The Fidelity Investment Awards American Express Card

The Fidelity Investment Awards American Express Card is a true 2% cash back card, earned in $50 increments for every $2,500 spent.  The drawback to this card is that, to earn the 2% rate, the cardholder must open an “eligible Fidelity account” and authorize the rebate to be direct-deposited into that account.  Most Fidelity accounts are “eligible,” however, so 0pening one is not a huge obstacle.

Signup Bonus and Fees

There is no signup bonus for the Fidelity Investment Awards American Express card, but there is also no annual fee.  Fidelity charges a 1% fee for foreign transactions.

The Rewards

As previously noted, the card yields a 2% cash reward on all purchases if the reward is direct-deposited into an eligible Fidelity account (which appears to include deposit accounts and both retirement and non-retirement investment accounts).  As stated in the card’s terms and conditions, “the 2% rewards value applies only to points redeemed for a deposit into an eligible Fidelity account” and “[t]he redemption value is different if you choose to redeem your points for other rewards.”  How different?  It’s not made clear in the terms and conditions, and since I have no experience with the card I cannot say for sure, but I’d be willing to wager any amount of money that “different” means “lower.”

The Bottom Line

The Fidelity Investment Awards American Express Card is a great 2% cash back card that carries no annual fee.  However, the requirement that the card’s cash rewards be deposited into a Fidelity account is a hassle for non-Fidelity customers.