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. Elan Financial 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 Elan Financial Services?
Elan Financial Services is the creditor and issuer of the Fidelity® Rewards Visa Signature® Card program. Fidelity and Elan Financial Services are separate companies, but Fidelity has worked with them to offer this credit card program to our customers. If you are an existing card member of Elan Financial Services and have questions about your card, please call them at 888-551-5144.
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 Elan Financial 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 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 a 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, nor will we be able to stop the reward contribution from going to your Fidelity IRA.
How do I make mobile payments with my Fidelity® Visa Signature® Card?
Whether you're an Apple, Samsung or Android user, mobile purchases are possible and offer you an easy way to pay using your card. Simply add your card to your device and get started.
All of the payment technologies use a form of encryption to create virtual card numbers – meaning your card's information isn't shared with a merchant.
It's simple to get started with ApplePay. There are no apps to download, you simply need to add your credit card.
- Add your credit card to the iPhone Wallet® by taking a picture of it with your iPhone's camera.
- Add your security code – found on the back of your card.
- Use Apple Pay. Hold your phone near a payment terminal. Apple Pay automatically launches and you approve your purchase with a finger print.
You'll need your credit card and your phone to setup Samsung Pay. Simply use the phone's camera to add your card. And then, when you want to use Samsung Pay at checkout, just swipe upwards on your screen.
- Add your card with the phone's camera. Secure it with a fingerprint and PIN number.
- Wide coverage – works nearly everywhere you can swipe your card.
- Hold phone near terminal to pat and a subtle vibration confirms payment.
With Android Pay, you simply unlock your phone and hold it near the retailer's contactless terminal.
- Use Android Pay wherever you see its symbol or the Visa® payWave symbol.
- In-app payments. It's also simple to use Android Pay inside many popular apps. No need to remember a password - just use Android Pay.
Earning and redeeming points
How do I earn Fidelity Rewards points?
You earn 2 points for every $1 that you spend on net purchases (purchases minus credit and returns) that you charge with your Fidelity® Rewards Visa Signature® card. In order to earn points, your account must be in good standing according to the terms of your Cardmember Agreement.
Fidelity® Rewards Visa Signature® cardholders earn 2 points for every $1 in net purchases. Net purchases are defined as total purchases minus the following: credits to your Account, returns, fraudulent charges, and other types of transactions that do not count towards the net amount on a billing cycle basis.
Transactions that do not earn rewards points include:
You do not earn points on credits to your account, returns, balance transfers, fraudulent charges, and other types of transactions that do not count towards the net amount.
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 on demand at any time.
Automatic Redemption Setup
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 5,000 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.
On Demand Redemptions
If you do not want your points automatically deposited into your Fidelity account(s), you can choose to accrue points continuously and redeem them at any time you choose once you have reached the 5,000 point minimum. If you need further assistance, call Cardmember Service at 888-551-5144.
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, 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. 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 (1-800-343-3548).
How many points do I need to earn in order to redeem them?
If you choose to redeem points for a cash deposit into your eligible Fidelity account(s), you must have a minimum of 5,000 points. If you choose to redeem your points for travel options, merchandise, gift cards, and/or a statement credit, rewards offers begin at 2,500 points. The redemption value is different if you choose to redeem your points for other rewards than Fidelity Rewards.
What types of rewards are available?
Redeem your points for a variety of exciting reward options, including a cash deposit into eligible Fidelity account(s). You can also choose from Fidelity Rewards, travel, merchandise, gift cards, or a statement credit. Please visit the Rewards Center for more details on your reward options. The 2% rewards 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.
Where can I find out how many points I have earned?
The monthly Fidelity Rewards credit card statement that you receive shows how many points you have earned for each billing period. You can also access your Fidelity Rewards credit card information at Fidelity.com.
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?
Any points you earn will not expire.
Can I use my points to initially fund a newly opened Fidelity account?
No, you can only redeem rewards into a previously opened and currently funded Fidelity account. If your account isn't adequately funded, the rewards 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 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.
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 rewards points to a friend or family member's eligible Fidelity account. For example, a grandparent can help with a grandchild's college fund by depositing points into a Fidelity-managed 529 plan account. Many other Fidelity accounts are eligible for this benefit, including brokerage, retirement or Cash Management Accounts.
Are Reward points earned taxable?
Consult your tax advisor should you have questions about the taxability of your points.
What if I already have a Fidelity Rewards Credit Card issued by FIA Card Services®?
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, please call an FIA Card Services® representative at 877-811-7088.