2% Fidelity Rewards Card (was 1.5%)

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kickerstarter said:   

Clearly the Lands' End Gift Card is superior.

This makes my Fidelity WorldPoints AMEX Super Hot! With 2 pts per dollar. That makes it a 2.5% card when redeemed for GC.


Most know this, but Land's end can be used at Sears and K-Mart. One of these is likely to be near you and carry items you wish to purchase. That is why this is the important offer.

I don't know if they do this on a regular basis or similar to Am Ex membership rewards which runs sale on unpredictable schedule. It is a good idea to stop the automatic redemption just in case.

je0ne0sais0quoi said:   Just checking in to ask if anyone has used ShopSafe (disposable account numbers) with the Fidelity AMEX?

Before today, I was 100% sure that the feature isn't offered for the AMEX product, and am still 90% sure that it isn't. But I called customer service today about an issue with PayPal that would be easy to fix with ShopSafe, and I casually mentioned that I wish this card had it.

CSR#1 said she was just about to suggest it, put me on hold to check if it is indeed a feature of the AMEX product, and came back to say that yes, it *is*.

Was transferred to CSR#2 because I couldn't find any ShopSafe link on ibsnetaccess.com. Scoured the account management pages, but still couldn't find it. CSR#2 said she helped someone else to find it just the other day, *exact same product*.

I emphasized to both CSRs that this was the Fidelity branded card, and the American Express product. They both said ShopSafe should be a feature of this product, and CSR#2 concluded that I wasn't getting the link because I'm using Safari.

Like I said, I'm still pretty sure that ShopSafe is not offered for the AMEX. But now I feel a smidgen of doubt. Could I get some corroboration from Chrome and Firefox users?

As members have already mentioned, the FIA AMEX does NOT have ShopSafe (I believe AMEX got rid of it for all their cards years ago), However, the FIA Visa (1.5% CB on everything - pretty good for a Visa with no AF) does!

Slightly offtopic: I was very sad when I was told by Chase that they had stopped offering ShopSafe years ago on all of their cards due to "lack of customer interest". I don't believe it.

What's so attractive about the ShopSafe feature? I never heard anyone talk about it until now.

HiLine said:   What's so attractive about the ShopSafe feature? I never heard anyone talk about it until now.Good for Hot Deals that are limit 1 per CC#. Or if you don't like giving out your real CC # online.

Anyone pay thru moneygram payment service. I need the 4 digit receive code? apparently, fia uses a 5 digit so need AE conversion code. not sure how it works. i thought fia handles the bill payments

pyro123 said:   Anyone pay thru moneygram payment service. I need the 4 digit receive code? apparently, fia uses a 5 digit so need AE conversion code. not sure how it works. i thought fia handles the bill payments

Has anyone been able to pay their fidelity card using Checkfreepay?

checkfreepay? Is it same a checkfree bill pay? if so yes. Almost all major banks use checkfree for their bill pay behind the scenes.

I was able to get a new AMEX 2% card by reallocating from my other 2% FIA cards (where I may hit the upper limit for 2%). I called rather than waiting for action, so I do not know what would have happened if I had done nothing. The credit analyst's questions were the usual ones about planned use of the card, and what the larger balances on other cards were from. From the conversation it was clear she could reallocate from other BOA or FIA cards, if they were not business (which she said she could not even see).

Reallocation from joint cards were possible (we have joints cards with relatively large limits that are little used), but that would have required making the application joint (which probably could have been done over the phone if my wife had been available, and that was what we wanted). I can imagine others who suspect new card will be issued only with reallocation, who may want to consider this. the joint card had been obtained years ago when she had no credit record, and this was meant to help her start building one. The card is not now particularly desirable, but no reallocations had been done because of the issue mentioned, and the time needed.

An odd aspect of the conversation was that she could find no credit in my name on Experian (from from correct), but then pulled Transunion and found apparently accurate information.

She also found and corrected a birth date error which was worth knowing of. Sounds minor, but my wife has a frozen account at Sharebuilder with over $10,000 due to an error (unknown as to what it is, since they claim privacy prevents telling us) in her birth date, which is going to require documents and a trip to notary to correct, so she can get her money out, or do anything with the account. Hence, correcting an error now seemed useful.

vkva said:   checkfreepay? Is it same a checkfree bill pay? if so yes. Almost all major banks use checkfree for their bill pay behind the scenes.

