Some advantages of the Fidelity Visa:
- FTF of only 1%, compared to the Double Cash's 3%. Not that you would use either for international transactions, but if you had to, the Fidelity Visa is a better bet.
- If you set up automatic redemption, there's no need to remember to redeem periodically. That's a nice option.
- It's a Visa, so you will be able to use it at Costco beginning April 1. This can be big if you shop at Costco a lot.
Some advantages of the Citi Double Cash Mastercard:
- The cashback can be deposited into your bank account - ANY bank account. You don't need any special investment/college savings. etc. account. Also, redemption value doesn't change regardless of how you redeem. Fidelity states that redemption value will change if one chooses to redeem as a statement credit, gift cards, etc.
- Citi's automatic Price Rewind tool is pretty cool. I'm not sure if the Fidelity Visa will have price protection, but even if it does, I doubt it'll be automatic.
- On the flip side of the Costco upside of a Visa, the second largest warehouse club in the US, Sams Club, accepts everything BUT Visa. So the Citi Double Cash can be used there. Ironically, Citi will be issuing the Visa that cobrands with Costco!
What else sets apart one of these cards from the other?
Ahem, as an anecdote, apparently some people on another corner of the Internet are shocked, shocked I tell you, that a 2% card is sensitive to inquiries and new accounts.
EDIT: Edited to correct that Fidelity's card does not need an investment account to redeem to.