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Just requested that my card be converted over the telephone. Looks like they're trying to keep up with Charles Schwab. Great for those of us who run a lot of money through cards like these. The redemption rate is a little confusing, but allow me to elucidate:

Tier 1 - Up to $15K
OLD CARD: 5,000 points = $75 deposit, $1 purchase = 1 point (1.5% CashBack)
NEW CARD: 5,000 points = $50 deposit, $1 purchase = 1.5 points (1.5% CashBack)

Tier 2 - $15k and Above
OLD CARD: 5,000 points = $75 deposit, $1 purchase = 1 point (1.5% CashBack)
NEW CARD: 5,000 points = $50 deposit, $1 purchase = 2 points (2.0% CashBack)

Benefits:
1. 2.0% redemption rate after $15k tier reached.
2. does not have to be linked to a retirement account like the other Fidelity 2.0% card
3. automatic sweeps! you no longer need to manually redeem your points, they are automatically redeemed on every statement and deposited into your eligible linked Fidelity account. this always annoyed me, as one more extra thing I had to check on every month.

Fidelity« Investment Rewards« Visa Signature« Card
Fidelity Credit Card
Invest in your future with everyday purchases.

* Turn 1.5% of purchases into a deposit in your Fidelity account (earn 2% once you've spent $15,000 annually)1
* No limits on cash rewards
* No annual fee

* Apply Online or call 866-598-4971. (Please mention priority code UAAST2)

See how Fidelity Rewards work

With this credit card you can automatically contribute to virtually any Fidelity account.2

1. Use your credit card for all your everyday purchases. You'll earn 1.5 points for each $1 spent on the first $15,000 in purchases per year, and 2 points per $1 in purchases thereafter.

2. Set up automatic redemption to your eligible designated Fidelity account. Provide your Fidelity account number when you apply. You can also add additional accounts online at fiacardservices.com.

3. Watch your points turn into investment dollars. Once you reach 5,000 points, points can be automatically converted into a deposit in your eligible designated Fidelity account (5,000 points = $50 deposit).

4. Enjoy the flexibility in using your points. You can redeem points for travel on major U.S. airlines with no blackout dates, for brand-name merchandise, gift certificates, experience rewards, and more.

Member Summary
Most Recent Posts
no credit line reported.

with the conversion, there is a glitch in the auto-sweep.

have to go into fiacardservices.com and... (more)

Crazytree (Jan. 07, 2010 @ 2:17p) |

How did you guys get this conversion to happen? The reps only know how to process a new application and the customer ser... (more)

Wango (Jan. 15, 2010 @ 2:59p) |

I have the old Fidelity 1.5% Visa & Fidelity AMEX. If you can transfer points between cards then I wonder if this would ... (more)

lilnoodle (Feb. 16, 2010 @ 3:11a) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
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Unless you really need a Visa card, the Fidelity AMEX card has the same benefits plus straight 2% reward, not tiered. There is no requirement for linking to a retirement account.

Slowly but surely I'm getting to the 5000 points mark, then plan to turn my points into $75 @ Fidelity and get rid of this card.
Since I've started using Schwab card, this account has been collecting mostly dust. A few months ago the reps firmly told me that my Fidelity Visa is not convertible. Looks like, even if they changed their mind now, the replacement is still not as attractive as its Schwab sibling.

c3 said: Unless you really need a Visa card, the Fidelity AMEX card has the same benefits plus straight 2% reward, not tiered. There is no requirement for linking to a retirement account.

Right, but what CT forgot to add is that

It can be done without a hard pull and the only difference is $75 in rewards on 15K which IMO is not worth a hard pull for even 2 years worth of rewards. It's free rewards for current 1.5% card holders that spend over 15K/yr.

My watchout (and I am still arguing with them) is to watch the last month of rewards on the change over. My old fidelity card would give me points = dollars so if I spent 2K I would get 30 points which = $30 that were automatically deposited into a brokerage account monthly. When I switched to the 1.5 points per dollar (with 5000 points = $50) they added the points from last month without doing the 100/1 conversion. I have called twice now and they credit the old number of points without converting. I guess if I call 97 more times it will be right but I want to avoid that.