It is one of the two Bill Pay systems used by WalMart. It is a retail front end to checkfree and is owned by Fiserv.

Hi Guys,

Did anyone receive a 1099 for the points/investment contributions from this AMEX? Just got one and wondered (not that it makes sense) if putting it into a Tax Deferred would be better than Taxable Fidelity account. Would be nice to know if either of these strategies resulted in a 1099 issued.

Thanks,

Matt

mattadept said:   Hi Guys,

Did anyone receive a 1099 for the points/investment contributions from this AMEX? Just got one and wondered (not that it makes sense) if putting it into a Tax Deferred would be better than Taxable Fidelity account. Would be nice to know if either of these strategies resulted in a 1099 issued.

Thanks,

Matt


I assume that this 1099 is 1099-INT on your brokerage account. When you redeemed your points to the brokerage account, did you transfer the money somewhere else or you let it sit for a while so that interest was acquired on the redemption amount?

Edit: if they changed their policy...no I have not received 1099 from the Fidelity AMEX card itself.

I received about $550 into a taxable Fidelity account from the 2% card. My 1099 from Fidelity did not mention the $550.

I believe that rebates from credit cards are not taxable.

I got about $1300 back from AMEX last year, deposited into my Fidelity account, and nothing about it on my 1099.

I'm another victim of Fidelity closing an account out of the blue. 2 months after opening accounts I got the "unsatisfactory relationship" letter. Nothing fancy was being done, just FIA credit card reward deposits of around $750 a month and then ACH out. I did initially fund the account with 50K but changed my mind about using Fidelity. It's disappointing that they have unpublished requirements for cash management accounts, and just arbitrarily close them. Actually talking to 'risk management' is impossible, nor will they disclose what the reasons behind the closure were.

Perfect credit, no chexsystems negs, and a private banking relationship with JP Morgan.

In the end I don't particularly care, other than being shocked and put-off by the move. I (and anyone else with the FIA Fidelity 2% AMEX) can get the statement credits in 25,000 point intervals equating to 2%.

"Ninja" account closures over undisclosed requirements is how reputations are built...perceptions are hard to change, and they do have long term impact on your bottom line.

I haven't had any problem with Fidelity. I have like $0.80 worth of Blockbuster shares in taxable brokerage, and I have a ROTH ira there. The cash management account is only used for redeeming FIA points.

bubu said:   I'm another victim of Fidelity closing an account out of the blue. 2 months after opening accounts I got the "unsatisfactory relationship" letter. Nothing fancy was being done, just FIA credit card reward deposits of around $750 a month and then ACH out. I did initially fund the account with 50K but changed my mind about using Fidelity. It's disappointing that they have unpublished requirements for cash management accounts, and just arbitrarily close them. Actually talking to 'risk management' is impossible, nor will they disclose what the reasons behind the closure were.

Perfect credit, no chexsystems negs, and a private banking relationship with JP Morgan.

In the end I don't particularly care, other than being shocked and put-off by the move. I (and anyone else with the FIA Fidelity 2% AMEX) can get the statement credits in 25,000 point intervals equating to 2%.

"Ninja" account closures over undisclosed requirements is how reputations are built...perceptions are hard to change, and they do have long term impact on your bottom line.


Did you have any other business with Fidelity (e.g. 401(k), IRA, brokerage account)?

NEDeals said:   bubu said:   FIA credit card reward deposits of around $750 a month and then ACH out. I did initially fund the account with 50K but changed my mind about using Fidelity. It's disappointing that they have unpublished requirements for cash management accounts, and just arbitrarily close them. Actually talking to 'risk management' is impossible, nor will they disclose what the reasons behind the closure were.

Perfect credit, no chexsystems negs, and a private banking relationship with JP Morgan.

In the end I don't particularly care, other than being shocked and put-off by the move. I (and anyone else with the FIA Fidelity 2% AMEX) can get the statement credits in 25,000 point intervals equating to 2%.

"Ninja" account closures over undisclosed requirements is how reputations are built...perceptions are hard to change, and they do have long term impact on your bottom line.


Did you have any other business with Fidelity (e.g. 401(k), IRA, brokerage account)?


