Fidelity Rewards Visa vs. Citi Double Cash® Card: Pick the Right 2% Credit Card

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Are you shopping for the best cash back credit card on the market? You are wise to consider both the Fidelity Rewards Visa and the Citi Double Cash® Card.

Both of these cards offer a straightforward path to 2% cash back on everything that you purchase. And both carry the endorsement of money expert Clark Howard as top options for your wallet.

But there’s a difference in the way they pay out rewards that could determine which is the right choice for you.

In this article, Team Clark will assess the strengths and weaknesses of both cards in an effort to help you decide between the two cash back rewards cards.

Quick Comparison

Credit Card PerkFidelity Rewards VisaCiti Double Cash
Annual Fee$0$0
Intro Period for 0% APR on Balance TransfersNoneYes
Cash Back RewardsUnlimited 2% when invested in a qualified Fidelity investment accountUp to 2% unlimited (1% when you purchase, 1% when you pay for those purchases). To earn
cash back, pay at least the minimum due on time.
Cash Back Balance Redemption Minimum$50 (automatic deposit into linked investment account)$25
Cash Back Redemption MethodInvestment account credits, statement credits, gift cards, travel rewardsCheck, statement credit, credit to linked bank account, or credit card points
Intro Period for 0% APR on New PurchasesNoneNone
Welcome Bonus OpportunityNoneEarn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as
20,000 ThankYou(R) Points, which can be redeemed for $200 cash back
Foreign Transaction Fees1%3%
Apple App Rating4.8 out of 54.9 out of 5
Google App Rating4.3 out of 54.6 out of 5

Card Overview: Fidelity Rewards Visa

Fidelity® Rewards Visa Signature® Card

This card is targeted toward Fidelity investment account holders as a passive way to grow the amount of money they can plug into those investment vehicles.

All you have to do to earn the 2% cash back, which accrues in $50 increments, is set up an eligible Fidelity investment account and choose for the rewards money to be deposited there.

Clark says this the top card for people who are looking to invest their credit card rewards.

Here are the different types of Fidelity accounts where you can deposit your credit card rewards:

  • Brokerage account
  • Fidelity® Cash Management Account
  • Fidelity®-managed 529 College Savings plan
  • Retirement account (IRA, Roth IRA, etc.)
  • Fidelity Go® account
  • Fidelity Charitable® Giving Account®
  • HSA

Fidelity has other ways you can redeem your rewards, but in some cases, that means you drop below 2% in earnings.

Here’s a quick look at some of the other top perks to consider with this card:

  • Zero Liability Fraud Protection: If your card is lost or stolen, you will not be held responsible for unauthorized charges.
  • Warranty Manager Service: You can double the time period of the manufacturer warranty (up to an additional year) on purchases made with this credit card. (No longer available after 3/31/21)
  • Auto Rental Damage Waiver: This card will cover damage due to collision or theft on a rental car, as long as you make your reservation and pay for the rental with this card. So you’ll be able to decline the insurance offered at the car rental counter. (No longer available after 3/31/21)
  • Travel and Emergency Assistance Services: Through the Visa Signature program, you can contact the number on your card for help coordinating medical, legal or travel services. You’ll also have access to Roadside Dispatch, Travel Accident Insurance and Lost Luggage Reimbursement programs as part of this card’s travel perks.
  • More Visa Signature Perks: You can access shopping discounts ( and complimentary food and beverage discounts while staying at a hotel in the Visa Signature Luxury Hotel Collection. You’ll also have access to the 24-hour Visa Signature concierge (800-953-7392) and can gain special access to sporting, entertainment and dining events (

For more details on the Fidelity Rewards Visa, you can read Team Clark’s full review of the card here.

Card Overview: Citi Double Cash® Card

The marketing pitch for the card_name is that you earn 1% cash back when you make a purchase and then another 1% cash back when you pay the bill on that purchase. To earn
cash back, pay at least the minimum due on time. With no category spending limits, that’s 2% cash back — unlimited!

