Cashback Optimizer Use the card that gets you the most cashback!
3 / 5 - Good card, poor website and service
By Spencer Uresk on March 1, 2016
The 2% cashback on this card is really great and was hard to beat for quite a while. There are, however, a number of downsides:
- The website is dated and offers limited functionality. Of all the credit cards I use, it is the most out-of-date. They also managed to lose a number of transactions for several months, then they showed up all at once a few months later. The rewards for these purchases weren't credited for another 6 months or so.
- Their customer service isn't awesome. My card was compromised, and I sat on hold for 20 minutes before it hung up on me. I had to call back 3 times to talk to someone -Discover and other issuers have a live person talking to you within a minute or two when you call about a compromised card.
- Having to redeem it to a Fidelity account limits your options somewhat, but it isn't that big of a deal.
Overall, a mediocre card with a good cashback rate. My wife and I are switching to the Citi Double Cash back, though, because of the better website/service and more flexibility with rewards.
5 / 5 - Great Card for Investors
By B.O. on February 29, 2016
This card provides the best bang for your buck. The 2% cash back on everything is higher than what you would get with most cash back cards and even airline mile cards (which offer 1 mile per dollar, with each mile approximately worth $0.011). Unlike Amex Blue or BofA Cash Rewards, there is no minimum to spend. Thus while Amex Blue offers 6% on groceries and gas, you have to first spend $6,500, or else you only get 1% back. With the BofA Cash Rewards card, you get 2% or 3% on groceries or gas, respectively, but it is capped per quarter. The Fidelity rewards card has no cap or minimum, so you get 2% back regardless of how little or where you spend. Also, the cash back goes straight into your linked Fidelity account, so you do not need to worry about losing the points or mis-spending it.
Of course, this card only makes sense if you 1). have a Fidelity account and 2). do not carry balances. Like all credit cards, if you carry balances the interest expense will eat up all of your cash back. But if you are a disciplined spender and pay off your bills in whole, this card is ideal. There is no annual fee, it is a Visa (or Amex brand) so it is accepted everywhere.
Aside from the financial benefits and simplicity, the customer service is great. You can pay online without any hassle and have all bills sent electronically, so no need to worry about bills getting stolen in the mail. The only downside is that if you are an international traveler, the card does have a foreign transaction fee of 3%, so you should get a world credit card with no transaction fees if you plan on using your credit card internationally.