Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
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?* If you liked this post, consider signing up to receive free blog posts in an RSS reader and you’ll never miss an update! And thanks for using my links to apply for new card offers!
Out and Out has partnered with CardRatings for our coverage of credit card products. Out and Out and CardRatings may receive a commission from card issuers.
- Capital One Venture X Rewards - Earn 100,000 Venture miles and get a $200 credit for vacation rentals the first year plus a $300 annual statement credit for travel booked through Capital One
- Chase Ink Business Preferred - Earn 100,000 Chase Ultimate Rewards points and 3X bonus points for travel, internet, cable, and phone service
- Amex Blue Business Plus - Earn 10,000 Amex Membership Rewards points and 2X bonus points on up to $50,000 in spending per year with NO annual fee
The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.