Unlike the Fidelity card, there are no restrictions or qualifiers on how you use your rewards.

Clark carries this card in his wallet because of the consistent, reliable cash back rewards it offers with simple, easy-to-understand terms.

Here’s a quick look at some of the other top perks to consider with this card:

Introductory APR Period: The Citi Double Cash® Card credit card offers 0% on balance transfers for 18 months. Afterwards, the (Variable) APR will be 19.24% – 29.24%, based on creditworthiness. To qualify for this perk, the balance must be transferred to the Double Cash card within the first four months of card membership. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

  • $0 Fraud Liability Protection: Citi offers full fraud protection on this card, meaning you will not be held personally responsible for fraudulent charges made with this card online or otherwise.
  • Lost Wallet Service: If you lose your credit card, Citi says it can get a replacement card in your hands as soon as 24 hours after you report the card lost. Citi also can provide you with a cash advance to help you until your new card has arrived.
  • Citi Entertainment: This card gives you access to the Citi Entertainment portal, which can help you with things like presales for events or discounted ticketing.

For a deep dive into the Citi Double Cash, check out Team Clark’s full review of the card here.

Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.

Key Differences Between the Cards

Now that you have a good understanding of what each card brings to the table, let’s examine a couple of key differences that may help you make your decision.

Rewards Programs

Both of these cards can return you an unlimited 2% cash back on all of your spending, but they take different paths to get there.


The good news is that neither has annoying category spending requirements.

But the “bad news” is that you’re still going to need to do some financial goal analysis to see which of these cards is best for you.

To get the full 2% back from the Fidelity card, you have to commit to investing the rewards on things like retirement, college savings or your general investment portfolio.

The Double Cash carries no such qualifiers on your intentions for your cash to get the full 2%, but there are hoops to jump through here as well.

With the reward policy of 1% when you buy and 1% when you pay the balance, you’re going to have to be diligent about paying your balance in full each month to ensure you’re claiming all of your rewards with the Citi card.

Keep in mind that Team Clark recommends these credit cards only if you’re planning to pay the balance in full. Rewards credit cards can do more harm than good if you regularly carry a large balance. If you fall into that category, Clark recommends getting a credit card from your local credit union that has a fixed, low APR.

Balance Transfer Offer

If you are carrying a high-interest balance on a credit card already in your wallet, the Citi Double Cash may offer you a reprieve that the Fidelity Rewards cannot.

Citi offers a very competitive introductory APR offer on balance transfers if you make the transfer within the first 120 days of owning the card.

You’ll have to pay a fee equal to 3% of the amount of money you’re transferring (minimum of $5), but it will buy you 18 months’ worth of interest-free payments on that debt.

Depending on the amount of debt you’re carrying, that could save you hundreds of dollars in interest.


Team Clark recommends using that 18-month period as an opportunity to set up a plan for eliminating that debt from your life for good.

Mastercard vs. Visa

If you’re serious about the details of your credit card perks, it may make a difference to you that the Fidelity card runs on the Visa Signature platform while the Citi Double Cash runs on Mastercard.

Differences can include both the types of perks available (warranties, discounts, etc.) and the amount of time or terms on the offers.

Most of those differences are fleshed out in the detailed reviews we have on each card.

From a spending perspective, Visa and Mastercard are the two most accepted card payment methods in the country, so there should be no issues there.

Final Thoughts

You really can’t go wrong with either of these cash-back credit cards.

Both receive the full endorsement of Clark Howard, with the Citi Double Cash actually finding its way into his wallet in 2020.

Each one gives unlimited 2% cash back with no category limits, placing them among the very best cash back rewards cards.

Both cards are also great for credit card users who are interested in investing or saving their rewards.

If you plan to specifically set aside your credit card rewards for saving or investing, the Fidelity card is probably the right choice.


If you plan to use those rewards for other types of spending, you’re likely better off with the Citi Double Cash.

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