Thanks OP, this has been my primary card for a couple of years now...I spend about $2k/mo on it. This is definitely worth the call for me.

c3 said: Unless you really need a Visa card, the Fidelity AMEX card has the same benefits plus straight 2% reward, not tiered. There is no requirement for linking to a retirement account.

IMO ideal combination is Schwab Visa and Fidelity AMEX, since AMEX is not accepted everywhere and Schwab visa has lower redemption minimum (spend $1000 get $20)

ivanivanix said: Slowly but surely I'm getting to the 5000 points mark, then plan to turn my points into $75 @ Fidelity and get rid of this card.
Since I've started using Schwab card, this account has been collecting mostly dust. A few months ago the reps firmly told me that my Fidelity Visa is not convertible. Looks like, even if they changed their mind now, the replacement is still not as attractive as its Schwab sibling.


If you have both Fidelity Visa & AMEX it's possible to transfer points from one to another (min transfer 2500 points).
login to your online account, go to rewards tab, there will be "transfer points link" on top right.

Repost

http://www.fatwallet.com/forums/finance/885732?highlight_key=y&keyword1=fidelity

Has anyone had luck converting a non-Fido FIA card into a Fido card of any kind? I have a $15k BoA card that I never use and would love to just convert it instead of go through another CC app.

Isnt there a limit to earning rewards, like 75k of spending per year?

PoisnBGood said: Has anyone had luck converting a non-Fifo FIA card into a Fido card of any kind? I have a $15k BoA card that I never use and would love to just convert it instead of go through another CC app.

you can't convert to Fidelity or Schwab, but you can move CL.
I've applied for Fidelity and was approved
then, a bout 2-3 month later applied for Schwab... was not sure if they approve another card considering that I already have large CL with FIA and current CC company behavior.
So I called immediatly after submitting the application, got transferred to credit analyst. Told them that I was not looking for new CL, just was intrested in getting the card. App was approved(CL moved from existing cards).

xoneinax said: Isnt there a limit to earning rewards, like 75k of spending per year?

NO LIMIT!

c3 said: Unless you really need a Visa card, the Fidelity AMEX card has the same benefits plus straight 2% reward, not tiered. There is no requirement for linking to a retirement account.There are restaurants that I go to regularly that simply don't take AMEX for whatever reason.

welookgoodcom said: Repost

http://www.fatwallet.com/forums/finance/885732?highlight_key=y&k...
not really. there has been a material change in program terms... IE the funds auto-sweep into any Fidelity investment account, you're not limited only to a retirement account. as I max out my retirement account at the beginning of every year, the old program terms made the card useless to me as I didn't need the cash in my retirement account.

welookgoodcom said: Banks and brokerages are enhancing their credit-card reward programs to help customers save more for retirement and reduce their debt. Wells Fargo & Co. is rolling out cash-back credit cards that automatically apply the rebates to pay down loan balances at the bank, while Fidelity Investments unveiled a new Retirement Rewards Card that will apply a 2% rebate earned on purchases to a Fidelity Individual Retirement Account.

Crazytree said: welookgoodcom said: Repost

http://www.fatwallet.com/forums/finance/885732?highlight_key=y&k...
not really. there has been a material change in program terms... IE the funds auto-sweep into any Fidelity investment account, you're not limited only to a retirement account. as I max out my retirement account at the beginning of every year, the old program terms made the card useless to me as I didn't need the cash in my retirement account.
Covered in the old thread.

http://www.fatwallet.com/forums/finance/885732/m13382394/#m13382394

LH2004 said: Crazytree said: welookgoodcom said: Repost

http://www.fatwallet.com/forums/finance/885732?highlight_key=y&k...
not really. there has been a material change in program terms... IE the funds auto-sweep into any Fidelity investment account, you're not limited only to a retirement account. as I max out my retirement account at the beginning of every year, the old program terms made the card useless to me as I didn't need the cash in my retirement account.
Covered in the old thread.

http://www.fatwallet.com/forums/finance/885732/m13382394/#m13382...
cookie?

