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Hasn't FIA been run by BofA since the bank bought out MBNA in 2006???

It has, but it's quite possible that BOA wants to consolidate/streamline its CC business

jmy80 said:   Just spoke w/ an FIA rep. Letters going out tomorrow offering card holders opportunity to switch by 10/15 to a BofA Privileges card, still (supposedly) w/ 2%.

With a hefty annual fee, no doubt!

Time to stock up on giftcards.

I might get a lot of red for this, but have to ask. Can someone please enlighten me on how to save more money on gift card purchases. I have heard about PlasticJungle, gift card granny. Which is the best one ?

.

Arrgh, every time this thread gets bumped, I brace for bad news.

jmy80 said:   Just spoke w/ an FIA rep. Letters going out tomorrow offering card holders opportunity to switch by 10/15 to a BofA Privileges card, still (supposedly) w/ 2%.I asked more about this mysterious Privileges card in a web chat and got the following. Note that it provides for only 1.5% Cash Back unless you include rotating category bonuses. At the end says that the card is managed by FIA, so who knows if this will be what we're offered.

The benefits extend to the new BankAmericard Privileges® credit card which includes:

•Earn 1 point per dollar on all purchases with no limits to the points you can earn and no expiration on rewards
•Get 50% more Cash  Back when you redeem your points as cash deposited directly into your Bank of America®, Merrill Edge® or Merrill Lynch® account
•Earn ongoing Bonus Points on rotating categories such as gas, grocery, travel, and more
•$75 annual fee rebated for Platinum Privileges™ customers (Read footnote below.)
•Concierge service simplifies life with no service charges. Services range from making dinner reservations and getting hard to get tickets, to ordering flowers and planning weekend getaways


The Annual Percentage Rate (APR) for Purchases and Balance Transfers is currently 12.99% to 20.99%, based on your creditworthiness. The Variable APR for Cash Advances is currently 24.99%. The current Introductory APR for Purchases is 0% for the first 7 statement Closing Dates following the opening of your account. Minimum Interest Charge is $1.50. Transaction fee for Balance Transfers, Cash Advances (excluding Overdraft Protection Cash Advances, which have no fee) and purchases of wire transfers from a nonfinancial institution is 4% (min. $10). Transaction fee for any transaction made in a foreign currency or processed outside of the U.S. is 3%. The Introductory Annual Fee is $0 for the first year. After that, your Annual Fee will be $75. The Annual Fee will be rebated if you qualify for the Platinum Privileges program by maintaining a combined balance of $50,000 or more in deposit accounts with Bank of America and/or eligible investment balances with Merrill Edge® and having either an active personal checking account with Bank of America or an active eligible Merrill Edge brokerage account. The Variable APRs for your account will vary with the market based on the Prime Rate as set out in the Variable-Rate Information section of your Credit Card Agreement. In addition, we reserve the right to change the APRs, fees, and other terms of the account in accordance with the Credit Card Agreement and applicable law. This information is accurate as of 07/2011 and may have changed. For current information, please speak to an associate. This credit card program is issued and administered FIA Card Services, N.A. 

sloppy1 said:   jmy80 said:   Just spoke w/ an FIA rep. Letters going out tomorrow offering card holders opportunity to switch by 10/15 to a BofA Privileges card, still (supposedly) w/ 2%.

With a hefty annual fee, no doubt!


Unfortunately, I was right...

"your Annual Fee will be $75. The Annual Fee will be rebated if you qualify for the Platinum Privileges program by maintaining a combined balance of $50,000 or more in deposit accounts with Bank of America and/or eligible investment balances with Merrill Edge® and having either an active personal checking account with Bank of America or an active eligible Merrill Edge brokerage account."

It really is just a 1% card unless you bank $50,000 with BofA/Merril, which I doubt many FWF people do.

Ouch! Glad I signed up for the Chase Priority Club Visa card for 0% foreign transaction fees, but now I'll need to find a main card to replace the 2% Cash Back,

It was a good run while it lasted.

mapen said:   
active personal checking account with Bank of America 


Any idea what they mean by an active personal checking account?

