Cash Management FAQs: Rewards Credit Cards
Who may apply for a Fidelity Rewards Credit Card?
Anyone who resides in the United States and is 18 years or older may apply for a Fidelity Rewards Credit Card, but to receive the Fidelity Rewards benefits as a contribution to a Fidelity account, you must link your card to an open and funded Fidelity account. FIA Card Services reviews all applications. Minors, corporations, funded eligible Fidelity account partnerships, and trusts cannot participate. Fidelity is not involved with credit card qualification decisions and cannot guarantee that any existing Fidelity customer will be eligible for this card.
Who is FIA Card Services?
FIA Card Services is the issuer and administrator of the Fidelity American Express® and Visa® credit card programs. FIA Card Services is not an affiliate of Fidelity, but Fidelity has worked with them to offer this credit card program to our customers. If you are an existing card member and have questions about your card, please call FIA Card Services at 877-811-7088.
What if I already have a Fidelity Rewards Credit Card?
If you have a Fidelity Rewards Credit Card you can continue to enjoy the features and benefits associated with that card. If you would like information about rates, fees, other costs and benefits, or to apply for a new Fidelity Rewards American Express® Card or Visa® card, please fill out the appropriate online application or call an FIA Card Services® representative at 800-551-0839.
How do the Fidelity Rewards Credit Cards work if I elect to deposit my rewards in a tax-advantaged IRA or a 529 plan at Fidelity?
Here are some things to keep in mind if you want to deposit your Fidelity Rewards into these accounts:
- All IRA and 529 plan contributions resulting from the card will be considered current-year contributions. The ability to contribute to an IRA or 529 college savings plan account is subject to IRS rules and specific program policies, including those on eligibility and annual and maximum contribution limits.
- To the extent that you are not eligible to make an IRA or 529 plan contribution or have already made your maximum IRA or 529 plan contribution for the year, any additional contributions can subject you to IRS excise taxes. It is your responsibility to ensure that any deposits to your Fidelity account are eligible contributions and do not violate the terms of your Fidelity accounts, applicable IRS contribution rules, or limitations or other applicable laws or regulations. Consult your tax advisor concerning tax consequences.
- Prior to accepting the transfer of points from FIA Card Services, Fidelity will check to verify whether you have reached your maximum contribution amount with Fidelity for that year. If we determine that a customer has fully contributed to his or her Fidelity IRA accounts for that year or reached the maximum contribution limit on his or her Fidelity-managed 529 plan account, Fidelity will not accept the points transfer, and the customer’s points will continue to accrue at FIA Card Services. Customers can continue to let points accrue until the next year, or they can redeem these points for other rewards, such as gift cards or travel.
- Under IRS rules, individuals who do not have earned income are generally not eligible to make IRA contributions. Spousal IRAs are not eligible.
- IRS rules also prohibit IRA contributions from being made to Traditional and Rollover IRAs for the year an IRA owner reaches age 70½ and beyond.
- If you are also making contributions to another company’s IRA, Fidelity is unable to monitor whether you have maximized your total annual IRA contributions, nor will we be able to stop the reward contribution from going to your Fidelity IRA.
Can I set up my Fidelity Rewards Credit Card to use Apple Pay?
Not yet, but we plan to offer this service in the future and will let you know when it becomes available.
Earning and redeeming points
How do I earn Fidelity Rewards points?
Fidelity American Express® Card members earn 2 points for every $1 spent in net retail purchases.
Fidelity Visa Signature® cardholders earn 1.5 points for every $1 spent on the first $15,000 in net retail purchases per year, and 2 points per $1 thereafter.
Net retail purchases are defined as purchases less credits, returns, and adjustments.
Transactions that do not earn rewards points include:
- Balance transfers.
- Cash advances (including purchases of money orders or other cash equivalents).
- Fees or interest charges.
- Fraudulent transactions.
How are points redeemed into a Fidelity account?
