2% Fidelity Rewards Card (was 1.5%)

Archived From: Finance
  • 1 2 34531
  • Page
  • Text Only
Crazytree said: I have my contributions automated with a monthly DD of $416.66 to my account and the wife's. my situation is unusual in that sense.

And you have Fidelity?

I'm trying to figure out a way to more automate my Roth IRA investing. Right now, I manually move $500 at a time from my mySmartCash account to my Roth IRA. Then I have automatic investing from the core account in the Roth to my mutual fund (it has a $500 minimum for auto investing or I'd do $416.66 as well).

Thanks bjlee and beethovengirl for pointing out that ordinary accounts will work too. I was killing myself trying to figure out the real benefit like the guys on the first page of this thread.

My explaination of why fidelity didn't advertize this aspect is that it wanted to steer the money to retirement accounts which are more stable, and more likely to be invested in fidelity funds. But I'd like to hear what others think.

Thanks OP.

Well, I don't necessary agree with the previous poster. What is interesting is that fidelity took the time to create a retirement credit card. Afterall, the existing Fidelity Investment Card with 1.5% back allowed you to contribute your contributions to a roth IRA or a traditional IRA although not an SEP-IRA like the new card. What I really think is going on is that fidelity is assuming many customers don't read the fine print and thus were not aware that the existing card could be used for retirement accounts as well. This is why they will now have 3 cards although both the new investment and retirement cards basically overlap and will offer the same features. I also think that fidelity feels that this will help them attract new clients and increase balances for existing customers who may have been moving money out of the stock market due to the huge drop in the market and instead moved it to IRA CD's offered by brick and mortar banks like Chase, Bank of America, etc. For those who have stayed and to encourage new customers to open accounts with them versus etrade, tdameritrade, schwab, etc they feel that this is a good competitive differentiater and will allow them to grow their business. I know that I'm more likely to stay with Fidelity now because of this and their attractive bond offerings which are cheaper then Bank of America Investments.

hmmm...


We apologize for any inconvenience.

The application you are requesting is currently unavailable.

I completed my online application 2 minutes ago. But I didn't get instant approval though.

Sounds like a great card. Do Fidelity cards through FIA link to financial programs such as Microsoft Money to automatically download transactions easily? Also, since it's issued by FIA/AMEX I assume that transactions/balance are not viewable via your regular Fidelity login? Anyone with experience with other Fidelity cards know?

they allow to download the Quicken/msft file every statement end. FIA card does not allow to download from withing the Quicken.

CoffeeEater said: Crazytree said: I have my contributions automated with a monthly DD of $416.66 to my account and the wife's. my situation is unusual in that sense.

And you have Fidelity?

I'm trying to figure out a way to more automate my Roth IRA investing. Right now, I manually move $500 at a time from my mySmartCash account to my Roth IRA. Then I have automatic investing from the core account in the Roth to my mutual fund (it has a $500 minimum for auto investing or I'd do $416.66 as well).
Yeah I have Fidelity. Do an automatic transfer from your mySmartCash account to your IRA... and auto investments the next day every month on the IRA account.

I have it set up where the DD goes into the IRA account... $416.66 every month... and auto investment of $416.66 the next day. The only problem is I get some loose change from the 1-day spread... but I manually re-invest that every few months... $10 or so.

Crazytree said: useless to those of us who max out our IRA contributions every year anyways.
Wrong. You can use the money you would have contributed to IRA to invest somewhere else.

how is fid. With their credit requriments? I.e poor credit ok?

WhiteGuy said: how is fid. With their credit requriments? I.e poor credit ok?

The card is with FIA, part of BOA.

welookgoodcom said: Schwab is still a better deal since the 2% is INSTANT

for a person who spends $1000-2000 per month, it does not matter that much....

It works with Roth IRA.

aleck said: Crazytree said: useless to those of us who max out our IRA contributions every year anyways.
Wrong. You can use the money you would have contributed to IRA to invest somewhere else.
Sure... I can spend two hours every month re-adjusting my direct deposit with the payroll company to accommodate my 2% reward down to the penny.

the T&C for this card is contradicting the Advertised Offer

..specifically ....
1) FIA Card Services Rewards™ American Express ® Card earns 1 base point per each dollar in Net Purchases.

