BOSTON -- Fidelity Investments announced a credit card designed to help people invest in mutual funds.
The card will be issued by Fidelity Trust Co., the mutual fund giant's industrial loan arm in Salt Lake City. Cardholders will be allowed to amass credits toward mutual fund purchases or cash rebates.
Fidelity will pay a 1% rebate on purchases of up to $10,000 each year. The rebates, along with optional contributions of $20 or more, are accumulated in a Fidelity Investor Card money market account. Once the account has $1,000, the cardholder can invest in mutual funds or take out cash.
The card carries a variable 15.9% rate and can be either MasterCard or Visa, in standard or gold versions. It charges no annual fee, but customers must pay $2 each month the revolving balance is $500 or less.