Fidelity and Amex team to bolster IRAs

Fidelity Investments of Boston today launched a program that allows investors to save for retirement while spending money. The Fidelity Retirement Rewards American Express Card offers a 2% earn rate on retail purchases when card members redeem their cash rewards as a current-year contribution into their Fidelity individual retirement account. The card, which will be available beginning Dec. 10, has no annual fee, caps or limits on rewards. Using the card, investors earn two points for each dollar spent on purchases. Once they reach a minimum of 5,000 points, or $2,500 in purchases, points can be swept as a $50 contribution to their IRA. If their IRA contribution has been maxed out already, they can accrue points and restart deposits to their IRA for the next year. Investors can also redeem their rewards as cash into other Fidelity accounts or for travel, merchandise or other rewards.