![]() ![]() The Fidelity Rewards Visa Signature credit card is for people with excellent credit who want to earn cash back that helps them to invest for their future. That’s a costly mistake that could trigger financial penalties. Secondly, if you choose to redeem your rewards to a Fidelity retirement account and you have a similar retirement account elsewhere to which you’re also contributing, you could exceed the total contribution limit for a year, if you're not careful. Rewards Redemption Comes With Drawbacks: For one, you can't redeem your rewards to an eligible Fidelity account until your point balance reaches 2,500 (that's $1,250 in card purchases).By contrast, this card provides the advertised 2% cash-back rate only if you're a Fidelity customer. Fidelity will open an account for you when you apply for the card over the phone. The Best Rewards Rate Requires A Fidelity Investment Account: Most cash-back credit cards with similar rewards earning rates offer a range of redemption options, including statement credits and checks, with minimal variation in their benefit or conditions.However, you might earn more in the first year with a card that offers a bonus, since these can easily run to $150 or even $200. The high 2% cash-back rate on purchases can help make up for this. No Bonus: While many cash-back credit cards-even those with no annual fee-come with one-time offers, this card does not.That way, your rewards never sit idle and you can keep building your investment account balance. Rewards Can Be Automatically Redeemed: Set up automatic redemption of your rewards to your qualifying Fidelity account.This rate is one of the best cash-back rates available with a no-annual-fee credit card. Earn Unlimited 2% Cash Back: You earn 2 rewards points per dollar of purchases which, when redeemed to a Fidelity investment account, equals 2% cash back.If you travel often and don't already have a no foreign transaction fee credit card, you may want to consider applying for one.The best rewards rate requires a Fidelity investment account Apply for a card with no foreign transaction fees You can also convert currency at the airport should you need some last-minute funds, but remember that some airports charge a higher percentage for currency exchange. You can convert the money at your home bank or order the currency online and take it with you. Get an idea of how much cash you'll need before your trip. But also, you might find yourself in a location where credit cards aren't widely accepted. You may not want to walk around an unfamiliar place with a ton of cash. If you opt to pay with the local currency, your bank will deal with the conversion and likely give you a better rate. This practice is called dynamic currency conversion. If you choose USD, the merchant decides the exchange rate, which could be inflated. That way, you're able to pay for everything using the local currency, without having to worry about vendors along your trip not accepting USD. Choosing the local currency may be the better move here. If you're using your credit card for a purchase in another country, you may be asked if you'd like to use USD or the local currency. But there are other ways to get around added fees while traveling. The easiest way to avoid foreign transaction fees is to get a credit card that doesn't apply them, if you don't already have one. But there are issuers that do not impose foreign transaction fees on the cardmember as well. It also includes websites based outside of the U.S.įoreign transaction fees typically range from one to three percent on average. This isn't just limited to brick-and-mortar locations abroad. What is a foreign transaction fee?Ī foreign transaction fee is a charge assessed by your credit card issuer on transactions made in any currency other than U.S. Foreign transaction fees, also called foreign purchase transaction fees or foreign currency transaction fees, are important to consider when using any form of electronic payment while traveling abroad. ![]()
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