And does bank of america let you convert the credit card into something without an annual fee?

F*** me. I am just leaving for several months abroad on Oct 3rd. What's the next no foreign transaction fee card with decent rewards? Am I going to have to settle and go back to CapOne?

ScreamingDaisy said:   F*** me. I am just leaving for several months abroad on Oct 3rd. What's the next no foreign transaction fee card with decent rewards? Am I going to have to settle and go back to CapOne?

Yeah, the loss of a 2% card with no foreign transaction fee will be a loss.

The PenFed AMEX has no foreign transaction fee, and neither does Chase Sapphire.

For me, it will be:
1) PenFed AMEX (1%) - though I realize it has limited use internationally
2) Chase Sapphire (1%) - until my year is up and A/F kicks in, at which time I'll transfer the UR points to a different card
3) CapOne Visa (miles, effectively 0%) - the old standby

ScreamingDaisy said:   F*** me. I am just leaving for several months abroad on Oct 3rd. What's the next no foreign transaction fee card with decent rewards? Am I going to have to settle and go back to CapOne?

Rewards and no FETF pretty much means you'll need to pay an annual fee unless you go with CapOne. If you are willing to pay an annual fee:

Chase has several no FETF cards such as Sapphire Preferred, Hyatt, Priority Club.
Citi has the Premier card.

cpaynter said:   ScreamingDaisy said:   F*** me. I am just leaving for several months abroad on Oct 3rd. What's the next no foreign transaction fee card with decent rewards? Am I going to have to settle and go back to CapOne?

Yeah, the loss of a 2% card with no foreign transaction fee will be a loss.

The PenFed AMEX (and I believe the Visa as well) have no foreign transaction fee, and neither does Chase Sapphire.

For me, it will be:
1) PenFed AMEX (1%) - though I realize it has limited use internationally
2) Chase Sapphire (1%) - until my year is up and A/F kicks in, at which time I'll transfer the UR points to a different card
3) CapOne Visa (miles, effectively 0%) - the old standby


I'm not for annual fees, especially as this will now likely be a card that I only use while abroad. I'm going to try out the CapOne VentureOne, which seems like you can get a pretty solid 1.25% toward charge reimbursements in some broad "travel" categories. We'll see how it works out in practice.

I already have my monthly rebate going into my BofA checking, so I could live with 1 1/2%. Let's wait and see what the letter has to say.

sayhey said:   I already have my monthly rebate going into my BofA checking, so I could live with 1 1/2%. Let's wait and see what the letter has to say.

You also must have $50,000 relationship accounts at this bank to avoid annual fee.

In 2003, I posted the following decision making list that I use to help me choose the best cc for me.
Obviously, the order of priorities are different for some people here on FWF, like a lack of foreign transaction fees...

Shopping Checklist for the ideal rewards credit card with the following priority of characteristics:
1. More than 1% Cash Back reward – not merchandise
2. no annual fee
3. a grace period
4. uncapped/unlimited
5. no tiered, no sliding scale- If tiered, the tiering starts over on your anniversary year, not calendar year. If calendar year, apply for card December and start using January.
6. automatically credited to your monthly statement – not a year later (so they can’t take your rebate away if they change terms of rebate program)
7. no expiration date on accumulated rewards…unused carryover year after year
8. widely accepted (more rebates and quicker tier progression-no Discover, AMEX)
9. No foreign currency conversion surcharge
10. gold card type benefits – rental car ins, extended warranty, purchase protection
11. no other customer relationship (accounts) expected with issuing bank
12. uncomplicated – no monthly limit, no minimum accumulation to get rebate
13. full balance auto pay monthly payments from your outside checking account –no risk a single late payment “mistake” interest charge greater than all rebate benefits
14. reputation of favoring customer in merchant transaction disputes
15. available 24/7 phone prompt, knowledgeable USA customer service

All cards fail here at least someplace, but try to get the most hits from this list.

sloppy1 said:   

You also must have $50,000 relationship accounts at this bank to avoid annual fee.