The account was closed most likely due to "perk" abuse. The Chase does this, too, if one abuses the "perks" too much, I heard. I am confused of which account was closed. The Fidelity AMEX or Cash Management account or brokerage or all.

bubu said:   2 months after opening accounts I got the "unsatisfactory relationship" letter. Nothing fancy was being done, just FIA credit card reward deposits of around $750 a month and then ACH out. I did initially fund the account with 50K but changed my mind about using Fidelity. It's disappointing that they have unpublished requirements for cash management accounts, and just arbitrarily close them. Actually talking to 'risk management' is impossible, nor will they disclose what the reasons behind the closure were.


So, you churned $750/month in rewards for 2 months...humm...(x)*(2/100) = 750, x = $37,500/month. What was your CL? $5k?

Edit: I've read numerous times where "Chase" closes a CC account with "Unsatisfactory Relationship", and not only getting the account closed, but "blacklisted".

I've received $500~$800 CashBack from this Fidelity AE card for almost two years. I remembered I even got over $1000 two or three times. I always make payments when the available credit is less than $4000. No problem at all.

twmofa said:   I've received $500~$800 CashBack from this Fidelity AE card for almost two years. I remembered I even got over $1000 two or three times. I always make payments when the available credit is less than $4000. No problem at all.

I think Bubu was referring to the Fidelity Cash Management Account, not the American Express card issued by FIA.

NEDeals said:   twmofa said:   I've received $500~$800 CashBack from this Fidelity AE card for almost two years. I remembered I even got over $1000 two or three times. I always make payments when the available credit is less than $4000. No problem at all.

I think Bubu was referring to the Fidelity Cash Management Account, not the American Express card issued by FIA.


My bed. All my CashBack is redeemed to my Fidelity Cash Management Account but I do not ACH them out.
Just let it sit there. So, there might be some difference.

Slightly disheartening to read that Fidelity may close my cash management account for no reason. Data: my CMA is always at $0.00 within 24-48 hrs of my modest Fid. AM#X cash outs ($50-150) & I have a 401(k) with them. I doubt I am on their shi+ list.

To clarify on the confusion, I had 2 accounts with Fidelity, cash management & brokerage...Fidelity closed them both 2 months to the date after opening. Their electronic messages informing me of the closures were sent @ 2am leading me to believe this was an automated "risk/cost management" process with little to no human involvement.

I initially moved $55K into the brokerage account upon opening the accounts but pulled it back out after changing my mind a few weeks later. I never did invest through them.

FIA Fidelity AMEX is open and in good standing...and yes there is a very large CL on it with heavy spend.

-bubu

bubu said:   To clarify on the confusion, I had 2 accounts with Fidelity, cash management & brokerage...Fidelity closed them both 2 months to the date after opening. Their electronic messages informing me of the closures were sent @ 2am leading me to believe this was an automated "risk/cost management" process with little to no human involvement.

I initially moved $55K into the brokerage account upon opening the accounts but pulled it back out after changing my mind a few weeks later. I never did invest through them.

FIA Fidelity AMEX is open and in good standing...and yes there is a very large CL on it with heavy spend.

-bubu


I'm glad to hear your Fidelity AMEX is open. I was thinking that's what got closed at first...and still could be a suspect due to 1:1 redemption option. Thanks for clarifying. If "automated", you might be able to talk to a person and reverse their action...do you necessary have to talk to "risk management" people or go to say a local branch and see what the branch can do for you? If I'm correct, you can no longer get "cash out" 1:1 or 1:1.? (whatever the ratio) on redeeming high value stuffs...currently AMEX gift cards are running 3,750 pts for $25, 7,000 pts for $50, 13,500 pts for $100 & 30,000 pts on $250.

Have you checked your Chex since your banking product (as least on the Cash Management, the fund is backed up by other banks....like BoA, etc) was closed? Do you know who was backing your cash management account? The worst case scenario, you may not be able to open an account with whoever was backing your Fidelity Cash Management account. Hopefully, that is not the case. I know you are not interested with Fidelity, but I'm curious if you got internally blacklisted by Fidelity.

Vagrants, believe me I tried calling them. The risk management group responsible for closing the account will not take my call directly, nor disclose the reason for closure through the front-line rep. I have no idea if they black-listed me.

I believe I can still get the rewards "cash out" @ 2% points to $0.01 ratio via a statement credit.

bubu said:   Vagrants, believe me I tried calling them. The risk management group responsible for closing the account will not take my call directly, nor disclose the reason for closure through the front-line rep. I have no idea if they black-listed me.

