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 Visa Signature® Card. However, minors, corporations, funded eligible Fidelity account partnerships, and trusts cannot apply. The account owner must be an individual, not an entity.
Elan Financial Services reviews all applications. Fidelity is not involved with credit card qualification decisions and cannot guarantee that any existing Fidelity customer will be eligible for this card.
Once you have your card, you can link the card to an open and funded Fidelity account and direct Fidelity Rewards benefits to the account as contributions.
Who is Elan Financial Services?
Elan Financial Services is the creditor and issuer of the Fidelity® Rewards Visa Signature® Card program. Fidelity has worked with Elan to provide this credit card program; however, Fidelity and Elan Financial Services are separate companies.
To apply for a card, apply online or call 888-325-6196. If you are an existing card member of Elan Financial Services and have questions about your card, please call Elan Cardmember Service at 888-551-5144 (this number is also located on the back of your card).
How does the Fidelity Rewards Credit Card 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 Elan Financial Services, Fidelity will verify whether you have reached your maximum contribution amount with Fidelity for that year. If we determine that you have fully contributed to your Fidelity IRA accounts for that year or reached the maximum contribution limit on your Fidelity-managed 529 plan account, Fidelity will not accept the Points transfer, and your Points will continue to accrue at Elan Financial Services. Customers can continue to let Points accrue until the next year, or they can redeem these Points for other rewards, such as travel, merchandise, gift cards, or statement credit.
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, and we will not be able to stop the reward contribution from going to your Fidelity IRA.
How does the Fidelity Rewards Credit Card work if I elect to donate my rewards to my Fidelity Charitable® Giving Account®?
You are generally eligible to take an itemized deduction on the date the charitable contribution to Fidelity Charitable® is made. The deduction for cash equivalents is for the amount of the contribution(s) and may be taken up to 50% of adjusted gross income. Fidelity Charitable will send confirmation for tax purposes to the donor, the credit card account holder. Please contact your tax advisor to determine your tax deductibility limits.
How do I make mobile payments with my Fidelity® Visa Signature® Card?
Most mobile smartphones are enabled with tap to pay technology that come with a digital wallet.
Earning and redeeming Points
How do I earn Fidelity Rewards Points?
You earn 2 Points for every $1 that you spend on eligible net purchases that you charge with your Fidelity® Rewards Visa Signature® Card.
Net purchases are your total purchases minus the following: credits to your account, returns, fraudulent charges, and other types of transactions that do not count toward the net amount on a billing cycle basis.
To earn Points, your account must be in good standing according to the terms of your Cardmember Agreement.
If you're an existing cardmember, please refer to your program rules for specific Point earning details.
To access the Rewards Center, log in to Fidelity.com/CreditCardAccount and select "Manage Reward Points."
What types of Rewards Points are available?
You can redeem your Points for a variety of reward options, including a cash deposit into eligible Fidelity account(s), travel, merchandise, gift cards, or statement credit. The 2% cash back value applies only to Points redeemed for a deposit into an eligible Fidelity account. The redemption value is different if you choose to redeem your Points for other rewards.
If you're an existing cardmember, please refer to your program rules for specific rewards details.
How are Points redeemed into a Fidelity account?
You can choose to have your Points automatically redeemed for a cash deposit into your eligible Fidelity account(s) on a monthly basis, or you can choose to accrue Points and redeem them at any time:
You can set up your Fidelity Rewards for automatic redemption by adding your eligible Fidelity account(s) to receive cash deposits. If you need further assistance, call Cardmember Service at 888-551-5144.
At the end of each month, if you have reached the 2,500 Point minimum, your Points will automatically be converted to the equivalent dollar amount and that amount will be deposited into your designated eligible Fidelity account.
If you do not want your Points automatically deposited into your Fidelity account(s), you can choose to accrue Points and redeem them at a time you choose once you have reached the 2,500 Point minimum. If you need further assistance, call Cardmember Service at 888-551-5144.
To access the Rewards Center, log in to Fidelity.com and select "Redeem rewards."
What Fidelity accounts are eligible for a deposit?
Eligible accounts include most nonretirement registrations as well as Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Fidelity Charitable® Giving Account®, Fidelity HSA®, and Fidelity-managed 529 College Savings Plan accounts. 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. Full details appear in the Program Guidelines new card customers receive with their card. Contributions to Fidelity Charitable® are generally eligible for a federal income tax charitable deduction. Please consult with your tax advisor. The list of eligible registration types may change without notice at Fidelity’s sole discretion. For more information about whether a particular registration is eligible, please call 1-800-FIDELITY (800-343-3548).
How many Points do I need to earn in order to redeem them?
In order to redeem Points for a cash deposit into your eligible Fidelity account(s), you must have a minimum of 2,500 Points. Rewards offers also begin at 2,500 Points if you choose to redeem your Points for travel options, merchandise, gift cards, or a statement credit. The redemption value is different if you choose to redeem your Points for rewards other than Fidelity rewards.
Where can I find out how many Points I have earned?
You can view your rewards information by logging in to your account on Fidelity.com/CreditCardAccount. You can also view how many points you have earned for each billing period on your monthly Fidelity Rewards credit card statement.
Is there a cap on the amount of Points I can earn or redeem?
No, there is no limit or cap to the amount of Points you can earn or redeem.
If you're an existing cardmember, please refer to your program rules for specific rewards details.
Can my Points expire?
Reward Points will not expire as long as your Account remains open. If you're an existing cardmember, please refer to your Program Rules for additional information.
Can I use my Points to initially fund a newly opened Fidelity account?
No, you can redeem rewards only into a previously opened and currently funded Fidelity account. If your account isn't adequately funded, the Reward Points won't 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.
If you are depositing into a 529 account, cash will be deposited at the closing day market price on the day the funds are transferred into your account.
Deposited cash is invested according to the standing allocation instructions on the designated account.
If you donate to your Fidelity Charitable® Giving Account®, cash will be invested in the pools in accordance with the pool allocation process policy located in the Fidelity Charitable® Policy Guidelines.
Can I direct my rewards deposit into a friend or family member's eligible Fidelity account?
Yes, having the Fidelity® Rewards Visa Signature® Card allows you to direct your Reward Points to a friend or family member's eligible Fidelity account, with the exception of the Fidelity Charitable® Giving Account®. For example, a grandparent can help with a grandchild's college fund by depositing Points into a 529 plan account. Many other Fidelity accounts are eligible for this benefit, including brokerage, retirement, and Cash Management accounts.
Are earned Reward Points taxable?
You should consult your tax advisor with any questions about the taxability of your Points.