Fidelity Rewards Visa Credit Card Review

if you are thinking about signing up for the Fidelity rewards Investments credit card or already have it you want to watch this video to learn about one really big downside as well as get the

full review so this card was like my first beloved credit card love because so well first off my wife's family they are extremely generous we'd go out to

lunch go out to dinner you know at the Mexican restaurant um Sarah's dad would pull out the Fidelity Investment rewards card and and buy lunch or dinner for everyone and you were like that could be

me one day no I was like thank goodness I I got a free meal that's what I was thinking um that is that is us now but that was not my thought at the time and

it was it was actually just super um nice and different than my exp because you know in my family uh this is my aunt I know them well yes yeah um in my family I when I was probably 14 15 I was

paying for my own food when we would go out to restaurants so it was a very different experience I'm like we're in college and they're still bu our food like this is this is great so and then

he told me about the card and it gives you 2% cash back which is is great and I hate credit cards that have these wonky point system because it's like what does

a point mean what does a mile mean like how like what does it actually get you you don't really know but I know what 2% on 100 is it's two bucks I get two bucks back and it's just very clear and so

that's not to say that those other credit cards that have those sorts of features there's a place for them like typically you know travel cards have some really good travel rewards and perks if you're into that sort of thing

or um you know like we use the AA American Airlines card to get boarding times like there's very specific reasons to use other cards but for like a everyday driver like the Fidelity uh

rewards card is was that for me it was that it's not as much that anymore and I'm going to get to why I still do use it quite a bit but there are some key situations where we don't use it now here's what I love about it you can

connect it to your fidelity investment account and so you can take those rewards there's several ways that it can work the rewards can just stack up there and um you can choose to log in and put

them into your Fidelity account but you can also set it up so that every so often they just automatically redeem and you can tell them whether you want it to go into uh Roth IRA um just a

traditional Roth uh 529 like you can go any any type of the accounts that Fidelity has you can have that automatically go into one of those accounts and then you can tell it what fund you want it to go into so it can

all just so now just automatically when we get rewards they just automatically get redeemed into our Fidelity account and then automatically get put where we told it to put it so it's just like amazing so if you struggle with saving

um you know there's the acorn app have you heard of that I'm not a huge fan of it I just think it's kind of gimmicky it's gimmicky to me because it's like it's your money they're just rounding your money and then taking your money

and investing it and whereas with this it's extra like it's 2% extra money that you're getting that you wouldn't have had otherwise that they're just giving to you and so I really really like it

the other really great thing about this is there's no annual fees I despise cards with annual fees um we have a couple cards with annual fees I actually have the receipts sitting right over there because what I like to do with

cards with annual fees so this is a little bonus tip is I will call them and be like hey I'm thinking about canceling the card I just got charged for the annual fee I wanted to see if you were maybe willing to refund it and and I've

never had them say no so that card a $100 annual fee I think that is for the the American Airlines um and most of the time they'll do it but you still have to stay on top of it like so I really hate it so what's great about the Fidelity

card is there are zero annual fees there's no foreign transaction fees so we travel quite a bit so when we go to Japan we go to Italy we can just use that card and we don't have to worry about being charged an additional fee

for the foreign transaction fee you know only downside and some of the benefits is like uh not having as big of travel benefits or those sorts of things and then not having any sort of like welcome

bonuses like a lot of the cards uh will offer you so many extra bonus points whatever that means whatever that gets you like if you're like I'm not a big credit card person I'm like I'm in

between on credit cards I'm not I'm not the credit card hacking guy but I'm not the Godfather you are stupid I'm not uh despising credit cards uh they're just a

tool that I use and I the thing is when you get into all the hacking and the points there's usually just so much work and what I would hope for you guys that are watching is that at some point I

want you to get to the place financially where you're earning enough you've saved enough that all the hacking stuff it's just like a drop in the bucket and so it's not worth your time to get $50 or

$100 because your time is so much more value you've structured your life you've created so much more value you're getting so much more income that you don't have to worry about fiddling with that stuff because when you are low to

mid income those things are really really valuable but if you can get mid to high income then they become less and less valuable as a percentage of what you're doing and so you can start to

ignore some of those things so part of that too is it's just such a big value like it's such a good deal to get the 2% cash back I just don't know that they need to offer that much else I'm waiting

for the downside the downside so the biggest rushing you you're not rushing me I know that's that's a great transition um maybe two years ago I went to use a feature that I loved of the

card and let me give you a little history of the card the card used to be Fidelity rewards investment American Express card and then several years ago I don't remember when they switched to

Fidelity rewards Fidelity Visa it went from American Express to Visa that's the main point is it went from a Visa car it went from an American Express to visa and I

think I don't exactly know when they got rid of the extended warranty but I think it was in that transition of going from American Express to Visa so I had bought something that something had broke and

the manufacturers warranty was done so I wanted to have the thing fixed for free or replaced for free so I went to look into it and then son of a gun no they they had removed it so here's how we use

it we use it for gas we use it for medical stuff but what we don't use it for is large purchases so we typically aren't using it for travel we have cards that we use specifically for travel and

we're not using it for appliances large Tech purchases anything that could break and then we would want to redeem that reward of the the extended warranty we're not going to be using it what card

do you use for your warrant I have switched to uh an American Express Blue something or other card um because again

most American expresses let's see it is American Express cash preferred I don't know that's all it says it's this it's this one it's this one I did some research at the time and it was one of

the better ones but the biggest thing and the biggest perk of it is that uh I don't do it for the Cash Back Rewards it has some stupid point system that I hate but um I I do I do get the extended

warranty so uh again most American expresses I haven't found an American Express that does not have that feature so who is this card best for uh I mean if you're a Fidelity user for Roth IRA

or retirement stuff it's a no-brainer please do this and just set it up and then just have um the rewards automatically go into whatever retirement vehicle that you want or whatever tax advantage account you're using or just straight up brokerage

that's actually how we do it because of the way that our Roth hour are and we Max them all out at the beginning of the year I just have it go to our brokerage account and just automatically get invested it's ideal for somebody who's looking to automate your savings so if

you are looking for a way you're like hey I'm really bad at saving but I would like to start saving this is a great way to do it because if again the caveat is you need to be somebody who um I really recommend that you're somebody who pays

off your credit card balances in full if you struggle with shopping if you struggle with paying off your credit card balances in full then I do not recommend this but if you do and you're looking for a little savings boost then this will be great for you so that's

pretty much it I'd love to hear from you guys do you guys uh use the Fidelity rewards card if not do you have a favorite goto daily driver credit card and what is it tell me in the comments below I'll see you next time