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Cut the Crap: The Fidelity Investment Rewards Credit Card is THE BEST cash back card!

Fidelity-Amex

You da best

Had to get this off my chest.

There’s always a lot of talk in the points and miles world about which cashback card is “the best.” The speculation is constant, rampant.

  • Bank of America recently introduced a card where one could get 2.65 points per dollar so long as they dump $100,000 into an investment account.
  • The Barclaycard Arrival always gets mentioned because it’s an effective 2.22% cashback on travel purchases.
  • Citibank has a new one too: the Citi Double Cash card.
  • Freedom gets a mention due to its rotating 5% categories, which yes, is a good deal, and yes you can cash it out (but keep them for Ultimate Rewards transfers!).
  • Then there’s the Fidelity Investment Rewards Amex.

Why it’s the king

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The BEST cashback card now has a signup bonus

Fidelity_investment_card

A+

I’ve written at length about the Fidelity Investment Rewards American Express card.

Two choice quotes (yes, I am quoting myself):

“The unsung hero of cashback cards.” 

“The best cashback card on the market.” 

This card is good for:

  • Unbonused spending categories since it offers a flat 2% back on every single purchase
  • Keeping forever to boost credit history since it has no annual fee
  • Everyday spenders that don’t need/want to meet exorbitant spend requirements
  • Those who want to invest in the long-term instead of short term travel ventures

I have this card and find myself using it quite a lot. I keep it in my wallet and use it when I’m somewhere that is not in a bonus spend category (hardware stores, big box stores, random services) which happens more than I thought it would. It’s a nice way to “give myself” a bonus since I like to earn 2 points on every dollar I spend.

I also LOVE their shopping portal. It regularly offers larger payouts than other portals, including the already generous Chase Ultimate Rewards shopping portal. Except these points go right into your brokerage/IRA/college savings account for you to invest however you want, which is pretty cool. I always check this portal and am sometimes blown away by how large their payouts are. They also have more online stores than the other portals.

This card is quite the anomaly in the points and miles world: it’s an American Express card issued by a Bank of America subsidy that plugs directly into your account at Fidelity… what? How did those partnerships produce this card? 

But what about the Barclaycard Arrival?

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One More New Credit Card: Fidelity Investment Rewards American Express

Fidelity_investment_card

This signals a shift in my spending patterns and way of thinking, for sure. I thought about this a lot and decided this would be a good decision, for now and for the future.

The Fidelity® Investment Rewards American Express® offers 2% cash back into an investment account on every purchase: no categories, no minimum spend, no signup bonus, but no annual fee. I thought about it. My average spend is about $5K a month. That’s 10,000 points or $100 in cash each month. But then that $100 will be invested and will turn around a further 6-20+% return, depending on where I invest it. In 20 years, that $100 could be worth a few thousand, which is pretty cool to think about and to behold the power of compound interest.

The reason I got this card now is because I have my travel (and all my vacation days) planned out for the next six months:

And that’s in addition to my courier work. I also have a healthy amount of Avios, AAdvantage miles, Skymiles, and Ultimate Rewards points in case I need/want to go anywhere in the months beyond January. So, I’m set with points and miles for now. But thinking further, much further, I’d like my spend to be working for me even more.

This card is quite a hybrid. It’s an Amex issued by a Bank of America subsidy and partners with Fidelity investments. Pretty cool. It gives me the benefits of Amex and the investment power at Fidelity, a company I really like. It didn’t count for or against my relationship with Chase or Barclays or Citi, which is a positve. And, I  have investments at USAA, Betterment, and MetLife, and would like to diversify even more. So I took the plunge, opened a mutual fund account, and got approved for this card. With my travel set, I can set aside some free money for my future just for using this card. That kind of blows my mind. Literally – FREE money.

With some creative manufactured spend, it truly is free, and though I’m giving up points in favor of invested cash for a while, I feel good that I took some time to make a thoughtful decision.

Anyone else have or heard of this card? Do you like it?