Editor's Review: The Fidelity Investments® 529 College Rewards® American Express® credit card is designed for a very specific niche type of credit card user. This credit card user is someone who is currently a student enrolled in college who also participates in the Fidelity 529 College Savings Plan program. Students are most likely to qualify for this card if they have already set up this type of account but may set up the account at the time of application. They are most likely to qualify for the Fidelity Investments® 529 College Rewards® American Express® credit card if they have already begun to establish a very good credit history with the credit cards that they have used in the past.

The Fidelity Investments® 529 College Rewards® American Express® credit card is a way for students to get cash back on purchases. Instead of actually being given to the student in the form of a check, the cash back reward is deposited directly into the Fidelity 529 College Savings account that the student has set up. This makes it easier for the student to actually save that money in order to continue having a resource of funds to access for purchases that are necessary during and just after the college years. Many students find that it is easier to save their money when they are putting it away through a program such as this one.

Cash back is earned through purchases that are made on the Fidelity Investments® 529 College Rewards® American Express® credit card. Every time that a student spends $100 on the card, 1.5 points is received. For every point received, $1 is added to the savings account (although it’s only deposited when the account reaches 50 points). It should be noted that this is a minimal savings plan. If you spend $500 on your card in one month, you will earn only 7.5 points which translates to $7.50 that goes into your account. There is an additional limitation that only $1500 can be deposited through the Fidelity Investments® 529 College Rewards® American Express® credit card in any one year. Despite this, regular use of the card can allow a decent-sized savings account to accumulate over time. Students who aren’t sure what type of work they’re going to have available to them upon graduation may find that this money comes in handy.

The Fidelity Investments® 529 College Rewards® American Express® credit card has no annual fee and offers an introductory rate of 0% interest on balance transfers and cash advances in the first year. It has a reasonable interest rate on purchases and is considered to be a fair card in terms of benefits and fees. It is ideal for students who are seeking a way to set up a savings account and get a cash back card at the same time.