Presuming your best alternative to this card is a 1% card, you will break even on the $75 annual fee at 15k of spend on the card.

This makes the annual fee inconsequential to some people, although significant to others.

I would imagine that people at national median income levels probably put (or could put) fairly close to 10k on a CC per year. Since FWF has an overrepresentation of people in much higher income categories, this isn't going to matter much to a large segment of the userbase, even without a 50k relationship account.

Presuming your best alternative to this card is a 1% card, you will break even on the $75 annual fee at 15k of spend on the card.


If you are spedning that much, you might as well get the Fidelity Visa. 1.5% up to 15k spend, after that 2%.

tjguitar85 said:   Presuming your best alternative to this card is a 1% card, you will break even on the $75 annual fee at 15k of spend on the card.


If you are spedning that much, you might as well get the Fidelity Visa. 1.5% up to 15k spend, after that 2%.


This is an excellent point. I wonder if FIA is still open to product exchanges...

Logged into FIA to view my Schwab card today and noticed that the last 4 digits on the card number changed. I have not received any paperwork about the change nor have I requested a new card number. Could this be related to the upcoming switchover?

Oh well, guess I will need to use the Penfed card all the time then.

My number hasn't changed, I'd be sad to have the card disappear, but it's been a good run.

Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

http://personal.fidelity.com/products/checking/content/amex_rewa...

Most merchants still give me foul looks when I use my AM3X though, guess I'll see what the best deal is next month

RadioActive said:   My number hasn't changed, I'd be sad to have the card disappear, but it's been a good run.

Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

http://personal.fidelity.com/products/checking/content/amex_rewa...

Most merchants still give me foul looks when I use my AMEX though, guess I'll see what the best deal is next month


I've skimmed through the last few pages of this thread - is there any Visa or Mastercard that is offering 2% without any tiers/points conversions/hassles? I work for the gov't if that helps me get into a credit union.

RadioActive said:   Most merchants still give me foul looks when I use my AMEX though, guess I'll see what the best deal is next month

Unfortunately, I run into this a lot too

Can someone post the letter? I am currently out of country for the next few months.

I am interested in when exactly the Schwab card and its benefits die. Called FIA and they mentioned a changeover period between Oct. 1 and Dec. 17. She also said people would receive different cards based on credit quality.

Everytime I see this thread move up to the top, I expect the worst

Glad I just put my down payment for my car on this card last month.

I will miss this card, it was my go-to everything besides dining and amaz0n purchases (have forward for those)

FYI, if you have the Schwab debit card (for the schwab checking account), I'm pretty sure that they waive forex fees if you pull out cash from foreign atms. That might be an option too.

sparky3 said:   RadioActive said:   My number hasn't changed, I'd be sad to have the card disappear, but it's been a good run.

Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

http://personal.fidelity.com/products/checking/content/amex_rewa...

Most merchants still give me foul looks when I use my AMEX though, guess I'll see what the best deal is next month


I've skimmed through the last few pages of this thread - is there any Visa or Mastercard that is offering 2% without any tiers/points conversions/hassles? I work for the gov't if that helps me get into a credit union.


Pen Fed for Gas and Fidelity AMEX for everything else, maybe the Fidelity Visa if the majority of the places you shop at don't take AMEX. You're not gonna get anything more hassle free than that, Fidelity dumps the money automatically when you get to $50. Every other card is going to make you have to track how much you spend in each category every quarter or so and then cash in your points.

Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

I've seen this posted a couple times, but what is the source?

Are you just assuming the standard 3% transaction fee minus 2% rewards = 1% fee?

RadioActive said:   
Most merchants still give me foul looks when I use my AM3X though, guess I'll see what the best deal is next month


I could care less about "foul looks". Any merchant is free to refuse AMEX if they wish. It wasn't that long ago that I was unable use AMEX at Trader Joe's; I didn't take it personally.

If a merchant doesn't want my business, I can vote with my feet. Capitalism rocks!!!!!!

