Most of us could use a little extra help saving for retirement. In a poor economy, more people are focused on basic living expenses and immediate bills instead of planning and saving for the future. The Fidelity Retirement Rewards American Express card can help automate retirement savings as 2% of purchases made on the card are turned into a contribution for your Fidelity IRA, including Traditional, Roth, Rollover, SEP and also Fidelity-managed 529 plans. There are no limits on rewards, there is no annual fee and the card offers a 0% introductory APR for balance transfers for the first seven statement closing dates. If you like, you can also redeem your rewards for other things like travel and merchandise.
For retirement rewards, your card must be linked to a previously opened and currently funded Fidelity account, and minimum investment requirements vary according to the account type. Additionally, the current APR on this card is 13.99%. While that is still lower than the average reward credit card APR, it can easily negate any retirement savings if you carry balances from month to month. As such, this card is best used if you can pay off your balance every month. With the new credit card rules that went into effect August 22, 2010, you can no longer be charged inactivity fees for not using your card. So, you can now safely put that card away in a drawer and only use it when you are sure you can pay off the balance that month.
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