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People choose credit cards for many different reasons, including low interest rates, attractive introductory offers, or lucrative rewards programs. But some consumers are less concerned with immediate gratification and more focused on saving for the future.
A card which might appeal to this group is the Fidelity Retirement Rewards Visa Card. Instead of airline miles or statement credits, cardholders will receive rewards points which can be redeemed for cash contributions into a Fidelity IRA or brokerage account.
Note: Consumers must have an established account with Fidelity in order to take advantage of the offer.
Here’s how the process works: cardmembers earn two points for every dollar spent on the card. When the account reaches 5,000 points, $50 will be deposited into their brokerage account or IRA. Customers also can enjoy flexible balance payment options and no annual fee.
Even though it is called a Fidelity Retirement Rewards Visa Card, it can be connected to a Section 529 account designed to put money aside for college tuition.