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[2016/6] The new Fidelity Rewards Visa Signature is on the way, and the old card will officially be discontinued in July. If you still want to use AMEX Offers or load Serve, make the most of the remaining time! Update from December 2015: because Fidelity and BofA have officially parted ways, this card is no longer available for new applications. Moment of silence. In June 2016, this card will be converted to the Fidelity Rewards Visa Signature and managed by US Bank. The 2% cash back stays the same, but it will no longer be an AMEX card. The Fidelity Investment Rewards AMEX (commonly called FIA AMEX) was a co-branded credit card issued through BofA and Fidelity, with BofA handling the actual management of the card. Its main feature is that all purchases earn 2% cash back, similar to the Citi Double Cash. Because this is an AMEX card, it can be used for AMEX Offers. At the same time, AMEX merchant fees are generally higher than other networks (Visa and Mastercard), so fewer merchants accept AMEX compared with the Double Cash Mastercard.

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[Application Link] Fidelity Investment Rewards AMEX.
Please note that only US Citizens and Resident Aliens (for tax purpose) can use the application link above. Non-resident Aliens (for tax purpose) need to call 1-800-551-0839 to apply for this card.
[Sign-up Bonus] Spend $500 within 60 days of account opening and earn 5,000 points, which is equivalent to $50 when deposited into a Fidelity Cash Management account.
[Annual Fee] $0.

Pros of the Fidelity Investment Rewards AMEX

  • Can be used for AMEX Offers.
  • Comes with various AMEX Purchase Protection benefits and extended warranty coverage.
  • Earns 2% cash back on all purchases, making it especially good for miscellaneous spending.
  • No annual fee, so it is worth keeping long term to help build credit history.
  • Can be used to load Serve and earn points at the same time. (This may stop working at any time, and DPs vary. Currently only AMEX cards not issued by AMEX itself work.)

Cons of the Fidelity Investment Rewards AMEX

  • Fidelity is fairly conservative and can trigger fraud alerts easily, so you may need to call in to resolve them.
  • AMEX has weaker merchant acceptance.
  • You need to accumulate at least $50 in cash back before it can be deposited into a Fidelity account. If you want redemption outside Fidelity, the requirement is even higher, which effectively pushes you to open a Fidelity Cash Management account.
  • The issuing bank is BofA, and BofA only allows students to hold two of its credit cards. This card takes up one of those slots.
  • Has a 1% Foreign Transaction Fee.

[Application Link] Fidelity Investment Rewards AMEX

Should You Apply?

This card's $50 sign-up bonus is not generous, but because it has no annual fee and offers a relatively high cash back rate, the FIA AMEX has solid long-term value. If you regularly use AMEX Offers or load Serve with it, you can get even more value out of this card. The required spending for the sign-up bonus is also quite low, so this card is worth considering. Have you applied for or used the FIA AMEX? Share your thoughts with everyone in the comments.