Credit Card Name and Issuer:
Eligible purchases exclude balance transfers, cash advances, and business-related purchases (though Fidelity will not disclose how they measure or enforce this).
Annual Fee and Interest Rates:
The Annual Percentage Rate (APR) on new purchases ranges from 16.99% - 29.99% depending on a user's credit rating.
Pro's of the Fidelity 529 College Rewards Card:
- 1.50% reward is slightly above average rate for reward card programs.
- Money is deposited into a Section 529 plan for your child's future education.
- Friends and family can also register cards and earn rewards for your child.
Con's of the Fidelity 529 College Rewards Card:
- Double-digit interest rates on balances can quickly wipe out the value of any rewards.
- Deposits to Section 529 plans are only made each time you rack up $5,000 in cumulative purchases.
- $1,500 annual maximum on rewards.
- Rewards can only be deposited into a Fidelity Section 529, even if you already use another Section 529 plan provider.
Summary of Fidelity 529 College Rewards Credit Card:
The benefits of the card's only truly unique feature, the ability for friends and family to earn rewards for your child, are also minimized by the plan's $1,500 annual reward limit.