I believe I can still get the rewards "cash out" @ 2% points to $0.01 ratio via a statement credit.


I never had my accounts closed with anybody. All I know is what I've read. Yes, generally, you can't reach these people...and yes, they don't tell you anything about the reason for closure. I'm guessing if an institution tells something, they are accessory to the accusation.

I never used statement credit...and I didn't know there was such option...I don't think you can do statement credit any more...at least on my account, I don't see that option anywhere online. All I could find was:

"Cash Rewards

Cash Rewards are different from Fidelity rewards. Cash rewards may be made at a lower redemption rate than Fidelity rewards. If you have a Fidelity account please refer to the Fidelity rewards section if you are interested in learning how to redeem points for deposits into that account.

Redeem Points for a variety of cash rewards either at the Site or by telephoning us. A cash reward shall be issued for a U.S. dollar sum in the form of a check or an electronic deposit to a checking or savings account of your choice. Current cash reward values and their respective Points requirements can be obtained by signing into the Site. Cash reward values may be subject to change.

Redemption for Checks

Cash reward checks are not issued automatically; checks will be issued only upon request of the Cardmember. The check will be made payable to the one (1) individual designated by us as the Primary Cardmember, i.e., the check will not be made payable to either a joint Cardmember or an authorized user(s), if any. Each check is mailed to the Primary Cardmember's billing address via first-class U.S. mail within fourteen (14) business days of receipt of the request. Requests for multiple checks are processed and mailed separately. Each check will be valid for ninety (90) days from its date of issue. The expiration date will appear on the check. A check that is not presented for payment before the expiration date will be void. In such cases, the cash reward will then be awarded as a statement credit posting to your Card within two Billing Cycles following the expiration date and will be applied to your account as a retail credit adjustment.

If your Card is closed before a check is drawn, or a statement credit appears, then the cash reward will be forfeited (except if your Card has been reported as lost or stolen, subject to verification). Receipt of a cash reward check or the appearance of a statement credit does not affect your responsibility to pay your Total Minimum Payment shown on each Statement you receive from us. There is no yearly limit to the number of checks you may receive.

Redemption for an Electronic Deposit into a Checking or Savings Account

If you redeem Points for an electronic deposit into a checking or savings account, the deposit will then be sent by us to the checking or savings account you have indicated within fifteen (15) business days. Electronic deposit redemptions are final once processed. If an electronic deposit is rejected for any reason from the date it was sent to your designated account, the deposit will be considered void and the Points used to obtain the reward will be reinstated to your Card. If your Card is closed before the Points can be reinstated to your account, then the cash reward will be forfeited (except if your Card has been reported as lost or stolen, subject to verification). We cannot guarantee that your financial institution will accept an ACH from us on your behalf. If an electronic transfer is refused for any reason, we will notify you via email within 15 days of your request at the email address designated by you at the time of your redemption."

https://www.managerewardsonline.fiacardservices.com/RWDapp/progr...

I'm sure you are aware that without a Fidelity account(s), you don't get 2%. If you want to stay with this card, either try to open a new brokerage or IRA (hopefully Roth)...if not, Priceline....I guess.

I hope that this account closure was nothing major on your records (like chex, etc).

I verified, CHEX is clean...I really think it was just a case of looking risky because of moving a sizable sum in initially then pulling it out.

so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.

downhillskier said:   prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.


You can get the 2% without the cash management account, you just need to wait until 25,000 points/$250 until you can cash out at $0.01/point (2%).

stanolshefski said:   downhillskier said:   prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.


You can get the 2% without the cash management account, you just need to wait until 25,000 points/$250 until you can cash out at $0.01/point (2%).


And like other BoA/FIA points, they expire after 5 years.

awesome, thanks!


WorldPoints_1
Disclaimer

WorldPoints_2
Disclaimer
stanolshefski said:   downhillskier said:   prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.


You can get the 2% without the cash management account, you just need to wait until 25,000 points/$250 until you can cash out at $0.01/point (2%).


Will you provide the link supplied by Fidelity or WorldPoints for this? They have changed the redemption term like last year. If one doesn't have a Cash Management account or brokerage account or IRA account, you can never get the 2% CB.

Edit: Also, you must have done this 25,000 pts -> $250 recently. If not, you are giving false information. So, how did you do it? You can't get this done at least online any more or I didn't look deep enough?


BOA_Worldpoints_screenshot
Disclaimer
vagrants said:   stanolshefski said:   downhillskier said:   prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.