Instead of that annual fee card, I wonder if they will let me product change to the BankAmericard Cash Rewards.

JuliusGaius said:   Instead of that annual fee card, I wonder if they will let me product change to the BankAmericard Cash Rewards.

But if you did that, you'd probably miss out on some or all of the sign-up bonuses. I signed up for the BankAmericard Cash Rewards card last month. 5% on g/g/d for first six months, plus 15 months 0% APR, plus $100 bonus for making $500 of purchases. So I'd think you'd be better off just applying for the card outright, rather than doing a conversion.

Chris.

So, if one is to stop using this card because of the annual fee, is it time to stop charging to it in order to receive CashBack before card is closed?

tjguitar85 said:   Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

I've seen this posted a couple times, but what is the source?

Are you just assuming the standard 3% transaction fee minus 2% rewards = 1% fee?
My credit card agreement actually states this. There is no fee listed in the summary table and in the agreement it states the following:The converted amount will be increased by a conversion commission of 1% which will be for the account of American Express

Note that the converted amount is based on the wholesale interbank rate.

is this for sure confirmed?

also, isn't AMEX fidelity card also managed by fiacardservices? if so...i would imagine the same end result for that card as well...

gotsmack said:   sparky3 said:   RadioActive said:   My number hasn't changed, I'd be sad to have the card disappear, but it's been a good run.

Don't forget, there's still the Fidelity AM3X at 2%, and only 1% foreign transaction fee:

http://personal.fidelity.com/products/checking/content/amex_rewa...

Most merchants still give me foul looks when I use my AMEX though, guess I'll see what the best deal is next month

I've skimmed through the last few pages of this thread - is there any Visa or Mastercard that is offering 2% without any tiers/points conversions/hassles? I work for the gov't if that helps me get into a credit union.

Pen Fed for Gas and Fidelity AMEX for everything else, maybe the Fidelity Visa if the majority of the places you shop at don't take AMEX. You're not gonna get anything more hassle free than that, Fidelity dumps the money automatically when you get to $50. Every other card is going to make you have to track how much you spend in each category every quarter or so and then cash in your points.
The Fidelity cards are from FIA too, right? If FIA is removing 2% from the Schwab card, aren't the chances high that they'll reduce the rewards on Fidelity cards too? Or is Fidelity paying FIA money to keep the high rewards?

govenar said:   The Fidelity cards are from FIA too, right? If FIA is removing 2% from the Schwab card, aren't the chances high that they'll reduce the rewards on Fidelity cards too? Or is Fidelity paying FIA money to keep the high rewards?

The Schwab card was sponsored by Schwab and the Fidelity card was sponsored by Fidelity. Schwab decided to end this sponsorship so FIA turned it into a regular one of their cards. Unless Fidelity decides to also end their sponsorship, the end of the Fidelity card isn't implied. Fidelity also still heavily advertises the card to their customers on the bill payment system and had a previous Cash Back card long before Schwab had their offering.

Thought. Last time this happened with FIA I was able to opt out of the changes and keep my current card and rewards program through the expiration on the card. Is that presented as an option on the letter everyone is receiving? Couldn't you call in, get a new card with new expiration date, then opt out of the changes when the letter arrives?

islandguy84 said:   govenar said:   The Fidelity cards are from FIA too, right? If FIA is removing 2% from the Schwab card, aren't the chances high that they'll reduce the rewards on Fidelity cards too? Or is Fidelity paying FIA money to keep the high rewards?

The Schwab card was sponsored by Schwab and the Fidelity card was sponsored by Fidelity. Schwab decided to end this sponsorship so FIA turned it into a regular one of their cards. Unless Fidelity decides to also end their sponsorship, the end of the Fidelity card isn't implied. Fidelity also still heavily advertises the card to their customers on the bill payment system and had a previous Cash Back card long before Schwab had their offering.


Once all the FW people move over to fidelity... and they see all of the statement balances being paid in full... they will eventually decide to end their sponsorship as well.

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