Thursday, December 11, 2008

News You Can Use: Fidelity, AmEx unveil rewards card way better than frequent flier miles

Fidelity and American Express have teamed up to create a rewards credit card that allows customers to transfer purchase rewards to their IRAs, reports EBN sister publication Money Management Executive. The card allows investors to earn two cents for each dollar spent on retail purchases and roll these rewards into a Fidelity IRA account after they spend at least $2,500.

If investors max out their IRA contribution for the year, they can redeem their rewards in a different Fidelity account or redeem them for travel, merchandise or other rewards.

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