It’s infrequent that we see a 2% cash back card with no annual fee offering a sign up bonus at all, but the Fidelity Investment Rewards American Express is my favorite all-purpose card and right now there is a $50 bonus for spending $500 within the first 60 days of opening the card account.

To get started, you will need a Fidelity account of some kind, as the only real stipulation is that the cash back must be redeemed into a Fidelity account.  If you just need a basic account, the Fidelity Cash Management Account is pretty hard to beat.  There are no minimums to open the account and very few fees – you get free checks, ACH transfers in/out, a Visa debit card, refunds on ATM fees imposed by the owner, automatic sweep across multiple banks to maximize FDIC coverage and more, without any maintenance fees.  We personally use a Fidelity Cash account in conjunction with brokerage accounts to manage all of our finances and I highly recommend it for that purpose.

That said, the Fidelity Amex works like a points card.  You earn two points per dollar spent on everything, without limits, which can be redeemed back to your Fidelity account for 1 cent each.  You can set up this redemption to happen automatically on a monthly basis – I have mine going to a separate account so that all of our cash back is set aside or invested.  Funding a travel account isn’t a bad idea either.

Fidelity Amex Offer Details Sept 2014

Milenomics has written about why this is the best cash back card, as well as the best travel cash back card.  Rather than ripping off their analysis, I suggest reading on.

A disclaimer, if you can call it that:  I’m not compensated for any of the links in this post, but I’m honestly not sure if anyone else is for the $50 bonus link.  It’s the best offer out there, at least that I’m aware of, so I’m passing it along.

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