I'm not sure how many people here read through that entire thread on a regular basis with baited breath for current product updates.

Crazytree said: not really. there has been a material change in program terms... IE the funds auto-sweep into any Fidelity investment account, you're not limited only to a retirement account. as I max out my retirement account at the beginning of every year, the old program terms made the card useless to me as I didn't need the cash in my retirement account.

I already said in my post above, that the AMEX card has NO requirement for linking to a retirement account. My "retirement card" is linked to MySmartCash account. They even have an "investment card" now, but that's just a different name with the same terms.

Crazytree said: There are restaurants that I go to regularly that simply don't take AMEX for whatever reason.

There are better cards for restaurants, like the Citi Forward.

Crazytree said: There are restaurants that I go to regularly that simply don't take AMEX for whatever reason.

I guess I am still bitter that AMEX lowered my lines on AA and refused to restore them. F AMEX, I will not use them as a credit card or an underlying processor ever again.

plus AMEX won't give me the limits that I got from BofA/FIA.

c3 said: Crazytree said: There are restaurants that I go to regularly that simply don't take AMEX for whatever reason.

There are better cards for restaurants, like the Citi Forward.


There are some of us that don't want to bother carrying around multiple cards to maximize every last cent of Cash Back. Not that there's anything wrong with that, it's just a matter of personal preference. Some people would prefer to only use 1-2 CCs and others don't mind using 10 different ones.

Dazarath said: c3 said: Crazytree said: There are restaurants that I go to regularly that simply don't take AMEX for whatever reason.

There are better cards for restaurants, like the Citi Forward.


There are some of us that don't want to bother carrying around multiple cards to maximize every last cent of Cash Back. Not that there's anything wrong with that, it's just a matter of personal preference. Some people would prefer to only use 1-2 CCs and others don't mind using 10 different ones.
I carry three credit cards. One for daily purchases, one for business expenses, and a card with a big limit that I don't use for emergencies.

For crazytree, it might be best to keep the emergency, big limit card at home and out of wallet to prevent lost wallet, etc. problems.

just got my card in the mail. took a couple of weeks, but the auto-sweep is already set up and the account is up and running.

at my spending rate... this card has an effective yield of about 1.85%... and best of all it's not an AMEX.

Anyone know if the Fidelity rewards which are transferred to your Fidelity trading account is taxed?

comptalk said: Anyone know if the Fidelity rewards which are transferred to your Fidelity trading account is taxed?

No it does not

I understand that the issuer is FIA. Any info on what this CC would look like on my credit report? Is it going to be shown as a "typical" CC, i.e., "CL 15K, balance 1,5K"?

notfound123 said: I understand that the issuer is FIA. Any info on what this CC would look like on my credit report? Is it going to be shown as a "typical" CC, i.e., "CL 15K, balance 1,5K"?

I believe because it's a Visa Signature card, they don't report the CL.

no credit line reported.

with the conversion, there is a glitch in the auto-sweep.

have to go into fiacardservices.com and manually delete your linked Fidleity account and then re-add it.

How did you guys get this conversion to happen? The reps only know how to process a new application and the customer service for the old Fidelity card doesn't know anything about the new program.

fotomaniak said: If you have both Fidelity Visa & AMEX it's possible to transfer points from one to another (min transfer 2500 points).
login to your online account, go to rewards tab, there will be "transfer points link" on top right.

I have the old Fidelity 1.5% Visa & Fidelity AMEX. If you can transfer points between cards then I wonder if this would work:

Fidelity Visa (old): $1 purchase = 1 point. 5,000 points = $75 deposit.
Fidelity AMEX: $1 purchase = 2 points. 5,000 points = $50 deposit.

1. Charge $2,500 on AMEX.
2. Earn 5,000 AMEX points.
3. Transfer to 5,000 Visa points.
4. Redeem $75 deposit.

This means that $2,500 in spending would earn a $75 deposit. This is 3.0% CashBack. Has anyone tried this?



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