Back in January this year I wrote about a possible 4x credit card, based on rumors online that this new Fidelity Visa card might be earning FlexPoints, meaning this card could potentially be up to 4% cash back.
I completely forgot about this until yesterday when I stumbled upon my own article again on my Twitter page. Wouldn’t it be nice to have a 4X credit card with no catch at all?
I Googled around this morning, but sadly, from everywhere I could find, this card does not earn FlexPoints. This is indeed a 2% cash back card as advertised on its official website. I updated my previous article.
It’s still a good card
Even though I was a little disappointed, this is still one of the best cards out there for everyday spending. After all, there are so few cards that gives you unlimited 2% or more cash back for all the spending you put on. Actually, as far as I know, the only other card that earns you unlimited 2% with no catch is Citi DoubleCash (well, maybe the only tiny catch is that you have to pay off the balance before you can earn the complete 2%). There are several other cards that earn 2-5% cash back but there’s usually a time limit, spending category restriction, or an annual fee.
Should you apply?
If you don’t have any 2% cash back cards, then this is definitely a good card to have to get yourself a little bit more rewards from your usual spending. In case you already have Citi DoubleCash, then this card may not be that attractive to you. However, one major difference between this card and Citi DoubleCash is that the latter is a Mastercard. If you have a good reason to own a Visa card in addition to a Mastercard, then go for it.
For me, this card does not offer any advantages to my grandfathered Priceline Visa card which gives me an effective 3.3% cash back. So I’ll pass.
Just a reminder, before you apply for a new credit card, you have to know what you are doing. It will affect your credit score temporarily, add a hard inquiry to your credit report which will stay for two years, and increase your total credit line. And most importantly, be a responsible consumer. Having an additional credit card does not mean you can now buy things you otherwise won’t buy. If you cannot be financially responsible, please stay with debit cards or cash only.
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