Sevenfeet wrote:The Investment Rewards account uses a standard brokerage account for cash back savings. You could have it sit there as cash or choose it to buy securities or invest in an IRA or 529. But nothing says the money has to be used other than cold hard cash back to you.
Here is the text for the Retirement card, which Member has.
"For every $2,500 in purchases you make, you earn 5,000 points, which can be automatically redeemed for a $50 current year contribution to your Fidelity IRA account."
It doesn't sound like it goes into a cash account first, like the Investment card does.
Either way, if it goes into a cash account or not, putting that money into a 401k is a bad idea, since it is already tax free. By putting it into a 401k, it would be taxed when drawn upon.