Fidelity’s 2% cash-back card moves from American Express to Visa


The best credit card offer in America is about to make a move from American Express to Visa.

Low-cost investment house offers best card

When new credit card rules went into effect six years ago, the banks that issue the majority of cards in the United States were prohibited from doing many of their common rip-off practices. But that hasn’t meant that the ripoffs have stopped completely; to the contrary, the banks have instead just switched to cooking up new legitimate gouge fees, especially annual fees on cards that previously had no annual fees.

Read more: How you can save your family $6,700 this year

That’s put a lot of people into the market for a new credit card during the early part of this decade. Fortunately, one respected low-cost brokerage house has stepped up to offer what I call the best credit card deal in America: Fidelity Investments.

Their Fidelity Rewards Card offers 2% back on every single charge — no games, no gimmicks, no annual fees and no limits on what you can earn back. The cash back doesn’t expire and it gets deposited directly to your IRA, 529 college savings plan or a Fidelity brokerage account.

Notice that I didn’t say a word about the interest rate of this card. That’s because this card should really only be used by people who do not run a monthly balance. If you do run a balance, try hunting around for a credit card at your local credit union.

Fidelity is ending its partnership for this card with American Express, and has switched to Visa. If you already have the AmEx version of this card, the transition will be easy for you. Your new Fidelity Visa card will just show up in the mail for you to use.

Visa is accepted at more places than American Express, so this behind-the-scenes move should make it more useful to you. Fidelity offers this card as a way to build brand loyalty and encourage you to invest with them. As for American Express, the company seems to be having some trouble because this is the third high profile partner account they’ve lost recently, following JetBlue and Costco.

Read more: What to do if your credit card application gets rejected

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