You can get the 2% without the cash management account, you just need to wait until 25,000 points/$250 until you can cash out at $0.01/point (2%).


Will you provide the link supplied by Fidelity or WorldPoints for this? They have changed the redemption term like last year. If one doesn't have a Cash Management account or brokerage account or IRA account, you can never get the 2% CB.

Edit: Also, you must have done this 25,000 pts -> $250 recently. If not, you are giving false information. So, how did you do it? You can't get this done at least online any more or I didn't look deep enough?


Disclaimer 1: I had never heard of this option before (though, admittedly, never looked for it - the Cash Management with automatic sweep works fine for me)
Disclaimer 2: I can't login to Fidelity right now (site is down?), but here is a screenshot from Worldpoints in my BOA credit card account:

YMMV.

vagrants, I actually was able to do the 25,000 points --> $250 recently (about a month ago). I had to call to ask for a check to be cut and sent to the address I have on record, but it eventually came.

miniChapMan said:   vagrants, I actually was able to do the 25,000 points --> $250 recently (about a month ago). I had to call to ask for a check to be cut and sent to the address I have on record, but it eventually came.

Nice! Green for you

downhillskier said:   vagrants said:   stanolshefski said:   downhillskier said:   prikindel said:   so is it possible to apply for this card without having a Cash Management account, and open one only when approved for the card? Would I still get my 2% back?

Yes. You just need to open a Cash Management account before you want to redeem points.


You can get the 2% without the cash management account, you just need to wait until 25,000 points/$250 until you can cash out at $0.01/point (2%).


Will you provide the link supplied by Fidelity or WorldPoints for this? They have changed the redemption term like last year. If one doesn't have a Cash Management account or brokerage account or IRA account, you can never get the 2% CB.

Edit: Also, you must have done this 25,000 pts -> $250 recently. If not, you are giving false information. So, how did you do it? You can't get this done at least online any more or I didn't look deep enough?


Disclaimer 1: I had never heard of this option before (though, admittedly, never looked for it - the Cash Management with automatic sweep works fine for me)
Disclaimer 2: I can't login to Fidelity right now (site is down?), but here is a screenshot from Worldpoints in my BOA credit card account:

YMMV.


Different product. But, nice info.

Edit: I have no problem logging in right now (4:01PM Eastern time).

I actually did 25,000 for $250 about an hour ago. Worked no problem.


Check_Option
Disclaimer
Does Fidelity read this thread? I now see online check redemption option.

A question is which account to redeem to, if we have a choice.

There may be taxation implications. Usually credit card rebates are not taxed, and I presume that this is true here, at least when the funds come into Fidelity.

If it goes to a brokerage account, it appears you can withdraw the money, and it should be none taxable, and nothing is reported to the IRS. I have not tried this, so I am not certain this is true, but I believe it to be.

Depositing it to an IRA may be more complex, but for most people it is probably not taxed. However, when it comes up as a distribution I would expect it to be reported as a distribution, and to be treated as income. there may be a way to dispute this and avoid paying tax, but I am not certain it would work, and there is a good chance that years from now, you or your heirs will not think to do this, or still have the records. I believe this has been discussed above.

I have mine going to a 529 plan (actually from older Fidelity 2% cards and a Fidelity AMEX, but I don't think the rules would be different). If the 529 plan is used for eligible higher education expenses, the withdrawals would be non-taxable. This is the most likely case.

However, there could be withdrawals for other reasons, in which case a penalty tax is owed on the gain in the value of the account and this increase in value is also treated as ordinary income. Thus, it appears there is some chance that this money could be taxed.

Mine has been going to 529 plans for years, since originally I believe that was the only allowed destination for the 2% 529 plan cards (no longer issued). I believe it is now possible to change the destination and I was wondering whether it might be worth the trouble.

Fidelity has promotions for opening and funding brokerage accounts, which I may wish to take advantage of at some point (since I took one for a IRA account, I cannot do another now). In that case, there would be little work in changing the destination, and a possible tax benefit.

Note, I lack earned income so directing the credit card rebate money to the IRA would appear to not be allowed. Otherwise, a case cold be made for doing this, and then reducing contributions coming from your salary, to stay within the legal limits.

I thought I would raise theses issues here since some may not have thought of them, and there may be others who have long standing 529 plans set up to receive the rebates.



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