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Fax digital signature credit card

what's up guys welcome back to the channel in today's video we're gonna talk about the fidelity Rewards Visa Signature Card but first you might already be familiar with the concept of passive investing you may be have heard of an app called stash or acorns with acorns basically it's a rounding app so you link whatever credit card you want then whenever you make a purchase for example a cup of coffee for two dollars and 80 cents you can have the app automatically round that transaction up to three dollars and then invest that 20 cents within the app there are lots of functions and features too like multiply how much you round up or how much you save when you put it in the app though you don't have full control over the accounts you have a Robo advisor who then asks you like some questions and then defaults you into a certain fund now this can be great because it helps people invest however there is a fee for this service the basic service of just getting the app and then you know having all of your transactions around is $1 a month now $1 a month does not seem like a lot but what if through all these micro transactions you end up investing about $50 a month well that's $600 for the year and if you're paying $12 a year for this service you're paying a 2% fee once again a $12 or 2% management fee doesn't seem like a lot but when you think about the big banks like Vanguard their expense ratio their fee for your services is only point zero four percent so a two percent fee is a lot on top event there is a competitor to Schwab or Vanguard that offers mutual funds that have no fee I don't know how they do its they basically are operating at a loss in order to draw in customers but fidelity actually offers certain funds where their expense ratio is 0% they're operating the fund entirely and and and taking nothing for themselves they do this obviously because they want you to create an account with Philadelphia Minh and then they offer other services in order to make money off of an increased clientele and another great way to customers is the fidelity Rewards Visa Signature Card let's go over the basics of this card first thing you should know is there's no sign up bonus they've offered signup bonuses in the past of either 100 or 150 dollars but the time of filming this video there's no signup bonus there's also no referral link once again in the future that could change there is no annual fee and this is important because I love no annual fee cash back cards there is a foreign transaction fee of 1% but it's a visa which is nice because it's accepted everywhere it is compatible to make mobile purchases it has all the security benefits zero fraud liability it does have some travel protections like auto rental collision damage waiver emergency cash and card replacement travel emergency assistance services lost luggage reimbursement travel accident insurance and roadside dispatch but the draw of this card is 2% cashback no caps no categories no limits and points never expire when I say 2% cashback there is a there is an intermediary step you're actually earning fidelity points that can be redeemed into a fidelity brokerage account at a 2% cash back rate technically with these fidelity points you can buy gift cards with them or redeem them towards your statement balance but that doesn't that doesn't make any sense you're just you're just getting less value so you would always want to deposit them into a Fedeli account now I do want to say that the APR on this card is close to 16% if you ever carry over a balanced month-to-month it completely wipes out the cashback ability of the a card so don't get this card or don't ever carry over a balance otherwise getting it for the rewards doesn't matter fidelity outlines what the qualifying accounts are that you can redeem the fidelity points at a 2% cash back rate so it says deposit your rewards into one account or divide them amongst several you can even use your rewards to fund a loved ones account choose up to five eligible accounts so when you redeem the points you can deposit them either into your fidelity accounts a mixture of up to five fidelity accounts or even I'm assuming of family members fidelity accounts and you can do a burglar account cash management account 529 college savings account retirement accounts IRAs fidelity NGO charitable giving and HSA now the purpose of getting this card and getting that 2% cash back on all purchases is to fund your brokerage account to fund your IRA or HSA or 529 college savings plan if you really wanted to you could get a cash management account with fidelity and get a debit card and then cash out the fidelity points like 2% cash back into your your debit card and then use it like cash but that kind of defeats the whole purpose of getting the card in the first place the reason why is because you can just get the city double cash this is a no annual fee card offered from city that earns you the equivalent of 2% cashback on all purchases so why would you get the fidelity card and then get a cash management account to basically create an extra step to get your 2% cash back I talk a lot about the city double cash I love this card this is my go-to card for non category spends however if you already have a fidelity IRA or fidelity brokerage accounts or you were thinking about opening a IRA or a brokerage account soon then getting the fidelity card is a great way to passively invest your money but how much can you actually save and invest from using the card let's go ahead and develop a fake budget let's say these are all my numbers for my category spend and I decide to use my fidelity b2 signature card for all purchases this year so let's go ahead and plug in the fidelity visa on about $20,000 worth of discretionary spends that I from numbers comparable to what I use $20,000 in spend at a two percent cash back rate is four hundred and five dollars I personally feel like four hundred and five dollars is not a lot you know if you if you're a family or you're married maybe you spend more than twenty thousand or eligible spend twenty thousand on credit cards but the contribution cap for an IRA is six thousand a year so you're definitely going to have to still Tribute your income to your fidelity accounts in order to aggressively invest in either you know your IRA or your brokerage account but you know earning 2% cash back and then saving and investing four hundred five dollars a year that's better than nothing so I really really like this card and I am gonna recommend it to people I also should mention to you that there are credit cards offered with banks that help you passively save and invest one of them being the Schwab investor card from American well it's from Charles Schwab but it's an Amex card and this card is the same as the fidelity card no annual fee however it only earns you 1.5% cash back so the fidelity is just a little bit better if Charles Schwab could up this to two percents I would get this card and I would be using this card additionally there is the Amex Platinum Card offered from Schwab this does have a very high annual fee there's a very small number of people where it makes sense to get this card but it has a cash out benefit for Amex membership reward points where you can cash out your points at a 1.25 cent rate to your Charles Schwab brokerage account I made a separate video explaining how to do that I'll go ahead and link that down below in the description but I just want to let you guys know that there are other cards comparable to the fidelity Visa Signature that offer you ways to passively invest but fidelity is currently the highest okay guys if you enjoyed this video give it a thumbs up so the algorithm knows it's good in addition consider subscribing to my channel I talk about finance and investing topics but I love credit cards and I talk about credit cards too if you have any comments or questions leave me one down below I love hearing from you guys and until the next video take care