Fidelity’s new 2% cash back Visa Signature card now available

Fidelity Visa SignatureYou’ve probably seen the news by now: Fidelity has dropped Amex.  Fidelity’s Amex card used to be the only no annual fee 2% cash back card on the market.  Then, Citibank introduced their Double Cashback card, which is essentially a no-annual-fee 2% cash back MasterCard.  Now Fidelity is dropping Amex in favor of Visa.

You can read the details in this New York Times article: Fidelity Switches to Visa for Credit Card Branding.

According to that article, existing cardholders will be switched to Visa accounts by July 2016.

Fidelity Visa Signature Available Now

After Googling around a bit, I found that the new card is now available online: www.fidelity.com/cash-management/visa-signature-card.

There doesn’t appear to be a signup bonus at the moment.  In the past, Fidelity has frequently offered 5,000 points (worth $50) for new applications.  So, if you’re not in a hurry to get a Visa 2% cash back card, you might want to hold off on applying until we see a new signup bonus.

Loading Serve

Many people currently use the Fidelity Amex to load their prepaid Serve card online, for free, up to $1000 per month (or $1500 per month for those who signed up with Softcard Serve when it was available).  If you do not have the Softcard version of Serve, then you are limited to Amex-only loads.  So, this switch to Visa may be a problem for you.  I think that the next best option for Serve online loads is the U.S. Bank FlexPerks Travel Rewards American Express card.  For more details, see: Best options for Serve online loads.

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Greg is the owner, founder, and primary author of the Frequent Miler. He earns millions of points and miles each year, mostly without flying, and dedicates this blog to teaching others how to do the same.

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[…] on the new card, we’ll still be able to enjoy all its benefits. (ETA: Frequent Miler points out that a New York Times article noted this morning that existing card holders will be converted to […]

Kenny
Guest

Will still have Foreign Transaction Fees?

Justin H
Guest
Justin H

As per the T&C under the signup page:

Foreign Transaction fee: 1% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 1% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. We may change APRs, fees, and other Account terms in the future based on your experience with Elan Financial Services and its affiliates as provided under the Cardmember Agreement and applicable law.

SCJ
Guest
SCJ

1% FTF in the fine print.

Nice find! I’m glad to see its not a tiered structure but full 2%.

chimmy
Guest
chimmy

I currently use this to load my Serve. I wonder how long it will take them to convert existing AmEx to Visa. I also use this card as a primary card for AmEx Social deals (Twitter) so bye to both of those benefits 🙁

whocares
Guest
whocares

I want this card. I also want a sign up bonus.

However, didn’t Amex pay the sign up bonuses in the past ? US Bank might not be as willing since Visa is more usable than Amex.

I was grandfathered in a paypal rewards debit card at 1.5% however, they are screwing it up big shortly.

Cash Back rewards changes as of February 1, 2016.

We want to let you know about changes we are making to our PayPal Business Debit MasterCard® rewards program, in order to be in accordance with the existing PayPal Business Debit MasterCard Cardholder Agreement. Starting February 1, 2016, your cash back rebate payout, if any, will change in accordance with the program’s existing terms and conditions to reflect these adjustments.
As of February 1, 2016:
We’ve updated rewards program disbursements to conform to the existing Cardholder Agreement:
We will discontinue paying cash back rebates on PIN-less debit purchases, and
We will discontinue paying cash back rebates for any month if the calculated cash back payout is less than $1.00 USD
You can reference the existing PayPal Business Debit MasterCard Cardholder Agreement at https://www.paypal.com/us/webapps/mpp/ua/debitcard-full . Section 8-b-ii-3 (p.4) covers the exclusion of PIN-less debit transactions and Section 8-c (p.4) explains the minimum $1.00 payout requirement.
Remember, most signature transactions made without using your PIN do qualify for the cash back rebate. (Transactions where you use your PIN and PIN-less debit transactions are not eligible.) When you’re buying groceries, dining out, shopping at a merchant, or otherwise using the card, ask the merchant (or make the choice yourself on the terminal) to run your card as a credit transaction and be sure to sign the receipt.
Please be advised that some merchants may elect to process your transaction as a PIN-less debit transaction without offering you other options. In this case, the transaction is not eligible for cash back rebate.