Fidelity American Express® Card members earn 2 points for every $1 spent in net retail purchases. Fidelity Visa Signature® cardholders earn 1.5 points for every $1 spent on the first $15,000 in net retail purchases per year, and 2 points per $1 thereafter. Customers can choose to have their points automatically redeemed for cash into their eligible Fidelity account, or choose to accrue points and redeem them on demand at any time. Customers must earn a minimum of 5,000 points to have them redeemed into a Fidelity account. Once you have reached 5,000 points, they can be converted at a rate of 1% (1 point = $0.01) into the eligible Fidelity account you designate. Deposits will be sent via the Automated Clearing House (ACH) Network into your designated Fidelity account.
Automatic Redemption Setup
Customers may set up their account for automatic redemption by designating an eligible account at the time of application, or after the card account is opened by selecting the Fidelity Rewards banner at www.fiacardservices.com. At the end of each month, if you have reached the 5,000 point minimum, FIA Card Services will automatically convert your points to the equivalent dollar amount and deposit that amount through the ACH network into your designated Fidelity account.
On Demand Redemptions
If you do not want your points automatically deposited into your Fidelity account, you can choose to accrue points continuously and redeem them at any time you choose once you have reached the 5,000 point minimum. To do this, follow the instructions below.
- Go to www.fiacardservices.com.
- Log in, or create a login if it is your first time.
- Select the Fidelity Rewards link or banner.
- Enter your Fidelity account number and select the amount of points you would like to redeem.
- Funds are deposited via electronic funds transfer within 15 days. For Fidelity-managed, advisor-sold 529 plans, funds will be received at the end of each month.
What Fidelity accounts are eligible for a deposit?
All Fidelity nonretirement, Fidelity IRA, and Fidelity-managed 529 plan accounts that accept Automated Clearing House (ACH) deposits are eligible for a rewards deposit. If you intend to deposit points in an eligible account, it is your responsibility to ensure that the account is one for which contributions on your behalf can be accepted and that, under applicable tax law, you are eligible to make contributions to that account for the year that the deposit is made. Refer to the applicable Fidelity account Customer Agreement, Custodial Agreement, or Participation Agreement for information on the terms and conditions of the Fidelity account.
How many points do I need to earn in order to redeem them?
Redemption options begin at 2,500 points. If you choose to redeem points for cash back into an eligible Fidelity account you must have a minimum of 5,000 points.
Can I redeem points for other things?
Yes, you can choose to redeem your points for travel with no blackout dates, gift cards, or other items. Visit www.fiacardservices.com, and select the Rewards tab for a complete listing of redemption options.
Where can I find out how many points I have earned?
The monthly Fidelity Rewards credit card statement that you receive from FIA Card Services shows how many points you have earned for each billing period. You can also access key credit card information at Fidelity.com as well as on your statement or online at www.fiacardservices.com.
Can I cash out my rewards points?
No, rewards points have no independent cash value unless converted into a cash deposit. If you cancel your card, all remaining rewards points will be forfeited.
What is the cap on the amount of points I can earn or redeem?
There are no caps to the amount of points you can earn or redeem.
Can my points expire?
Your points will expire after five years.
Is this card associated with the American Express Membership Rewards® program?
No, the rewards points earned through this program are not affiliated with the American Express Membership Rewards® program.
Can I earn points with balance transfers?
No, you can only earn rewards points on net retail purchases.
Can I use rewards points to open a Fidelity account?
No, your card must be linked to a previously opened and currently funded Fidelity account in order to deposit rewards into a Fidelity account. If your account is not adequately funded, the rewards points will not transfer into the account. Minimum investment requirements vary by account type.
How are my points that are redeemed as a cash contribution into my Fidelity account going to be invested?
Points redeemed as a cash contribution into a Fidelity account will be deposited into the core position of your brokerage, Fidelity® Cash Management Account, or Fidelity IRA account.
If you are depositing into a Fidelity-managed 529 account, it will be deposited at the closing day market price on the day the funds are transferred into your Fidelity account. They are invested according to the standing allocation instructions on the designated account.
If I have the Fidelity Investments 529 College Rewards® American Express® Card, can I link it to a friend or family member’s Fidelity-managed 529 plan account?
Yes, one of the benefits of this card is that you can direct your rewards points to a friend or family member’s Fidelity-managed 529 plan account. Friends and family members can also link their 529 College Rewards Cards to your account. Simply supply the 529 account number you would like your rewards points credited to at the time of application or online at www.fiacardservices.com.