Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
New Fidelity Credit Card
Old 01-04-2016, 10:36 AM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,460
New Fidelity Credit Card

So Fidelity and US Bank have put out their official statements regarding the upcoming card changes:

https://www.fidelity.com/cash-manage...ardmember-faqs

Press Releases

Current earned rewards will transfer to the new program. Unclear to me if the current Fidelity Visa will be improved by the change to 2% cash back from the first dollar spent from it's current 2% after $15,000 spending, 1.5% up to $15k.

2% and no annual fee is pretty decent for a Visa card - now if Costco switches to Visa I'll be enthused.
__________________

__________________
calmloki is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 01-04-2016, 10:56 AM   #2
Recycles dryer sheets
 
Join Date: May 2015
Location: NorCal
Posts: 74
Quote:
Originally Posted by calmloki View Post
...now if Costco switches to Visa I'll be enthused.
Costco is switching to Visa on April 1, 2016. https://www.savingadvice.com/article...sa-switch.html
__________________

__________________
FIREd_2015 is offline   Reply With Quote
Old 01-04-2016, 11:03 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,699
It looks like one will need to have a Fidelity's brokerage account to get the 2% card.
__________________
Lsbcal is online now   Reply With Quote
Old 01-04-2016, 11:14 AM   #4
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,070
I just applied. I am going to put one of my cards in the drawer after I receive it.

2% is not bad for everyday purchases, with a Visa card.
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is offline   Reply With Quote
Old 01-04-2016, 11:48 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
calmloki's Avatar
 
Join Date: Jan 2007
Location: Independence
Posts: 5,460
Quote:
Originally Posted by Lsbcal View Post
It looks like one will need to have a Fidelity's brokerage account to get the 2% card.
Back when we got the Fidelity Amex and Visa cards we opened a "Fidelity Cash Management Account". Which qualifies as a brokerage account for the new Visa card. Its sole use for us is to serve as a repository for the cash points to be deposited in. Opened it 4/16/2012 with $100 and all it has been doing is sitting there growing as the Visa and Amex points convert to cash and automatically transfer in.

When we get a wild desire for the money we can transfer it out of the Cash Management account. Right now it is just fun watching the free money grow.
__________________
calmloki is offline   Reply With Quote
Old 01-04-2016, 11:59 AM   #6
Full time employment: Posting here.
 
Join Date: Sep 2007
Posts: 719
It says the threshold for automatic redemption is 5000 points -- $2500. Just like the other useless cards with their thresholds.
I don't think my Fid AMEX has a threshold, I get the 2% every month.
__________________
rayvt is offline   Reply With Quote
Old 01-04-2016, 12:05 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,699
Can't you just write a check to redeem the points?
__________________
Lsbcal is online now   Reply With Quote
Old 01-04-2016, 12:12 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2004
Posts: 11,617
Quote:
Originally Posted by rayvt View Post
It says the threshold for automatic redemption is 5000 points -- $2500. Just like the other useless cards with their thresholds.
I don't think my Fid AMEX has a threshold, I get the 2% every month.
It won't be hard for us to spend $2500, generating enough points for the automatic $50 payout, so the points won't be sitting there unconverted for very long. And at today's interest rates, it's not like we're losing out on much.
__________________
"Freedom begins when you tell Mrs. Grundy to go fly a kite." - R. Heinlein
samclem is online now   Reply With Quote
Old 01-04-2016, 12:18 PM   #9
Recycles dryer sheets
 
Join Date: Jul 2013
Posts: 389
Too funny - I had a chat session w/ a Fidelity rep about a month ago complaining about FIA Card Services.

As a current Fidelity Amex holder, I applaud the change. FIA is horrible.
__________________
mrfeh is offline   Reply With Quote
Old 01-04-2016, 12:24 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,537
Quote:
Originally Posted by calmloki View Post
So Fidelity and US Bank have put out their official statements regarding the upcoming card changes:

https://www.fidelity.com/cash-manage...ardmember-faqs

Press Releases

Current earned rewards will transfer to the new program. Unclear to me if the current Fidelity Visa will be improved by the change to 2% cash back from the first dollar spent from it's current 2% after $15,000 spending, 1.5% up to $15k.

2% and no annual fee is pretty decent for a Visa card - now if Costco switches to Visa I'll be enthused.
I see that as a big improvement. That $15,000 hurdle is the reason I hadn't gotten a Fidelity VISA yet. Now they are fixing it for me!
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 01-04-2016, 12:26 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
audreyh1's Avatar
 
Join Date: Jan 2006
Location: Rio Grande Valley
Posts: 16,537
Quote:
Originally Posted by rayvt View Post
It says the threshold for automatic redemption is 5000 points -- $2500. Just like the other useless cards with their thresholds.
I don't think my Fid AMEX has a threshold, I get the 2% every month.
$50 - that has always been the min redemption for Fidelity AMEX. I have automatic redemptions, and some months skip because the threshold wasn't met.
__________________
Well, I thought I was retired. But it seems that now I'm working as a travel agent instead!
audreyh1 is offline   Reply With Quote
Old 01-04-2016, 12:29 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by mrfeh View Post
Too funny - I had a chat session w/ a Fidelity rep about a month ago complaining about FIA Card Services.

