Fidelity Debit Card Review: No ATM Fee Worldwide (2018.10 Update: $100 Offer Is Expired)

Fidelity Cash Management Account ATM/Debit Card (Fidelity Visa Gold Check Card) Review

2018.10 Update (Expired): Here’s a new $100 offer: open a spending account + investing account and you’ll get a $100 Amazon gift card when you deposit $200 and maintain for 9 months. Here’s the link to this promo. Fidelity customers who currently have an existing brokerage or cash management account are not eligible for this offer. HT: reddit.


Many people need to travel abroad frequently, and they usually ask a question: what is the best debit card to withdraw cash from ATM abroad? We all know that in some countries the credit cards are not so well accepted so you need cash sometimes. However, most debit cards even have fees when you withdraw from a ATM of other bank, no need to mention withdrawing cash in other countries, and the fee is not cheap at all. Fidelity is a magical bank, the Fidelity Check Card has NO ATM fee worldwide!

Application Link

Benefits

  1. $100 offer: open a spending account + investing account and you’ll get a $100 Amazon gift card when you deposit $200 and maintain for 9 months. Offer expired.
  2. NO ATM fee worldwide! Sometimes the ATM side will charge you a fee, but Fidelity will reimburse these fees, this guarantees that no fees will be charged in the end!!!
  3. When you withdraw cash abroad, you can get local currency automatically, according to the exchange rate on the day, which is very convenient!
  4. $0 monthly fee, no minimum deposit requirements.
  5. This debit card is a Visa card, so you can withdraw cash from almost every corner in the world.

Disadvantages

  1. Daily ATM withdrawal limit: $500.
  2. It takes a LONG time to transfer money to the corresponding checking account in the first time, you need to receive a letter from Fidelity to verify your address information, so before traveling abroad, please be prepared and open the account in advance…
  3. It is said on their official website: “Please note, there is a foreign transaction fee of one percent that is not waived, which will be included in the amount charged to your account.” According to the actual experiences, this means you will pay a 1% fee when make purchases, while it is absolutely free to withdraw cash from ATM.

Points for Attention

  1. You must be a U.S. Person to apply for this card. If you choose other country than U.S in Country of Tax Residence in the application form, your account will be automatically closed soon after opening. If you want to reopen the account, you need to go to the local branch, the Fidelity bankers say the Form W-9 is a must-have for reopening the account, and they insist everyone can fill in the Form W-9 (which is wrong actually), and the account will be reopened after you fill the Form W-9.

Summary

This debit card is a must-have if you need to travel abroad! Though the bank is not famous, its debit card is really fantastic. It is similar to the Charles Schwab Debit Card, you can compare these two and choose one of them. The main difference is: Fidelity Check Card has a 1% Foreign Transaction Fee (FTF) when you purchase stuff, while Charles Schwab Debit Card doesn’t; You can apply for the Fidelity Check Card without a Hard Pull, while you will get one applying for Charles Schwab Debit Card; Fidelity daily ATM withdrawal limit is $500, while Charles Schwab limit is $1000.

Application Link


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[Total: 12    Average: 3.8/5]