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Fidelity Rewards+ program review
Just-released Fidelity Rewards+ program is exclusively for the wealthy, but check out these next-best options.
The new Fidelity Rewards+ program not only boosts the cashback payout for eligible customers, it also increases the yield customers will get on money market funds, cuts out all per-contract fees for options trades and provides access to three layers of identity protection. And those who act quickly can even grab a $75 signup bonus by simply using the credit card to buy something from Amazon.com over the summer.
The best options for those without a quarter-mil portfolio
Without an investment account of $250,000, you can still garner 2% cashback on everything you purchase using the Fidelity® Rewards Visa Signature® Card — though the best rewards credit card in the industry this year is the Citi® Double Cash Card, according to Finder’s team of reviewers. Both cards come with unlimited 2% cashback and no annual fee, but Citi gives you more flexible redemption options and typically offers a long intro APR period on balance transfers.
Citi cashback can be redeemed as a statement credit, a direct deposit, a check by mail or conversion to ThankYou Points that can be used toward online purchases or gift cards. Fidelity cashback accrues as rewards points and can only be deposited into a Fidelity investment account, Fidelity’s cash management account or the Fidelity HSA.
Several other cashback credit cards aren’t far behind with 1.5% cashback on all purchases, including the American Express Cash Magnet® Card, the Capital One® Quicksilver® Cash Rewards Credit Card, Chase Freedom Unlimited® and the Wells Fargo Cash Wise Visa® Card.
Details of Fidelity Rewards+
Benefits are determined by your level of investment in Fidelity Wealth Services or Fidelity Strategic Disciplines:
- Gold level ($250,000-$1 million): 2.25% cashback on credit card purchases, up to 0.32% current yield on cash in money market funds, $2 million in identity theft insurance and monitoring, and 100 no-contract-fee options trades per year.
- Platinum level ($1 million-$2 million): 2.5% cashback on credit card purchases, up to 0.47% current yield on cash in money market funds, $3 million in identity theft insurance and monitoring, and 250 no-contract-fee options trades per year.
- Platinum Plus level ($2 million or more): 3% cashback on credit card purchases, up to 0.51% current yield on cash in money market funds, $5 million in identity theft insurance and monitoring, and unlimited no-contract-fee options trades.
“We believe we are providing a new kind of return on investment to the estimated 22 million American households that could qualify for this program by helping them save and earn even more money as well as further protecting their digital information,” Fidelity Chief Marketing Officer David Dintenfass said in announcing the new program.
There is no enrollment cost for Fidelity Rewards+, and upgrades are automatic.
Earn more points with Fidelity Rewards+
Fidelity rewards those who have at least $250,000 to invest through Fidelity’s wealth management services. Depending on your investment funds in the Fidelity’s service, you can boost this card’s reward rate to:
- 2.25x points with gold level. You need between $250,000 and $1 million in your investment account to get this reward rate. On top of that, you get up to 0.32% current yield on cash in money market funds, $2 million in identity theft insurance and monitoring, and 100 no-contract-fee options trades per year.
- 2.5x points with platinum level. You need between $1 million and $2 million in your investment account. Plus you get up to 0.47% current yield on cash in money market funds, $3 million in identity theft insurance and monitoring, and 250 no-contract-fee options trades per year.
- 3x points with platinum plus level. This is the highest flat-rate reward you can find in a credit card. But to get it, you need to have $2 million or more in your investment account. Aside from earning 3x points on all purchases, you get up to 0.51% current yield on cash in money market funds, $5 million in identity theft insurance and monitoring, and unlimited no-contract-fee options trades.
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