Fidelity 2% Card Removes The Foreign Transaction Fee

The Fidelity 2% card sent out an email today that they’ve removed the foreign transaction fee on the card. Previously there was a 1% foreign transaction fee.

That’s excellent news, and this card now joins a short list of cards with no annual fee and solid rewards that don’t have any foreign transaction fee.

Your card is better than ever. You will no longer be charged foreign transaction fees when making international purchases with your Fidelity® Rewards Visa Signature® Card. You card has been automatically updated. There’s nothing you need to do, simply continue to use your card and earn Reward Points on everyday purchases.

My only gripe about the card is their $25 minimum cashout – since I don’t use the card regularly, I hesitate using it when the need arises since that means I’ll have to then hit the $25 reward threshold or leave the rewards orphaned for a future date.

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Sweepster
Sweepster (@guest_1863277)
June 22, 2024 12:05

A little-known benefit of the Fidelity Rewards Visa Signature card is that the cash back percentage increases if you have Fidelity manage some of your money. If you’re one of their Wealth Management Clients and you turn over to them $2 million (I wish!), your cash back from the credit card increases to 3%. You need to give them a minimum of $250,000 to bump the cash back percentage to 2-1/8%, $500,000 increases the cash back to 2-1/4%, $1 million gets you 2-1/2% cash back, and so on up to the 3% maximum.

JDilla
JDilla (@guest_1737224)
November 15, 2023 06:40

Any data points for using this card to fund bank accounts? Are they forgiving like Chase cards, or instantly denied like US Bank cards?

Blender
Blender (@guest_1711021)
October 7, 2023 22:08

Is Elan sensitive to lates, charge off or collection? I have some 6 year old baddies.

shawn
shawn (@guest_1706592)
October 1, 2023 01:39

i hate underwriting with elan denied me twice inqury senstive i went with paypal

Karl
Karl (@guest_1703693)
September 27, 2023 14:57

This would be a great card to hold and I would keep it for sure…
But the SUB is only $150!

For a 5/24 slot + a hard inquiry, that minimal SUB is a deal breaker.

Bossman
Bossman (@guest_1703090)
September 26, 2023 20:54

I’ve been considering this card but I already have the Citi Double Cash. Is the Fidelity Card much better or should I just stick with the Citi?

I try to use tap to pay on everything I can and earn 3% on that with the US Bank Altitude Reserve and use the Citi Double for every other general purchase.

Abel
Abel (@guest_1703265)
September 27, 2023 03:20

I had the Citi Double Cash before I pulled the trigger on this. Main reason I got it was bc you can redeem your points/cash back to invest into a Fidelity account (accounts vary). Depending on your point redemption values and finance goals, this may be a nice way to invest your earnings for future finance goals. There was and may still be a $150 sign up bonus too.

John Doe
John Doe (@guest_1717919)
October 18, 2023 12:03

I have both but I find myself abandoning the Double Cash Card more and more. Citi has removed a lot of benefits from Citi Cards whereas Fidelity has actually been adding more and more, like this.

Danny
Danny (@guest_1702942)
September 26, 2023 17:48

This has been my go-to daily spend card for about a decade. Unless I’m chasing a sign-up bonus, grocery, gas, or going to a restaurant, spend goes on Fidelity.

Raymond
Raymond (@guest_1703193)
September 26, 2023 23:47

Alliant CU 2.5%

RiskandReward
RiskandReward (@guest_1703450)
September 27, 2023 11:21

According to Nerdwallet, to get the 2.5% rate, need to open Alliant High-Rate Checking account, maintain average daily balance of $1,000, and make a monthly deposit. Not an onerous hoop to jump through, but that checking account currently pays 0.25% rate. Most Fidelity accounts default to its money market rates, which are currently about 5%. Fidelity brokerage account also can be used as a checking account.

So the Alliant checking costs you at least $47.50 in lost interest per year. You need to spend at least $9500 on the Aliant 2.5% card each year to break even with the Fidelity 2% card. The breakeven spend is probably less due to taxes on Fidelity money market earnings, but there is an opportunity cost with the Alliant checking account. The Alliant setup can make sense if you are a big spender.

Nerdwallet also says the Alliant card has $50 minimum cash out vs. $25 for Fidelity card. Not sure if this is accurate.

Brendan
Brendan (@guest_1702749)
September 26, 2023 13:17

I have used my SoFi card for 2% CB + no FTF + no AF, easy to redeem points to SoFi savings/checking without a minimum redemption amount. Any benefits to Fidelity over SoFi I am missing other than redeeming to a Fidelity investment account vs. a SoFi savings/checking?

Aswin Prasad
Aswin Prasad (@guest_1702896)
September 26, 2023 16:13

I think the Fidelity card has ATM fee reimbursement to a certain amount.

Snuupy
Snuupy (@guest_1702630)
September 26, 2023 11:13

No credit card benefits (extended warranty, purchase protection, etc.) makes this DOA for me. Make this a visa infinite instead, bill the merchants a higher interchange, give me those nice benefits. There are other 2% cards with these benefits that I prefer (though not necessarily 0 AF/0 FTF/0 FTF)

Shz won
Shz won (@guest_1702868)
September 26, 2023 15:36

If you have $2 Million in assets with Fidelity they give you 3% cash back on all purchases. If you have $250,000 they give you 2.25% on all purchases

https://www.fidelity.com/rewards/overview

RiskandReward
RiskandReward (@guest_1702884)
September 26, 2023 15:49

These assets need to be in certain types of managed accounts at Fidelity, which likely carry fees.

“In order to be eligible, you must have $250,000 or more invested in accounts that are professionally managed as part of either Fidelity® Wealth Services or Fidelity® Strategic Disciplines.”

anonymous
anonymous (@guest_1702608)
September 26, 2023 10:28

Sweet. My 2% PenFed Power Cash Rewards Visa is simpler, though, and it can be set up to auto-redeem monthly, even if only a few cents has accumulated.

But I also have the Fidelity Visa, so this is a welcome change.

Cate the MSer
Cate the MSer (@guest_1702629)
September 26, 2023 11:10

PenFed reward redemption is TRASH

524 Purgatory
524 Purgatory (@guest_1702640)
September 26, 2023 11:37

Power Cash is cash not rewards

oink
oink (@guest_1703535)
September 27, 2023 12:25

i love mine too but it requires honors member status. alliant visa 2.5% seems nicer tho but $1k min deposit req