The Surprising Benefits You Get With The No-Annual-Fee Fidelity Visa Signature Card

by joeheg

It’s been almost 2 years since I applied for the Fidelity Rewards Visa card, earning 2% cash-back on all purchases. When I applied for the card, which is issued by Elan Credit Services, there were complaints about the somewhat difficult approval process and the wonky website interface.

I’ve been a longtime Fidelity customer, and getting approved for the card was easy. Since I have a Fidelity Cash Management account, my rewards automatically get deposited into my checking account once it hits a certain amount.

I’ll admit that for the 1st year, basic tasks like paying my bill were more difficult than they should have been. However, the login process and website have significantly improved.

When I received my welcome packet, I noticed that the Fidelity Rewards card is a Visa Signature card. This means it comes with many of the same perks as premium travel cards even though this card carries no annual fee.

  • Purchase Security – This provides 90 days of coverage for new purchases for up $500 of damages due to theft, damage due to fire, vandalism, accidentally discharged water or weather conditions..
  • Lost Luggage Reimbursement – Up to $3,000 of damages if your baggage is lost. This is different than delayed baggage (and if you want coverage for that you should use one of these cards.)
  • Travel Accident Insurance – No one wants to think about this but if you should die or suffer catastrophic damage while on a trip paid with the card, you’d be eligible for a large settlement.
  • Roadside Dispatch – You have access to a set price for towing, tire changing, jump starts, lockout service, fuel delivery or winching.
  • Visa Signature Concierge –  You get access to the Visa Signature Concierge and discounts from the Visa Signature Luxury Hotel Collection discounts.
  • Complimentary ID Navigator powered by Norton LifeLock – This service helps protect your online identity.

Say what you will, but these are the same benefits you get with many other travel credit cards with $100+ annual fees that only earn 1 point per dollar on most purchases. Getting the same benefits for a card that earns 2% cash back with no annual fee makes you re-evaluate the value you’re getting from those cards.

Unfortunately, the Fidelity Rewards Visa card lost rental car CDW coverage and extended warranty protection in 2021.  There were outsized benefits from a free card, but losing them still hurt. If you’re into the points game, you probably have a card that offers a better benefit anyway.

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Gary Weinstein August 13, 2020 - 11:07 am

I have had this card for at least 10 years and the cash back is ok but the card issuer (Elan services) is absolutely horrible about resolving charge disputes. Process requires filling out paper forms and mailing them only to have Elan find almost always (according to other online reviews and my experience) resolve in favor of the merchant. Even easy cases of a travel provided who doesn’t or can’t provide was was purchased. For this reason o no longer use this card.

Jay Phillips February 23, 2021 - 9:27 pm

Fidelity Discontinuing Extended Warranty Coverage as of March 31, 2021. Based on my preliminary investigation, this is NOT a Visa instituted change. Regardless, it sucks.


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