End of FIA Visa and 2% Cash Back

[travelover]

.........The best thing about the Fidelity Amex is using it at Costco. That doubled our 2% rebates when we got the card ...........

+1 I feel like I'm pulling off a minor crime when I swipe my Costco AmEx to identify myself, then switch to the Fido AmEx to pay.

 

[madcityacct]

Just got an offer for the Chase Freedom card. No annual fee, $300 cash back with first purchase, 5% in specific categories, and 1% for everything else.

Bye bye BoA. The 2% was nice while it lasted!

 

[ERD50]

Fidelity is still offering the 2% AMEX card on their site:

Fidelity Rewards American Express® Cards

Hopefully, this means it won't be discontinued anytime soon.

-ERD50

 

[tulak]

Just got an offer for the Chase Freedom card. No annual fee, $300 cash back with first purchase, 5% in specific categories, and 1% for everything else.

Bye bye BoA. The 2% was nice while it lasted!

From their website:


Foreign Transactions: 3% of each transaction in U.S. dollars.

Ouch. This is what I'm going to miss the most with the Schwab Card. I seem to remember Penfed only charges 1%, but I need to double-check.

 

[tulak]

From their website:


Foreign Transactions: 3% of each transaction in U.S. dollars.

Ouch. This is what I'm going to miss the most with the Schwab Card. I seem to remember Penfed only charges 1%, but I need to double-check.

Just looked up Penfed's foreign transaction fee. It's 2%.

 

[Nords]

I seem to remember Penfed only charges 1%, but I need to double-check.[/FONT]

Just looked up Penfed's foreign transaction fee. It's 2%.

USAA's foreign currency fee is only 1%.
https://content.usaa.com/mcontent/s...SearchRanking=9&SearchLinkPhrase=currency fee (page 6 of this 28-page PDF)

Anyone can apply to USAA for a credit card. You don't have to be a member, and you don't have to be military or have a military relative.

 

[captain3d]

So before the schwab card expires...what can we stock up on that will earn the 2% cash back?

I just ordered a whole foods gift card to see if it qualifies. Any other store, gas gift cards? what about prepaid visa cards etc do they qualify for the 2%?

Any outside the box ideas to prepay for stuff on the 2% card? Time to go and buy that emergency food supply kit I have been planning for a while I guess.

phil

 

[FUEGO]

So before the schwab card expires...what can we stock up on that will earn the 2% cash back?

I just ordered a whole foods gift card to see if it qualifies. Any other store, gas gift cards? what about prepaid visa cards etc do they qualify for the 2%?

Any outside the box ideas to prepay for stuff on the 2% card? Time to go and buy that emergency food supply kit I have been planning for a while I guess.

phil

Recently I had to meet some steep minimum spending requirements for a number of credit card sign up bonuses. Things I prepaid included:

Multiple $500 gift cards for walmart, home depot, lowe's etc. Stuff I spend money on anyway.
Electric bill - had to pay $5 fee but 2% cashback exceeded $5 fee.
Kids lunch money - they take CC's online now.
Water/sewer trash bill - no fee.
Nat Gas bill - no fee for CCs
Internet bill (through cable company)

Now I'm sitting on 3-4 thousand in prepaid bills and gift cards.

 

[captain3d]

ok so gift cards are not seen as cash advances etc. Great. I will give it a go.

Just a few days left on this great card.

phil

 

[smjsl]

Thanks sms88 - did not know about the Museums options.

BoA card does not look too bad - 2% on groceries, 3% on gas (1% on everything else). So, I actually plan on continuing to use it at least for groceries (where 2% Amex is not accepted) and gas (don't spend enough on gas to get a whole separate card just for gas). And I may also use it for 1% purchases where 2% Amex is not accepted - hopefully just a few places.

Foreign txn fee is a bummer though. Another thing I liked about Schwab / FIA card is the shop-safe online card number generator which would generate new card numbers for you for online (or any other) purchases. Not sure if my new 2% Fidelity Amex card would have that (since it's also an FIA card) or whether BofA would continue to have that option...

P.S. Schwab card benefits continued for over a year after FIA took over - I sure am glad I had not canceled it...

 

[steelyman]

Another thing I liked about Schwab / FIA card is the shop-safe online card number generator which would generate new card numbers for you for online (or any other) purchases.

I've been a Discover card user ever since they were first offered - they may have been among the first cash-back cards - and have used the secure number generator they've offered for the past several years and loved it. Sadly, they sent a notice out recently that this service will be discontinued. Wonder if they are running out of numbers??

 

[ziggy29]

Just called to cancel today. Could have waited another month, but I'd just soon get it over with and make the clean break now...

 

[clifp]

Just called to cancel today. Could have waited another month, but I'd just soon get it over with and make the clean break now...

Since I had two Schwab/FIA/BOA credit cards, I will certainly cancel the one with small credit limit. However the other one has $29K limit, won't canceling it hurt my credit score because I'll be having a higher credit utilization ratio?

 

[ziggy29]

Since I had two Schwab/FIA/BOA credit cards, I will certainly cancel the one with small credit limit. However the other one has $29K limit, won't canceling it hurt my credit score because I'll be having a higher credit utilization ratio?

Depends on what your utilization ratio will be without them. If you think your utilization ratio would still be quite low without them, that part of the score won't get hurt:

Credit Card Utilization and Average Credit Scores

For example, our typical usage is less than $3K per month and even after canceling this card we have over $50K in available credit, so we'll still have a utilization ratio well under 10% so I didn't think that would hurt much. Plus, this one was open for less than 3 years and my "average" account was more than 8 years old, so again, I don't see much of a hit.

For what it's worth, I still have one too, but an older account with a higher limit. And the terms on that one didn't change and really aren't any different than what the Schwab card was becoming so I saw no need to have them both -- not to mention I make a better "consumer statement" by canceling this one.

 

[HpRyder]

I think I'll take the BOA Privilege card for the free 1st yr & link it to the BOA HOA checking account I've never used. Then after the years up I'll switch to a Fido card.