As a current Fidelity Amex holder, I applaud the change. FIA is horrible.
I'm hoping the website and fraud management are much better than FIA (I really don't know who handles what aspects of the card).

The web site is klutzy, I could not find any way to set up email alerts when anything is charged (I have that on my VISA and love it - charges show up near instantly in my email).

When I've had suspected fraud (suspected by them), they shut the card down, and don't let me know for a day or two. I got a generic call at that time, and was concerned it was a phishing attempt (they provide a number to call that is not on my card or statement!). So go on-line to verify, and I'm shut out of my account. So now, how can I verify the charges?

So I call, and I get the auto-announcement that there might be fraudulent charges, and I'm supposed to ack whether the charges the computer read to me are valid. Well, w/o looking at the entire list, it's a little hard to tell if they are duplicates or not, so I'm not going to verify them (and it turns out one did seem fishy, I thought it was a dup, but it was actually a delay before they posted it). So then I have to go the 'wait on hold' for a rep route. Really frustrating. Oh, and one of 'suspect' charges was a monthly bill I've been auto-paying for years!

So hopefully, whoever administers this for their VISA card has their act together - they couldn't be much worse!

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 01-04-2016, 12:40 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Lsbcal's Avatar
 
Join Date: May 2006
Location: west coast, hi there!
Posts: 5,699
ERD50, I don't know if this addresses your concern but this is what Fidelity says about service:
Quote:
24/7 Cardmember support
Rely on a U.S.-based customer service team to be available at any time, day or night.
link: https://www.fidelity.com/cash-manage...signature-card
It would be great if that US based service can speak good English and understand questions well. I've been really impressed with the Chase Sapphire card service but it doesn't have 2% on all categories and there is a service fee. It is NTF (No Foreign Transaction Fee) and the Fidelity Visa card may not be.
__________________
Lsbcal is online now   Reply With Quote
Old 01-04-2016, 12:43 PM   #14
Thinks s/he gets paid by the post
RetireAge50's Avatar
 
Join Date: Aug 2013
Posts: 1,121
Might have to consider the Fidelity card. I'll see what Costco comes up with and then decide.

We also use PenFed for 4.25% gas 2.55% groceries and no foreign transaction fees.
__________________
RetireAge50 is offline   Reply With Quote
Old 01-04-2016, 12:48 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,299
Quote:
Originally Posted by Lsbcal View Post
ERD50, I don't know if this addresses your concern but this is what Fidelity says about service:
link: https://www.fidelity.com/cash-manage...signature-card
It would be great if that US based service can speak good English and understand questions well. I've been really impressed with the Chase Sapphire card service but it doesn't have 2% on all categories and there is a service fee. It is NTF (No Foreign Transaction Fee) and the Fidelity Visa card may not be.
There was no language barrier, just a 'common sense' barrier!

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 01-04-2016, 12:48 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,337
2% every month. Free money. What is there to complain about?
__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Old 01-04-2016, 01:10 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Posts: 1,666
Just another fun thing. Presently I have a Fido MC. This looks like it will be vanishing somewhere mid year. But since I have my credit frozen, it should be fun to see what gyrations are required.
__________________
bingybear is online now   Reply With Quote
Old 01-04-2016, 01:11 PM   #18
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 3,011
That will work well for us. We've been using our Fidelity Amex at Costco so this is a good outcome, especially since not all businesses take Amex. My main complaint would be that this is going to show up in our credit reports as a new card. We got the Amex 2.5 years ago, the Chase Sapphire after that and moved 6 months ago. I'd been planning to drop our Marriott Visa, which we'd had for years. We have no plans to take out loans but I like to keep our credit scores high just in case.
__________________
athena53 is online now   Reply With Quote
Old 01-04-2016, 01:31 PM   #19
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Posts: 1,437
Quote:
Originally Posted by bingybear View Post
Just another fun thing. Presently I have a Fido MC. This looks like it will be vanishing somewhere mid year. But since I have my credit frozen, it should be fun to see what gyrations are required.
Likewise I have my credit frozen. I am debating over applying for the new card or just letting it run its course in July. The FAQ sections says you do not need to apply for the card and that it will switch over. New Year, new HSA bank, new health plan, new credit cards - an annual event.
__________________
Retired in 2016. Living off dividends / interest and a mini pension. Freedom.
foxfirev5 is offline   Reply With Quote
Old 01-04-2016, 01:45 PM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Chuckanut's Avatar
 
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 6,337
If they automatically switch over cards for everybody, I would think that would not generate a 'hard' hit on the credit report. Right?
__________________

__________________
The worst decisions are usually made in times of anger and impatience.
Chuckanut is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Charge Card vs Credit Card mickeyd FIRE and Money 7 10-28-2010 12:12 PM
Will closing a credit card hurt my wife's credit score? bank5 Other topics 4 06-03-2009 07:01 AM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 02:04 PM
Best cash rewards credit card for someone with no credit history? summer2007 FIRE and Money 11 10-16-2007 03:23 AM
Best Bonus for Credit Card Expenitures -Frequent Flyer cards or Cash-back card? ScaredtoQuit FIRE and Money 19 04-21-2007 04:29 PM

 

 
All times are GMT -6. The time now is 09:19 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.