A couple years back, I made a great investment decision. I chose two Fidelity credit cards and started using them for all my credit card spending. The reason I selected them was their unique reward program. Rather than giving me cash rewards, which just get lost in regular spending or points that often are difficult to convert to usable options, Fidelity provides the option of just shifting all the reward points to a Fidelity IRA. You build your retirement nest egg every time you shop! What can be cooler than that.
My preferred card is Fidelity Investment Rewards AmEx. It gives a straight 2% cash reward that goes directly to my IRA at the end of every month. I also have a backup Fidelity Investment Rewards Visa since so many establishments, especially smaller ones, do not accept AmEx. The Visa version gives 1.5% cash reward for first 15K in spending per year and then 2% for any additional purchase.
To illustrate, if you spend, say, 3K per month on your credit cards – that gives you a cool $60 per month or $720 per year in your IRA. I have been funneling my cash rewards to my IRA Account: Dali.
Update: Forgot to mention - no annual fee. Plus, they are incredible in detecting and catching fraud. Saved me a lot of trouble recently by catching someone trying to charge my card in a different state. Also - just to be sure - nobody paid me to write this. I am endorsing the product because I use and like the product.
Manet, Olympia
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