2) and if you have at least 5,000 points available, FIA Card Services, N.A. will initiate an electronic transfer of funds to your Fidelity account at the end of each calendar month. The deposit will be made in U.S. dollars in an amount equal to the points balance multiplied by 1% ($0.01 USD)

3) Eligible Fidelity Accounts include all Fidelity non-retirement, Individual Retirement Accounts, and Fidelity-managed 529 Plan accounts that accept ACH deposits { though technically, NOT contradicting, they don't seem to make it abundantly clear, the Reward-Cash CAN be deposited into a NON-retirement account }

Could somebody check which Credit Bureau they are going to check? I hope it is NOT TranUnion....

FIA -> BoA -> EX

where to check the application status?

I received the card in mail. No other communications.

This is awesome! I've had my Fidelity FIA 529 MC card with 2% CB for years and I have held on to it for dear life since they changed to AMEX and 1.5%. Now that they are bringing this new 2% card in I can convert the wife from her crappy 1% Citibank and Discover cards.

Does anyone know if they'll allow this card to go to the 529 plan as well? If not I'll just send her CB to the Roth.

nycll said: I received the card in mail. No other communications.

How long did it take you to get it? I'm thinking about applying.

According to my own post, I applied on Dec 10, and received the card on the 16th. No emails or anything else from them.

Still haven't received anything yet...applied on the 9th.

In the meantime, I was cruelly duped twice by the postman. The first time was a dumb Chase renewal card and the other was a new HSBC ATM Card for an account with a $1.01 balance. I went from 6 to midnight both times holding those envelopes, but I became severely disappointed rather quickly after opening them.

can i link it to mysmartcash account?

xiaoqt90 said: can i link it to mysmartcash account?
yes

Just confirmed that it indeed can link to mysmartcash account.

One surprise for me, you can not access this account from AmericanExpress.com. One more website to check each month.

xiaoqt90 said: Just confirmed that it indeed can link to mysmartcash account.

One surprise for me, you can not access this account from AmericanExpress.com. One more website to check each month.


It's an FIA card. For those that already have an FIA card (like me with the Fidelity Investment Rewards Visa), I believe you can access both on the same account (like Citi, Chase, and AMEX). Stupid Discover makes me have two different usernames and passwords.

Anyone else receive this card yet?

I applied on 15th and got the card on 19th. Costco, here I come.

Got mine yesterday.

yes, it does.

Crazytree said: anyone been able to change their 1.5% cards over to the new 2% card?

Can I link it to my 529 plan if I open the card in my wife's name? Man, the Fidelity and FIA reps don't know much about this card yet. They keep referring to the 529 credit card with 1.5 back.

EDIT: NM. Applied over the phone and got instant approval. Thanks for the heads up guys!

I really want to use this card right away, but I'm only halfway to 5k pts on my Fidelity Investment Visa. I feel like I should keep using that until I hit 5k pts, redeem, and then sockdrawer the Visa.

I applied, but got rejected because the amount of credit extended to be by them is adequate. Anyone know if I call, if they'll reallocate my credit line either from my Fidelity 1.5% card, or hopefully a regular BOA visa card?

i don't have a roth IRA with fidelity, just a roth ira with vanguard. does fidelity have a no-minimum balance roth IRA i can deposit this into? I remember recalling that most fidelity roth IRA's require a minimum of $10k to open.

Squeezer99 said: i don't have a roth IRA with fidelity, just a roth ira with vanguard. does fidelity have a no-minimum balance roth IRA i can deposit this into? I remember recalling that most fidelity roth IRA's require a minimum of $10k to open.

It's $2500 to open a no-fee IRA, but there's a simplestart IRA which allows you to invest $200/month.

anyone lost their "reward" tab in the online account? It looks like Fidelity stopped advertising the card also.

It is still here on Fidelity.com.

I applied at 12/25 and get the card today.
It is a separate register account on fiacardservice.com.
They has free billpay for other credit card. (but no reward point for paying credit card and no billpay service too.)
There is no way to combine with fidelity.com too.

Just got my card today too. Pretty sweet with no reward caps. Thanks FW!

  • Archived From: ForumsFinance

  • 1 2 34531
  • Page


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

TRUSTe online privacy certification

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2014