards Work

You can apply for one of three reward cards that are linked to an eligible Fidelity account. These eligible accounts include a Fidelity cash management account, a brokerage account, a 529 account, or a retirement account. Cardholders can then receive 2% cash back on all purchases, with no limits on the amount of rewards they can earn.

Sign up offer: New cardholders will receive a 0% APR introductory financing offer on balance transfers that is valid for seven months after opening the account. (After that, the balance transfer APR is 13.99%.) There is a $10 or 4% balance transfer fee, whichever is greater.

Other Benefits

Card security and assistance. Zero liablity fraud protection and an identity theft recovery service come standard with the card. 24-hour customer service is also available to cardholders should they require any help with their card at anytime.

Travel and shopping protections. You can rest assured when shopping or traveling with this card, as you'll be covered by car rental loss and damage insurance and retail purchase protection for merchandise you buy with the card. As a cardmember, you'll also have access to travel and emergency assistance services.


  • No Annual Fee
  • 13.99% (purchases and balance transfers); 16.99%-24.99% (cash advance); 29.99% (penalty APR)
  • 3% Balance Transfer Fee
  • 1% Foreign Transaction Fee


High cash back rewards. The cash back reward of 2% on all purchases is the highest fixed rate of return available on all purchases.

Great for investments. Cardholders can look at this card as a savings and investment tool, as their rewards will be deposited into their investment account. It also doesn't hurt that the card comes with no annual fee and a reasonable slate of benefits.


No sign up bonus. Unlike many rewards cards, there is no sign up bonus offered.

High balance transfer fee. The seven months of 0% APR promotional financing on balance transfers is welcome, although shorter than most other similar offers. However, the 4% balance transfer fee is significantly worse than most others that come in at 3%.

Who This Card Is Best For

As with all reward cards, this card is for those who pay every statement balance in full and on time. Beyond that, this product works for the reward card user who wants to use one card for all purchases while earning the most possible cash back. This is also a great card for those who are not good at transferring money each month to a savings or investment account. With this card, savings happen automatically as cardholders make everyday purchases, and users can check their investment accounts from time to time to see how their savings add up.

By offer leading rates of return with no annual fee and no gimmicks, this rewards card can only be seen as a sound investment.

Terms and limitations apply.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any bank, card issuer, airline or hotel chain.

Average: 3.7 (3 votes)
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6 discussions

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Guest's picture

I have this FIA card and take my 2% as cash (sent as a check) once I hit 25000 points. It's not easy to set up, but it's doable.

Guest's picture

Hmm, it seems there's a stipulation that the account requires you to have direct deposit into the eligible account in order to get 2%. So the best way to probably set this up is to open a 'Cash Management' account, direct deposit into that, then you pretty much have to use that as your primary bank account.

The alternative, the Visa one, requires you to spend $15K first before you get 2%.

Honestly, the rewards is very attractive and it seems worth it. I'll have to look more into it, though.

Guest's picture

You can get 2% cash back with this very card once you hit 25000 points. At 20000 points, it's 1.6%. You get 2points for every dollar spent. So, once you spend $12,500, you can get a check for $250. No limits. I do it all the time.

Guest's picture

This is an interesting credit card that kind of helps putting money in your brokerage account on auto pilot. I have a Fidelity account and will check this out as an option.

Guest's picture
Oscar Castillo

I remember trying to apply for this a couple of years ago and getting denied. Now that I do have it, it is my primary credit card and intend on using it as long as humanly possible.

Guest's picture

I have had no problem with customer service. Love this card.