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Fidelity Retirement Rewards Card from American Express

Written by admin - One Comment

As a followup to me previous article about the Charles Schwab 2% Cash Back Reward Card, I wanted to let you guys know about a new offering from Fidelity and American Express. The Fidelity® Retirement Rewards American Express® Card offers 2% cash back in the form of a contribution to your Fidelity IRA. There’s no limit on your rewards, and no annual fee.

Here’s how it works: Receive 2 points for every dollar spent. When you reach 5,000 points, you can convert it into a $50 current-year IRA contribution. Every $2,500 spent equals a $50 deposit. Rewards can be redeemed automatically or manually, so I’m assuming that you can work around IRA contribution limits.

Interestingly, this card is actually backed by FIA Card Services, Bank of America, but it uses the American Express network.

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Comments (scroll down to add your own):

  1. No need to work around IRA contribution limits. The money can be put into a non IRA account.

    Per their faq it can be put into “non-retirement brokerage accounts”:

    What accounts are eligible for a Fidelity Rewards deposit?
    Individual Retirement Account registrations include Traditional IRA, Roth IRA, Rollover IRA, and SEP IRA. Other Fidelity accounts that can accept rewards are non-retirement brokerage accounts and Fidelity-managed 529 Plan accounts that accept Automated Clearing House (”ACH”) deposits. If you intend to deposit rewards in an eligible account, it is your responsibility to ensure that the account is one for which contributions on your behalf can be accepted and that, under applicable tax law or program policy, you are eligible to make contributions to that account for the year that the deposit is made. Refer to the applicable Fidelity account customer agreement, custodial agreement or participation agreement for information on the terms and conditions of the Fidelity account.

    Comment by patty — Feb 1st 2009 @ 2:30 am

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