Jayson
Guest
Jayson

So will my current fidelity amex and fidelity visa be switched to this one? This visa seems better because it has no tier…

Dr. Bob
Guest
Dr. Bob

I currently have the SoftServe version and have been loading $1500 every month on the AMEX card. Once I hit atleast $250 in rewards I send a statement credit to my account thus the next payment is $250 less. Will I still be able to do this with the Visa?

Kate
Guest
Kate

Any idea if the 2 percent will apply to visa gift cards?

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[…] The Fidelity Investment Rewards American Express 2% cash back card issued by Bank of America will become a Visa issued by US Bank. Existing cards will be transitioned over by July 1. The new card application is available (HT: Frequent Miler) […]

David
Guest
David

Any idea how long will the Fidelity Amex survive? Just wondering when it will be invalid to load serve any more.

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[…] Fidelity switches providers of its 2% cashback card! […]

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[…] Fidelity Investment Rewards American Express Card:  The Fidelity Investment Amex card offers 2% cash back and no annual fee.  By loading $1,000 per month to Serve with this card, you can earn $240 cash back per year.  UPDATE: Unfortunately, the Amex version of this card is no longer available, and existing cardholders will be switched to t…. […]

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[…] Fidelity’s new 2% cash back Visa Signature card now available – Fidelity has dropped American Express and Bank of America to launch a new Visa 2% cashback card. […]

Mike H
Guest
Mike H

I have an old BOA black Amex. Not sure what its title is, used to earn World Points. Any idea if they still do World Points and if it’s worth using it to load serve? I still have the cars. Swiped it last year but otherwise it’s in the back of the binder.

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[…] couple of weeks ago, I announced that Fidelity’s new no-annual-fee 2% cash back Visa Signature card is now available.  Cards offering 2% cash back with no fee are rare enough, but could the deal be even sweeter than […]

John
Guest
John

LOL “googling around”

It’s obvious where you get the links. He’s had it up for a while.

whocares
Guest
whocares

I am new to the fidelity card, just have 2549 points for the first month. But when going to the rewards part of their website, it implies the points are only worth HALF what I thought.

I called customer service and he made a ticket and told me he thought it was wrong and that the points are indeed worth a full 2%.

This is what it shows on my screen that implies they are only worth 50%…

You may redeem as few as 5,000 of your Points for a statement credit of $25.00. Points can only be redeemed in incremental values of $25.00. Insert value for the Points to redeem to see the corresponding Points-to-dollars conversion. Click “Next” to continue.

Jayson
Guest
Jayson

You have to make a fidelity money market account and withdraw the points to that to get the 2%, you’ll only get one percent as a statement credit. It didn’t cost anything to get the money market account. You won’t get anywhere with that ticket.

whocares
Guest
whocares

I think I have a money market account, isn’t it part of my brokerage account ? I have a checkbook.

It doesn’t show an option except a statement credit.

My understanding was I had to get to $50 and that would happen automatically. But the way the website reads, its not clear at all.

It will let me take the 2549 points as a $12.25 credit.

Jayson
Guest
Jayson

You may have to add your account somewhere to make it an option to deposit it to your brokerage. I just use a money market, that I added, there should be an option somehow to add it, but that is hour you get your 2%.

whocares
Guest
whocares

I remember opting for automatic deposit but I didn’t know their was a difference between your fidelity account and your fidelity money market and the website doesn’t mention it.

My checks don’t say money market, just fidelity and UMB Bank.

Have you even been to the site Im talking about ?

https://login.fidelityrewards.com/onlineCard/login.do

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[…] Services (which is part of U.S. Bank). Soon thereafter, Greg the Frequent Miler reported that the new Elan Services version of the Fidelity Visa was available for signups, but conversions of the old cards weren’t scheduled to begin until last […]